A celebrity eyebrow artist has insisted it is ‘business as usual’ despite racking up almost $900,000 in debt after battling Covid lockdowns and the breakdown of her marriage.
Kristin Fisher, owner of Kristin Fisher Eyebrows in Sydney’s upscale Double Bay, was forced to hire a restructuring specialist from forensic accounting firm Worrells to help resolve her company’s mounting debts.
Ms. Fisher has been dubbed the town’s “eyebrow queen” and charges up to $1,600 for her premium services, with her clientele including celebrities like pop star Meghan Trainor.
Documents filed with the Australian Securities and Investments Commission (ASIC) show Ms Fisher owes $871,736 to the Australian Taxation Office, Commonwealth Bank and Workers Compensation National Insurer.
The blow comes after her company suffered a $927,000 hit to profits due to the Covid pandemic Daily telegram reported.
Ms Fisher shared a series of Instagram posts on Friday detailing her financial struggles as she ensured customers would keep her salons open.
Kristin Fisher, owner of Kristin Fisher Eyebrows in Sydney’s upscale Double Bay, was forced to hire a restructuring specialist from forensic accounting firm Worrells to help resolve her company’s mounting debts.
Ms Fisher shared a series of Instagram posts on Friday detailing her financial struggles as she ensured clients would keep her salons open
“Last December, I received a phone call that no small business owner ever wants to receive,” she said.
‘I was in a state of shock for 24 hours. I couldn’t get out of bed. Staring at the ceiling for 24 hours and thinking: how on earth did this happen?
“Luckily I was in Perth at the time with my family who cried with me, hugged me, looked after me, and when I was finally ready, they all came together and we got straight to work on putting this right.”
She said advisors told her it was time to close her business, but she refused to give up something she had worked on for years.
Ms Fisher, a mother of two, also reflected on the devastating impact the pandemic had on her business.
‘I don’t need to remind everyone of that horrific time for all of us, but what should be noted is that as a service-based business – we had no income during the entire lockdown and a growing debt burden from the renovations and rent accrued. on site,” Ms. Fisher wrote.
‘What I’ve been doing for the past nine months is learning everything I can about how things went wrong, how to actually take control of your finances – instead of living blissfully unaware that your ‘advisors’ are there for you. took care.
“Having said that, I can’t pass the blame on myself. I should have gone through it all, but as the old saying goes, “You can’t work on a business and in a business at the same time” – especially when you have two little people who are your main priority every time. day.
“So I dropped a ball. And here we are.’
Dubbed the city’s “eyebrow queen,” Ms. Fisher charges up to $1,600 for her premium services, with her clientele including celebrities like pop star Meghan Trainor.
Ms Fisher thanked her staff, customers, family and friends for their support through the difficult times, confirming that she and her company had ‘made it through this show’.
‘The financial advisors I now have with me have taught me so much. And I’m really grateful to them,” she continued.
“This is something I can’t stress enough to small business owners: make sure your accountants are good and actually care about you (!!) and are constantly communicating with you about your situation, whether it’s good, bad or ugly .
“Just review everything and aim for monthly meetings or Zooms. If you are a small business, choose a smaller accounting firm. You don’t get lost in the system there.
“To reiterate, we are business as usual, we will remain business as usual and we will continue to grow and prosper because that is what we do. Drop down and get back up,” she said.
“These nine months have been the best and the worst of times, but my goodness, I have learned so much, and the patience that the aforementioned people have had with me while I went through this is something I will never forget.”
Ms Fisher thanked her staff, customers, family and friends for their support through the difficult times, confirming that she and her company had ‘survived this shit show’
Specialist Mervyn Kitay of Worrells said Ms Fisher’s business had “suffered both from the effects of Covid-19 and from the breakdown of her marriage”.
‘It is clear from my review that the combined effects of Covid (including lockdowns) and the marital breakdown, compounded by a lack of financial advice, have resulted in the company becoming the main source of funding for both its and Mrs Barnes’ (the married name of Mrs. Fisher) personally,” Kitay wrote.
‘The effect of this was the beginning of what can be described as a substantial increase in Ms Barnes’ indebtedness to the company. For example, the company became the source of funding for Ms. Barnes’ income tax debts.”
She had also become the primary caregiver for her two children after divorcing her husband in 2020.
Mr Kitay had to submit a restructuring plan to ASIC to prevent Kristin Fisher Eyebrows from going under.
The plan calls for the company to pay $216,000 this year, with the remaining debt to be paid in full at a later date.
Kristin Fisher Eyebrows has a store in Sydney’s Double Bay and opened a new salon in Perth in June.