7 golden rules for a successful hire [video]

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

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

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.

In this video I outline our 7 'golden rules' for successful hiring.

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

3 things to do before you interview [video]

Posted by James Price | JPAbusiness on 11-Sep-2019 02:00:00

When hiring new staff there are a number of issues that need to be dealt with by a business owner or senior manager before a recruitment interview process begins. It’s much harder to retrofit this important information into a recruitment process after the fact.

In the following video I list 3 key tasks you should undertake before you begin the interview process.

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Topics: infographic, Video, staff management, business advice, Business advisor, staff recruitment, hiring staff

Do I have to get a valuation before selling my business? [video]

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

The simple answer is ‘no’, you don’t need a valuation to sell a business.

However, in terms of engaging JPAbusiness to sell your business, the answer is ‘yes’: we always recommend clients have their businesses independently and professionally valued before they invest time and money in a sale process.

In this week's video I explain how our first experience of helping a client sell their business – combined with our many years of subsequent experience – has shaped this philosophy regarding valuation and its role in a successful sale process.

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Topics: Video, business advice, selling a business, Business valuation, Parramatta, Orange NSW

What are some 'rules of thumb' for valuing businesses? [Video}

Posted by James Price | JPAbusiness on 21-Aug-2019 02:00:00

When it comes to valuing businesses – listed or private – you will often hear people refer to ‘rules of thumb’. 

Some will say the value of a business is:

  • ‘x times its revenue’ or
  • ‘x multiples of its earnings’ or
  • ‘a function of its after-tax profit’ or
  • ‘a function of its gross profit’ and so on.

These ‘rules of thumb’ tend to be industry based i.e. “a business in Industry A is worth ‘x’ times multiple of earnings” while “a business in Industry B is worth ‘x’ times revenue”. (I won’t repeat the actual ‘rules’ I’ve heard – I don’t want to encourage anyone to use them!) 

In this week's video I provide a practical example which illustrates why relying on rules of thumb is too simplistic when valuing complex businesses.

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Topics: Business Value, Video, business advice, Business valuation, Business advisor, business valuer, JPAbusiness, Parramatta, Orange NSW

How long does it take to buy a business? (Video)

Posted by James Price | JPAbusiness on 14-Aug-2019 02:00:00

We have helped some clients find the right business within six months while, for other clients, it has taken over three years.

The key phrase is ‘the right business’; I’m sure we could speed up the process if our aim was just to help our clients buy ‘a’ business, but that’s not our job.

In this video I explain why it's important not to rush into buying a business, and share four tips for managing risk during the business buying process.

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Topics: Buying a business, Video, business advice, Business valuation, Business advisor, vendor due diligence, Parramatta, Orange NSW

When should I tell my staff I'm selling? (Video)

Posted by James Price | JPAbusiness on 07-Aug-2019 02:00:00

Our guiding principle is that open and transparent communication with your staff is always a positive thing.

However, this is complicated by the fact selling a business is a sensitive issue and disclosing the fact it’s for sale can be detrimental to a business’ operations.

A pending sale can unsettle your team and, if it gets out in the market, it can cause difficulty with clients or suppliers.

In this video I share some strategies for sharing business sale plans with key staff:

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Topics: Video, staff management, business advice, selling a business, business basics, Parramatta, Orange NSW

How long does it take to sell a business? (Video)

Posted by James Price | JPAbusiness on 31-Jul-2019 02:00:00

The time it takes to sell a business is heavily influenced by how prepared you and your business are for an open market, or trade, sale.

In this video I'm sharing 3 basic things you should have done before embarking on a sales process:

  1. Gathered and prepared some of the key information about your business that a purchaser will want to examine
  2. Sought independent advice on the market value of your business
  3. Sought professional advice on the potential tax and other implications of selling. 
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Topics: Selling your business, Business Planning, Video, Succession planning, business advice, selling a business, James Price, Parramatta, Orange NSW

Franchise advice as parliamentary report calls for sector overhaul

Posted by James Price | JPAbusiness on 15-May-2019 02:00:00

When it comes to franchising, our message is consistent: get robust, independent advice before you buy a franchise (or any business, for that matter!)

The recent release of a damning federal parliamentary report into Australia’s franchise sector has reinforced the importance of this message.

The parliamentary inquiry into ‘Fairness in Franchising’ recommended an overhaul of the industry's regulatory framework, stating that it had “manifestly failed to deter systemic poor conduct and exploitative behaviour”. It said the existing rules had “entrenched the power imbalance” favouring franchisors.

However the report also acknowledged there are good franchise systems that “operate to the mutual benefit of the franchisor and their franchisees”.

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Topics: Buying a business, Franchises, Video, business advice, buying a franchise, vendor due diligence

How to choose a business broker [video]

Posted by James Price | JPAbusiness on 01-May-2019 02:00:00

When choosing a broker to help sell your business, there are three key elements to look for:

  1. Experience in your industry and in selling businesses of your size and ‘shape’
  2. Project management expertise
  3. Communication skills.
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Topics: Selling your business, Advice, Video, Business advisor, business broker, Parramatta, Orange NSW

Business valuation or market appraisal – what's the difference? [video]

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

Business market appraisals and valuations are both robust assessments of a business’ worth and are appropriate for use in different circumstances.

In this video I explain the difference between a business market appraisal and a business valuation, and when each should be used.

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Topics: Business Value, Advice, Valuations, Video, Business valuation, market appraisal, valuing a business, 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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