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A Critical Review of Acquisitions Within the Australian Vocational Education and Training Sector 2012 to 2017 Kristina M. Nicho

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A Critical Review of Acquisitions Within the Australian Vocational Education and Training Sector 2012 to 2017 Kristina M. Nicho A Critical Review of Acquisitions within the Australian Vocational Education and Training Sector 2012 to 2017 Kristina M. Nicholls Victoria University Business School Submitted in fulfilment of requirements for the degree of Doctor of Business Administration 2020 Abstract A Critical Review of Acquisitions within the Vocational Education and Training Sector 2012 to 2017 Organisations often look to acquisitions as a means of achieving their growth strategy. However, notwithstanding the theoretical motivations for engaging in acquisitions, research has shown that the acquiring organisation, following the acquisition, frequently experiences a fall in share price and degraded operating performance. Given the failure rates that are conservatively estimated at over 50%, the issue of acquisitions is worthy of inquiry in order to determine what factors make for a successful or alternately an unsuccessful outcome. The focus of this study is the vocational education sector in Australia, where private registered training organisations [RTOs] adopted acquisitions as a strategy to increase their market share and/or support growth strategies prompted by deregulation and a multi-billion dollar training investment by both Australian State and Federal governments in the past ten years. Fuelled by these changes in Government policy, there was a dramatic growth in RTO acquisitions between the period 2012 and 2017. Many of these acquisitions ended in failure, including several RTOs that listed on the Australian Stock Exchange [ASX]. This study investigates acquisitions of Australian RTOs, focusing on the period from 2012 to 2017 [study period]. The aim is to understand what factors contributed to the success and/or failure of acquisitions of registered training organisations in the Australian Private Education Sector. The study uses phenomenology, a qualitative research methodology within the interpretivist paradigm, with the intention to gain insight into the ‘lived experiences’ of the participants who represent a cross-section of key industry stakeholders with first-hand acquisition experience. A central and practical outcome of the study relevant to the pre-acquisition stage is to highlight the primacy of strategic planning. Given the largely opportunistic approach over the study period that reflected the perceived easy access to funds as a result of Government’s policy and initial regulatory inaction, there was a demonstrable gap in terms of local i knowledge of the sector and awareness of the pitfalls and risks associated with a sector subject to strict regulatory oversight. The 3-stage acquisition process model may inadequately identify the importance of sound planning and risk filtering based on sector specific information. As a result, the study recommends the revision of the model to include a pre-pre-acquisition stage that emphasised the importance of ‘industry intelligence’. This role is anticipated to comprise a team of industry experts with current inside information and with a wider understanding of the education sector that is subject to stringent regulation. This finding may be relevant to not only RTOs, but could be extended to other businesses that operate in a heavily regulated sector, and ones that are dependent to a large degree on government funding. Historical evidence supports this risk proposition; the Royal Commission into the Home Insulation Program [HIP] that was established in December 2013, bears an uncanny parallel with funding related issues the result of policy decisions in the vocational education sector. The study findings are reported in order of the three-stage acquisition process model: pre- acquisition, integration and post-acquisition, with general strategy and related risk considerations noted, and industry specific red flags [indicator of risk] also highlighted. The study also highlights several issues in the integration stage of RTO acquisitions. The three in-depth RTO case studies, for example, illustrate a lack of strategic planning for the integration of new acquisitions. The rush by a number of acquirer firms such as Vocation Limited, Australian Careers Network and Study Group was in order to access VET-FEE HELP [VFH] loan funding and build student enrolments. This myopic focus, rather than considered process that examined the strategic alignment of their multiple acquisitions, was a key factor in acquisition failure. In the post-acquisition stage, this study highlights the role of government and the industry regulator, Australian Skills Quality Authority [ASQA]. Regulation is a significant sector specific consideration that determines success and failure of the business. By its very nature, government funded industries are subject to volatility associated with changes in political leadership, changes in priorities and policies, and changes in funding priorities. From the findings it is evident that the 2012 expansion of the VET-FEE HELP student loans scheme policy decision to include private RTOs, was a Government policy initiative that was derailed by poor execution. Taking on some lessons learned from the VET-FEE HELP loan ii policy ‘debacle’ may prevent the loss of Government revenue, as well as protect key stakeholders, such as students and taxpayers, from unjust outcomes in the future and importantly avoid reputational damage in a competitive international education market. This study area may also benefit from further industry specific research to understand the roles of government and regulators and how they can potentially help as well as adversely impact prospective new RTO entrants and associated stakeholders. iii Professional Doctorate Student Declaration Doctor of Business Administration “I, Kristina M Nicholls, declare that the Doctor of Business Administration thesis entitled A Critical Review of Registered Training Organisation Acquisitions within the Australian Private Education Sector 2012-2017 is no more than 65,000 words in length including quotes and exclusive of tables, figures, appendices, bibliography, references and footnotes. This thesis contains no material that has been submitted previously, in whole or in part, for the award of any other academic degree or diploma. Except where otherwise indicated, this thesis is my own work”. Signature: Date: 10th March, 2020 iv Dedication Dedicated to my Mother and Father who always believed in me and to those whom I love … v Acknowledgement I would like to acknowledge the support and encouragement of my family in commencing and completing this dissertation. To those who willingly participated in this study and offered valuable insight, you have my gratitude. Without your honest and open discussions, this journey would not have been possible. My sincere thanks goes to both my principal supervisor, Dr Keith Thomas and co- supervisor, Associate Professor Romana Garma, who have provided me with their support and guidance. I would also like to acknowledge Dr Jo Vu, for her encouragement. I will always be most appreciative to Victoria University for providing me the opportunity to continue my love of learning. vi Contents Abstract ....................................................................................................................................... i Professional Doctorate Student Declaration ............................................................................. iv Dedication .................................................................................................................................. v Acknowledgement .................................................................................................................... vi List of Tables ......................................................................................................................... xiii List of Figures ......................................................................................................................... xiv List of Abbreviations ............................................................................................................... xv Glossary .................................................................................................................................. xvi CHAPTER ONE ........................................................................................................................ 1 INTRODUCTION ..................................................................................................................... 1 1.1 Acquisitions ................................................................................................................. 1 1.1.1 Australian Registered Training Organisations [RTOs]........................................ 5 1.2 Background to the Study ............................................................................................. 7 1.3 Research Context......................................................................................................... 8 1.3.1 Scope and Scale of Funding ............................................................................... 10 1.3.2 Student Complaints ............................................................................................ 13 1.3.3 Growth in VET FEE-HELP Loans .................................................................... 14 1.3.4 Government Funding Changes in the VET Sector ............................................ 18 1.3.5 RTO Acquisition Issues ..................................................................................... 19 1.4 Aim of Study ...........................................................................................................
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