BUILDING YOUR FUTURE PLAN
After many years of meeting with business owners around Australia it became apparent to us that succession remains a taboo topic. People tend to associate the word succession with an ending, we see the world differently. Developing and implementing a plan for how you will transition out of your business is sensible and allows you the opportunity to transition in your way and on your terms.
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Genfocus is a team of advisors who specialise putting the goals, priorities and strategies in place for a successful business transition. We have developed a unique approach that explores the seven different options available and generates a customised plan for the option which most closely aligns with your goals and objectives.
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We have a generational approach to our advisory taking into account all stakeholders who may be affected by the decisions you make and how we can best cater to their needs. Our unique service includes three stages which gives you flexibility to choose which stage you need, and in a time frame that works for you.
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Below is a summary of each of the stages of our service. If you would like further information we recommend a confidential complimentary conversation with one of our lead advisors.
OUR SERVICES
Exploration
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In this stage our expert advisors guide you through the different options available to you and how each option aligns with your goals. This stage is valuable if you are looking for information to get you going with your succession plan. We find this is a good place for people to start, and then they can decide how they want to proceed.
Discovery
This is the stage whereby we analyse in more detail strategies and actions you can take for the option identified that best matches with your goals. At the end of this stage you will have further insight and information, together with a written transition plan to follow.
Implementation
A plan only comes to fruition when things get done. This service is to help you do as much or as little as your plan requires. Our expert advisors have a track record in helping clients transition and they are ready to assist you.
OUR FOCUS
THE BUSINESS
We focus on the opportunities in the business for the future, whether there is an existing growth plan in place, determining an appropriate valuation methodology, the time frame for ownership change and potential buyers to realise the value. We also look to identify ways you can make your business more attractive to potential successors to support an easier transition.
HUMAN CAPITAL
Identifying the relevant skills and resources the business requires to move forward while reviewing the existing people within your business is our initial step. We then undertake a review to identify potential successors, understand your culture and activities you have undertaken to stay relevant and competitive in this fast-paced world. Finally we identify strategies required to take the business forward for you or to make it attractive to a future buyer.
FINANCIAL INFORMATION
One of the biggest barriers to effective transition is the availability and quality of financial information. Buyers, bankers, consultants, and potential successors can only make decisions on the information available to them. Presenting your financial information in a way which is conscise, easy to understand and complete will expediate any transition plan.
OUR FOCUS (CONT)
FAMILY SUCCESSION
Succession is an emotional issue for anyone, once you add family the depth and breadth of considerations increases. Facilitating a good process and documenting outcomes are important so that all family members feel heard and their goals considered. Whether you have a single asset to transition, passing on the business or keeping all of your assets together for the family to benefit we can help.
RETIREMENT PLANNING
We focus on ensuring you have an understanding of what you need and or want once you retire from working in the business. This includes your income, your investments, where you live, how you spend your time. Don't feel you need to have all of the answers now as you have been busy running a business.
ESTATE PLANNING & SUPERANNUATION
To protect your legacy we focus on ensuring you have current estate planning in place and have considered what you would like to see happen in the long term.
HOW WE WORK WITH ACCOUNTANTS
Your trusted advisor is an important part of the process.
Where possible we prefer to work in conjunction with your accountant as they will have insight and information that can assist the process. Their contribution is important to us.
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There may also be components of the implementation of the plan that they can take carriage of once we have completed the plan. Retaining this flexibility in this process ensures the right people are doing the right things and your relationship with your accountant is not disrupted. After all we are going to need up to date financial accounts and tax returns they prepare for you as part of the program.
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FAQ
Find Out More
WHY SHOULD A BUSINESS OWNER DEVELOP A SUCCESSION PLAN?
Developing a plan provides a range of benefits.
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It helps you plan ahead for life after business, simplifying your transition. Planning improves your opportunity to maximise the value you get from your business. you will be more organised and more in control of how it happens. Planning assists in identifying what might turn buyers off from your business. It helps you ensure you can minimise your tax and provides a smoother transition for you, your family, your team and your customers. It increases confidence and increases the chance of success. Planning helps you increase the number of interested parties in your business and in the price that they are willing to pay. You are less likely to lose large customers or be in a position where you need to work longer than expected.
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WHEN SHOULDÂ A BUSINESS OWNER CONSIDER A SUCCESSION PLAN?
The ideal time frame to establish a succession plan is 5 years prior to when you wish to step away from everyday work in your business or wish to sell your business. At a minimum you should expect it to take between 18 months to 2 years minimum to transition your business.
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Some owners fear creating a plan as they don't wish to think about leaving behind what has been a significant part of their life. While this is understandable delaying the development of a plan only increases the risk of not being in a position of leaving your business how you intended.
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Ultimately making a plan doesn't lock you in, it merely increases the opportunity of reaching your objectives.
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HOW CAN GENFOCUS ASSIST ME WITH MY SUCCESSION OPTIONS?
Genfocus ensures you aren't going it alone. We help you cut through the questions and issues that arise in identifying the best way to transition. We have a tried and proven process to step you through what is needed and help you get there in a simpler faster and more effective way.
WHAT SIZE BUSINESS IS YOUR SERVICE IDEAL FOR?
Our service is best suited to business that generates $500,000 or more in profit each year, or alternatively meets the threshold of 10 employees or $2 million in turnover.
HOW LONG WILL YOUR PROGRAM TAKE?
The time our program takes will depend on a range of factors such as how much you want us to do, how prepared you are already, which option you choose and other considerations such as health, your time and availability of information and any third parties we need assistance from.
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Typically you will know within a month which is your preferred option of succession. Creating a plan and making things happen typically takes from 3-6 months depending on the factors indicated above.
WHERE ARE YOU LOCATED?
We are located in Queensland, Western Australia and The Australian Capital Territory. We are happy to travel as required. We have assisted business owners in rural areas as well as cities. While a majority of our program can be completed remotely it will require ourselves or another professional to conduct some face to face to be fully effective.
HOW DO I GET STARTED?
THe first step is to have a meeting or phone call with one of our lead advisors. They can help you identify if our program is suitaed to you
HOW DO I PROTECT MY SALE FROM COMPETITORS?
Are you concerned about your competitors finding out you want to sell? This is understandable, and why we want to help. By understanding your options you increase the opportunity of selling in a way that protects you from competitors, our exploration service can explain why.
CONTACT US
Contact us and find how our services can benefit you and your family. We are located in QLD, ACT and WA. Refer to the team members page for contact details for each location.
