Do I need a business advisor? [Client case studies]

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

Whether or not you choose to engage the services of a business advisor is really up to you and your preferred mode of operating your business.

Obviously I believe there is value in seeking independent business advice; I think we’re all better decision makers if we’re able to test our propositions with someone who isn’t directly related to the issue at hand, but has relevant expertise.

In the blog I’m using examples from our own clients to show how independent advice is adding value in their businesses.

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Topics: staff management, business advice, Business advisor, risk management, strategic planning, business basics, Parramatta, Orange NSW, client case studies

How NOT to manage a business ownership transfer

Posted by James Price | JPAbusiness on 10-Jul-2019 02:00:00

Value can be destroyed overnight if a business sale transfer goes wrong.

A few years back we published an eBook and checklist designed to help people manage this transfer process, after an experience I had while conducting due diligence for a client.

My client was in the process of purchasing a building products business in Queensland, which sold to both the trade market and retail customers.

Contracts had been exchanged and a deposit paid by my client, but the sale was subject to the outcome of my due diligence.

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Topics: Buying a business, Free download, Business transfer, Checklist, business advice, selling a business, JPAbusiness, Parramatta, Orange NSW

Client case studies: Why do I need a shareholders' agreement?

Posted by James Price | JPAbusiness on 10-Jul-2019 02:00:00

If you’re thinking about starting a business with someone else, or you’re an existing business owner considering taking on an investing party or shareholder, I strongly advise you to create a formal shareholders’ agreement at the outset.

I have dealt with a number of clients over the years who have found themselves in very sad and frustrating situations because they have entered into shareholding arrangements without a documented and legally well-constituted agreement.

Relationships have suffered, friendships have been lost, and business performance and value has been severely eroded through distractions caused as a result of not having an effective shareholders’ agreement.

In this blog I’m sharing the stories of two clients and how the lack of formal agreements has impacted them.

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Topics: Business Planning, Shareholders, business advice, Business advisor, shareholders agreement, JPAbusiness, Parramatta, Orange NSW

Follow our 10-step business buying process [infographic]

Posted by James Price | JPAbusiness on 03-Jul-2019 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.

These requirements may relate to:

  • Geography
  • Size and turnover
  • Earnings
  • Price
  • Product or service
  • Customer base, etc.

Once the various sale opportunities have been ‘sifted’ you are left with the select few businesses which meet your requirements. 

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

Do I need a broker or advisor to buy a business?

Posted by James Price | JPAbusiness on 03-Jul-2019 02:00:00

I strongly advise anyone looking to make a substantial investment in a business to consider independent external advice, whether that comes from a business broker, business advisor or accountant, or another specialist.

That advice might be in the form of:

  • providing a sounding board as you determine exactly what your own aims are in buying a business
  • objective advice on whether the business or businesses you’re considering actually meet those objectives
  • providing an independent view of the value of the business you’re looking to buy
  • assisting you in the purchase negotiation process
  • conducting the due diligence process.

However, this is where my answer gets a little tricky, because not all brokers have the same level of experience, and some offer a form of service I don’t endorse.

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Topics: Buying a business, business advice, Business advisor, business broker, JPAbusiness, business basics, Parramatta, Orange NSW

How to ensure you pay a fair price when buying a business

Posted by James Price | JPAbusiness on 19-Jun-2019 02:00:00

In our experience, the risks associated with business purchases fall into three categories:

  1. People
  2. Customers, suppliers and market dynamics
  3. The value exchange.

In this blog we’re focusing on the third risk category, the value exchange, and how you can manage that risk.

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Topics: Business Value, Buying a business, business advice, risk management, Parramatta, Orange NSW

Find the right business with our Business Buyer's Checklist

Posted by James Price | JPAbusiness on 19-Jun-2019 02:00:00

Buying a business is not an investment decision to be rushed into or made lightly.

For those of you considering buying a business, we have created the Business Buyer's Checklist.

The checklist contains 14 questions designed to:

  • ensure you have a clear purchase objective 
  • work out whether identified business opportunities are a good match for your skills and interests
  • prompt you to take necessary steps regarding market appraisal, due diligence and financing.
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Topics: Buying a business, Template, Checklist, business advice, business buying, Business advisor, Parramatta, Orange NSW

How to build a strong banking relationship [cheat sheet]

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

Your banker or financier is a key partner in your business and, as with all successful partnerships, good communication is key.

The following cheat sheet contains some of our top tips for communicating with your bank and setting yourself up for a strong partnership.

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Topics: Business Value, Banks and lending, Banking, business advice, Business advisor, business partners, Parramatta, Orange NSW

Staff flexibility versus business stability – how to achieve both

Posted by James Price | JPAbusiness on 05-Jun-2019 02:00:00

Today’s employees operate in an increasingly complex environment in which technological change and connectedness have brought family and personal priorities into the workplace, and work into the home environment.

Advances in mobile devices provide access to data, emails, texts, reports, notifications, payments and receipts in the field, and at home. No matter the location, information is instantaneous.

Unfortunately, these technological advances have created an expectation that people will be available 24/7, creating a work and life imbalance.

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Topics: outsourcing, staff management, business advice, Parramatta, Orange NSW, staff wellbeing, managing employees

How do I start a business?

Posted by James Price | JPAbusiness on 05-Jun-2019 02:00:00

Preparation is key when it comes to starting a business and, thanks to the wonders of the internet, there is no shortage of easily accessible resources to guide you in the early planning stages.

For example, the Australian Government’s business.gov.au site has a handy Starting a business guide which covers everything from understanding the difference between a business and a hobby, for tax purposes, to how to apply for a trademark.

We’ve also created free resources for readers who are considering ‘going out on their own’:

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Topics: Business Structures, Starting a business, business advice, 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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