Don't rush it – 3 questions to consider before buying a business

Posted by James Price | JPAbusiness on 04-Dec-2019 02:00:00

Whether we’re assisting a client to buy a business, providing advice or due diligence, or fielding enquiries on businesses we’re marketing for sale, one of the first things I tell people is that the price of the business should not be their primary concern.

Now that sounds a bit strange, I know, because price is obviously important –  it would be silly to enquire about a business worth $5 million, for example, when you have $500,000 maximum to invest.

But, and I’m very serious about this, I believe you should set the price of the business aside in your initial discussions and investigations, and consider the following questions first:

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Topics: Buying a business, Advice, Business Planning, infographic, Starting a business, Business advisor, Parramatta, Orange NSW

4 questions to ask when buying a franchise [infographic]

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

Buying a franchise may, on the surface, seem exactly the same as buying a business.

Principally they are the same, except with a franchise the brand and business operational model has been systematised.

While the operational and other support mechanisms that come with a franchise are appealing when compared to an independent business, it’s important to consider the additional requirements and costs you may have to meet.

The infographic below contains four key questions for people considering buying a franchise:

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Topics: Buying a business, Due diligence, infographic, Franchises, Starting a business, business advice, buying a franchise, Parramatta, Orange NSW

Do you have what it takes to run a business? [infographic]

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

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.

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

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

How to develop a great team [infographic]

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

Developing a reliable team – and keeping them – is one of the biggest challenges in business.

Everyone has their own motivations for the job they do, so there is no one-size-fits-all solution.

However over the years of helping business owners build and retain effective teams, we've identified several key actions that can help drive success in this area. We've summarised them in the following infographic:

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Topics: Employment and recruitment, Staff, Starting a business, staff management, business advice, Parramatta, Orange NSW

How to create a business plan in 3 steps

Posted by James Price | JPAbusiness on 14-Nov-2018 02:00:00

Business plans don't need to be weighty documents, but they do need to be:

  • referenced regularly,
  • shared with others, and 
  • pressure tested.

The following graphic illustrates the 3 fundamental components of an annual business planning process:

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Topics: Advice, Business Planning, Running your business, infographic, Starting a business

How to avoid real estate traps when buying a business [cartoon]

Posted by James Price | JPAbusiness on 17-Oct-2018 02:00:00

Businesses – particularly family businesses – often use real estate assets as part of their wealth generation strategy.

This may lead to situations where the business and real estate assets are interdependent, creating complexities when it comes time to exit and establish a fair market valuation.

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Topics: Business Value, Buying a business, Selling your business, Advice, Valuations, Family business, Starting a business, cartoon

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

How to build a reliable team [infographic]

Posted by James Price | JPAbusiness on 23-May-2018 02:00:00

Building a great team – and keeping them – is one of the biggest challenges a business owner will face.

Staff are not robots and everyone has their own motivations for the job they do, so there is no one-size-fits-all solution to this issue.

However over the years of advising business owners and helping them build and retain effective teams, we have identified several key actions that can help drive success in this area and we've summarised them in the following infographic.

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Topics: Employment and recruitment, Staff, Starting a business, staff management, business advice

Should I use my redundancy payout to buy a business?

Posted by James Price | JPAbusiness on 05-Apr-2017 05:53:00

 

Often we come across clients who have been made redundant after a long period in an employed situation. 

They are at an age where they still have plenty of potential to make a meaningful contribution in another employed role, or in owning a business. In fact, some of the expertise they have built up over their career is very appropriate for owning and running their own business.

However there are some pitfalls:

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Topics: Buying a business, Advice, Starting a business, Financial

 
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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