In The Media

“Begin with the end in mind, from The 7 Habits of Highly Effective People by Dr. Stephen R. Covey (habit #2). This means making sure each and every decision you make in business gets you closer to your endgame.

“The people you employ, the business model you adopt, the financial strategy you map out and the way you market and promote your product, your pricing model, your client service and delivery – all need to focus on the endgame. If you look at a decision that is taking you further away from that, it is the wrong decision.

The Australian government has released exposure draught legislation proposing tax and regulatory changes that will make it easier to implement ESSs.

Employee incentive schemes (ESSs) are used by employers to attract, retain, and motivate employees by issuing shares, share options, interests in shares, or other benefits resulting from shares.

Australia has a large number of baby boomer business owners that are currently heading towards or preparing for retirement with no real plan for an exit from their business.

The first thing to do is begin with the end in mind, start to think about – what does my exit look like?

Interest in Employee share ownership plans (ESOPs) has increased dramatically in the last 12 months as business owners seek to ensure their workforce is aligned, motivated and focussed amid the disruption to work arrangements brought on by the COVID-19 pandemic.

The reluctance of business owners to sell their advice firms is leaving a generation of advisers unable to progress, according to Succession Plus.

Many owners were now working into their advanced years which meant there was “no natural pathway” for younger members of staff to take over the business.

How can you structure your business so you’re ready when it’s time to sell? Craig West has the answers! Having spent 20 years as a strategic accountant, Craig now specialises in advising business owners on succession planning. Takeovers can happen very quickly in the Smash Repair business, so you need to be ready. Even if you have no intention of selling, Craig outlines why it’s a good idea to tidy up your business to maximise the sale value.

Believe it or not, it pays to think about your exit strategy early in the business cycle. Listen in and learn all about the most common mistakes owners make in this area from author and strategic accountant Craig West, the CEO and Founder of Succession Plus.

In the sixth issue of Families and Business Magazine, Craig West shares why employees leave and why attracting, retaining and motivating staff has now become an important issue for business owners.

Focusing on an exit plan is vital to ensure that your business enhances your life in the way that you want it to, and at the same time will make your day-to-day business more effective. Craig West talks about exit planning and how vital it is for every organisation to take this step to ensure they extract maximum business value.

Succession Plus, an advisory firm specialising in business succession and exit planning for Australian SMEs, is expanding its operations into the US.

Succession Plus has announced the appointment of Amreeta Abbott as a shareholder and board member, following the sale of her NowInfinity business for $25 million to Class.

Abbott and her colleague Vitalii Symon, former chief technology officer, both departed the cloud solutions provider to “pursue other projects” following the integration of the business into Class, which was first announced in January.

In this episode of Safe Space with Francesco Lombardo, Craig West talks about the challenges in family business transition and the three key things family business owners should focus on to achieve a good outcome.