
Resourceful: Stories from the Site
Podcast von Resources Unearthed
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In today's competitive business environment, planning for business succession involves more than just transitioning ownership; it requires a detailed focus on what happens post-sale. Whether you're an ongoing owner, a seller, or a new entrant, the aftermath of a business sale presents unique challenges and opportunities. Understanding these nuances is crucial for ensuring a smooth transition and sustained success. For successful business succession, a balance between documentation and flexibility is critical. While documenting big-ticket issues is necessary, leaving room for flexibility ensures smoother operations. Aligning culturally and maintaining open, adaptable communication lays the groundwork for achieving shared business goals. The path of business succession is laden with complexities, but with careful planning and strategic alignment in legal, financial, and operational areas, businesses can successfully navigate the post-sale landscape. CHAPTER MARKERS 00:35 Challenges for Continuing Owners 02:00 Legal Perspectives on Post-Succession 03:06 Financial Considerations for New Shareholders 04:13 Managing Key Personnel and Business Performance 07:07 Importance of Shareholders Agreements 08:16 Buy-Sell Agreements and Insurance 12:46 Post-Transaction Reviews and Tax Implications 16:20 Final Thoughts and Conclusion Brett & James: https://www.resourcesunearthed.com.au/ [https://www.resourcesunearthed.com.au/] Craig Barry: https://williambuck.com/ [https://williambuck.com/] Craig Hong: https://hillhouse.com.au/ [https://hillhouse.com.au/]

Business succession planning is an essential strategic move for business owners looking to transition out of ownership and into retirement or a new venture. Selling a business can often seem like a daunting process filled with complexities, but with proper planning and expert advice, it can be navigated smoothly. Understanding the legal and tax considerations at the time of sale is a crucial component of this journey, ensuring that both buyers and sellers walk away with a fair deal. Let's explore some of the key issues and considerations that come into play during the sale of a business, paying close attention to the importance of a comprehensive approach to succession planning. 00:00 Introduction to Business Succession 00:40 Key Issues in Selling and Purchasing 01:46 Financing the Purchase 03:13 Legal Considerations and Whitewashing 06:47 Tax Implications 10:07 Administrative and Legal Transition 13:02 Due Diligence and Risk Management 19:23 Final Thoughts and Recommendations 21:45 Conclusion and Next Steps Brett & James: https://www.resourcesunearthed.com.au/ [https://www.resourcesunearthed.com.au/] Craig Barry: https://williambuck.com/ [https://williambuck.com/] Craig Hong: https://hillhouse.com.au/ [https://hillhouse.com.au/]

In this episode of Resourceful, host Brett Cribb, Managing Director and Founder of Resources Unearthed, explores the complexities of business succession with three seasoned advisors: Craig Barry from William Buck Queensland, Craig Hong from Hill House Legal Partners, and James Marshall from Stratus Financial Group. Throughout this discussion, they explore various aspects of business succession, including tax minimisation, structuring for the future, employee share schemes, and the delicate balance of family transitions. This first part of a special series offers invaluable advice for business owners looking to secure a smooth and prosperous transition. 00:00 Introduction 00:22 Meet the Expert Advisors 01:00 Common Business Succession Questions 01:29 Understanding Business Succession Stages 02:25 Financial Planning in Business Succession 03:27 Small Business CGT Concessions 06:13 Ownership Structures and Succession Planning 11:26 Preparing for a Business Sale 18:19 Internal Succession and Family Businesses 21:02 Practical Issues in Succession Planning 21:18 Internal vs External Talent Pool 21:38 Cultural Fit and Internal Expectations 22:25 Financial Considerations for Internal and External Candidates 22:54 Due Diligence and Risk Management 23:45 Family Dynamics in Business Succession 26:13 Tax Considerations in Succession Planning 30:20 Valuation and Business Worth 32:56 Adapting to Business Growth 35:18 Conclusion Brett & James: https://www.resourcesunearthed.com.au/ [https://www.resourcesunearthed.com.au/] Craig Barry: https://williambuck.com/ [https://williambuck.com/] Craig Hong: https://hillhouse.com.au/ [https://hillhouse.com.au/]

As the world increasingly becomes interconnected, the opportunities for executives to live and work internationally have expanded significantly. However, alongside these opportunities come various tax and legal intricacies that must be addressed carefully. Brett Cribb, Managing Director and Founder of Resources Unearthed, recently sat down with with experts Craig Barry from William Buck Queensland, James Marshall from Stratus Financial Group, and Rob Lamb from Hill House Legal Partners to talk through these intricacies in detail. Together, they explore the multifaceted considerations executives must manage when relocating overseas for work. 00:00 Introduction to Resourceful Stories 00:23 Meet the Experts 01:06 Key Considerations Before Moving Overseas 01:26 Tax Residency and Financial Planning 05:08 Managing Trusts and Super Funds 07:18 Double Taxation and Tax Treaties 09:20 Estate Planning and Legal Considerations 12:42 Living and Working Overseas 39:43 Returning to Australia: Opportunities and Challenges 41:47 Conclusion and Contact Information Brett & James: https://www.resourcesunearthed.com.au/ [https://www.resourcesunearthed.com.au/] Craig Barry: https://williambuck.com/ [https://williambuck.com/] Craig Hong: https://hillhouse.com.au/ [https://hillhouse.com.au/] Robert Lamb: https://hillhouse.com.au/ [https://hillhouse.com.au/]

n this episode, Brett Cribb, Managing Director and Founder of Resources Unearthed hosts Craig Barry from William Buck and Rob Lamb from Hill House Legal Partners. They discuss the intricacies of family offices, looking at what they are, their types, and their benefits. The conversation also covers how virtual family offices can assist families with substantial wealth, addressing intergenerational transfers, and the importance of managing family dynamics. The episode concludes with insights into creating a family charter, estate planning, and common legal considerations in family succession. 00:00 Introduction 00:22 Understanding Family Offices 00:29 Meet the Experts: Craig Barry and Rob Lamb 01:29 Types of Family Offices 03:39 Virtual Family Office Services 05:44 Family Dynamics and Intergenerational Transfers 07:44 Legal Considerations and Family Charters 12:34 Common Issues and Solutions 17:01 Conclusion and Contact Information Brett & James: https://www.resourcesunearthed.com.au/ [https://www.resourcesunearthed.com.au/] Craig Barry: https://williambuck.com/ [https://williambuck.com/] Craig Hong: https://hillhouse.com.au/ [https://hillhouse.com.au/]