7 golden rules for a successful hire [video]

Posted by James Price | JPAbusiness on 18-Sep-2019 02:00:00

Great staff are critical to our success as business owners and managers, but finding and keeping the right people is an ongoing challenge for many businesses.

Unfortunately we can't conjure appropriately trained staff out of the air for our clients and subscribers, but we can provide advice to make the recruitment process as successful as possible.

In this video I outline our 7 'golden rules' for successful hiring.

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Topics: Employment and recruitment, Advice, infographic, cheat sheet, Video, staff management, Business advisor, staff recruitment, hiring staff

Share value v Assets value when selling – what's the difference?

Posted by James Price | JPAbusiness on 07-Aug-2019 02:00:00

If you are a business owner and someone offers to buy your business, their offer price can often look quite good on the surface.

However, it is the basis on which that price is offered that determines whether the price represents true value for the business or not.

An offer price will usually be based on one of two concepts, which I call:

  1. Going concern business value (goodwill and related business assets value)
  2. Equity value (share value).
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Topics: Business Value, Selling your business, Advice, Valuations, Parramatta, Orange NSW, equity value, going concern value

3 pieces of financial info to share when selling a business [infographic]

Posted by James Price | JPAbusiness on 31-Jul-2019 02:00:00

We are often engaged by business buyers to assist them in undertaking due diligence on target businesses.

In the early stages of that process I often come across vendors who have an accountant, business broker or other advisor who is very coy about sharing what I would call basic financial information on the business.

If you are seeking a purchaser’s genuine offer on your business – whether non-binding or binding – at a minimum, you should be prepared to share the following:

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Topics: Selling your business, Advice, selling a business, Business advisor, James Price, Parramatta, Orange NSW, financials

3 questions to ask when valuing a business [infographic]

Posted by James Price | JPAbusiness on 17-Jul-2019 02:00:00

Business valuation is not an exact science and nor is it a simple science. However there are some factors that should always be considered when assessing a business’ value.

They are:

  • repeatability of current earnings
  • availability of information on the business’ performance and business model
  • point of difference and competitive advantage.

We've created the following infographic to help you get started on assessing the value of a potential purchase opportunity.

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Topics: Business Value, Free download, Advice, Valuations, infographic, Business valuation, Parramatta, Orange NSW

What to include in a Business Profile when selling [checklist]

Posted by James Price | JPAbusiness on 26-Jun-2019 02:00:00

Prospective business buyers value professional, credible, robust information on a business sale opportunity.

Selling a business is about trying to get someone to share the same, or better, perspective on your business that you have.

Get this information provision right and interested parties can successfully understand and evaluate what you know and value about the business, and then put a fair price on it relative to this type of asset in the marketplace.

Present them with poor quality information and it will reflect sourly on your business.

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Topics: Selling your business, Advice, Checklist, selling a business, business broker, Parramatta, Orange NSW

What does a 'healthy' balance sheet look like? [infographic]

Posted by James Price | JPAbusiness on 12-Jun-2019 02:00:00

Many business owners, in small and large firms, don’t really focus on their balance sheet. They look at their profit and loss and, if they’re making a profit, they think ‘everything’s fine’.

From our experience, the balance sheet of a business is often the key to its success.

This is because a healthy balance sheet is often the key to being able to withstand shocks; it gives financiers the confidence to support your business with additional funds when things are tight.

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Topics: Advice, Banks and lending, Running your business, infographic, Banking, Parramatta, Orange NSW

How to choose a business broker [video]

Posted by James Price | JPAbusiness on 01-May-2019 02:00:00

When choosing a broker to help sell your business, there are three key elements to look for:

  1. Experience in your industry and in selling businesses of your size and ‘shape’
  2. Project management expertise
  3. Communication skills.
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Topics: Selling your business, Advice, Video, Business advisor, business broker, Parramatta, Orange NSW

What happens after you sell your business? [cartoon]

Posted by James Price | JPAbusiness on 17-Apr-2019 02:00:00

After the process of finding a buyer and selling your business, there is a good chance you’ll still need to turn up to work for a period of time.

Conditions of a sales agreement often include requirements for continuation of service for a transitional period. This involves working alongside the new owner for a set period to share information and knowledge of the business.

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Topics: Selling your business, Advice, Family business, Exiting your business, Business advisor, cartoon, Parramatta, Orange NSW

How to influence your bank's lending appetite [cheat sheet]

Posted by James Price | JPAbusiness on 27-Mar-2019 02:00:00

A bank, financier or equity investor focuses on three S’s when considering their appetite for your business. They are:

  • Servicing
  • Security
  • Surety
None of these factors are completely controllable, but they are strongly influenced by your actions as a business owner.

Our cheat sheet can help you understand and manage these factors, to help create a strong and positive relationship with your bank or financier.

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Topics: Advice, Banks and lending, Running your business, cheat sheet, Banking, Parramatta, Orange NSW, business finance

6 reasons to invest in staff training and PD [infographic]

Posted by James Price | JPAbusiness on 27-Mar-2019 02:00:00

First we need to answer the question: what is the difference between 'training' and 'professional development'?

Training is about ensuring your employees have the required skills and expertise to carry out the tasks for which they are responsible.

Professional development is a more long-term concept and is about helping your employees prepare to perform additional duties in future roles.

What are the benefits of having trained people in my organisation?

The infographic below lists 6 benefits of investing in staff training and professional development.

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Topics: Employment and recruitment, Skills and knowledge, Advice, Staff, Training and Professional Development, infographic, Business advisor, 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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