My business is worth WHAT?!?!

At the time of retiring the average business owner in Australia does not have a funded pension beyond what they have set aside in their own and their spouse’s Superannuation; most will have a personal residence that has only recently had the mortgage paid off and less will have a significant investment portfolio. Remember, these are averages so your circumstances may be better or worse off. In many situations the family business will be the most significant financial asset available to provide for the owner’s retirement years. You should be asking yourself several questions, but are you ...

Top 3 fundamental measures to undertake when transferring interest to a family member

One of the facts that remains unchanged about the business world is that everything is ephemeral. There comes a time in a business person’s life when you want to retire from a business, or to simply leave it whether for financial or personal reasons. This is usually hard to do particularly when you want to leave a legacy to your family. In such a case, transferring interest is usually a good way to leave your loved ones a stable and secure income source. Interest refers to the percentage of stake you have in an LLC. Here are three steps you should follow when you want to transfer your share of ownership of a firm to your family members.

4 Steps You Need to Take to Prepare Your Business For Sale

There are many reasons that could prompt you to sell your business in 2017. It could be that old age has crept up and finally made the sweet struggle of competing for customers too much for your body to bear. It could be that ever since WA lost its perch as the strongest economy in the country in 2014, you feel that it is time to get out before we slip beneath the 7th position we now occupy, only ahead of Tasmania. Whatever your reasons, there are several things you’ll need to do to ensure you have prepared your business for sale.