Reds Hair & Co

Lisa Peters

Reds Hair & Co is a bespoke hairdressing salon located in the heart of Edge Hill. The salon has a long history with Cairns locals, opening its doors in 1995. The Salon quickly gained a loyal following from clients looking for a high-end salon experience in a relaxed and fun environment.  

Fast forward to today and Reds Hair & Co continues to stand tall amongst its peers, boasting stylists with extensive experience in all aspects of hair and makeup and a service culture that ensures their clients walk out of the Salon feeling relaxed, beautiful and confident. At last count there are five hair salons in Edge Hill so the competition to attract new customers and retain existing ones can be intense. It is Reds Hair & Co.’s commitment to quality and service that ensures their customers keep coming back. 

When it was time for the previous owners to sell the business, Lisa was the natural choice. Having worked for the business for over 10 years including managing the Townsville Salon, Lisa knew the business intimately, its clients, culture and service standards. But, owning and running a business was not something Lisa had done before and she needed an accountant that could provide professional advice to ensure she started her business journey on the right foot. 

VBA helped Lisa with the business purchase and setting up the key financial aspects for the business including:

  • Appraising the value of the business to ensure she didn’t pay too much for it; 
  • Setting up a business structure to protect her and her family; 
  • Structuring the business to minimise the amount of income tax to be paid on business profits; 
  • Establishing a bookkeeping system and providing training to enable Lisa to control and manage the finances; and
  • Preparing a 12-month forecast to provide certainty regarding the business cash flows.  

For more information on how we work with our clients to successfully navigate their business journey click here.

We wish Lisa and the team all the very best as they continue their business journey and look forward to being part of their ongoing growth and success.