Management Succession – The Forgotten Aspect of Succession Planning
This article from Succession Plus Founder, Craig West, highlights a key element in the business succession planning process which can often be overlooked.
While the focus for many business sellers is on ownership succession, Craig reminds business owners of the other key element in the process – management succession…
Business valuations: Tips, tricks and traps
Business valuation is often described as a dark art. Indeed, get three different valuers to value the same asset and you will likely end up with three very different results. But this doesn’t need to be the case.
Done properly, business valuation uses detailed financial and risk analysis to determine the appropriate valuation for a business. At its core, it’s about determining two key things, the same things needed to value any type of asset: return and risk.
Accountants must ‘think outside the box’ to combat tight labour market
A chief executive is urging firms to do more in order to combat the ongoing pressures faced by accountants in the Australian market.
Speaking to Accountants Daily, Succession Plus founder and CEO Craig West said increased pressure, coupled with current market conditions, should inspire firms to adopt new ways of operating and managing their staff.
The Seven Deadly Sins of Business Sellers
Riskinfo thanks Succession Plus Founder, Craig West, for the opportunity to release this article, which documents the seven deadly sins of business sellers.
Written by experienced Succession Plus Partner – Mergers & Acquisitions, Andrew Cassin, and without wasting a single word, these seven great observations are a must-read for all current and aspiring small-to-medium business owners and entrepreneurs…
The right succession planning for your clients
There are 2.3 million small businesses in Australia, which in 2018-19 contributed almost A$418 billion – more than 32% – of Australia’s economic activity, according to government figures. Indeed, small to medium enterprises (SMEs) make up about 98% of all the businesses in Australia.
For small business owners, it’s a way of life. But one thing they often forget is the planning needed to retire or exit a business when their working life is over. It’s something SME owners should be thinking about much earlier on, and a facet where their accountant can help, says Craig West, founder and chief executive of succession planning specialist firm Succession Plus.
ESS legislations change good news for Australian startups
Changes to employee shares scheme (ESS) legislation may bring benefits for Australia’s startup sector.
As a part of their 2021-2022 budget, the Federal Government has committed to implementing changes in the employee shares scheme (ESS) legislation. The changes would take the form of tax and regulatory reform, effectively removing the red tape in implementing ESS programs or plans.
Succession Plus CEO & Founder, Craig West, joins STEP Australia
Why did you become a member?
All the work I do is related to privately-owned businesses and succession and exit planning - this closely aligns with STEP's focus on advising families across generations. Our business is also international and very collaborative, and, again, this aligns well.
7 Key Success Factors for Successful Succession
Begin with the end in mind - good strategy takes time.
Business owners that begin early get a better result - every time. A typical business succession and exit will take at least 18 months and normally 3-5 years to get the best results. Succession planning is about getting three things right at the same time - the business needs to be ready for succession or exit, the finances - both the business and the owners/families need to be set up for retirement or for the next stage, and finally the owners (both exiting and entering) need to be ready - retirement is a big change.
Advisers face ‘notoriously difficult’ challenges in private business valuations
New analysis has found that the riskiest component for advisers when putting together a client portfolio or retirement plan is valuing a client’s privately owned business, according to a succession planning firm.
Recent research conducted by Australian business succession and exit planning firm Succession Plus revealed a continuing pattern in that it is “notoriously difficult” for privately owned businesses to be valued, as most financial advisers are not qualified or licensed to do so “through no fault of their own”.
Valuing a privately owned business ‘notoriously difficult’ for advisers
New research has found that the riskiest component for advisers when putting together a client portfolio or retirement plan is valuing a client’s privately owned business.
Analysis conducted by Australian business succession and exit planning firm Succession Plus revealed a pattern in that it is “notoriously difficult” for privately owned businesses to be valued, as most financial advisers are not qualified or licensed to do so “through no fault of their own”.
Why you need a documented succession plan
Handing over your small business to a successor takes considerable time and effort. Here's why you need a succession plan to help you do it.
Small and family businesses have been the backbone of the global economy for decades. In Australia, small and medium-sized enterprises (SMEs) make up about 70 per cent of all businesses – about half a million – and employ about 50 per cent of the workforce.
New ESOP recommendations remove barriers for small business
In August, the House of Representatives Standing Committee on Tax and Revenue tabled its Owning a Share of Your Work: Tax Treatment of Employee Share Schemes report, recommending changes that have key implications for the small businesses considering an Employee Share Ownership Plan (ESOP).
An ESOP is a mechanism to allow employees to own a share of the company they work for. They can be suitable for both private and public companies, large and small.
