A celebrity eyebrow artist has insisted it’s ‘business as usual’ despite racking up nearly $900,000 in debt following struggles from Covid lockdowns and the breakdown of her marriage.
Kristin Fisher, who owns Kristin Fisher Eyebrows in Sydney’s ritzy Double Bay, was forced to hire a restructuring specialist from forensic accountant firm Worrells to help resolve her business’ mounting debt.
Ms Fisher has been dubbed the ‘eyebrow queen’ of the city and charges up to $1,600 for her premium services, with her clientele including celebrities like popstar Meghan Trainor.
Documents submitted to the Australian Securities and Investments Commission (ASIC) found Ms Fisher owes $871,736 to the Australian Taxation Office, Commonwealth Bank and Workers Compensation National Insurer.
The blow comes after her business suffered a profit drop worth $927,000 over the Covid pandemic, the Daily Telegraph reported.
Ms Fisher shared a series of Instagram posts on Friday detailing her financial woes, while ensuring customers her salons would remain open.
Kristin Fisher, who owns Kristin Fisher Eyebrows in Sydney ‘s ritzy Double Bay, was forced to hire a restructuring specialist from forensic accountant firm Worrells to help resolve her business’ mounting debt
Ms Fisher shared a series of Instagram posts on Friday detailing her financial woes, while ensuring customers her salons would remain 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 a solid 24 hours. I didn’t leave my bed. 24 hours of staring at the ceiling thinking how on earth has this happened?
‘Thankfully I was in Perth with my family at the time who cried with me, cuddled me, looked after me, and finally when I was ready, they all came together and we got straight to work on how to rectify this.’
She said advisors had told her it was time to close her business, but she refused to give up on something she’d spent years building.
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 about that horrific time for us all but what does need to be noted that as a service based business – we had zero revenue for the entirety of the lockdowns, and growing debt from the fitout and accumulating rent on the premises,’ Ms Fisher wrote.
‘What I have spent the past nine months doing is learning everything and anything I can about how things went wrong, how to actually be across your financials – instead of living blissfully unaware thinking your ‘advisors’ were looking after it.
‘That being said, I can’t pass the blame. I should have been across it all, but like the old saying goes, ‘you can’t work on a business, and in a business at the same time’ – particularly when you have two little people who are your main priority each and every day.
‘So I dropped a ball. And here we are.’
Ms Fisher has been dubbed the ‘eyebrow queen’ of the city and charges up to $1,600 for her premium services, with her clientele including celebrities like popstar Meghan Trainor
Ms Fisher thanked her staff, customers, family and friends for sticking by her through the tough times, and confirmed she and her business had ‘survived this s**t show’.
‘The financial advisors that I now have working for me have taught me so much. And to them I am truly grateful,’ she continued.
‘This is something I cannot stress enough to small business owners – make sure your accountants are good and actually care about you (!!) and are constantly in communication with you on your situation whether it be good, bad or ugly.
‘Just be across it all and push for monthly meetings or zooms. If you’re a small business – go with a smaller accounting firm. You don’t get lost in the system there.
‘Just to reiterate – we are business as usual, will continue to be business as usual and will continue to grow and flourish because that’s what we do. Get knocked down, and get back up again,’ she said.
‘This nine months has been the best and the worst of times, but my god have I learned so much, and the patience that the above people have had with me whilst going through this is something I will never forget.’
Ms Fisher thanked her staff, customers, family and friends for sticking by her through the tough times, and confirmed she and her business had ‘survived this s**t show’
Specialist Mervyn Kitay of Worrells said Ms Fisher’s business had ‘suffered both the effects of Covid-19 and the breakdown of her marriage’.
‘It is clear from my review, that the combined effects of Covid (including lock downs) and the matrimonial breakdown, exacerbated by a lack of financial advice, resulted in the business becoming the primary source of funding for both its affairs and that of Ms Barnes (Ms Fisher’s married name) personally,’ Mr Kitay wrote.
‘The effect of this was the start of what may be described as a substantial increase in indebtedness owed by Ms Barnes to the Company. For example, the Company became the source of funding of Ms Barnes’ personal income tax debts.’
She had also become the primary carer for her two children following her split from her husband in 2020.
Mr Kitay was required to submit a restructuring plan to ASIC to stop Kristin Fisher Eyebrows going under.
The plan proposes for the business to pay $216,000 this year with the remaining debt to be paid in full at a later date.
Kristin Fisher Eyebrows has a storefront in Sydney’s Double Bay and opened a new salon in Perth in June.