In The Media

Succession and exit planning are crucial for business owners who want to ensure a smooth transition and maximize the value of their business. A well-structured plan requires careful consideration of your business, your goals and the financial requirements for retirement.

Having worked with over 1,000 business owners in the last fifteen years and seen the difference for those who have planned and acted early, I am encouraging others to do the same.

In the competitive landscape of professional services, attracting, retaining and motivating key personnel is paramount for business success. Employee ownership offers a compelling solution to these challenges, fostering a culture of commitment and shared success. In fact, a 2020 study conducted by the Rutgers School of Management and Labor Relations and the Employee Ownership Foundation found that employee-owned companies outperformed non-employee-owned companies in job retention, pay and workplace health safety throughout the Covid-19 pandemic.

Key Performance Indicators (KPIs) are the beacon that guides business owners through the competitive seas of the marketplace. They are quantifiable measures that reflect the critical success factors of an organization and a powerful tool when coupled with benchmarking (essentially when you compare your business metrics to the standards of the industry or top competitors). It's like having a GPS for business strategy; it shows where you are in relation to where you want to be.

Dr. Craig West on the Business Insights podcast! In this insightful episode, Craig discusses the intricacies of Employee Share Ownership Plans (ESOPs). With his extensive expertise, Craig unpacks the history and evolution of ESOPs, highlighting their benefits for both companies and employees.

Craig provides valuable insights into how ESOPs can be strategically implemented to drive business growth, improve employee engagement, and enhance retention. This episode is a must-listen for business leaders, HR professionals, and anyone interested in understanding the power of employee ownership.

“I don’t need the money or I don’t need all the money.  I’m happy to share it.”

20 years ago, a business owner needed to sell a business to fund retirement.

Most baby boomers around the world are independently wealthy and don’t need to sell anything to fund their retirement.

“Begin with the end in mind and start with what you want to actually achieve.”

An exit plan is structured and process driven.

• First - identify value in your business.
• Second - fact find to determine what the business owner wants to achieve.
• Third - use business insights to determine the business owner’s starting point.

“There are so many unsung heroes of the world who are running businesses every single day.”

In the late 2000s, there were no documented processes around exit planning.

With roots in accounting and many advisors focusing on financial planning, there wasn’t a focus purely on exit and succession planning.

Our homes are pretty easy to value. Most owners know the value of their home and comparative data is typically readily available. However, businesses can be hard to value and very difficult to compare. They are complicated assets with multiple factors influencing the valuation, including financial performance, economic trends, industry factors and company-specific risks. In most cases, identifying the key valuation drivers—either positive or negative—is difficult.

SYDNEY, NSW, AUSTRALIA, October 30, 2023 /EINPresswire.com/ -- Succession Plus has recently announced the guest speakers for their upcoming Annual Employee Ownership Conference in November. The event was paused due to the COVID pandemic but is now back in full swing for 2023. The company now supports over 100 employee ownership plans with more than 1,000 employees.

Understanding what drives employee morale is an important factor in maintaining a productive and motivated workforce. While many companies focus on perks, benefits and team-building exercises, fundamental aspects that can significantly boost morale often go overlooked.

When assessed regularly, these aspects can transform any workplace into an environment where employees feel valued, inspired and engaged. To help, 20 Forbes Business Council members share crucial, yet sometimes overlooked keys that will keep employee morale high for the long term.

As a part of our series about “Five Things You Need To Know If You Want To Build, Scale and Prepare Your Business For a Lucrative Exit, I had the pleasure of interviewing Dr. Craig West.

Dr. Craig West is the Founder and Chairman of Capitaliz, a leading digital platform for exit planners and advisors to deliver scalable business valuation, succession, and exit planning outcomes. As a strategic accountant who has over 20 years of experience advising business owners, Craig has a very strong view that the majority of business owners–and often their advisors–are unprepared and unaware of the steps required to prepare for exit.  

Running a small business is hard work, but for many owners it’s a labour of love that allows them to hand over a valuable asset to the next generation of family members. For others, their business holds the capital for a rewarding retirement.

Despite the value of an enterprise in an owner’s future plans, 83% of owners leave things to chance with no formal succession plans in place.