The principals behind Kenyon Prendeville have said the decision to end their eight-year business relationship was a mutual and amicable decision.
Both Alan Kenyon and Steve Prendeville said the decision to call time on their broking business was due to the pair operating in “a silo business”.
“We’ve been trying to build an integrated business but by the nature of it, where its one person looking after eight clients, it has become a silo business. Steve has his clients and I have mine and that’s how it’s been,” Kenyon said.
“We just felt that after eight years we’ve had some different views on where we want to take [the business]. We felt that by going our own way we can develop what we want to do.”
Prendeville said the decision was also based on the duo having different business goals.
“It’s an amicable split and I’m excited by the future,” he said.
From today, Kenyon and Prendeville will focus on their new business ventures, Kenyon Partners and Forte Asset Solutions, respectively.
Kenyon said his new business will focus on building both the front and back end solutions for buyers and sellers.
“At both the front end [and back], so in preparation of sale and the back end with the integration and transition and then in particular before buyers get to that point giving them much more help with their applications for finance,” he said.
Prendeville said his Forte Asset Solutions business will continue to focus on broking within Australia’s financial services market.
“It will be exactly the same; it will be assisting financial services businesses to buy and sell and merge,” Prendeville said.
Commenting on the prospect of the pair now operating as rivals, Kenyon and Prendeville believed the market had enough opportunities for both groups.
The pair also said they are both contracted to complete a number of existing projects.
“The reality is that all work in progress is an asset of Kenyon Prendeville and those clients are being retained within Kenyon Prendeville and we will continue to focus on servicing those clients until all transactions are complete,” Prendeville said.
“So we’re not taking any clients out into our private businesses.”
