Author: Del

Buying a Business VS. Starting From Scratch

Buying a Business VS. Starting From Scratch

Want to be your own boss, work for yourself, establish a business and watch it grow? Then you’ve probably asked yourself this question already… Should I buy a pre-existing business or start from scratch?
It’s a valid question and an important one at that – as there are pros and cons to consider for each option. So, make things a little easier to digest, we figured it best to break them down for you!

A guide to selling your business

A guide to selling your business

So, you’ve decided to sell your business. You want to change your lifestyle, spend more time with your family, grow your wealth in a completely different direction… Whatever the reason – selling your business is the means to get there. But you’ve never done this before! So where do you start?
Here’s a handy guide to selling your business from the start to the very end (or shall we say, ‘new beginning’.)

Assessing your business through your client’s eyes

Assessing your business through your client’s eyes

When we spend most of our time working “in” our business, innovating, fixing problems, creating new ways to be profitable, managing staff, dealing with clients – it’s hard to zoom out and see what our client’s see. But this is the most important perception when it comes to analysing and assessing your business and then be able to work “on” the business.

Why use a business broker?

Why use a business broker?

In a world full of DIY options, ‘do it yourself’ business buying and selling sound appealing to the ever-learning, multi-tasking business owner that you are. You’ve managed to establish and grow a business of your own, maybe from scratch, maybe from one that was previously showing little profit! Either way, you’ve got this… right? Unfortunately, no. We hate to be so blunt, but there is a reason why Business Brokers exist. Actually, there are many reasons! Let’s outline a few to break the ice.

How to turn your side hustle into a fulltime business!

How to turn your side hustle into a fulltime business!

For many, 2020 has been a year of experimentation, hobbies, passion projects and side hustles. Working from home has meant a shift in business activities, a new normal and one giant brainstorm session on how to make money during a pandemic! But whether your side hustle was born out of necessity or simply ambition alone, it takes work to get an idea off the ground and into the sky. So, where do you start? Let’s take a look.

Automation – How it could save you time and money

Automation – How it could save you time and money

For many buyers, the prospect of buying a business can become daunting when thinking of the handover process. There’s a lot to learn, a great deal of transition and simply not enough time in the day (or at least it seems!). The bottom line is, we live in a modern world fuelled by technology, so whether you’re hoping to sell or not, implementing automated processes within your business could save you both time and money – and who doesn’t want more of those!?

How to Advertise in 2020

How to Advertise in 2020

Advertising has grown to become an intricate machine, where in-depth targeting is used to show your ad to the people who are most likely to respond to it. Sure, an ad in the paper was simple and easy, but with an ageing population, the youth of today are less likely to read the classifieds and more likely to click on an appealing ad when they are scrolling through their social media platforms.

Creating a Healthy Culture in the Workplace

Creating a Healthy Culture in the Workplace

Whether you’re a new owner, manager, or have had the same business and team in place for decades, there’s nothing more productive than a positive workplace. On average, each Australian spends 40 hours per week at work (give or take, depending on their role and industry). This means that each of us spends approximately 16 years of their life at work (and we mean 16 straight years of 24/7 work! Wow!) So whether you have changed jobs or stuck with the same business for your entire career, it’s safe to say that creating a workplace that your staff enjoy coming to each day is a pretty high priority when it comes to staff productivity, retention and happiness. If it isn’t, it should be!

Can Your Business Work Without You?

Can Your Business Work Without You?

As part of your succession planning, ensuring your business can operate and succeed without you involved in the day-to-day activity is essential. This allows for better work/life balance whilst also proving to potential buyers that the business can easily be transferred from owner to owner, without disrupting operations and profitability thereby ensuring that the goodwill…

The Importance of a Non-disclosure Agreement

The Importance of a Non-disclosure Agreement

A non-disclosure agreement otherwise known as a confidentiality disclosure agreement or NDA/CDA, is a legally binding document that safeguards business owners during the sale of their business. When selling a business, part of a potential buyer’s due diligence is to investigate your business from a to z; examining profitability, financial statements, staff rosters and often…

Grow Or Be Left Behind – Is Your Business Keeping Up With The Trends?

Grow Or Be Left Behind – Is Your Business Keeping Up With The Trends?

Times are changing. We are well into an era that has a strong online presence, which means that businesses that previously survived quite well with nothing but a brick and mortar store, face the reality that they need to adapt and grow, or simply be left behind. For those business owners that have put off…

What is ‘Goodwill’?

What is ‘Goodwill’?

According to the Oxford Dictionary, Goodwill is: “The established reputation of a business regarded as a quantifiable asset and calculated as part of its value when it is sold.” What does that mean when we talk about business? A business’ goodwill can be viewed somewhat as their reputation. Goodwill isn’t a tangible asset. Although it…

The Importance of Intangible Assets

The Importance of Intangible Assets

According to business sales data (BIZSTATSTM) approximately 60% of a business sale price is allocated to intangible assets. This figure varies greatly from business to business, however, the value of intangible assets in a modern age is increasing. Let us explain. What are ‘intangible assets’? Intangible assets are assets that don’t physically exist. I.e. They…

Why Buy a Business?

Why Buy a Business?

There are many reasons to purchase a business and depending on who you ask, those reasons rank differently because your motivation behind buying a business ultimately comes down to what you want in life. Is it profits? Freedom? Alongside the potential risk and the hard work involved in owning your own business, owning your own…

Valuation vs. Appraisal – Which One Do I Need?

Valuation vs. Appraisal – Which One Do I Need?

When you approach the end of your business ownership journey and are preparing to sell, you need to determine the market price of your business. A business’ market price is dependent on current market conditions, it’s history of success & profitability, future profit forecasts, goodwill, stock, assets and much more. Determining the ‘value’ of your…

Building a Business Worth Selling

Building a Business Worth Selling

Building your own business takes years of sacrifice, hard work and often delayed earnings. Selling your business for the right price, is a chance to reap the substantial rewards for your years of hard work and associated risks. Key things to think about when starting your business Structure – Getting the business structure right could…

Family Business – Is Your Succession Plan in Place?

Family Business – Is Your Succession Plan in Place?

Succession planning, otherwise known as creating an ‘exit strategy’ is both an important and beneficial planning tool for anyone owning their own business. However, for a family-owned and operated business, there are even more considerations than normal; as instead of setting your business up for a new owner to take over, the plan may be…

Instant Asset Write-Off: How Does This Affect Me?

Instant Asset Write-Off: How Does This Affect Me?

On the 2nd of April 2019, the threshold for small business instant asset write-off increased from $25,000 to $30,000. Announced by the Government, this increase is available to all ‘small businesses’ with an aggregated annual turnover of less than $10 million. What is instant asset write-off? Businesses that meet the criteria of a ‘small business’…

The Role of a Business Broker

The Role of a Business Broker

Buying and selling businesses can seem straight forward, especially when looking in from the outside. However, there are many things to consider when doing so, which we covered in our previous blog ‘Understanding the Business Sale Process’. Your Business Broker becomes your mentor throughout your sale process. Whether you are the buyer or seller, the…

Planning Your Exit Strategy

Planning Your Exit Strategy

Planning your exit strategy, otherwise referred to as your ‘succession plan’ can seem like a daunting task. However, it is an important factor that should be planned well, before the need arises. Think of an exit strategy like any other important planning task – you have a big event on and need a specific outfit,…