Eric Morris: A Week in Retail I'll Never Forget.

What happens when you spend 15 years building a business, take it public—and then find yourself leading it into voluntary administration as COVID hit?

Eric Morris has experienced almost every stage of the business lifecycle.

In this episode James H Stewart sits down with one of Australia's most experienced retail executives and advisers for a candid conversation about building businesses, acquisitions, private equity, leadership under pressure and what really happens when a company enters voluntary administration.

Eric's career spans more than three decades in retail and consumer products. After working internationally with Reebok and Disney Consumer Products, he joined Myer, where he helped build its private-label business.

In 2005, Eric founded The PAS Group with private equity backing and embarked on an ambitious buy-and-build strategy. PAS assembled a portfolio that included brands and businesses such as Review, Black Pepper, Yarra Trail, Marco Polo, Metalicus, JETS and Designworks, before listing on the ASX in 2014.

Then came COVID.

In 2020, as the pandemic brought much of Australian retail to a standstill, PAS entered voluntary administration. Eric takes us inside that experience: the circumstances leading to the appointment of administrators, what the process looks like from the CEO's chair, the pressures on directors and management, the things he wasn't prepared for, and what he would do differently with the benefit of hindsight.

PAS's story didn't end there. The business was acquired by Larry Kestelman's LK Group, Eric continued as CEO, and PAS subsequently combined with Brand Collective, with Eric going on to lead the enlarged business.

Today, Eric has moved from the CEO's chair to the boardroom. Through Albany Advisory and his portfolio of board and advisory roles, he now brings the lessons of his operating career—including the difficult ones—to other businesses and their leaders.

We discuss:

Eric's early career with Reebok, Disney and MyerBuilding Myer's private-label businessHow private equity approached the creation of PAS GroupThe acquisition strategy behind PAS's growthWhat makes a brand worth acquiringThe economics of owned versus licensed brandsTaking PAS Group public in 2014What happened when COVID hit Australian retailThe reality of voluntary administration from a CEO's perspectiveThe decisions Eric would make differently todayWhat directors should understand before their company reaches a crisisEric's transition from CEO to c