Fail to Plan, Plan to Fail!
To start a business you need the right advice from the beginning, but the questions you need to ask yourself first are:
- Is going into business right for me?
- Is going into business in line with my personal and financial goals?
- What are your reasons for going into business?
- Are they the right reasons?
- Are you aware of the risks involved?
Too often there are business owners who are contributing so many hours into their business and not reaping the rewards. If you are going into business, it must be more rewarding personally and financially.
We believe a clearly documented business plan is a critical success factor for any business. Often the plan is produced to satisfy a third party. E.g. Financers without any ‘ownership’ of the proprietors. We encourage clients to prepare a plan for the commencement, development and ultimately succession plan of the business. It is within these plans that the value of the business can be exposed and developed.
Our team at Casey Partners can help you develop a working business plan and will give you feedback on its contents and ongoing monitoring.
Selecting the right structure to operate your business through is crucial when starting your own business. The most commonly used business structures in Australia are:
- Sole Trader
We can assist in helping you choose the right structure for your business based on your industry and your personal circumstances.
Consideration should be given to business structuring, asset acquisition and potential risks of exposing assets to action by third parties.
Casey Partners will advise on appropriate Asset Protection Structuring and an asset acquisition policy to best protect the client from claims by unrelated parties. These claims may be from business creditors, customers or government agencies and may be entirely out of the control of the client. Whilst we do not condone clients not meeting their responsibilities in this ever increasing litigious environment, there are often less than honest parties wishing to attack personal assets.
IS THIS BUSINESS RIGHT FOR YOU?
When it comes to buying a business, there are many important factors to consider, including:
- Will this business offer the returns that I am expecting from my investment?
- Will I be operating this business or will it be managed?
- Is this business investment for the short term or the long term?
PURCHASE / SALE OF BUSINESS
Over the past 30 years we have been involved in numerous business acquisitions and disposal transactions ranging from relatively small values to tens of millions of dollars.
On acquisition our advice ranges from a review of the financial records of the target and opinion of value to a more comprehensive due diligence of the business to assist with potential financier proposal.