JPAbusiness

The short answer to this question is yes... and no.

Buying a business that provides you with a good job is definitely a worthwhile strategy, as long as it doesn’t just provide you with a job.

If you own a business, what are the main risks you will be taking?

• Operational risk – As a business owner you count on your systems and processes to work in a predictable manner and accept the risk of those systems and processes failing. For example, your safety system could fail and cause injury to an employee, or your manufacturing system could break down, causing you to default on a major customer contract.

Topics: Buying a business, business advice, Business advisor, business ownership, business broker, James Price, JPAbusiness, Parramatta, financials, redundancy, buy a business, Central West NSW, business sale transaction advisor, business transaction advisor

JPAbusiness works with many well-established private businesses, large and small, across a range of industries. However, from time to time, we also assist clients who are just beginning their business journey.

These clients may be coming from an employed environment and have been working on a ‘side hustle’ that has grown well beyond their expectations.

Or they simply decide to go into business via a new opportunity or venture, or acquire an existing business and either have it managed, or work in it directly.

Topics: Business Planning, business advice, eBook, Business advisor, business ownership, James Price, small business, JPAbusiness, Parramatta, Central West NSW, entrepreneur

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.

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

The short answer to this question is yes... and no.

Buying a business that provides you with a good job is definitely a worthwhile strategy, as long as it doesn’t just provide you with a job.

Topics: Buying a business, business advice, business ownership, Parramatta, Orange NSW, financials, redundancy, buy a business

Before you spend months trawling through business advertising sites, trying to decide which business would best suit you, first consider whether you would suit business.

In this infographic we’ve summarised 10 attributes we tend to see in successful business people.

Topics: Buying a business, infographic, Starting a business, business advice, business management, business ownership, Parramatta, Orange NSW

Many people think of succession planning as an old person’s problem – something you do once you decide to exit your business. This is far from the truth, although it's not surprising the misconception exists. 

In planning this blog I conducted a quick Google search of the question 'what is succession planning?' to test the common perceptions. The first result (from an Australian government website!) provided the following answer: "A succession, or exit plan outlines the things you will do when you sell, close or transfer ownership of your business."

I beg to differ. Succession planning should not be something you do when it's time to exit: it is a young person’s pathway to building a valuable business.

Topics: Succession planning, staff management, business advice, business management, business ownership, running a business, small business

Due diligence is a critical component of buying a business.

As we always say, it's important to discover any skeletons in the closet before it's too late!

In this video I've shared my 3 top tips for conducting due diligence on a potential business purchase.

Topics: Buying a business, Due diligence, business advice, business ownership

Business ownership can be incredibly rewarding – personally, professionally and financially – but it’s not for everyone.

Business ownership is only the right environment for some people, and for many of those it’s only the right environment at the right time.

Before you spend months trawling through business advertising sites, trying to decide which business would best suit you, first consider whether you would suit business.

In this infographic we’ve summarised 10 attributes we tend to see in successful business people.

Topics: Buying a business, business advice, business management, business ownership