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    Free checklist: Are you the 'right fit' for business ownership?

    Posted by James Price | JPAbusiness on 18-Jul-2018 02:00:00

    If you're thinking about buying or starting a business – moving from the employed workforce to self-employment – take a look at our free Business Owner's Checklist.

    The checklist features 10 common attributes our team tends to find in people who successfully build and run businesses.

    Among these attributes are:

    • persistence
    • ability to deal with uncertainty, including extreme highs and lows
    • ideas person, with an eye to commercialisation and reality
    • self-confidence, but not arrogance
    • someone who can trust others.
    Continue reading...

    Topics: Buying a business, Free download, Template, business advice, Business advisor, James Price

    The 10-step business buying process [infographic]

    Posted by James Price | JPAbusiness on 18-Jul-2018 02:00:00

     

    Step 1: Imagine the process of assessing different businesses for sale as a funnel

    The top of the funnel is wide and has a screen which sifts out businesses which don’t meet your requirements.

    Continue reading...

    Topics: Buying a business, Free download, infographic, business advice, Business advisor, James Price, business buying funnel

    4 components of a Strategic Plan [video]

    Posted by James Price | JPAbusiness on 11-Jul-2018 02:00:00

    A business' Strategic Plan establishes its strategic direction and will usually cover a period of one to five years.

    I like a Strategic Plan to focus on a period of three years because, in today’s volatile world, things get a little hazy after three years.

    In this video I list four key components of a Strategic Plan.

    Continue reading...

    Topics: Business Planning, business advice, Business advisor, James Price, strategic planning

    Why does my business need a plan? [video]

    Posted by James Price | JPAbusiness on 04-Jul-2018 02:00:00

    As a business owner or senior manager, you can’t plan for every eventuality, but you can plan to withstand shocks. 

    In this video I explain that business plans don't have to be excessively large or detailed, but they do need to exist in order to demonstrate your commitment to your business goals.

    Continue reading...

    Topics: Advice, Business Planning, Video, Business advisor, business management, James Price

    5 tips for partnering with your banker [infographic]

    Posted by James Price | JPAbusiness on 04-Jul-2018 02:00:00

    A banker is not just a simple supplier to your business – they are a partner in your business.

    In order to advance funds to your business, the bank must first assess a range of risks associated with your business. Based on that assessment, they then take a risk in advancing you dollars.

    Yes, they take security for that risk, which usually ranks before your equity in the business, but ultimately their success in lending money is inextricably linked to your success as a business.

    So treating them as anything other than a business partner is not doing the opportunity justice.

    The following infographic sums up what you can do to give that partnership every chance of success.

    Continue reading...

    Topics: Advice, Partners, Running your business, Banking, Business advisor, business management

    Pros and cons of seller earnouts

    Posted by James Price | JPAbusiness on 27-Jun-2018 02:00:00

    I recently read a blog post about the pros and cons of seller earnouts, which I believe is worth sharing.

    The blog post was written by M&A specialist Dave Kauppi from MidMarket Capital, Inc, which is based in Chicago, USA. (You can click here to read Dave’s post.)

    It’s a useful article if you’re considering buying or selling a business and you want to explore measures to manage the risks of transfer and protect the value of the business, including delayed or ‘at risk’ payment of part of the purchase price consideration, such as an earnouts.

    Continue reading...

    Topics: Selling your business, Capital gains tax, business advice, selling a business, Business advisor, seller earnouts

    How can a valuation add value to a business? [video]

    Posted by James Price | JPAbusiness on 20-Jun-2018 02:00:00

    Business owners often seek a business valuation after being prompted to do so by a 'significant event’, for example:

    • a family break-up
    • retirement
    • need for business restructuring
    • bank lending requirement
    • purchase offer
    • bringing in a new shareholder or partner, and so on.

    In this video I explain how valuation can actually be used as an ongoing management tool, adding value while you’re running the business and also potentially boosting value on exit.

    Continue reading...

    Topics: Business Value, Valuations, Exiting your business, Business advisor, business management, growth strategies

    Free template: Succession planning scorecard

    Posted by James Price | JPAbusiness on 06-Jun-2018 02:00:00

    As a business owner, it’s never too early to start thinking about your succession strategy and developing the skills of your team and business capability.

    Many people think of succession planning as something old people do once they decide to exit their business. This is far from the truth.

    Succession planning is a young person’s pathway to building a valuable business. It’s about creating a sustainable business that will continue to operate successfully into the future, whether you stay in the business or not.

    Continue reading...

    Topics: Business Value, Selling your business, Advice, Valuations, Succession planning, Business advisor, business management

    What if I don't want a succession plan?

    Posted by James Price | JPAbusiness on 06-Jun-2018 02:00:00

    When you think about succession planning and creating a ‘back-up’ for your business, you first need to ask: is it relevant for me?

    Some businesses are reliant on the owner almost exclusively and the owner decides that’s how they want it. They are taking the risk, so they prefer to drive, manage and control the business themselves.

    There is nothing wrong with that; business succession is not something that needs to be forced on everyone.

    However, there are consequences.

    Continue reading...

    Topics: Succession planning, business advice, Business advisor, business management, running a business

    Free template: Selling a Business Planning Sheet

    Posted by James Price | JPAbusiness on 30-May-2018 02:00:00

    If you’re thinking of selling your business, the JPAbusiness Selling a Business Planning Sheet can help place your business in the best position for a successful sale.

    This template contains 20 questions designed to prompt you to undertake the necessary thinking, planning and acting that will ensure you and your business are well prepared for the sale process.

    The free template can be downloaded in either pdf or Word format.

    If you find this template useful, please feel free to share it.

    Continue reading...

    Topics: Selling your business, Template, business advice, selling a business, Business advisor

     
    Disclaimer: The information contained in this blog is general in nature and should not be taken as personal, professional advice. Readers should make their own inquiries and obtain independent, professional advice before making any decisions, taking any action or relying on any information in this blog. 
     
     

     

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