employees and workers

Managing and maintaining family relationships

A key component of generational succession is the ability of the parties involved to separate business issues from family relationships.  Understandably, this can be problematic and requires a significant amount of discipline by the participants. Leadership in this discipline needs to be provided by the exiting generation. Business tensions and differences in view about the…

contract

Succession income and control

Succession income needs Ensuring remuneration is on commercial terms In many small and medium businesses, the owners arrange their remuneration from the business to meet their needs rather than being reasonable compensation for the roles undertaken. This can result in the business either paying too much or too little. Under a generational succession there should be an…

Your business by design

Take a good hard look at your business today Is it exactly what you want it to be? If you are motivated you can make changes. But you have to be motivated. We would suggest that you focus on four key areas of business design. As you go through the list here are some quotes…

SME owners looking on the bright side

SME owners looking on the bright side of life

‘Tis the season to be optimistic for Australian business owners, with one in six wanting to start another business. The insight comes from the latest MYOB SME Snapshot, which also found that just 10 percent of businesses were either ‘quite pessimistic’ or ‘very pessimistic’ about their prospects in the coming year. Overall, 64 percent of…

timing your succession

Time for a change…and quickly!

Ever heard the expression “time is money”? Well, it’s never more true than when it comes to making changes to your business. While change is not something that most people embrace quickly or open-heartedly, if it’s done too cautiously it can flatten revenues, eat profits and lead to business failure. This is particularly true for…

business for sale

Thinking of selling your business?

There’s potentially a lot of work to do… One of the questions we often ask our clients is, “When do you plan to sell your business?” We get all sorts of responses, ranging from, “I’ve no intention of selling it” to “We think the kids will take it over, but we’re not sure” to “I’d…