Joanna Oakey is a legal expert passionate about helping small business owners. Her advice, fashioned from experience, guides business owners and budding entrepreneurs to begin their journey with an endgame in mind.
When Joanna Oakey founded Aspect Legal over a decade ago she wanted to shape the way business owners were assisted.
To maximise value, it’s imperative that you consider your legal obligations and financial ramifications when you prepare your business for sale, writes Joanna Oakey, author of Buy Grow Exit and founder and Managing Partner of Aspect Legal.
Not all business acquisitions are successful, with three out of four deals deemed a failure by those involved.
What determines if business deals are successful or not? The answer is often emotion, but that’s not the only reason a deal will fall through.
Often when a business owner decides to think about exit, the horse has already bolted – it’s too late to put in place key elements that would have maximised the value of their business, Joanna Oakey founder and Managing Partner of commercial law firm, Aspect Legal explains.
Buying a business is an exciting time, but can quickly become a nightmare if you don’t mitigate these common risks.
Every business faces unexpected landmines that threaten to erode the value in a business. A strongly fortified business is the best way to protect the assets you have built. Laying the right foundations will lock in and maximise the value you will be able to extract. To lock this value in, you must identify that value and protect it.
There are some common, clear warning signs that can become ‘landmines’ after a sale. Acquisitions, done right, can provide an opportunity to build wealth and achieve rapid growth.
THE REASONS for buying a business (or into a business) vary. You might be starting out in business, replacing a job with a business, or you might be acquiring a business for the growth of your existing business –a supercharged way to grow and gain uplift in the value of your business.
When Joanna Oakey founded Aspect Legal over a decade ago she wanted to shape the way business owners were assisted. Passionate about knowledge and education, Joanna has launched a number of projects including two podcasts; Talking Law (providing smart legal tips for business), and The Deal Room (Australia’s first mergers and acquisitions podcast).
Whether or not you’re looking to sell your business, it’s well worth preparing your business with the intention of a sale. And that means putting protections in place as the business grows, which helps build value and minimise risk.
The decision to exit your business can be a big life change, especially if you’ve built your enterprise from the ground up or you’re planning on retirement.
A recent PwC study suggested that 1 in 5 employees are still considering leaving their employer (in the near term – within 12 months). It also found that 35% of employees plan to ask for a raise in the next year
A business owner spends many years of long hours, hard work and sacrifice to build the business. After all that effort, how do they ensure they get the best price when they’re ready to move on and exit? Well, it mostly comes down to planning properly and avoiding costly mistakes.
IP can be an important asset for attracting finance, creating a competitive advantage in the marketplace and earning a return on intangible investment.
Preparation is critical for maximising value at exit. Businesses that are prepared from a legal and accounting perspective generally experience a larger pool of buyers, a higher sale price and a quicker sale.
A business can find itself on an incredible growth trajectory, where enthusiasm and motivation are high, revenue is booming and opportunity is endless, only to be completely wiped out by a legal landmine that goes off when the owners least expect it.
In order to maximise value at business exit, preparation is essential. From a legal and accounting standpoint, businesses that are prepared typically have a wider buyer pool, a higher sale price, and a quicker sale.
If you’d like to me talk about how the most successful business owners prepare for Buying, Growing or Exiting at your next event, either live or virtual, I’d love to. Please send an email enquiry and we can go from there.
I’m also available as an expert speaker / commentator for podcasts, programs and articles. Media are welcome to contact via the below form.