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Join SAMBO
Sign up on Stratum and become a South African Multi-Business Owner (SAMBO) member. Your contributions are tracked through banking services provided by Standard Bank and/or FNB.
Luthando Maduna & Co
Our Signature Offering
Making ownership practical and simple
You join the network. The network grows around you.
At Luthando Maduna & Co Chartered Accountants, we help make ownership practical. Through SAMBO and the Stratum ecosystem, clients join a growing network of Mini Complexes, businesses, property, farms and logistics.
When clients sign up, they become part of South African Multi-Business Owners (SAMBO) — a community of individuals who own interests across several interlinked businesses rather than a single company. They do not have to choose an individual Mini Complex. They join the network, and as more members join and transact in an area, the platform uses demand and spending data to identify where new Mini Complexes can be developed.
SAMBO members own interests in the Mini Complex building and in the participating businesses inside it. They share in the cash flows through a regulated instrument listed on the stock exchange, and can track the performance of the planned national network on the Stratum Digital Platform.
Every business and apartment in a Mini Complex uses the banks we work with, Standard Bank and/or FNB, so members can access bank statements easily and see how funds flow through the ecosystem. Independent auditors review the work of our chartered accountants and publish their audit reports together with the annual financial statements.
Talk to us if you would like to understand how the model fits your goals.
Stratum Mini Complex
Your Community. Your Businesses. Your Ownership.
A Stratum Mini Complex brings essential businesses together in one professionally managed community hub.
Typical businesses inside a Mini Complex may include:
- Food Corner
- Lifestyle Meat Co
- Fresh Produce
- Airtime & Data
- Other essential services
- Residential accommodation where appropriate
How your daily shop becomes ownership
The objective is simple: when the community shops, the community owns.
As a SAMBO member, you buy your groceries, meat, fresh produce, airtime and data from the Stratum Mini Complex — either in person or through the Stratum Digital Platform. Every transaction is recorded against your profile and contributes to your personal ownership record.
- Shop where you own. Buy your groceries, meat, fresh produce, airtime and data from the Stratum Mini Complex — in person or on the Stratum Digital Platform.
- Own the building and the businesses. SAMBO members hold ownership interests in the Mini Complex property and in the operating businesses inside it — not only one store, but the integrated commercial and residential ecosystem.
- Share in cash flows through a listed instrument. Your participation is structured through an instrument listed on the stock exchange, giving you regulated, transparent access to the cash flows generated by the businesses and the property.
- Track a nationwide network. As the network scales toward 100,000 Mini Complexes, members can track the performance of the portfolio on the stock exchange through the Stratum Digital Platform.
- One bank, one view of statements. Businesses and apartments in the Mini Complex use the banks we work with, Standard Bank and/or FNB. Members can access statements and follow how funds move across the ecosystem.
- Independently audited annual financial statements. Independent auditors review the work of our chartered accountants and publish their audit reports together with the annual financial statements, so members receive verified, professional-grade reporting.
- Monthly ownership statement. See how much you spent by shopping where you own, and how that spending translates into participation across the network.
- Build a legacy. Where the banks we work with allow it, you may be able to borrow against your participation and add beneficiaries so your ownership can pass to the next generation.
How it works
From sign-up to shared ownership
The network grows around the members. You do not select the property; the platform identifies where sufficient demand can support a new Mini Complex.
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Shop and transact
Buy daily essentials from the businesses you own — fresh produce, meat, groceries, airtime and data. Your spending creates demand data that helps the network grow.
03
Track everything
Use the Stratum app to monitor contributions, access financial reports, watch business performance and see how the network expands around you.
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Share in the growth
As more members join an area, the platform identifies demand for a new Mini Complex. You participate in property, trading businesses, agriculture and logistics without selecting individual sites.
Banking support
Banking support from Standard Bank and/or FNB
Participating businesses can use suitable banking and payment services from the banks we work with, Standard Bank and/or FNB, including appropriate point-of-sale solutions.
Business bankers from Standard Bank and/or FNB can engage with participating businesses regarding suitable products and services, which may include:
- Business banking
- Point-of-sale
- Payments
- Working capital
- Business lending
- Asset finance
- Cash management
- Insurance
- Digital banking
Support remains subject to the relevant bank's product terms, credit criteria and regulatory requirements.
A worked illustration
How a R10 million Mini Complex works
The typical cost of a Stratum Mini Complex is around R10 million. The figures below show how that development is funded, how it earns, and how participating members share in the result.
1. Funding the development
| Funding source | Share | Amount |
|---|---|---|
| Bank finance from Standard Bank and/or FNB | 80% | R8.0 million |
| SAMBO member contributions | 20% | R2.0 million |
| Total development capital | 100% | R10 million |
Once members are registered and verified through the applicable bank and Stratum processes, the 20% member portion can be raised from the participating member base — subject to the final banking, investment and regulatory structure adopted for each project.
2. How the Mini Complex earns
A Mini Complex is designed around approximately 5,000 verified customers in the surrounding community. If each customer spends an average of R2,000 per month on groceries, meat, fresh produce, airtime and data, the businesses serve about R10 million in monthly sales.
Members participate in approximately 3% of customer sales — member participation in sales, not a guaranteed profit share — plus rental income from the residential and commercial space above and around the shops.
| Illustrative income statement | Monthly | 1 year | 5 years |
|---|---|---|---|
| Customers served | 5,000 | 5,000 | 5,000 |
| Average spend per customerBasic groceries, meat, vegetables, airtime and data, liquor (where possible), and parcel delivery. | R2,000 | R24,000 | R120,000 |
| Customer sales through the Mini Complex | R10,000,000 | R120,000,000 | R600,000,000 |
| Member participation in sales @ 3% | R300,000 | R3,600,000 | R18,000,000 |
| Residential rental — 12 apartments at R3,000 each | R36,000 | R432,000 | R2,160,000 |
| Commercial and business rental800 m² at R120/m² per month, subject to final project terms. | R96,000 | R1,152,000 | R5,760,000 |
| Total member pool | R432,000 | R5,184,000 | R25,920,000 |
3. What this means for 10,000 contributing members
If the R1.5 million member portion is raised from 10,000 SAMBO members, the average contribution is R150 per member.
| Per member | Monthly | 1 year | 5 years |
|---|---|---|---|
| Contribution to the development | — | R200 (once-off) | R200 (once-off) |
| Share of the member pool (1/10,000) | R43.20 | R518 | R2,592 |
| Illustrative return on contribution | — | Around 2.6x | Around 13x |
One Mini Complex is one node in the network. Members contribute to further complexes over time, so participation compounds as the network grows around them.
4. Assumptions behind the figures
- Typical development cost of approximately R10 million per Mini Complex, funded 80% by Standard Bank and/or FNB and 20% raised from SAMBO members.
- 5,000 verified customers in the catchment area, each spending an average of R2,000 per month on daily essentials.
- Member participation of approximately 3% of customer sales, calculated on sales and not on profit.
- Twelve residential apartments at R3,000 monthly rental and 800 m² of commercial/business space at R120/m² per month; actual rents are agreed per project.
- Amounts shown are stated net of business-level tax on the participating entities. Members remain responsible for their own tax on distributions.
- Finance costs on the bank facility, operating costs, vacancies and management fees are settled inside the businesses before member participation is calculated.
- Customer numbers and spending are assumptions used for illustration; actual results will differ.
The simple flow
- 015,000 community customers shop for daily essentials
- 02Around R10 million in monthly spending flows through the Mini Complex
- 03The businesses generate sales, rental income and business profits
- 04Members participate in approximately 3% of sales, plus rental income
- 05Distributions are paid into members' verified bank accounts
Why join
- A small contribution buys participation in a development that Standard Bank and/or FNB may fund at 80%, with SAMBO members raising 20%.
- The complex opens into an existing, verified customer base rather than hoping for demand.
- Essentials are bought every month, so the sales base repeats instead of relying on one good season.
- You earn from several streams at once: trading sales, residential rental and commercial rental.
- Chartered accountants run the reporting, and every complex added to the network widens your participation.
These figures are illustrative and not a forecast, offer or guarantee. Returns depend on trading performance, costs, occupancy and the final legal, tax and regulatory structure adopted for each project.
How we value a Mini Complex
Valuing a complex the way accountants do — the DCF model
A Discounted Cash Flow (DCF) model estimates future member cash flows and converts them into a value today. This ten-year illustration shows the method in simple terms.
The DCF in plain language
- 01Estimate the annual distributable cash flow to members — here, the illustrative Year 1 member pool of R5.184 million from sales participation and rentals.
- 02Grow that cash flow at a conservative 5% per year as the customer base and spending mature.
- 03Discount each year's cash flow back to today at 12% per year — a rate that reflects the risk of a trading and property business.
- 04Add the ten discounted amounts together. The total is what the member cash flows are worth today — the DCF value of the members' interest in the complex.
What the DCF says
- Year 1 distributable cash flow
- R5.184 million
- Annual growth assumption
- 5%
- Discount rate
- 12%
- Valuation period
- 10 years
- DCF value of members' cash flows
- ≈ R35.2 million
- DCF value per member (10,000 members)
- ≈ R3,520
- Member contribution in this example
- R200
On these assumptions, a R200 member contribution carries a DCF value of roughly R3,520 — around 17 times the amount contributed — before the complex is even revalued as property or expanded into the wider network.
| Year | Member cash flow | Discount factor @ 12% | Present value |
|---|---|---|---|
| 1 | R5,184,000 | 0.893 | R4,629,000 |
| 2 | R5,443,200 | 0.797 | R4,339,000 |
| 3 | R5,715,400 | 0.712 | R4,069,000 |
| 4 | R6,001,100 | 0.636 | R3,814,000 |
| 5 | R6,301,200 | 0.567 | R3,575,000 |
| 6 | R6,616,200 | 0.507 | R3,352,000 |
| 7 | R6,947,000 | 0.452 | R3,142,000 |
| 8 | R7,294,400 | 0.404 | R2,946,000 |
| 9 | R7,659,100 | 0.361 | R2,762,000 |
| 10 | R8,042,100 | 0.322 | R2,589,000 |
| DCF value | Total present value of ten years of member cash flows | ≈ R35,220,000 | |
This is a simplified DCF prepared for illustration. It ignores terminal value beyond Year 10, which understates the valuation, and actual cash flows, growth and discount rates will differ per project. It is not a valuation certificate, an offer, or a guarantee of value.
Why participate
From customer to participant
Instead of only spending with businesses, SAMBO members participate in a growing network of businesses and assets.
Depending on the applicable structure, the ecosystem can provide participation in:
Property
Participation can extend across the network as new Mini Complexes and businesses are developed.
Trading businesses
Participation can extend across the network as new Mini Complexes and businesses are developed.
Agriculture
Participation can extend across the network as new Mini Complexes and businesses are developed.
Logistics
Participation can extend across the network as new Mini Complexes and businesses are developed.
Investment opportunities
Participation can extend across the network as new Mini Complexes and businesses are developed.
Future Mini Complexes across the network
Participation can extend across the network as new Mini Complexes and businesses are developed.
As the network grows, your participation grows with it.
Our professional services
What we bring as chartered accountants
Luthando Maduna & Co Chartered Accountants supports the ecosystem with the full range of professional services required to keep businesses compliant, transparent and well managed.
- Accounting & Bookkeeping
- Tax Services
- Payroll & HR
- Business Management
- Financial Reporting
- Business Advisory
- Multi-Business Advisory
- Financial Modelling
- Property & Development Advisory
- SAMBO & Stratum Advisory
Join the network
You don't choose the Mini Complex.
You join the network.
The network grows as more people join. Our intelligence identifies areas of demand. New businesses and Mini Complexes can then be developed to serve growing communities.
Shop where you own. Own where you shop.
Important notice
Disclaimers
Please read the following carefully before deciding to participate.
Banking, investment, ownership and profit-sharing arrangements are subject to the applicable legal, tax, audit and regulatory requirements and the final structure adopted for each project.
Returns, profit shares and distributions are not guaranteed. They depend on the trading performance of each business, market conditions, costs and other factors. Past performance is not indicative of future results.
The firm does not issue, broker or trade shares or financial instruments. Any shares or instruments linked to Shop Where You Own are arranged through duly authorised Standard Bank and/or FNB, and other duly authorised regulated providers.
Borrowing, beneficiary nominations and any JSE Club or stock-exchange exposure are subject to the applicable bank's product terms, credit criteria, regulatory approvals and the final structure adopted for each project.
Participation in multi-business ownership is available only after registration, verification and approval through the applicable bank and Stratum processes.
This page is general information and does not constitute financial, investment, tax or legal advice. Please speak to us or your professional advisers before making any decision.