For The Record – Mentoring Group Testimonial

From Louise Evans owner of Evans Modelling www.evansmodelling.com

“I am having a fantastic time with the Mentoring group.

Yes, I found everyone a little quiet but I assumed it was because (like me) they were all knuckling down on their own business and implementing the valuable tools we are learning.

The changes in my business and also personal life so far are largely due to the information and knowledge I receive from SBC Mentoring.

I treat each session as re grouping and re analyzing the direction I am headed in.

I look forward to the remaining sessions of this Mentoring session and the advanced mentoring to come.

I am having a fantastic time with the Mentoring group.”

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For information on the mentoring groups CLICK HERE and go to WORKSHOPS

It Always Amazes Me

Hi Everyone,

Well, interest rates are on the rise in Oz which suggests that the economy is on the up! How will that affect business sales – well we will have to wait and see. Certainly, right now, the market is pretty buoyant with good offers being made and accepted. So, businesses are selling and it reminds me of something that always amazes me.

Why do people always seem to want to change a winning formula? Even before someone buys a perfectly good business they are asking questions about changing it!

Can I take that product range out and add this one?
Can I stop providing that service and make it this one?
I want a new logo!
I don’t want those staff members to stay on, I want to use my friends.
EVEN – I’m going to change the business name!

All that goodwill and reputation which has been developed can be rubbed out by a new owner in 5 minutes! Why do they want to do that? It amazes me.

Sure, any new owner will want to put his own “stamp” on the business. And sure, there will always be areas where improvements can be made and new potential realised. But at least wait until you have been in the business for a month or two and work out what is working and who’s who in the zoo before making any major changes!

Of course, there are always situations where wholesale changes are required. I know someone who recently bought a “struggling” business which was situated in a brilliant location. So the new owner closed it down, spent 3 1/2 months doing major renovations, changed the name and branding and then re-opened. Still exactly the same kind of business but it needed a major makeover. What the new owner was buying, of course, was the location! Perfectly sound strategy.

Another great tip we can learn from his particular case as well, is that when he re-opened he had a “soft” launch. Why? To make sure that all the systems worked correctly, the staff were trained and knew what they were doing and that they could provide the level of quality and service which would make them a standout. Once everything is tried, tested and proven – then will come the BIG launch. Just good plain SMART business. Not change for change sake!

Until next time! Feel free to comment on this article.

Check out my next 1/2 day workshop on developing a business to make it saleable. Go to the “Workshops” tab on this site or just CLICK HERE.

Regards

John Denton

GST And The Sale Of A Business

I was asked today the very good question “Does the sale price of a business include GST and is GST payable?”

(For the non Australian readers, GST is our Goods and Services Tax (10%) collectable by the vendor or service provider on most things – there are exceptions but not worth going in to here.)

The answers are “No” and “No” – if the business is sold as a “going concern.”

The sale of a business as a going concern is GST free if:

• everything for the business’ continued operation is supplied to the buyer
• the seller carries on the business until the day it is sold
• the buyer is registered or required to be registered for GST
• the sale is for payment
• before the sale, the buyer and seller agree in writing that the sale is of a going concern.

Example: Selling a business

You are registered for GST and you sell your florist business. The sale includes the shop, delivery vehicle, stock, equipment and all the other things necessary to continue operating the business. You continue to operate the business until the buyer takes over, the buyer is registered for GST, and you and the buyer have agreed in writing that the sale is of a going concern. This is a GST-free sale.
Always consult your accountant for a definite ruling on the sale of your specific business!

Learn about this and a lot more at my next half day workshop CLICK HERE for details.

Regards

John Denton
Committed to helping business owners realise their life’s goals through buying and selling businesses

John (the Jedi) on Businesses

John Denton’s catch cry and passion is “Building Business’ For Sale or Lifestyle”. John sums it up well in that people mostly started their business for a ‘lifestyle’ reason and then somehow became a ‘slave’ to the business at some level.

John Denton is our “Jedi” knight and his core question… “What’s the objective here?” cuts straight to the bone and stops us from going over ‘to the dark side’ in all our entrepreneurial ‘flair and creativity’.

That objectiveness converts into manageable, implementable and focussed tasks that help us and many others move forward in their business with great momentum.

For those who know the ‘Jedi’ ways John also lives by the “Do… or do not… there is no try” which translates into massive action.

By Peter Butler – Smarter Websites

Whoooosh – What was that?

What To Do About It

Hi Again (so soon!),

See previous post. This is exactly why we, Denton & Associates, are committed to help business
owners prepare their businesses for sale and achieve the best possible price in the shortest time with the highest degree of confidentiality. All businesses sell at some point – many involuntarily. Only the
best prepared businesses will sell easily and at the best possible price. Contact us to get a Business Appraisal and find out where your business stands. CLICK HERE to contact us about an appraisal.

Regards
John