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

When is a good time to sell or exit your business? [video]

Posted by James Price | JPAbusiness on 20-Feb-2019 02:00:00

 

Seeking to exit a business just a few weeks or months after making the decision to do so, is not the best way to optimise value in a business sale.

As I explain in this video, it’s much wiser to incorporate exit and succession plans into your ongoing business planning and prepare for a sale over a period of several years.

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Topics: Business Value, Selling your business, Exiting your business, Video, business advice, selling a business, Business advisor, Parramatta, Orange NSW

3 questions to ask when valuing a business [video]

Posted by James Price | JPAbusiness on 05-Dec-2018 02:00:00

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.

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Topics: Business Value, Advice, BME, Video, business advice, Business valuation, Business advisor, Business maintainable earnings

How long will it take to exit my business? [video]

Posted by James Price | JPAbusiness on 10-Oct-2018 02:00:00

At JPAbusiness we believe five years is a good benchmark to be planning for succession and exit.

In this video I use the example of a JPAbusiness client to show how this forward planning can place your business in the best position for a successful exit, whether that exit comes in the form of a planned sale process or an unexpected purchase offer.

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Topics: Advice, Exiting your business, Video, Succession planning

How to use valuation as a management tool [video]

Posted by James Price | JPAbusiness on 03-Oct-2018 02:00:00

Don't wait until someone offers to buy your business to seek a business valuation or market appraisal.

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 adding to your business value, and what you are doing that is detracting from value.

My advice is that, if your business is greater than five years old, you should have it valued on a reasonably regular basis.

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Topics: Business Value, Advice, Valuations, Video, business advice, business management, market appraisal

How often should I review my business plans? [video]

Posted by James Price | JPAbusiness on 08-Aug-2018 02:00:00

In this video I give my view on how often you should review your business plans and, importantly, who they need to be shared with.

Sharing a plan with your team will:

  • ensure goal alignment
  • help create a positive and participative business culture
  • test the plan by exposing it to fresh eyes.

As we always say, a good plan is a shared plan.

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Topics: Business Planning, Video, business advice, Business advisor, James Price, strategic planning

What to include in an Annual Business Plan [video]

Posted by James Price | JPAbusiness on 25-Jul-2018 02:00:00

In this video I list four components of an annual business plan and drill down a little into some of the business issues you should cover under each of those four elements.

An annual business plan should encompass three core concepts:

  1. Where is the business now?
  2. Where do we want the business to be in the future?
  3. How are we going to marshal the resources we have and which we can influence to get there?
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Topics: Business Planning, Video, business advice, Business advisor, James Price, strategic planning

 
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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