How to avoid losing key staff when buying a business

Posted by James Price | JPAbusiness on 03-Feb-2021 02:00:00

There are some common 'people-related' risks associated with business purchases, particularly in small to middle-sized businesses that are substantially dependent on an owner or a few senior employees for their success.

Two things can happen if those personnel aren’t retained in the business in an active way:

  • the business’ relationships with customers and suppliers may deteriorate; and
  • the employees’ know-how and corporate knowledge will be lost.

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Topics: Buying a business, Business transfer, staff management, business advice, Business advisor, business management, James Price, JPAbusiness, Parramatta, Central West NSW, business transaction advisor, human resources

How to conduct performance reviews with senior staff

Posted by James Price | JPAbusiness on 27-Jan-2021 02:00:00

This blog is based on some questions I put together a while back for my senior staff to consider in advance of their Annual Performance Review discussions. We've updated the blog to include some COVID-19-specific questions.

We have discussed the mechanics of the performance review process in previous blogs, and a key theme was that reviews are ‘a two-way street’.

Senior staff members bring considerable experience and insight to your business so you need to ensure you use the review event as an opportunity to tap into those insights for the benefit of your business, as well as the individuals involved.

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Topics: staff management, business advice, Business culture, business management, staff performance, performance review, James Price, JPAbusiness, Parramatta, COVID-19, coronavirus, Central West NSW

How to set up an employee incentive or share plan

Posted by James Price | JPAbusiness on 20-Jan-2021 02:00:00

We are often approached by private companies looking for advice about setting up incentive arrangements for their employees, including issuing shares to provide a form of ownership.

These companies tend to have turnovers ranging from about $5 million to well over $100 million, but they all share an interest in achieving closer alignment between their people and their company visions.

We tell these clients and prospective clients, issuing shares can be an effective means of aligning and incentivising employees, but it’s not the only option.

In this blog I’m sharing excerpts from some work we’ve done in response to some of these inquiries, which outlines a range of options when creating an employee incentive plan (EIP).

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Topics: business management, staff performance, performance review, James Price, staff share plans, Parramatta, managing employees, team building, employee incentives, incentive plan, company bonus

Staff training and PD plans – why you need to think about them now [templates]

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

As we head into an uncertain FY20/21 business owners and managers may be tempted to think now is not the time to prioritise staff professional development needs. I believe the opposite is true.

One of the key elements of your business proposition – large or small – is your team, and they’re going through the same anxiety you are. The COVID-19 crisis is impacting their professional lives, personal lives, physical and mental wellbeing, just as it is yours.

Even though you may be struggling simply to pay wages, the last thing you want is to lose good people, whether you lose them physically, or in the sense that they become disengaged as a result of their anxiety about the current environment.

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Topics: Template, business advice, business management, staff performance, running a business, professional development, Parramatta, staff wellbeing, managing employees, staff training, COVID-19, coronavirus, Central West NSW

How a valuation can be used to add value to a business [video]

Posted by James Price | JPAbusiness on 01-Apr-2020 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.

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Topics: Business Value, Valuations, Exiting your business, Video, Business advisor, business management, growth strategies, James Price, JPAbusiness, Parramatta

Free up cash with our Working Capital Checklist [free template]

Posted by James Price | JPAbusiness on 25-Mar-2020 02:00:00

As a business owner or manager, there are a number of 'levers' you need to control to successfully manage working capital and drive a successful, cash-generating business.

As our Working Capital Checklist shows, those levers fall into two buckets: current assets and current liabilities.

You can use the free checklist to assist you in achieving a firm control of your working capital levers and cash position, so your business proposition is not hampered by poor cash flow.

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Topics: Business Value, Selling your business, Cash flow, Working capital, Exiting your business, Template, Checklist, business management, COVID-19, business strategy, coronavirus

5 tips to manage your banking partnership [infographic]

Posted by James Price | JPAbusiness on 04-Mar-2020 02:00:00

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

Their success in lending you 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.

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

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

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

 
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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