Get the exit decision wrong and you may pay the price
Knowing the right time to exit your business is a more important decision than deciding to go into business in the first place.
When you start a business it is often with an idea, a limited amount of capital and a load of enthusiasm. By the time the business has grown and developed it is likely worth far more than at commencement. A lot of business owners get the exit decision wrong and pay a price for it.
A relatively small number of businesses continue through multiple generations. The majority either fail or are sold by the original owners. Timing your exit is about understanding:
- The best time to realise that value
- Whether your business has outgrown you
- Whether the business model is changing (for the worse)
- Whether you have outgrown the business
FIND OUT MORE
The truth about online business
Online business is nothing new so what is all the fuss about? A recent report by Access Economics compared the impact of the internet to the roll out of electricity because both are enabling technologies that change all industries in their wake, not just a few.
We explore why online vs instore is a bigger issue than ever:
Economic conditions
The high Australian dollar is giving Australian consumers ‘more bang for their retail buck’ globally. Not only do Australian consumers benefit from a currency driven discount but they can also take advantage of heavy discounts offered by retailers domiciled in underperforming economies.
Australian instore retail is suffering more from consumer cautiousness than as a result of international ecommerce. Instore and locally based online retailers are simply competing for ‘share of wallet’ in an environment where consumers are looking for the best available deal. Economic conditions have given consumers a reason to go global – particularly for commoditised products.
Hayes Knight shares in global accounting industry recognition
As an independent member of Morison International, Hayes Knight is pleased to share in the recognition received from the global accounting industry at this year’s International Accounting Bulletin awards, when they won both “Association of the Year” and “Rising Star Association”.
Morison International is a global association of independent, high quality, professional accountants, auditors, tax advisers, business consultants and lawyers, established to meet the cross-border needs of clients. With 90 individual member firms, in 65 countries, their global footprint is impressive and the Hayes Knight Group exclusively represents both Australia and New Zealand within the association.
FIND OUT MORE
What is the real value of that tax deduction?
We are almost in the last quarter of this financial year, and the closer we get to the end of the financial year, the more people will be out there encouraging you to spend your money with the lure of the ‘tax saving’ being one of the big selling points.
And the closer we get to the end of the financial year, the more focussed business owners get on how to keep their tax down and what opportunities are there to reduce it even further.
Keeping your tax down makes good sense. It is just plain dumb to pay more tax than you need to. However there is a balance between smart tax planning and throwing your money away on things that you really don’t need or that will add no real value to your business.
So as the tax planning season gets into full swing here are some tests to apply to the different buying opportunities presented to you.
FIND OUT MORE
10 Reasons why the Tax Commissioner may be one of Australia’s most powerful people
Last month, the Government announced that they intend to give the Commissioner of Taxation up to 60 days to hold activity statement refunds – including GST and other indirect taxes such as luxury car tax, wine equalisation tax, etc, while verifying the claims made.
For many businesses, waiting for up to an extra 60 days for the refund will have a major cash flow impact.
The issue got us thinking about the Commissioner’s powers in general and why they would need to be extended when they seem so extensive already.
FIND OUT MORE
Loading ...
