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
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.
Topics: Buying a business, Video, business advice, Business valuation, Business advisor, vendor due diligence, Parramatta, Orange NSW
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:
Topics: Video, staff management, business advice, selling a business, business basics, Parramatta, Orange NSW
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:
Topics: Selling your business, Business Planning, Video, Succession planning, business advice, selling a business, James Price, Parramatta, Orange NSW
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”.
Topics: Buying a business, Franchises, Video, business advice, buying a franchise, vendor due diligence
When choosing a broker to help sell your business, there are three key elements to look for:
Topics: Selling your business, Advice, Video, Business advisor, business broker, Parramatta, Orange NSW
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.
Topics: Business Value, Advice, Valuations, Video, Business valuation, market appraisal, valuing a business, Parramatta, Orange NSW
