In Good to Great, Jim Collins argued that great companies are defined as much by what they stop doing as by what they pursue. A "stop doing" list, he wrote, is as important as any strategic plan. Most businesses draw up vision statements, mission statements, and lists of promises. The genuinely disciplined start somewhere harder: they decide, in advance and in writing, what they will never do. This is where we started when we decided to launch our new strata management firm. Today we can announce our firm will be called The Strata Professionals. Our firm has been established to rebuild trust with owners.

Read: Do we have what it takes to become a profession?

Why has trust between strata managers and owners broken down?

Trust between strata managers and owners is broken. This comes from years of hidden financial interests which have been embedded in the standard industry business model. Dr Nicole Johnston's research in At the Crossroads: Addressing Pervasive Conflicts of Interest in Strata Management documents this in forensic detail. The conflicts are not occasional lapses; they are structural. And as Johnston's research shows, they have been known since at least the 1992 Alliance Strata Management prosecution in New South Wales. Thirty-plus years later, the same practices persist.

Read: Banking Fixed Its Conflict-of-Interest Problem. Why Is Strata Still Defending It?

What will The Strata Professionals never do?

The Strata Professionals will never do the following things. We believe these actions have destroyed trust between strata managers and owners:

1.         lock-in contracts

2.        insurance commissions

3.        supplier kickbacks

4.        related party suppliers

5.        gifts or sponsorships from suppliers

6.        additional charges shared with staff

7.        unfair contract terms

8.        disbursement charges for sending communications by mail or email

9.        private equity investment

10.       foreign ownership

11.        free software in return for your banking arrangements.

These are the minimum standards a true professional firm should meet, modelled on the obligations that already govern law and medicine.

What does a professional fee structure look like?

A professional fee structure at The Strata Professionals means a fixed fee for customised services. For additional work, we use a simple hourly rate, but only with prior client approval. If you are ever dissatisfied with our services, you can leave immediately, without question and without penalties. As it should be.

Read: Trust or Bust: How Radical Transparency Can Save Your Strata Business

To start a firm with a blank canvas is a privilege. We won't be buying anyone else's bad habits or poor choices. Staff who join us will be looking for a new way. New talent from outside the industry will know no other standard. Clients who find us will be looking for value and a fresh start.

It is my pleasure to announce the formation of The Strata Professionals, now servicing Brisbane, Gold Coast, and Ipswich, Queensland. Coming to Sydney and elsewhere soon. Visit us at www.thestrata.com.au.