No one knows your business like you do and, whether you choose to sell it yourself or work with a broker or advisor, you will play a key role in the marketing process.
Your extensive knowledge of the business needs to be translated into marketing material that will inform potential purchasers of the opportunity your business presents.
The following video contains 4 key tips for marketing a business for sale: what they are and how they can contribute to the ultimate success of a sale.
Topics: Selling your business, Advice, Brand and marketing, Video, selling a business, Business advisor, Parramatta, Orange NSW, marketing
Business valuation is not an exact science and nor is it a simple science. However there are some factors you should always consider when assessing a business’ value.
The following video lists 3 key factors to consider when valuing a business and 3 questions you need to ask to uncover this important information.
Topics: Business Value, Advice, BME, Video, business advice, Business valuation, Business advisor, Business maintainable earnings, Parramatta, Orange NSW
The annual business planning process should address three critical questions about your business:
In this video I list four aspects of your business which you need to consider during the annual business planning process – Operational, Financial, Risks, People management – and drill down a little into some issues you should cover under each of those four elements.
Topics: Business Planning, Video, business advice, Business advisor, James Price, strategic planning, annual business plan, Parramatta, Orange NSW
Buying a business is a major investment and it can also be a very time-consuming activity.
In this video James explains how the Buying a Business Planning Sheet can help save time and also give direction to your purchase planning.
Topics: Buying a business, Business Planning, Template, Video, business advice, Parramatta, Orange NSW
Valuations are extremely useful management tools for business owners looking to maximise their current business performance and long-term value.
A valuation can help you identify what you are currently doing that is:
a) adding to your business value, and
b) detracting from that value.
My advice is that, if your business is greater than five years old, you should have it valued on a reasonably regular basis, say every 2–3 years depending on your growth track and the external environment the business is experiencing.
Topics: Business Value, Advice, Valuations, Video, business advice, business management, market appraisal, Parramatta, Orange NSW
It’s not uncommon for people to present really well in a job interview, be offered the position and then later be found ‘wanting’ when it comes to fulfilling the particular role they’ve been recruited for.
Similarly, there are many people who don't present well in interviews and subsequently miss out on jobs, who actually have a lot of substance in practice and would be valuable team members.
So how do we take the emotion out of the recruitment process and minimise the impact of our own biases and prejudices when dealing with these different personality types?
In this video I'm sharing 4 tips to help remove that bias from the hiring process.
Topics: infographic, Video, business advice, Business advisor, staff recruitment, hiring staff, James Price, Parramatta, Orange NSW
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.
Topics: Employment and recruitment, Advice, infographic, cheat sheet, Video, staff management, Business advisor, staff recruitment, hiring staff
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.
Topics: infographic, Video, staff management, business advice, Business advisor, staff recruitment, hiring staff
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.
Topics: Video, business advice, selling a business, Business valuation, Parramatta, Orange NSW
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:
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.
Topics: Business Value, Video, business advice, Business valuation, Business advisor, business valuer, JPAbusiness, Parramatta, Orange NSW
