In The Media

In the prevailing tight labour market where non-cash remuneration is a key tool employers can use to attract, retain and motivate key employees, the stalling of the federal government’s Employee Share Ownership Plan (ESOP) draft legislation, could not come at a worse time.

While SMEs are scrambling to recover from the pandemic, startups are also now hampered in the ability to implement an ESOP to reduce the burden of cash, and lower the barrier of attractive and retaining quality staff.

Either way, recovery and innovation in Australia are

With an ever-increasing number of Australia’s business owners nearing retirement age, it is vital that accountants add succession planning to their professional repertoires.

At the current rate, there are over 5,000 people turning 65 per week in Australia, with this number projected to increase over the next seven years. For these individuals, successful succession planning is at the forefront of their minds, as they aim to retire knowing their employees are cared for, their business can continue without them, ensuring suppliers, customers and family members in the business are looked after.

Australasia’s largest succession and exit planning advisory firm, Succession Plus is building its international presence with Capitaliz, a digital tool designed to service the baby-boomer generation seeking to unlock value in their businesses prior to retirement.

Capitaliz was launched in September 2021 following a 2020 capital raise by Succession Plus. The launch of Capitaliz converted the 21-step business succession and exit planning process and Business Insights Report, into a real time online platform for unlisted mid-market businesses.

The New Year is a time of reflection, re-evaluation and resetting, both in our personal lives and at work. If you own a business, it’s often a time for reviewing the strategy that saw you through the last 12 months and making changes for the year ahead. And after the torrid couple of years we’ve all just experienced, some business owners may be asking themselves whether now is the right time to sell.

Advice firms are being called on to put more stock into their advisers.

In a recent opinion piece published on ifa, Craig West – chief executive and founder of boutique consulting and advisory firm Succession Plus – highlighted a number of strategies for finding and retaining advisers.

“Financial advisers are in a ‘people business’ – clients trust their adviser and that’s why they stay, not because of the firm’s brand,” Mr West wrote.

You’ve seen the headlines and – if you own or manage an advice firm – you’re probably feeling it. The labour market is extremely tight. Wages are rapidly increasing and, due to border closures during the pandemic,  there aren’t enough skilled workers to fill the roles.

People start businesses for myriad reasons. It could be that they are following a passion or wish to take control of their lifestyles and schedules. Perhaps there's a level of demand for their products or services.

Also, unlike working for a boss, you are not dependent on others to either run the show or pay you for your efforts. At the same time, you have the flexibility to decide how much effort you'll put into your business and, hopefully, how much you'll earn.

Employee share schemes — or ESSs — are a legal arrangement set up by businesses to allow their employees to own equity in the business. They are also known as employee share ownership plans, employee equity plans, employee options plans and phantom share plans.

They are suitable for small businesses through to the big end of town. In fact, many privately-owned businesses are surprised to learn they don’t have to be listed on the Australian Securities Exchange to offer shares to their employees. There are different types of employee share scheme plans to consider depending on the size and structure of the business and what the owner hopes to achieve from offering one.

Are you a start-up founder who has implemented an employee share scheme (ESS) as a way to attract and retain key employees? There are new rules coming that could make it difficult for you to achieve that all-important second goal — employee retention — without proper planning when implementing an ESS.

ESSs 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. They are particularly popular among startups because they are an attractive alternative remuneration model and have the added benefit of motivating staff. Increasingly, demand for ESSs are coming from the employees themselves who want to be owners in the business. They really can be a win-win for all.

The NSW Waratahs are proud announce that Succession Plus has become the latest company to sign a Major Partnership deal with the side for the upcoming 2022 season.

Succession Plus are specialists in providing proactive, focused, and strategic advice for small to medium enterprise owners to manage strategic business succession and exit planning. Succession Plus plays a critical role in acting as an adviser to buy-side and sell-side clients and offers diligent guidance in the lead up to business sales.

The Australian labour shortage, first reported in early 2021, has reached a crisis point. For SMEs with less access to attractive cash bonuses or large paychecks than larger businesses, the challenge of attracting talent is more complicated than ever.

So how can small businesses find and keep great staff? Dynamic Business chatted with Craig West, CEO and founder of succession planning service Succession Plus, about how SMEs can battle the worker shortage.

While employee share ownership plans (ESOPs) have been around in Australia for several decades, they are often misunderstood and underutilised by small businesses.

Most listed companies have them because they can be a handy vehicle for attracting, retaining and motivating top talent. ESOPs can also serve as an important mechanism for business succession. But a persistent lack of awareness around ESOPs, misunderstandings around their use and confusion around the tax and legal considerations has created a few perceived barriers for small-business owners.