Sisters Katerina Stavropoulos and Tina Angelidis remain hands on in their chocolate business, even after 30 years. This month they are busy packing Easter orders at their commercial kitchen in Sydney’s inner west.
The lead up to Easter is a busy time of year and their 53 staff are working constantly. In the packing area, Ms Angelidis is filling boxes with small round chocolates adorned with a cross and a dusting of powdered chocolate. She says the unique flavour is in high demand.
“It is our version of the hot cross bun. It is a chocolate cake, lots of rum, coconut and cherries.
“We've been making these for almost 25 years. And we will make 12,000 for Easter, but they will all sell out,” says Ms Angelidis, 52.
The 'hot cross bun' is one of 40 flavours in their Adora chocolate range. And the sisters are proud to be opening their eighth outlet next month in Sydney’s Wynyard.
While many small ventures have struggled to stay afloat during the pandemic years, this family business is steadily expanding.
“During COVID-19, we actually opened three new stores,” says Ms Stavropoulos, 64.
“We opened two in residential areas and now we are going back into the city, as we are confident that the city will pick up again.
“And that strategy has worked well for us. During the pandemic, the suburban stores did really well but the city and corporate outlets did badly. So, we are fortunate to balance our revenue and that sustained us.”
Tina Angelidis with an array of chocolates at the Earlwood store. Credit: SBS / Sandra Fulloon
“Mum and dad went into a business when Tina was only a baby, and it was very hard for them to manage everything," Ms Stavropoulos says.
"So, I was looking after her quite a lot from a young age."
They began Adora chocolates in 1993 and as young mums were soon juggling a growing business and eight children between them. It was hard work and long hours, hand-rolling truffles on the kitchen bench.
“Without mum and dad I don't think we could have started Adora," says Ms Angelidis.
"Not only did they support us financially but they were also looking after my kids after school."
It’s a common theme among Australia’s 2.4 million small and family businesses, one third of which are owned by migrants.
“We were working from home in the beginning, and then we won some awards at the Sydney Royal Easter Show. So, we needed to grow and rent somewhere,” Ms Stavropoulos says.
“Our parents of course been Greek, said ‘no, no, no you can't rent’. So, they gave us the deposit to purchase our first business.”
Financial backing from family and friends is crucial for many Australian startups, especially those founded by women who typically struggle to raise venture capital, according to the Small Business and Family Enterprise Ombudsman Bruce Billson.
Small Business and Family Enterprise Ombudsman Bruce Billson. Source: Supplied / Supplied ASBFEO
"There are still too many headwinds, whether it is starting a business, attracting equity or debt funding, even for business owners with a track record of success."
Last year in Australia startup finance fell by 30 per cent to $7.4 billion dollars, only slightly better than the global decline of 35 per cent. And while Australia’s female founders did get more deals approved in 2022, they received less funding.
“Venture capital investors are typically male and they typically invest in men," says Amanda Price, head of high growth ventures at tax and advisory service KPMG.
Amanda Price is head of high growth ventures at KPMG. Credit: Supplied KPMG
“There are a number of reasons for this, but one to point out is that 28 per cent of the 50 most active Australian venture capital funds did not invest in a female founder's startup in 2022," Ms Price says.
Overcoming barriers to grow a business is a situation the Adora founders know all too well. They were forced to find alternate sources of finance this year to open their eighth store, when major banks declined to lend.
Tina Angelidis (left) and Katerina Stavropoulos packing their Easter range at Adora's commercial kitchen. Credit: SBS / Sandra Fulloon
"And without the support of others, we would not have got the business over the line.”
Ombudsman Bruce Billson says half of all small business loans are secured by private assets, overwhelmingly the family home.
"And that is a real dilemma in itself with banks being less inclined to lend against the cash flow, the strength of the business, the quality of its business plan, the competency of its owners.
"This is still a challenge in this funding space."
Tina Angelidis still works full time in the business. Credit: SBS / Sandra Fulloon
However, they say gender-based discrimination remains rife in business circles.
“Going to a trade show, we even had to get my brother involved because as two women in the industry, people just ignore you,” Ms Angelidis says.
However, KPMG says there may be an upside for female founders overcoming financial barriers.
Katerina Stavropoulos with an Adora Easter display. Credit: SBS / Sandra Fulloon
“Many have learned to bootstrap-fund their own businesses, and find different sources of funding. And from that, they grow very capital efficient businesses.”
For other female founders looking to get started in this tough economic climate, Ms Angelidis has this advice.
“Ask for help, and go directly to the people who will genuinely help you. Family and friends are good, but get professional advice too.”
Adora founders and staff celebrate 30 years in business this week. Credit: SBS / Sandra Fulloon
“They are never on the same page, but that's what gives it the character around here,” says Bradley Holman, who has worked as a commercial kitchen hand at Adora for the past 18 years.
Ms Angelidis says their special bond has helped to navigate hard times, and this year will be no exception.
“Higher interest rates have hurt, yes they are definitely hurting.
“The key issue is having each other because then you have a sounding board.
“We could not have done it on our own. Definitely, without each other, we would not be here today.”
