We recently sat down with valued and knowledgeable Business Broker, Rad Benicky to chat all things business, his career and what makes Core Business Brokers different from the rest.

1. What inspired you to become a Business Broker?
After starting/purchasing over 20 businesses in my life thus far I’m passionate about business. I have only worked 2 years as an employee. The rest of my working life (33 years!), I have been in business. Helping people make this decision is greatly satisfying on both a professional and personal level.

I got inspired when my family escaped from the former Czechoslovakia which was a communist country that made private business illegal. So, when we came here it was the first thing I wanted to do – work for myself. I have owned many businesses myself, some of which I started from scratch and some which have been bought; some which made me millions of dollars and some which were not as successful. My first small business as a 13-year-old was selling calendars on behalf of the blind society door to door. It was so exciting although I could hardly speak English. Tough introduction to sales but I learned a lot.

2. Do you have an industry preference and why/why not?
I love all sorts of businesses as each one is very different in how they are structured and operated. My preference is towards non-food businesses as I have never owned a hospitality business, however the team at Core assist with all business sales, regardless of industry. The diversity keeps my days fresh and exciting.

3. Any advice for small business owners in the COVID-19 era?
My old sports coach used to say if you make a mistake make it at 100 miles an hour! I relate that in business as go for it – jump all in and test every hypothesis and keep learning. It’s a massive action, and it doesn’t guarantee success, but it encourages you to give it your all, to have a go and put yourself out there.

4. What’s the smallest and largest business you’ve sold and what made each one special?
All the businesses I have been lucky enough to assist have been unique. The largest would be a $5M security business which was sold to one of the biggest security businesses in world (listed on the London and Copenhagen stock markets) and the smallest would be an online beach towel retailer. At present I have an offer of $14M on a business with the smallest business listed being advertised at $50K.

5. In your opinion, what are the top 3 things a business owner should be doing in preparation for sale?
1. Take themselves out of the business as much as possible
2. Update all financials
3. Clean up the business both physically and from a financial and operational perspective

6. What makes Core Business Brokers different from other Business Broking firms?
It’s the quality people who care and who will work extremely hard to get your business sold and deliver an excellent result.

If you’d like your own Q&A with Core Business Broker, Rad Benicky. Give us a call on (02)9413 2977. Rad will happily chat all things business, planning, buying and selling to assist you on your own business journey today.

business planning growing a side hustle into a fulltime business

Core Business Brokers

How to turn your side hustle into a fulltime business!

October 29, 2020 Del

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.

1. Business planning – It’s no secret that the most successful businesspeople are the most organised. Create an in-depth business plan at the very beginning (and don’t rush it!). Document your products, services, predicted revenue, outgoings, state of the market and competitors. Do a SWOT analysis (identifying the strengths, weaknesses, opportunities and threats to your business) and think about every outcome to every scenario. Sure, this takes time and requires motivation, but planning for the best AND worst-case scenario will ensure you are equipped and ready to tackle challenges and grow your business.

2. Put in the time – At this point, you are growing your side hustle while working, most likely, fulltime. You’re working all day and most nights – and that isn’t going to change anytime soon. You need to grow your side hustle to an acceptable level before transitioning over to it fulltime in order to minimise risk, so keep at it!

3. Set up the framework – Create a structured, organised business from the very beginning. Map processes, set up business bank accounts and create a framework that you can continuously build on as you grow. A messy beginning will no doubt grow into a bigger mess, so take the time to set yourself up efficiently. If in doubt, give us a call and chat to an Accountant as well which is important to create the correct legal structure for the business. With the help of professionals in the industry, you can simplify your business operations in the long run.

4. Install the correct IT and software systems – This will allow you to automate the business functions as much as possible. This will also assist you in time management and create the capacity to expand the business before you have to employ staff.

5. Scale your business – Have you ever heard of the phrase “live within your means”? The same applies to a small business. Sure, money will need to be spent to set things up. However, think about necessity vs. choice and whether you need to be spending in certain areas. As you grow, you can pour more money into advertising, staffing, and product lines – but as you start out, start with manageable quantities and bite-sized chunks to ensure you are capable of handling the workload while it’s just you behind the wheel.

6. Transition to fulltime – When your side hustle has grown to a level where the transition is no longer deemed high risk, and you can sustain the outgoings of the business without your current employment, then think about transitioning over to your side hustle full time. The growth you’ve achieved so far will no doubt increase at a faster rate with you dedicating more time and energy to the business, so it’s onwards and upwards from here!

Every business is different and should therefore be treated as unique ventures. Like any business journey, we recommend consulting with a business professional to discuss your business in detail before making large decisions. Contact Core Business Brokers on (02) 9413 2977, or email Roy on [email protected] to get the conversation started. Roy and our friendly team of business brokers are always happy to discuss your business, where it’s heading and all the potential that awaits.

Core Business Brokers

SEO – WHAT IT IS AND HOW IT CAN DRIVE SALES

October 9, 2020 Del

WHAT IS SEO?

SEO stands for ‘Search Engine Optimisation’, which is the process of increasing your website traffic (how many people click on your website) by boosting your ranking on search engines, such as Google.

Google and other large-scale search engines have multiple (sometimes hundreds and thousands) of results pages when you type a search query into the search engine box. So who decides which websites get priority and are shown on page number one? SEO!

Cast your mind back to when you recently searched for something on Google. Maybe it was “How to advertise in 2020” or “How can I support local businesses during Covid-19? Regardless of your search topic, we can almost guarantee that you didn’t look past page #1 or #2. Correct? So, this answers the next question on everyone’s lips, why is SEO so important?

HOW DOES IT WORK?

Each search engine has a ‘crawler’ that collects information from every website on the internet. This information is constantly being collected, meaning that any updates and changes you make to your website will affect this at any time. From here, the information is organised and sorted using the search engine’s algorithm, which matches all the collected data with the keywords in your search query. Sounds complicated right? It is.

Algorithms are constantly changing and updating, becoming more sophisticated in hopes that the search results will be as accurate as possible. Accuracy also weans out the potential scam and spam that infiltrate from time to time.

HOW CAN SEO HELP MY BUSINESS SALES?

By directing more qualified customers (i.e. those who are interested in your industry, products or services) to your website, SEO acts as an online ‘front door’, opening wide and directing interested parties into your store. Better yet, it’s free! SEO is all organic, meaning ‘unpaid’ and besides the time taken to make sure your website is SEO compliant, it requires zero monetary investment, other than that directed at SEO professionals if you require assistance.

So, if you aren’t implementing any SEO improvements to your website, the time is now (or yesterday!) to make a change. If you’re unsure where to start, contact your local marketing agencies and get some quotes. We recommend shopping around and asking questions. After all, the key to succeeding in a new venture is first understanding it! To discuss your business in detail, contact Core Business Brokers on (02) 9413 2977, or email Roy on [email protected]. Roy and our friendly team of business brokers are always happy to discuss your business, ways to improve profitability and your future sale journey.

Core Business Brokers

Automation – How it could save you time and money

September 29, 2020 Del

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!?

For those who prefer an ‘old-school’ approach to business, where everything is done manually, automating processes and systems can seem a little disconnected and impersonal. But it doesn’t have to be that way. Here are some ways you can lighten the load in the day-to-day running of your business, and in the same breath appeal more attractive to potential buyers who are no longer daunted at the possibility of jumping on board. Knowing that all the procedures are automated and recorded for when the seller has completed the hand over period will be a big plus.

Accounting software – If you find yourself without a dedicated accounts person, sending invoices can be a time-consuming task. Nowadays there are several, reputable products available (such as MYOB and XERO) which can streamline these processes for you. As soon as a payment is received, an invoice is sent – and you can download the report at the end of the week! And it doesn’t stop there, some software can even email outstanding accounts with reminders, all automatically! Sounds like a dream you’d prefer to make a reality, right?
Social media – Although Instagram scheduling is not a mainstream process just yet, third party scheduling tools are already available! The best part, you can you’re your Instagram account to your Facebook page, which means each post shared to Instagram automatically appears on Facebook. Two tasks for the price of one! Just have a Facebook page? Lucky for you, you can schedule posts well in advance on this platform, meaning you can spend a few hours creating engaging content for your followers, schedule it all in for the next couple of months and hey presto! Set and forget!
Email marketing – Want to send an email to your entire contact list but don’t want to address them all together with a combined “Good afternoon all”? Personalisation is key, and when it comes to email marketing, there are plenty of platforms that allow you to do this with the bonus of beautiful designs! Depending on the size of your client list, some (such as Mailchimp) operate as a free service! Schedule your monthly newsletters for a particular date and time and you can operate as usual without having to manually send a single one!
SMS automation – If your customers have ‘opted in’ (ticked ‘YES’ for SMS communications on your contact form), then you can contact them on their mobile. Companies such as Brandbot (another email marketing platform) offer an SMS service, which allows you to schedule in SMS’ to particular clients if they perform particular tasks (i.e. if they make a purchase, or if they haven’t visited in 6 months). It’s important to be aware of your customer’s privacy when it comes to SMS’, and not overdo it. Less is more – so we suggest only contacting them for important things such as sales confirmations or special offers.
Sales funnels – If you run a sales business and have a team operating autonomously under your brand, then using a CRM (customer relationship management) service such as ‘Salesforce’ could be beneficial. Your team can input important client data, such as the enquiry date and details and can follow the funnel process to ensure that customer is managed correctly and efficiently.

We hope this blog helps you on your way if you’re hoping to streamline some or all of your business processes. Whether it’s in preparation for sale, or to simply capitalise on your time, automation can be a handy tool for all business owners. If you are hoping to sell your business in 2020, contact Core Business Brokers on (02) 9413 2977, or email Roy on [email protected]. We’d be happy to discuss your options and any improvements we believe you can make to make your business the most successful it can be.

valuing a business during the Covid-19 pandemic

Core Business Brokers

Valuations in a Covid-era

September 11, 2020 Del

For business owners wanting to sell and people wanting to buy a business, finding common ground when it comes to business value and fair sale price during the Covid-19 Pandemic is a complicated and challenging process.

All of a sudden, 2020 has thrown us a curveball with no previous playbook, and some businesses have been forced to ‘adapt or die’ when it comes to their business model and product/service offering. Many businesses have completely changed things up in order to survive. As an example, Scaffolding companies such as the Sydney company ‘StageKings’ have shifted focus entirely; previously creating large-scale pop-up stages and now creating a whole range of iso-related products such as desks and partitions.

The pre-COVID methods of valuing a business affected in these times, needs re-thinking. Valuers used to assess financial performance, current markets, stock levels, goodwill and more to come to an educated conclusion on what the business in question was worth but primarily based on historical earnings. Now, mid-way through 2020 and amid the pandemic, past performance and current assets no longer determine whether a business can stay afloat, let alone prove profitable in the years to come (i.e. uncertainty is now high amongst many buyers)

So how can businesses be fairly valued in a COVID-era?

Many things must be considered when valuing a business in this volatile environment. Past performance, current stock levels and assets, goodwill and all of the past variables must still be assessed. However, is there a current demand for the product/service being provided by the business during this unpredictable time? Does the market even exist at present? These factors will need to be considered. Remember that a buyer is purchasing the future earnings of the business and the question is has this particular business been permanently affected or was the 2020 year a “one-off” blip?

Thus for many new deals we are finding that buyers and their advisors are suggesting the inclusion of an ‘earn-out agreement’ for part of the purchase price, so that the business can prove that the future earnings have not been impeded.

An earn-out agreement is essentially a legal promise, where a buyer pays less upfront for the business in question, noting that additional payments be made at specific dates in the future if business goals are met, usually with financial targets in mind. This type of agreement can be tricky and somewhat complicated, as it isn’t a clear-cut handover of the business and the previous owner still has their finger in the pie, so to speak. The seller will want the business to continue performing well to collect the buyer’s additional earn-out payment(s), which can become a confusing management situation if the buyer and seller do not agree on key business decisions. The most important thing to consider here is that all important factors be included in the agreement so there is less grey area and a clear separation of roles and responsibilities. That being said, during a pandemic year, an ‘earn-out agreement’ could be a necessary and beneficial tool when looking to sell your business.

If you are hoping to sell your business in 2020, contact Core Business Brokers on (02) 9413 2977, or email Roy on [email protected]. We’d be happy to discuss your options, the potential for an earn-out agreement and help determine a realistic and achievable sale price for your business.

Core Business Brokers

SUPPORTING SMALL BUSINESS DURING THE COVID-19 PANDEMIC

August 17, 2020 Del

It’s no surprise that the coronavirus has impacted us all, in various ways. Whether you’re a business owner, an employee or someone looking for work, you’ve no doubt encountered many speed bumps so far this year, with potentially more to come.

The sad truth is that without our support, small Australian businesses won’t see the other side of this restriction period – with many small businesses having to close under the pandemic pressure. So, what can we do to lend a hand and keep the small businesses we know and love afloat? Here are some ideas of ways we can stimulate their earnings and keep their heads above water.

Buy a gift voucher
If their products/services are something you can see yourself or a friend or family member utilising in the future, support them now by buying a gift voucher or two. The instant purchase may allow them to make rental payments or keep staff employed.
Write them a good review
Google reviews are delayed during this time, but you are still able to write them. So show your favourite locals some love on Google and Facebook. Customers count on reviews to make decisions, so your positive review could help drive new customers their way.
Share their profiles on your social media accounts
Whether you are an Instagram influencer or have 10 friends, think of the positive result of sharing your favourite local businesses with your social media circles. Post, tag, story and share. The more people that visit, the longer your local can survive!
Contact them and see what different products/services they may be offering
Many businesses have adapted during this time, offering different services or products to stay in business and help their community. Some breweries have begun manufacturing hand sanitiser, cleaners may offer a discounted ‘covid clean’ for businesses, your favourite coffee shop may now deliver for an additional fee! Whatever it is, learn about the changes they’ve made and see if you can utilise them.
Utilise their services more often than normal
Before covid-19, you may have decided that ‘eating out’ was a monthly treat. But if you are financially able, why not make it a fortnightly or weekly treat for the coming months. Those few extra visits could make all the difference to a small business.
Tip where you are able
Australia does not have a strong tipping culture, due to our minimum wage being substantially higher than countries such as the United States or United Kingdom. However, if your wallet allows, consider tipping those who are keeping a positive attitude during this unsettling time. It may not be much, but it could really help struggling businesses/employees.
Offer your expertise to lend a hand
If you aren’t able to offer financial assistance, think of ways you can contribute with your skills. Marketing experience could help small businesses advertise their new line of products or services; bookkeepers could lend a hand with organising finances. Why not offer to help in any way you can? There’s nothing stronger than the Australian spirit when the going gets tough.
Be understanding
We live in an ‘instant’ society where things are bought and returned faster than you can U-turn back to the shops. If your service was cancelled due to the pandemic and you are in a financial position that isn’t relying on the refund, consider gifting it to the small business in need. We’re all doing it tough right now, so try keeping an open mind and adopting a team mindset. Not only will it help small businesses, it will boost morale and community spirit.

If you are hoping to sell or buy a business in 2020, contact Core Business Brokers on (02) 9413 2977, or email Roy on [email protected]. Consistently watching business trends and market fluctuations during this pandemic, we can chat you through your options and guide you on your journey.

Core Business Brokers

How to Advertise in 2020

August 10, 2020 Del

Whether you’re looking for new staff, new clients, new customers or even a new owner – advertising is the game. The real question is, do you know how to play? Advertising used to consist of taking out an ad in the newspaper and sitting by the phone. How simple and easy that used to be. Nowadays, 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.

What are the top advertising options?

Social Media

‘Social media’ encompasses a range of platforms. From Facebook to Instagram and LinkedIn, this method of advertising comes with incredible targeting options. These channels allow you to focus on your target market; their location, interests, age, sex, and many other variables to have your ad seen by people who are more likely to positively respond. The downside? It can be a little complicated to navigate. Facebook ads are a fantastic business advertising tool when you understand how to use them, however Facebook may not be an appropriate platform to use depending on the demographic of the target market. If you don’t have a social media expert or marketing specialist in your team, our advice is to outsource this job to an expert. Trust us, there’s no point doing it poorly if spending a little more allows you to reap the results of a professional ad.

Google ads

The phrase “Google it” is popular for a very good reason. It’s the search engine of search engines. If your business isn’t utilising Google advertising, it is likely (unless you have fantastic SEO – a topic we will save for another blog) it is not listed on the first page of Google when you search for your business type. Advertising with Google allows your business to show at the very top of the results page when people search for your keywords. Of course, if you are in a flooded industry in a CBD location, this means you’ll be paying a higher premium, but the return on investment can be huge when your business/products are placed right in front of searching customer’s eyes!

Printed publications

We used newspapers as an old-fashioned advertising example, but that doesn’t mean they are no longer relevant. Depending on the publication you choose, this form of advertising can be extremely beneficial. Things to consider here are target market and cost; make sure to advertise in publications that your target customer reads (usually the more “mature” age bracket) and weigh up the cost of your advertising endeavour. Print can be costly – but if the return on investment is good, then it can be worth every cent.

Tangible handouts

A time-consuming process, unless you decide to outsource this task – flyers, newsletters and business cards are also ways to advertise. An important consideration when creating a flyer or brochure is to think deeply about design and content. Too many words can put people off, a poor design can negatively represent your brand. If you don’t have design flair or a way with words, consider hiring a copywriter or graphic designer to lend a hand. Printing is generally cheaper in bulk, so we urge you to create something that represents your brand and can be used long-term, to get your money’s worth.

Word of mouth

Without a doubt, this form of advertising is the cheapest and most effective of them all. A slow burn, it may not drive sales as quickly as other methods, however, if you work hard to satisfy your customers and ensure their happiness, it is highly likely they will refer you to family and friends, discuss you in public settings and spread the love with Google and Facebook reviews.

Radio & Television

Would your target customer commute to work? What radio stations do they listen to? What time would they generally have free to switch on the tele? These are all questions to ask yourself when considering radio and TV advertising. Choose stations that your target market is attracted to, with time slots that work with their schedules. Radio and television advertising can be costly options, however, if done correctly, can be extremely effective. It’s important to note that if you embark down this path, that quality needs to be a priority. A poor radio or T.V ad is a guaranteed waste of money. Make sure you create something memorable for viewers, whether it’s catchy, quirky, funny or sparks emotion within them. This is key to creating ads that are remembered for months to come.

Advertising is a complex machine, which is why you should consider all of your options and place yourself in the customer’s shoes first. What do they want to see, hear or read?

To discuss your business in detail, contact Core Business Brokers today, on (02) 9413 2977, or email Roy on [email protected]. If we can’t assist with your business advertising, we will guide you in the right direction.

A team of professionals achieving a goal in a healthy workplace environment

Core Business Brokers

CREATING A HEALTHY CULTURE IN THE WORKPLACE

July 20, 2020 Del

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! Let us break it down…

There are certain ways you can improve workplace culture, and some of these don’t cost a cent!

Activities: If there’s one sure-fire way to boost team morale, it’s allowing your team to get to know each other outside the confines of their professional roles. Of course, keeping relationships professional is necessary, but establishing a friendly working relationship is key to efficiency, productivity, and team happiness in the workplace. Why not treat your team to a big Christmas shindig? Or organise a work barbecue in Summer? Aim to host a team event once a quarter and watch friendships grow and workplace teams thrive.
Teamwork: Speaking of teams, embrace teamwork! Highlight the strengths of team members in meetings and delegate specific roles within the teams so your staff enjoy working alongside each other with a common goal in mind. If your workplace is a more autonomous space, why not spice things up with a little Friday team challenge once a month? Get everyone working together in a light-hearted and fun way, problem-solving for a solution, and they’ll forge team bonds for future projects. Why not introduce a prize! Friday winners get Monday coffees!?
Inspiration: Being a positive person in the workplace promotes positivity within your team. Be a YES person, treat people well behind their backs and lead by example. The biggest inspiration for your team should be you.
Atmosphere: Introduce some calming or positive background music to the office or workplace and celebrate your team. Create a business that you would be happy working in every single day. If something feels stale, spice it up! Move the furniture around, add some artwork or special touches to make the space feel more welcoming.
Praise: Constructive criticism always has its place, and it’s important not to praise staff members when it isn’t called for. But when it is? Make sure to recognise team efforts and celebrate team successes. There is nothing more morale-boosting and motivating than feeling appreciated, recognised and needed. It’s a known fact that a cash bonus is a short-term motivator of staff whereas recognition and praise is a long-term motivator. Each can be effective tools to celebrate hard work and efforts within your team.
Conflict: We’d like to believe that a conflict-free workplace is achievable, and sometimes with a little luck, it can be. Other times, stress, workload and varied personality types clash within the team and conflict can arise. It’s important to address these conflicts both calmly and professionally. Extend mediation to the parties involved and allow them to address their concerns in a private area, where they can feel heard and a solution can be created.

We hope we’ve given you some food for thought when it comes to creating a healthy culture in the workplace. If you’d like to discuss your business sale journey, contact Core Business Brokers today, on (02) 9413 2977, or email Roy on [email protected]. Let our friendly and experienced team of Business Brokers guide you in the right direction.

Core Business Brokers

CREATING A BUSINESS DESTINED FOR SUCCESS

July 10, 2020 Del

What came first? The chicken? Or the egg? It’s a little that way when it comes to business too. Do you start with a business idea? Or do you look at the market and see what would work well? For many businesses, it’s the first option. It may be a dream to own a restaurant or a dance studio, so that is the venture they embark on. For many people, this works just fine, as their passion and drive make them successful business owners and other factors such as skill, positioning, competition and luck may contribute in a positive manner.

However, what if you flipped the coin and approached it from the alternate angle? What if you wanted your own business, and instead of going with your heart, went with your head?

This is where certain business owners begin to shine. They begin by assessing the market. They scope the area they would like to place their business and they ask themselves, “what do the people in this area need? What are they lacking?”. Here are some key questions to ask yourself when in the initial planning stages of creating a business that may attribute to future success:

Who lives in the area? How old are they? Are they mostly single people or families? What is the average income?
This will help to determine product line, pricing options and services that you offer. As you may offer families a bulk discount on your product or service as opposed to affluent single professionals.
What businesses already exist in the area? If you are looking at an industry, how flooded is this industry already? Or are there gaps in the market that you could tap into?
You’d like to open a café but there are already 2 on every corner, however, after 2 pm, the neighbourhood falls silent and a little tapas bar could prove very popular!
What do people need in this area?
Similar to point #2, where you’ve assessed what businesses already exist, have a good think about what opportunities don’t yet exist, that would make residents lives easier.
Maybe the local grocery store is a 20-minute drive away and during peak hour is a nightmare to find a parking spot. So, why not open a small supermarket and deli on a residential corner? It may be a little bit more expensive than the larger chains, but it is convenient. People will make sacrifices for convenience.
Is this the right area for my business? If you have your sights set on a particular industry or business style, then find an area for your business that has all of the above points that already suit your business model.
For example, you may want to create a luxury hair salon but you are looking at a low-income area that is predominately families. But 15 minutes up the road in a neighbouring suburb you find an area filled with single professionals. Moving your business here could make all the difference.

If you’d like to discuss your options and see what businesses we have available, contact Core Business Brokers today, on (02) 9413 2977, or email Roy on [email protected]. Buying a business is a journey best undertaken with careful and considerate planning. Lucky for you, it’s what we do best!

Core Business Brokers

CAN YOUR BUSINESS WORK WITHOUT YOU?

June 19, 2020 Del

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 being sold is not totally dependent on the owner only.

So… How do you create a business that works without you? It involves specific measures put in place to ensure you are no longer required at a fulltime capacity. Of course, it’s worth noting that unless you employ a manager of sorts to fulfil your duties, there will always be work to be done on your behalf. However, the goal is to reduce the amount that your business relies on you and only you. Making it more attractive to potential buyers.

Switch from manual to automated methods

Whether it is email and text communications with your customers, financial tracking, or measuring KPI’s; Find ways to implement automated systems to free up your time, improve efficiency and speed up your processes.

Employ a skilled team with specific responsibilities

Evaluate your current team and their specific job functions. Tweak their job roles as necessary to ensure that all areas of the business are being serviced both efficiently and clearly. Allowing your staff to clearly understand their role is key. A way to plan for potential disruption is to ensure that all jobs can be done by at least one other staff member. This will allow operations to continue if one team member falls ill or goes on leave and thereby reduce any perceived risks.

Upskill your staff

As a business owner, it is sometimes difficult to let go of certain tasks and responsibilities if you feel you do a better job than your staff. The answer to this is to upskill your staff so they are well equipped with the knowledge and skills to perform the task in question sufficiently. This will also give you peace of mind, knowing that tasks are being handled professionally and meticulously. A successful manager is one who surrounds him/herself with people who are smarter than them in specific functions. Such as IT, marketing, sales and financials.

Outsourcing

Related to the point above, if there is a task that cannot be performed by your team, due to time constraints or a gap in knowledge, outsourcing may be the answer. Whether it’s bookkeeping, social media management, marketing or another area of expertise, find someone who can dedicate time to this task to ensure it is performed well, leaving your staff to focus on their roles in the process.

If you’d like to discuss your options and chat through your business succession plan, contact Core Business Brokers today, on (02) 9413 2977, or email Roy on [email protected]. Selling your business is a journey best undertaken with careful and considerate planning. Let us assist you today.