10 do’s and don’ts when selling a business [infographic]

Posted by James Price | JPAbusiness on 10-Oct-2018 02:00:00

Planning, professional marketing, timing and finding the right match regarding value and terms are just some of the ingredients that go to making a successful business sale. (As we often say, selling a business is not an exact science!)

The following infographic is a distillation of lessons we've learned over many years of advising business sale clients.

Use these tips to help you make the right decisions when preparing your business for sale.

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Topics: Selling your business, Advice, Business Planning, infographic, selling a business

How long will it take to exit my business? [video]

Posted by James Price | JPAbusiness on 10-Oct-2018 02:00:00

At JPAbusiness we believe five years is a good benchmark to be planning for succession and exit.

In this video I use the example of a JPAbusiness client to show how this forward planning can place your business in the best position for a successful exit, whether that exit comes in the form of a planned sale process or an unexpected purchase offer.

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Topics: Advice, Exiting your business, Video, Succession planning

How to use valuation as a management tool [video]

Posted by James Price | JPAbusiness on 03-Oct-2018 02:00:00

Don't wait until someone offers to buy your business to seek a business valuation or market appraisal.

Valuations are extremely useful management tools for business owners looking to maximise their current business performance and long-term value.

A valuation can help you identify what you are currently doing that is adding to your business value, and what you are doing that is detracting from value.

My advice is that, if your business is greater than five years old, you should have it valued on a reasonably regular basis.

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Topics: Business Value, Advice, Valuations, Video, business advice, business management, market appraisal

5 lessons from a startup

Posted by James Price | JPAbusiness on 03-Oct-2018 02:00:00

I started JPAbusiness about 17 years ago, after spending 10 years in the employed workforce.

I was strongly motivated to create something of my own and I had clear goals of what I wanted to achieve. However, it certainly wasn’t plain sailing, especially at the beginning. 

The following are five things I felt in the first six to 12 months of starting JPAbusiness. I’m sharing them to illustrate that even if you are ‘the right fit’ for business ownership, you shouldn’t expect it to be easy.

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Topics: Buying a business, Skills and knowledge, Advice, Starting a business, business advice, start-up

7 tips for successful hiring [cheat sheet]

Posted by James Price | JPAbusiness on 05-Sep-2018 02:00:00

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

One-third of our survey respondents indicated the biggest challenge impacting their business in the past six months had been 'finding and retaining good employees'.

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.

The following cheat sheet contains our 7 'golden rules' for successful hiring.

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

How to develop a successful brand [cheat sheet]

Posted by James Price | JPAbusiness on 29-Aug-2018 02:00:00

A few years ago we were delighted to partner with Richard Amos and Mike Wilkinson from Royce Communications to create one of our most popular eBooks: Brand and Corporate Identity for Small to Mid-Sized Businesses.

Royce Communications works with some of Australia’s largest brands across corporate, consumer, government and not-for-profit sectors.

In this cheat sheet we have distilled some of Richard and Mike’s valuable tips for establishing and maintaining a successful brand identity.

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Topics: Advice, Brand and marketing, Running your business, cheat sheet, business advice, Business advisor, brand identity

How to prepare your business for sale [cartoon]

Posted by James Price | JPAbusiness on 01-Aug-2018 02:00:00

Ideally, a business will be set up for sale from the moment it begins operating.

After all, you never know when someone may approach you about buying your business, or when unforeseen circumstances may force you to sell.

A previous JPAbusiness client is a good example of why it pays to be prepared. 

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

How to make your business attractive to lenders [cheat sheet]

Posted by James Price | JPAbusiness on 25-Jul-2018 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

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.

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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

 
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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