5 tips for buying a business [video]

Posted by James Price | JPAbusiness on 26-Feb-2020 02:00:00

The following video features 5 tips that will help you take a planned and measured approach to what may well be one of the biggest financial investments of your life.

They're each important in their own way, but I must admit Tip 2 – 'Have passion for the opportunity' – is a key one for me.

Owning a business can be difficult at times, but it's easier to withstand those challenges if you have a 'fire in your belly' for what you do.

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Topics: Buying a business, Business Planning, Video, business advice, Business advisor, Parramatta, Orange NSW

How to create a Professional Development plan [template]

Posted by James Price | JPAbusiness on 26-Feb-2020 02:00:00

Staff professional development (PD) needs are best identified through a formal performance management and evaluation process.

I recommend owners/managers sit down with their staff members once every 12 months, as part of their annual performance review process, and develop a PD plan jointly, with each individual.

This review process will identify where already skilled employees need information to support their growth to gain more advanced knowledge, and further develop their own business and leadership skills. 

You can create plans from scratch, or download our free Professional Development Plan template to get you started.

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Topics: Template, business advice, professional development, Parramatta, Orange NSW, managing employees, staff training

Capital gains tax issues when transferring a business to a family member

Posted by James Price | JPAbusiness on 19-Feb-2020 02:00:00

The following information comes from our updated eBook: Capital Gains Tax 2.0 – Issues to consider when selling your business.

The key CGT issue when transferring assets in a non-arm’s length transaction (i.e. the sale price may not be at fair market value) is the market value substitution rules.

These rules basically mean when you’re selling assets and the transfer is deemed to involve parties not acting on an arm’s length basis, then the CGT rules impose what would be a fair market value on the transaction.

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Topics: Capital gains tax, business advice, eBook, Parramatta, Orange NSW, taxation

How to get good staff and keep them [eBook]

Posted by James Price | JPAbusiness on 19-Feb-2020 02:00:00

We often hear business owners and managers say “it’s so hard to find good people – we’ll just do it ourselves”.

But as we’ve discussed in many blogs and eBooks, critical to building business value is having the people resource that allows the business to deliver sustainable returns and earnings.

If you find yourself throwing your hands in the air and saying ‘I’ll do it myself’ because you can’t find someone suitable for a role, or you’ve hired three people in 18 months and they’ve failed to stay or deliver the outcomes you were after, you need to reconsider your recruitment process and what you’re trying to achieve.

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Topics: Business Value, Employment and recruitment, eBook, staff recruitment, business management, Parramatta, Orange NSW

Why good information is critical when selling a business [infographic]

Posted by James Price | JPAbusiness on 12-Feb-2020 02:00:00

When selling a business, it's important to put yourself in the position of a buyer.

Ask yourself: 'If I was considering buying this business, what would I want – and need – to know in order to make an informed decision about the opportunity?'

As advisors, we understand that good information on a business opportunity is critical to a successful sale.

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Topics: Selling your business, infographic, business advice, Business selling, business broker, Parramatta, Orange NSW, sell a business

How to build value by starting succession planning early [cheat sheet]

Posted by James Price | JPAbusiness on 12-Feb-2020 02:00:00

The following cheat sheet contains 6 succession strategies you can start employing in your business today.

Adopting these strategies will help future-proof your business for when and if you decide to take up an exit opportunity, or relinquish operational involvement in your business.

It’s never too early to start thinking about your succession plan and developing the skills of your team and business capability.

If you future-proof your business in this way, the business should thrive even if you’re not there, and the market should reward you.

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Topics: infographic, cheat sheet, Template, Succession planning, staff management, business advice, business management, business ownership, business valuer, running a business, small business

Create an Annual Business Plan with our free template

Posted by James Price | JPAbusiness on 05-Feb-2020 02:00:00

Business planning is about making your business as robust as possible, so it can take advantage of opportunities and also successfully withstand inevitable shocks.

Annual business plans don’t have to be weighty documents, but they do need to contain some key information, with the most important being:

  • frank and honest appraisal of resources
  • analysis of your competitive environment
  • SWOT analysis
  • targets
  • budget.
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Topics: Free download, Business Planning, Template, Succession planning, Business advisor, business management, Parramatta, Orange NSW

5 steps to buying or starting your own business [infographic]

Posted by James Price | JPAbusiness on 05-Feb-2020 02:00:00

Owning your own business can be very rewarding, both professionally and personally, but it’s not all beer and skittles!

As a business owner you take on a lot of risk, you rarely get a mental break – especially in the early days – and you may have to get used to unpredictable earnings.

If you’re considering buying or starting your own business, take a look at the following infographic for some first steps to guide your early decision making. 

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Topics: Buying a business, Advice, infographic, Starting a business, Business advisor, Parramatta, Orange NSW

Risks to consider when a side project becomes your business [video]

Posted by James Price | JPAbusiness on 29-Jan-2020 02:00:00

In our experience dealing with clients over the years, we've found many businesses start as side projects.

In this video, James tells the story of a client whose 'side project' became a multi-million dollar transport business.

He also points out some risks to watch out for regarding business governance, structure and process issues when a business starts this way, and how to ensure they don't negatively impact the business' value down the track, when it comes time to exit.

Continue reading...

Topics: Business Value, Family business, Business Structures, Video, business advice, Business advisor, Governance, Parramatta, Orange NSW

 
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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