In The Media

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.

A relationship breakdown, especially where children are involved, creates trauma and it can also put strain on your small business.

It seems many small business owners must cope with a breakdown annually. Family Business Australia research shows there are more than 1.4 million family businesses in Australia.

Meanwhile, the Separation Guide shows a 314% increase in the number of couples considering a separation during lockdown, of whom many presumably own a small business.

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 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.

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.

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…

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.

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.

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.