#Succession Planning
When selling a small business, failing to prepare is the same as preparing to fail
If “location, location, location” is everything in real estate, then “preparation, preparation, preparation” is equally important when selling a small business. There are many reasons why a small business owner might decide to sell, but preparation is the one common ingredient that can make the difference between a sale and a fail. The single most […]
Ninety per cent of employers regret recent hires
In the scramble to regain productivity following the departure of an employee, employers can wrongly prioritise speed over accuracy in finding a replacement.
Why SMEs need to make succession a priority
The future viability of small businesses is being risked as owners increasingly fail to recognise the value of an exit strategy.
Are you prepared to leave the business you built?
As boomers approach retirement, more and more small business owners are looking to pass the reigns of leadership to the next buck, or in some instances sell the business altogether. “Many of our CEOs are baby boomers approaching retirement age,” says Kathleen Richardson-Mauro, co-author with Jane M. Johnson of “Cashing Out of Your Business”. “We’re […]
Hiring stagnates as business exercises caution
Uncertainty prevails when it comes to hiring but according to a leading consultancy firm, putting a freeze on new hires calls for more investment on those who remain.
Why you need an exit plan from day dot
The sooner you begin thinking about life after your business, the better prepared you will be for that day and the more likely it will happen on your terms. Here’s what you need to consider when putting yours together.
Should sole traders be thinking about succession?
When you’ve worked hard to build your business, you want to ensure that when the time comes to transition out of it, it’s passed on in the way you’d like. For sole traders, the greatest succession threat that must be managed is key man risk. Here’s how to do it.
The closing a business to-do list
When the time has come to sell your business, many factors need to be considered and acted upon before you’re free from any further obligations. This is what should be on your to-do list.
Don’t be a succession planning statistic: Expert advice
In the day to day running of your business you may not have had time to consider how you’re going to exit it. But you really should, as it will affect how you run it.
Business wealth transfer lessons from the Rinehart’s
The Rinehart family dispute reminds us that we’re in the early days of the largest generational wealth transfer in Australian history. Here are the five things any business can do to prevent the conflict we’re witnessing playing out in the courts and public stage between the Rinehart’s.
Preparing your business for sale
Brad Callaughan blogs about the preparation that goes into selling a business. “Selling your business shouldn’t be a spur of the moment decision. Succession planning should be looked at over a number of years to determine the best road forward. Not only do you have to decide on either passing your business down or selling it but you also need to look at the tax implications…”
Succession planning causing anxiety in family businesses
Though many family business owners want to keep it all in the family, many are worried about their children’s ability to take charge of the business.
NOTW scandal highlights succession plan importance
As calls for Rupert Murdoch to step down in the wake of the News of the World (NOTW) phone hacking scandal continue, experts suggest businesses use the calamity as an example of the need for a solid succession plan.
Succession Planning: ‘It’s make or break’
The end of the Second World War led to the start of the great Australian baby boom, when many of today’s leaders and business owners were born. Today, these same baby-boomer business owners and CEOs nearing retirement are faced with a burning issue – to whom should they hand over the reins?
Succession planning critical as baby boomers reach retirement age
With the first of the baby boomers reaching retirement, predictions of SMEs hitting the market at depressing sales prices mean owners should now be fine-tuning their succession plans.
How to keep your good staff
Staff retention is not an exact science and different employees will respond to different incentives. But losing good staff is sometimes a reality and that’s where succession planning is key.
Can your business survive without you?
When Apple CEO Steve Jobs announced that he will be taking indefinite leave for health reasons the market reacted, share prices dipped and experts wondered if Apple could continue to go from strength to strength without the charismatic Jobs at the helm.
5 tips to prevent employee resignations in the new year
Employers need to plan ahead now or risk losing key employees in 2011, with employees embracing the “new year, new career” resolution.
3 top tips for retaining staff in 2011
The estimated cost of replacing staff is the equivalent of that person’s annual salary, so retention of the best people is going to be vital in 2011.
Succession planning: The good, the bad and the ugly
Recently, there have been some very public examples of succession that have reminded the business world not only of the importance of good succession planning, but also how far it can go wrong without a little thought and preparation.
Simplifying succession planning
Succession planning is often surrounded by a cloud of confusion. Bill Hovey, CEO of Linchpin Group Australia, tries to help SMEs in understanding succession planning. In my daily work with clients a number of issues about succession planning arise continuously. The first is confusion around what succession actually entails. Succession is best described as the […]