“Ian Salter was very helpful and professional in the whole settlement process. The purchase had its challenges however Ian ensured that all items were dealt with in a professional and diligent manner enabling the settlement to proceed without problems.”
"My brother & I were selling our store and after unsuccessful attempts by other agents, we contacted Matthew Hartley from Benchmark. His energy and devotion to the sale of our business was amazing. He treats it as if he was selling his own business. Not only did he secure a sale for our business, he also found another business for us to purchase. I would definitely use Matthew again and highly recommend him to other business owners who are looking to sell or buy."
They also had carefully prepared a second generation of family members ready to continue running the business which they had started in a caravan 40 years ago. Family Business Australia estimates that two thirds of family businesses do not have a succession plan ready. This is despite around two thirds of chief executives being over 50 years old, and 20 per cent being more than 65. The Grants however had planned ahead for the possibility that they would not always be around. Daughter Amanda Innes learnt the business ropes from an early age. Founded by her father in the early 1970s, Greg Grant Saddlery and Saddlery Trading Company went on to become the country’s largest supplier of horse riding equipment. “I remember board meetings at the kitchen table and you absorbed all the discussions,” Ms Innes recalls. “The rule was everyone had to listen to the other person.” Later her husband Wroxton, who started working at the retail store in 1990, was included in the business when the couple married in 1996. Both now run the retail side of the business as well as the larger wholesale operation. “Dad started the business in the early 1970s after coming up from NSW,” she says. “He was a stock and station agent but during the livestock depression he started a horse auction, the precursor to the Magic Millions. “One day an old guy came up to him and gave him a lot of junk including saddles and he started to auction these at the end of a sale.” Ms Innes remembers there were very few saddleries at the time in Brisbane, with Uhls in Queen St near the Customs House being one of them. The first Greg Grant store opened at Coopers Plain in the late 1970s, followed by Annerley in 1980 and Aspley in 1982. Ms Innes worked in the travel industry before making the decision to return to the business in 2000 and take the reins. “From that time on, we were being prepared to run the business,” she said. “Dad was away from the business for about 10 years helping my brother set up his own business. So we have been in charge since about 2003.” Despite the succession plan, the death of the couple has left a huge hole in the business. Greg Grant’s colourful personality and Patricia’s organisational ability had shaped the business from the early days. “Dad and mum worked hard. Long hours were the norm,” Amanda recalls. “Their work ethic was amazing. If it had to be done it got done.” Wroxton Innes said he and Amanda never thought about giving up after the accident. “It just made us want to do bigger and better things for Greg and Pat,” he says. He said it would be up to the couple’s two young sons if they wanted to continue running the business as third-generation operators. “We have never said to them you have to run the business,” Mr Innes says. This story illustrates the importance of having some sort of exit strategy – or exit plan in place. Most business owners fail to plan – and that’s just like planning to fail. Take time to think about your business. What plans do you have in place? Do others know how to implement your plans? Don’t plan to fail.
Market Overview – March Salons are flying out the door! … February was one of our busiest months with 8 salons going under contract and 5 settling. We are now running low on stock so if you have a salon, give us a call and sell it today as we have many unsatisfied buyers who are keen to buy – right now! Tested Business Strategy Idea March is usually a regular month in the life of a salon, it’s good – but not great … This month you should consider running a promotion to increase your clients average dollar spend … This is a good way to increase your sales from the clients you have – your existing clients – rather than new ones. We call it “Wallet Share” … The best way to do this is to look at the Big Players … McDonalds does it well with their value meals.… Package up a few services/products that are perceived at a high value but the cost is actually quite low … Try this….
Total Price is normally $280.00 – only $150.000 and receive $54.00 of FREE services when they book in for any colour service To get the best results you should market this package to all clients that don’t get colour and this will upgrade them to a total service and increase your average client spend which makes you more money! That’s the “wallet shave” – give it a try! John Kasapi 0422930549 Australian Business Brokers Of The Year Australia’s Leading Salon & Spa Sales Specialist
Readers of my articles over the years will have heard me say this time and again: only by continuous evolution can a business remain viable and sustainable for the long term. That evolution can come from several areas, be it operational improvements/changes or product improvements/changes, as well as smaller more incremental changes which all add up to long term change, such as updating your shop signage, or refreshing the look of your logo. Right now, one of the most powerful ways you can evolve your business is by the smart use of technology. Despite this being quite common knowledge for the past couple of years, few businesses truly use readily available tools to better position them as a business, so anyone doing this right will almost certainly have one up on their competitors. Regardless of the type of business you run, technology can be used to help you generate efficiency, save you time and money, and improve your overall profitability. The technology I am talking about includes your website, email tools, CRM’s, project management tools, sales trackers, smart plugins, analytics tools and more, which when used collectively can seriously set you apart from the competition. Here at Digital Duet I have implemented many of the tools I mention above, and my business runs lean and efficient as a result. Is it easy to implement such systems? Well, yes and no. In some cases in all honesty the setup is very painful (sometimes costly too), which is why so few business owners often bother with them. Interestingly though, it is usually these painful setups that tend to result in serious change and efficiency generation, so I guess the saying ‘no pain no gain’ fits in really well here. Lucky for you however my team of professionals and I are always at hand to help (I couldn’t resist inserting a shameless plug here). So where to from here? We recommend talking to your IT team, or us, about technology for your business, to see what is available and at what cost to help evolve your business. Research the topic yourself and build awareness of what is possible. Then decide on a strategy moving forward and action that strategy! Interested in knowing more? Give me a call, drop me an email, I am always happy to help. Written by Peter Spinda, CEO www.digitalduet.com.au Peter is the founder of Digital Duet, a Brisbane based company specialising in the design and development of business websites, marketing strategies and online business models. Visit Digital Duet today.
Looking to buy a business for Business Migration? We can help! Business Talent (Permanent) visa (subclass 132) Business Innovation and Investment (Provisional) visa (subclass 188) Australia's Business Innovation and Investment Programme encourages successful business people to settle in Australia and use their proven skills to develop business activity in Australia. Background The Business Innovation and Investment Programme is designed to increase entrepreneurial talent and diversify business expertise in Australia. It is positioned to target migrants that have a demonstrated history of success in innovation, investment and business and are able to make a significant contribution to the national innovation system and to the Australian economy. The objectives of the programme are to contribute to the growth of the Australian economy by:
Temporary Work (Skilled) visa (subclass 457) The Temporary Work (Skilled) visa (subclass 457) allows skilled workers to come to Australia and work for an approved business for up to four years. You must be sponsored by an approved business. A business can sponsor someone for this visa if they cannot find an Australian citizen or permanent resident to do the skilled work. You can be in or outside Australia when you lodge your application. At Benchmark, we partner with over 30 Immigration Agencies in Australia. We have been working in this area for years. We have business brokers who are specialised in this area. We have many "success stories" where we have helped people to migrate. Please contact our Business Migration helpline at 1300 366 521. Jack Lee | Business Broker 李富霖 (杰克) | 商购顾问 Business Agent Licence No. 执照号码: 20041701 中文网站 : www.188shengyi.com + 61 (0) 405 211 100 Jack@benchmarkbusiness.com.au
On February 6th, 2015 the Real Estate Institute of Queensland (REIQ) held the annual gala awards night. More than 500 guests attended the event — including State MPs from both major political parties at Brisbane City Hall. REIQ CEO Antonia Mercorella said the awards recognise those who have made an outstanding contribution to the Queensland real estate profession. ‘‘The REIQ Awards for Excellence are considered the pinnacle of achievement for real estate practitioners in Queensland,’’ she said. ‘‘They recognise the best and brightest real estate professionals from across the State. ‘‘Finalists are judged on professionalism and best practice, gaining recognition not only for their exceptional achievements but also for their commitment to integrity in the profession. ‘‘We had a number of first-time winners last night with some having been finalists for many years before being named the State’s best. There were only two finalists for the Business Broker of the Year Award. Both finalists work with Benchmark Business Sales and Valuations. The finalists are Lincoln Bridge and Ian Salter. Ian Salter had been a finalist for the last three years, and Ian was this year's winner. Ian said that "hard work and persistence pay off"…. He thanked his colleagues – especially Lincoln Bridge, and the Benchmark Principal – Bruce Coudrey. Ian also thanked the Benchmark administration team – for their support and assistance. Ian specialises in the sale of franchised businesses – and he works with a team of specialists in that area. As this year's winner Ian now travels to Perth on March 12th to represent Queensland in the REIA (Real Estate Institute of Australia) Awards. This was Lincoln Bridge's first year as an entrant in the awards. Lincoln specialises in the sale of larger businesses, and strategic acquisition for public companies and private equity groups. 2014 was a record year for sale at Benchmark Business Sales, and the company (which was established in 1999) has seen consistent growth each year since establishment. The Principal of benchmark said that the growth in the company has been entirely a result of the quality of the people working in the company – dedicated professionals like Ian and Lincoln." We are very lucky to be able to work with guys like Lincoln and Ian" said Mr Coudrey.
A business broker can have a special relationship to buyers and sellers. There are three main relationships a broker can have to a buyer or seller:
Ninety-nine per cent of all brokers are in one of these three relationships and it’s crucial to know and be clear as to what relationship has been created. This determines whether or not and to whom the broker owes their fiduciary or simply put personal duties. The starting point to determining the relationship is always the contract. If the contract gives the broker any authority to enter into agreements on behalf of a party, or requires the broker to give advice, there’s a good chance the broker is an agent to that party. If they are an agent, the broker will owe fiduciary duties to the party. However, if a broker acts as if they have authority and the contract does not give them authority, they can be liable for damages. This is true, even if the broker is “reasonably mistaken” highlighting the importance of a well-drafted contract. This contract limits any argument as to whether the broker had authority or not and more importantly informs the broker as to whether they have the power to enter into an agreement and thus avoid the embarrassment and financial pain that may follow. The fiduciary relationship imposes heavy duties on people in a situation of responsibility. It’s based on the idea that people are self-serving and if you place trust and responsibility in someone, that person is likely to take advantage “unless they are legally obligated not to”. A large amount of trust is put on a broker, to give advice, trusted with sensitive information and trusted with authority to act on behalf of a client. To balance this trust, brokers as agents, are subject to a vertical fiduciary relationship. The “vertical” means that the obligations only flow in one direction (from the broker to the client) imposing several broad duties. A fiduciary must not be in a position where there is a potential for their duty and their interests to conflict. A leading case on this involved a lawyer investing the money of one client in the venture of another client. This was a breach because it was held to be impossible for the lawyer to fulfil his duties to both clients, and so there was a conflict of interest. Applying these principles to the marine broker who has a partner building boats, in this case you should not advise a client to build with you partner, or even present it as an option. A fiduciary is under an obligation not to make a profit. This is an odd duty when relating to brokers, as profit is the reason they are doing the work. However, the case law explains what this duty is about. In Australia, the leading case involved a real estate agent (a similar type of relationship) who, when an old widow wanted to sell her farm, bought it off her (and sold it for a profit) and sold her his flat at 25 per cent over market value. In our context, breach would occur where a broker sells a boat they actually own or advise a client not to buy a vessel because they want to buy it them self. The other part of this obligation is that brokers are not allowed to take a secret commission, otherwise called a bribe. If they do, the client may be entitled to an account of profits, that is, the broker may end up having to pay the client the amount of the bribe. A broker is obligated to perform their services in good-faith and with due skill. This duty is broad and flexible. Good faith means that a broker must genuinely attempt to perform the services they are contracted to do. Due skill usually means they must exercise the amount of skill that a reasonable broker would exercise in that situation. Again, the exact services they should provide are defined by the contract. So what is the take home message? Have a well-drafted buyer agreement. Read the agreement. Understand the agreement. That document becomes extremely important if there are any problems down the line. Make sure the contract covers what the broker is to do, how much the broker is to be paid, who is going to pay the money and where that money comes from. Also remember that a broker, if acting as an agent, is under a fiduciary relationship. Finally as with all legal issues, it is best to be ahead of any problems before they happen: seek professional legal advice. Business Broker Kane Dean
Jump on board Social Media Mania and make a difference to your business! It’s FREE! Lachlon Silver 0405776920 Australian Business Brokers Of The Year Australia’s Leading Salon & Spa Sales Specialist
Catch us today and tomorrow at the Convenience & Impulse Convention, find us at the 'Benchmark Business Sales & Valuations' stand and have the opportunity to speak with a Supermarket or Service Stations Specialist. The C & I Expo is Australia’s most important learning resource for Convenience and Impulse Retailers. The Expo is being held on the 4th and 5th March 2015 at the Sydney Showground, Olympic Park. Find out how many Businesses we currently have on the market for sale, or find out from a specialist how much your Business is really worth! Don't forget to pick up a copy of our free '12 Tips' booklets for people looking to sell or acquire a business, and sign up to our 'hot list'. See you there!
