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Inside Small Business

Maximise the value of your business for a successful exit – Part 2

Inside Small Business | Jul 17, 2014

Last week we looked at the results of the 2013 MGI Australian Family and Private Business Survey (Read part 1).

Succession (or exit) will happen to you sooner or later, and it is important to take charge and manage the process rather than just let it happen to you. I have worked with many business owners who have successfully done this, and in so doing have devised excellent exit strategies.

Inside Small Business

Maximise the value of your business for a successful exit – Part 1

Inside Small Business | Jul 10, 2014

Most business owners go into business planning to maximise the value of the business and extract that value (most often by selling) when they exit.

But the research tells us that most don’t have a plan or strategy around how to do this and therefore often fail to either maximise or extract the value, or both.

 

Inside Small Business

Begin with the end in mind

Inside Small Business | Jul 3, 2014

Steve Covey’s second habit is ‘Begin with the end in mind’ – this means that every decision we make in business should be made considering our ultimate exit strategy.

It sounds simple - Unfortunately, however, most people lose sight of the strategic management of their business and this vital habit ends up not being followed.

Insurance News Logo

SMEs note rising insurance costs

Insurance News | Jun 23, 2014

More than half of SMEs say insurance and workers’ compensation costs have increased noticeably in the past year, a new survey shows. About 37% report significant rises in utility costs, 53% in technology costs and 51% in wage bills, according to the SME Association of Australia study.

Insurance Business Australia Logo

How to maximise the value of your business when you exit

Insurance Business | Mar 24, 2014

When it comes to succession planning, bear in mind some essential points to ensure you maximise the value of your business and achieve a successful exit, explains Craig West, the president of the Australian chapter of the Exit Planning Institute.

Self Managed Super Magazine

Succession planning about knowing key indicators

Self Managed Super | Dec 2, 2013

In order to formulate an effective succession plan, SMSF strategists and other practitioners need to know the key drivers of revenue in their businesses, especially those elements that will come into play in the future, according to an industry expert.

Money Management

SMEs struggling on succession planning front

Money Management | Nov 28, 2013

The lack of retirement preparedness by small business owners continues to be a major concern, according to Craig West, founder and chief executive officer of Succession Plus.

 

Risk Info Logo

Neglecting Business Succession a Growing Problem for Advisers, Clients

Risk Info | Oct 1, 2013

A business succession planning expert predicts problems on the horizon for many financial advisers and their SME business clients, where each may be putting off their succession plans until it is too late.

 

Money Management

Small business sales need to fund retirement

Money Management | Sep 18, 2013

Australian small businesses represent a retirement income challenge in circumstances where 33 per cent of small business owners have said they are entirely reliant on the sale of the business for cash to fund their retirement, yet 75 per cent do not have an agreed or documented succession plan.

The Sydney Morning Herald Logo

From tax to returns from a fuller partnership role

Sydney Morning Herald | Jun 14, 2003

Three years ago, Craig West ran a typical small accountancy practice. He had a turnover of $170,000, employed a couple of people and was preoccupied with tax returns for 450 clients.

If a client walked in the door and was "living, breathing and had a heartbeat", West was happy to look after him or her, even with straightforward personal tax returns.