CHILDCARE PROCESS FOR BUYING A CHILDCARE CENTRE Are you looking to enter the Childcare industry and buy a Childcare business? Or, qualified/ experienced in the industry and wanting to buy your own Center? The steps listed below need to be undertaken in the order listed. 1. Creation – see an accountant – read recommendation below. […]
CHILDCARE PROCESS FOR BUYING A CHILDCARE CENTRE
Are you looking to enter the Childcare industry and buy a Childcare business? Or, qualified/ experienced in the industry and wanting to buy your own Center?
The steps listed below need to be undertaken in the order listed.
1. Creation – see an accountant – read recommendation below.
2. If no Childcare qualifications consider enrolling in a Cert IV or Diploma to show ECRU you are serious about learning. You are not legally required to have qualifications or experience in childcare to apply for a Provider number.
3. Lodge Provider Application in the name of the “Entity” e.g. Company/Company & Trust you have established.
4. Study – The Exam is hard.
5. Receive your Provider number – you have approximately two years to secure/open a business or it may be canceled.
6. Decide on a business to buy/establish. Lot less risk in purchasing an existing business for first time business buyers. Qualified staff/management in place/resourced/has been approved for Childcare by ECRU holds a Service Approval. No guarantee with a start up you will get a Service Approval.
7. Complete conditions of Business offer/contract – Transfer of Service etc
8. Congratulations – You now own a business in the Childcare sector. One of the, if not the, most in demand business you can Buy in Australia. Guaranteed Government Funding – Robot proof – High demand – Can be highly profitable.
Step One – Entity Purchase in
The first step in purchasing a childcare business is deciding on the entity you wish to purchase the business in. That might be a Company, a Company & Trust or other entity structure. A company can be organised via ASIC or via your accountant. A company and Trust will require an accountant or a lawyer to establish. What is the best option for you should be discussed with your accountant.
If the Company has 3 Directors ECRU will probably insist all three Directors go through the exam/interview process. Therefore, if there is a person in the Company who is childcare trained or has Education experience it is best to only have them as sole Director.
They will then be the only person required to go through the approval process and will have a better chance of success. If there are multiple Directors of the Company and e.g. two Directors are required to sit the exam and one of the Directors fails then usually ECRU will fail both Directors. Shareholders are not required to undertake the approval process, however, they will be vetted.
ECRU requires the Director (person applying for approval to hold shares in the Company). What % will depend on entity structure and should be confirmed with ECRU prior to lodging Provider application.
Step Two – Enrol Childcare qualification
If you are new to the Childcare industry it may assist the Provider approval process if you can confirm to the approval body ECRU – Department of Communities, that you are serious about childcare by being able to say you are enrolled in a Childcare qualification.
It is not a legal requirement to have qualifications or experience in childcare to buy a Centre. However, in recent times ECRU have not looked favorably on applicants (even if they have passed the exam) that cannot demonstrate in some way their dedication to the industry beyond paying for a business.
Step Three – Apply for Provider number
To be able to own and operate a childcare business your entity purchasing the business must hold a Provider number. The persons associated with that entity e.g. Director/s must be ECRU approved.
This Provider number is applied for via the Department of Communities – Child Care section in the State you live in or the State you are buying the Childcare business in.
Once approved/received, the Provider number is valid for all of Australia. You can own multiple businesses around Australia under the one provider number.
The Provider number is attached to the entity e.g. Company – Company/Trust you have set up that will ultimately own the Childcare business or businesses.
The price is $241 for 2022 -2023.
The Provider number once obtained does not last forever. If you have not purchased a center within a period of approximately two years from time of issuance the Department may cancel the number.
The application will require credit checks into the Company history and of ALL the Directors of the Company.
Sellers will rarely accept offers from Buyers that do not hold a Provider number due to the time involved to obtain and risk of the Buyer not being approved. The process (exam) is much harder since 01 May 2022. Resulting in a higher fail rate.
The time quoted by the Department of Communities for Child Care Provider Number is currently 120 days, however, the Provider approval process in July 2022 is taking 180 days or longer.
Refer section 15 of the Act for more information.
Become an approved child care provider
Early childhood education and care providers must be approved to operate a service and administer the Child Care Subsidy (CCS) in Australia.
The approvals process recently changed. Prior to 1 July 2023, Child Care Subsidy applications were managed in the Provider Entry Point. To make applying easier, all applications are now submitted via the National Quality Agenda IT System.
Existing providers must now use the National Quality Agenda IT System to add a new service to existing approvals. Learn more about adding a new service.
The following information is for:
- prospective providers who intend to apply for CCS approval
- existing providers who intend to add or remove a service from their approval
- prospective or existing providers who have purchased a service
- existing providers who have undergone a restructure of their legal entity.
You must read the following information carefully before applying. You can also complete an e-learning course about the approval process on ACECQA’s website.
If you need help during the application process, contact CCSassessments@education.gov.au.
If you experience technical issues while using the National Quality Agenda IT System, please email nqaits@acecqa.gov.au.
Families who want to apply for CCS should visit the Services Australia website.
To become an approved child care provider , the process are as follow:
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- You must be approved to operate a service and administer the Child Care Subsidy (CCS). You must be approved by the Australian Government and your state or territory government. This page outlines the approval process.
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- You must meet eligibility criteria to administer Child Care Subsidy (CCS) at your service. This page outlines who the Australian Government will approve to administer CCS.
- Get ready to apply
- When you apply for Child Care Subsidy (CCS) approval, you’ll need to provide a range of information and evidence. Having this information ready will reduce the time it takes to complete the application. This page outlines what you need to do before you apply.
- Submit your application
- Once you’ve gathered all the required information and evidence, you’re ready to submit your Child Care Subsidy (CCS) approval application. This page outlines how to complete and submit your application.
- After you apply
- After you submit your Child Care Subsidy (CCS) approval application, it will undergo a rigorous assessment process. This page outlines what you need to know while you wait for an assessment decision and what to do when you receive a decision.
- Add, remove or relocate a service
- Once approved, providers must let us know about any changes to their services. This includes if you intend to open, close or relocate a service or if your provider changes legal entity. This page outlines what you need to do in these scenarios.
- Suspension of approvals
- Your National Law or Child Care Subsidy (CCS) approvals can be suspended. Approval may be suspended if you don’t comply with your obligations or following a voluntary request.
Step Four – Provider Application Assessment / Examination
Effective 1 May 2022, ECRU ( Education and Care Regulatory Unit) is now conducting on-line assessments for Provider Approval suitability in an exam format and subsequent interview.
The exam comprises 46 multiple choice questions to be answered in 75 minutes and no reading time. Several applicants have advised they did not finish in time.
You can flag and skip a question, going back to an answer later.
Exam
75 mins
46 multiple choice questions (no short answers)
No outside material/ resources can be used.
You are provided with online access to the required documents for the assessment. Two screens set up, which are easy to use and navigate
Most of the questions were scenarios wanting the law and regulation reference
You need to be very confident in navigating your way around these documents
If you are unsure of an answer, you can flag it and return later.
Below is an overview of the documents and information that should be studied.
A very thorough knowledge of the Regulations and the ACT is required to be able to identify and know Regulation numbers and information quickly. Some of the questions relate to multiple regulation numbers e.g. is it 76/22/14 or 42/1/23 etc
What needs to be displayed for rating assessment
SQM inside – outside
Fencing
Ratio
Healthy eating
Forms documents how long keep – what need to be in centre – how maintained
Child protection
Who responsible what
Notification of incidents
Applicants sit the exam in the ECRU offices in Perth. Usually offer only one date per month. It is very important participants answer the questions as quickly as possible.
ECRU provides some reference materials, a pen and some paper.
A buyer may have their wife/sister/friend/Centre Manager of an existing business, as Company Director to obtain Provider number and have them as the Company sole Director.
Or, if there is a good manager in place at the center, who is willing to come on board as Company Director and hold the Provider, that might be an option. Once you own the center and gain experience, there is a far better chance you will pass the exam and be approved by ECRU in the future.
If you receive a pass mark which is above 80% then you will be called in for an interview.
The interview takes place around 4 weeks after the exam. The interview around an hour will again be on your knowledge of childcare.
Business Plan
A business plan is required from buyers for ECRU.
A business plan is usually required to be submitted prior to sitting the exam. Where an applicant does not currently own a business or started to build a centre, then they will need to base their plan on what would be their ideal centre that they are hoping/planning to operate.
The business plan needs to incorporate:
- Costings
- Financial expectations
- Budget
- KPI’s
There is a business plan template available via the ABB website under resources. There are also advisors on the ABB website that specialize in creating business plans for a fee. I would therefore recommend that all provider applicants commence their business plan as soon as they have lodged their Provider application, to ensure that it is ready to be submitted as soon as requested.
A Business plan will also be required by PRODA when a centre has been purchased or about to open. The PRODA business plan should be an extension of the Provider business plan.
“Study study and study” in the words of a successful applicant. Make sure you are very very familiar with the Regulations and the Act.
The Provider certificate will arrive in the post.
See resources below:
Applications and notifications forms – https://www.acecqa.gov.au/resources/applications
Business Plan Template
Step Five – Receive Provider Certificate with number
If the interview is successful you will be advised approximately 3 – 4 weeks later and receive your Provider number certificate in the mail.
Step Six – Buy a Business
Once you have received your Provider number, you can then proceed with your purchase or look for a childcare business and advise the broker/owner you are already in possession of your Provider number.
Step Seven – Conditions of Business Contract
Child Care Centres – Existing Child Care Providers
Once you hold a Provider number the next step is the transfer of the existing Service Approval of the Centre being sold.
Finance must also be approved in writing by a finance provider prior to lodgement of Transfer of Service Approval.
The transfer of Service is legislated to be 42 days from receipt of correct application with the Department of Communities.
If the buyer is purchasing the Centre in a New company they will need to apply for a NEW provider number for that particular Company and may be required to complete the whole Provider process mentioned above, including sitting the exam.
CCS – Funding for parents with children in Childcare – PRODA
If the buyer has a contract in place to purchase a business, and has applied for and received their Provider number, then as soon as their Provider number is issued, they should lodge their application for CCS funding. This application can take 42 days or longer.
If you are an existing Child Care operator already with a PRODA account and receiving CCS funding, then your new service/business must be added to your existing PRODA account.
For an existing Child Care operator or new applicant, ensure as the Buyer of a Childcare Service you have this completed in advance of settlement so there is no disruption in CCS payments to parents. This form to PRODA should be lodged at the same time as Transfer of Service or earlier if possible.
Any questions need to be directed to the relevant Government department.
Transfer of Service can only be lodged with a Provider number.
The price for 2023 was $130.
Step Eight – Settlement
Settlement on a childcare business usually occurs on a Friday (due to Government funding going Monday to Friday) usually two weeks after Transfer of Service is unconditional as per letter received from ECRU.
Please note childcare centers are hard to come by. They are in high demand and to enter the industry will require flexibility on the part of the Buyer in regard to location and price.
If the center has been operational and profitable for over two years a Buyer may be able to secure finance at 50% of the business price or 60% – 70% of the business & property price if purchasing both property and business at the same time. Finance brokers who specialise in finance for Childcare centers are under Resources on ABB website.
The price of childcare centers can range from $100,000 to $4,000,000 + for an individual center (no property) depending on net profit, location, size and age.
Currently individual businesses are selling in the Perth metro area for a multiple of 3 to 4.5 x net profit including add backs. Group sales can achieve 6 to 7 x net profit.
Regional locations e.g more than two hours from Perth CBD usually sell for multiples of 2.5 – 3 x net profit.
We hope you have found the above useful.
Click HERE to access the PDF version of the Childcare Process!
Are you buying a business in Perth? Do you have a Perth business for sale? For more information on how you can get the best results, contact Angela at Advance Business Brokers today.
Ask anybody who has done it, and invariably, the answer is “managing people”. I’ve heard it compared to running a kindergarten or herding cats – neither of which sounds like fun. For many years, I would have answered the same: managing people is hard! But then something changed – one day, I realised that I […]
Ask anybody who has done it, and invariably, the answer is “managing people”.
I’ve heard it compared to running a kindergarten or herding cats – neither of which sounds like fun.
For many years, I would have answered the same: managing people is hard!
But then something changed – one day, I realised that I had the perfect mix of perfect people. And once you get that mix right, you will never look back.
But how do you get there in the first place?
My journey was part management, part happy accident.
Many years ago, I adopted the mantra, “employ really great people, then let them do what they are good at”.
This flies in the face of most HR advice, which insists people must be managed. They need job descriptions and policies. They need procedures and annual performance reviews.
Here is a radical question – Do they?
What if you could build a culture of freedom and responsibility? Spoiler alert: You can.
Full disclosure: This idea came out of Netflix, and I use it because it is brilliant.
Things you will need to do:
- Treat people like adults (and obviously, they will need to act like adults).
- Communicate constantly about the good and the bad stuff.
- Practice radical honesty and be fully authentic – and expect your people to do and be the same. We all know humans hate being lied to.
- Debate the facts vigorously – you want your people to challenge each other – but in a way that encourages growth and creativity – not defensiveness and nastiness.
- Offer competitive salaries to keep your staff. Ask yourself: if they decided to leave today and you wouldn’t try to keep them, are they truly the right fit for your team?
The best thing you can do for your employees is hire amazing people to work alongside them. A great workplace is one that offers outstanding work colleagues.
Responsible people thrive on and are worthy of the freedom to do what they are good at!
“A radical take, but it works wonders for us”.
Jackie Crank
Chief Education Officer:
West Coast Property Training
26 Winton Rd.
Joondalup, Western Australia
Are you buying a business in Perth? Do you have a Perth business for sale? For more information on how you can get the best results, contact Angela at Advance Business Brokers today.
Today, we’re delving into a crucial topic for anyone looking to elevate their childcare business—Strategic Growth. Scaling your childcare business goes beyond just increasing enrolment numbers. It’s about growing in a sustainable and aligned manner with your mission and values. Strategic growth ensures that you’re not just getting bigger, but you’re getting better. Here are […]
Today, we’re delving into a crucial topic for anyone looking to elevate their childcare business—Strategic Growth.
Scaling your childcare business goes beyond just increasing enrolment numbers. It’s about growing in a sustainable and aligned manner with your mission and values. Strategic growth ensures that you’re not just getting bigger, but you’re getting better.
Here are some key areas to focus on for strategic growth:
- Financial Planning: Develop a solid financial plan that includes budgeting for new hires, additional facilities, and operational costs.
- Staffing: Invest in professional development and create a strong company culture to attract and retain top talent.
- Technology: Utilize childcare management software to streamline administrative tasks and free up time for focusing on the children.
- Marketing: Tailor your marketing efforts to effectively reach your target audience through various channels.
- Facilities: Ensure that any expansion aligns with your brand and provides a safe, stimulating environment for children.
- Regulatory Compliance: Stay up to date with local and national regulations to ensure compliance as your business grows.
Don’t overlook the importance of the onboarding process. A smooth onboarding process for new staff and families helps in retaining staff and building strong relationships with families, ultimately contributing to the long-term success of your childcare centre.
In conclusion, strategic growth requires careful planning and execution, but the rewards can include a thriving business and the opportunity to positively impact more young lives and is well worth the effort.
Are you buying a business in Perth? Do you have a Perth business for sale? For more information on how you can get the best results, contact Angela at Advance Business Brokers today.
Don’t start from scratch when you can buy a business Why reinvent the wheel when you can acquire an existing business? Starting from scratch may seem like a blank canvas, but it often entails a long and uncertain journey. In contrast, buying an existing business offers several advantages that can make the entrepreneurial journey smoother […]
Don’t start from scratch when you can buy a business
Why reinvent the wheel when you can acquire an existing business?
Starting from scratch may seem like a blank canvas, but it often entails a long and uncertain journey. In contrast, buying an existing business offers several advantages that can make the entrepreneurial journey smoother and more lucrative. Let’s delve into the details of why you might choose not to start from scratch and, instead, consider purchasing an established business.
- Proven Track Record: An existing business comes with a history and a proven track record. You can assess its performance, profitability, and customer base. This historical data provides valuable insights into the business’s potential and risks, which is challenging to ascertain when starting from scratch.
- Customer Base and Cash Flow: When you buy a business, you inherit an existing customer base. This means you don’t have to spend time and resources building brand awareness and attracting customers. You also acquire a revenue stream, ensuring that you have money coming in from day one.
- Operational Systems and Infrastructure: An established business typically has operational systems in place, including processes, suppliers, and staff. This can save you the time and effort it takes to set up these systems yourself. It also ensures that the business is running efficiently from the start.
- Brand and Reputation: Building a brand and a positive reputation in the market takes time and effort. When you buy a business, you acquire its brand equity and the trust it has built with customers. This can significantly reduce the time it takes to establish credibility in the market.
- Reduced Risk: Starting a new business involves many uncertainties. There’s a high risk of failure, especially in the early stages. Buying an existing business with a proven concept and customer base can significantly reduce this risk, making it a safer investment.
- Immediate Revenue: As an entrepreneur, one of your primary goals is to generate revenue. Buying a business allows you to start earning money immediately. This can be crucial, especially if you have financial obligations or want to see a return on your investment sooner.
- Faster Growth: Purchasing an established business provides the opportunity for rapid growth. You can build upon the existing foundation and implement improvements to increase profitability and market share more quickly than starting from scratch.
- Expertise and Support: In many cases, the previous owner will stay on for a transition period, providing valuable insights, training, and support. This mentorship can be invaluable, helping you navigate the nuances of the business and industry.
- Cost-Efficiency: While acquiring an existing business may have a higher initial cost compared to starting from scratch, it often proves to be more cost-effective in the long run. The time and resources saved, along with the immediate revenue stream, can outweigh the initial investment.
- Market Entry: Buying an existing business can be an effective way to enter a new market or industry. You can bypass many of the challenges and barriers that newcomers often face when trying to establish themselves.
In conclusion, buying an existing business offers a range of benefits, from a proven track record and immediate cash flow to reduced risk and faster growth. While it may require a significant upfront investment, the long-term advantages make it a compelling option for many entrepreneurs looking for a smoother and more assured path to business success.
Are you buying a business in Perth? Do you have a Perth business for sale? For more information on how you can get the best results, contact Angela at Advance Business Brokers today.
Steps to Ensure a Smooth Transition The decision to exit your business is a significant milestone that necessitates thorough planning and strategic considerations. Whether your aim is retirement, pursuing new opportunities, or desiring a change, a successful exit requires careful foresight and meticulous preparation. If you’re contemplating leaving your business in 2024, here’s a comprehensive […]
Steps to Ensure a Smooth Transition
The decision to exit your business is a significant milestone that necessitates thorough planning and strategic considerations. Whether your aim is retirement, pursuing new opportunities, or desiring a change, a successful exit requires careful foresight and meticulous preparation. If you’re contemplating leaving your business in 2024, here’s a comprehensive guide on what steps to take now to ensure a smooth transition.
Define Your Exit Strategy
Before delving into the exit process, it’s crucial to define your exit strategy. Assess your personal and professional goals, whether it involves selling to a third party, passing the business to a family member, or exploring mergers and acquisitions. Clearly outlining your objectives will shape the entire exit plan.
Financial Health Evaluation
Evaluate your business’s financial health to identify areas for improvement. Clear any outstanding debts, optimise profitability, and ensure your financial records are accurate and up-to-date. A robust financial foundation not only enhances the value of your business but also streamlines the due diligence process for potential buyers.
Engage a Business Broker
Partnering with a reputable business broker is a crucial step in the exit journey. Their expertise in valuations, market trends, and deal negotiations can be invaluable. A business broker will guide you through the complexities of the process, ensuring you make informed decisions at every stage.
Craft a Business Information Memorandum
Work closely with your business broker to create a detailed Business Information Memorandum (BIM). This document serves as a comprehensive overview of your business, covering its history, financial performance, market position, and growth potential. A well-crafted BIM is essential for attracting serious buyers.
Assess and Enhance Business Value
Consider ways to enhance the value of your business before entering the market. This may involve addressing operational inefficiencies, strengthening customer relationships, or investing in strategic initiatives. The goal is to present a business that is not only profitable but also positioned for future success.
Build a Competent Management Team
A strong and capable management team adds immense value to your business. Ensure that your team is well-equipped to handle operations independently, assuring potential buyers of a seamless transition. A competent management team is an attractive asset for those looking to acquire a business.
Diversify Revenue Streams
Reducing dependency on a single revenue stream or a handful of key clients enhances the stability and attractiveness of your business. Diversify your customer base and explore new markets to showcase the potential for sustained growth under new ownership.
Legal and Compliance Check
Address any legal issues and ensure compliance with all regulations. Thorough documentation of contracts, agreements, and legal obligations is essential. A clean legal standing not only streamlines the sales process but also provides confidence to potential buyers.
Craft an Impactful Pitch Deck
In addition to the BIM, create a compelling Pitch Deck that highlights key aspects of your business. This visual representation should tell a cohesive and engaging story, emphasising your business’s unique strengths, achievements, and growth opportunities. Collaborate with your business broker to refine and optimise the Pitch Deck for maximum impact.
Stay Informed with Market Research
Regularly update your knowledge of market trends and industry dynamics. Understanding the current market conditions will help you set a realistic asking price and identify potential buyers. Leverage your business broker’s expertise to conduct thorough market research and position your business effectively.
Remember, exiting your business in 2024 is a multifaceted journey that demands careful planning and strategic execution. By defining your exit strategy, partnering with a business broker, and addressing key aspects like financial health, business value, and legal compliance, you pave the way for a successful transition. As a business owner, your proactive approach and collaboration with professionals will not only enhance the value of your business but also set the stage for a prosperous exit.
Are you buying a business in Perth? Do you have a Perth business for sale? For more information on how you can get the best results, contact Angela at Advance Business Brokers today.
Perth, the capital city of Western Australia, has become a coveted destination for business buyers in recent years. With its booming economy, exceptional quality of living, and a wide array of businesses for sale in Perth it has established itself as a hotspot for entrepreneurs. Perth offers a wide range of business opportunities across various […]
Perth, the capital city of Western Australia, has become a coveted destination for business buyers in recent years. With its booming economy, exceptional quality of living, and a wide array of businesses for sale in Perth it has established itself as a hotspot for entrepreneurs.
Perth offers a wide range of business opportunities across various industries. The city is home to thriving sectors such as mining, construction, tourism, healthcare, and technology. These industries provide a solid foundation for business owners to establish themselves and thrive in Perth’s competitive market.
Perth is also witnessing the rise of emerging business sectors such as renewable energy, agritech, and digital marketing. These growing industries present themselves as exciting opportunities for people looking to buy a business and capitalise on emerging trends and innovative business models.
Why Perth?
Honestly, why not?
Perth offers a fantastic lifestyle that appeals to residents, tourists and business buyers. Unlike some other major cities, Perth provides a balance between affordable living costs and a comfortable lifestyle. The cost of living is more reasonable compared to cities like Sydney or Melbourne, allowing entrepreneurs to stretch their budget further.
Additionally, Perth’s outdoor and recreational opportunities are a big draw. With pristine beaches, stunning national parks, and a vibrant arts and culture scene, residents can enjoy a high quality of life outside of work. This ideal work-life balance is an important factor for individuals looking to buy a business and settle in Perth.
Another thing to consider is the generous support and incentives provided by the Western Australian government. There are various government programs and grants available to help business owners turn their dreams into reality. Whether you’re a first-time business buyer or a seasoned veteran, these programs can provide you with the financial boost and guidance you need to succeed.
Are you buying a business in Perth? Do you have a Perth business for sale? For more information on how you can get the best results, contact Angela at Advance Business Brokers today.
News story: Grants of up to $25,000 are now available to support the regional Early Childhood Education and Care sector. Last updated: 22 January 2024 https://www.wa.gov.au/government/announcements/grants-now-open-attract-child-care-educators-regions The Attraction and Retention Packages for Regional Child Care Workers Program enables regional Local Government Authorities (LGAs) to apply for grant funding to attract and retain educators to regional […]
News story: Grants of up to $25,000 are now available to support the regional Early Childhood Education and Care sector.
Last updated: 22 January 2024
https://www.wa.gov.au/government/announcements/grants-now-open-attract-child-care-educators-regions
The Attraction and Retention Packages for Regional Child Care Workers Program enables regional Local Government Authorities (LGAs) to apply for grant funding to attract and retain educators to regional Western Australia (WA).
This is the third round of funding to be delivered under the program with a total of $530,869 distributed so far to regional LGAs.
The funding is part of a 2021 State Government commitment of $1 million over four years to support the attraction and retention of early childhood education and care workers in regional WA.
The program will fund initiatives that aim to attract and retain educators in the regions, including:
- subsidised accommodation/housing
- intrastate travel relevant to the project
- relocation packages
- training and professional development
- support for educators to complete their practicums (including wages for relief staff)
- purchase of small capital items to support online learning.
- workshops, seminars and talks to recruit prospective educators.
- purchase of equipment required to deliver Family Day Care (Family Day Care only)
- Family Day Care one-off set up costs (Family Day Care only).
A webinar to provide information to interested grant applicants will be held on Monday, 29 January at 11am. Interested applicants can RSVP for the session via email at eclir@communities.wa.gov.au by Thursday, 25 January 2024.
Partnerships of more than one LGA may apply for a greater amount of grant funding commensurate with the number of LGAs and regional coverage.
Applications close at: 2:30pm on Friday 1 March 2024.
Visit the Attraction and Retention Packages for Regional Child Care Workers Program to find out more and apply.
Click HERE for the Grant application and instruction form.
Are you buying a business in Perth? Do you have a Perth business for sale? For more information on how you can get the best results, contact Angela at Advance Business Brokers today.
Selling a business can be, to say the least, a roller-coaster of emotions, fluctuating between being daunting, exciting, disappointing, and exhilarating, quite akin to Melbourne’s ever-changing weather. For many business owners, venturing into the sale of their own business can be like steering a second business altogether. It demands acute attention to detail and a […]
Selling a business can be, to say the least, a roller-coaster of emotions, fluctuating between being daunting, exciting, disappointing, and exhilarating, quite akin to Melbourne’s ever-changing weather. For many business owners, venturing into the sale of their own business can be like steering a second business altogether. It demands acute attention to detail and a deep understanding of the market, which is where a skilled business broker steps in to ease the process. These brokers ensure that the business is primed, well-presented, and rightly marketed to the apt audience, securing an efficient and desired result. The lingering question though remains, how to choose a broker who is just right? Here, we delve into some critical facets to ponder over while making this choice:
Licensing, Education, and Authenticity
Verifying the credentials of a business broker is non-negotiable. It is imperative to ensure that they are members of a reputed industry body such as the Australian Institute of Business Brokers (AIBB). In addition, ascertain if they maintain their qualifications through continuous professional development (CPD) conducted by credible institutions, further testimony to their commitment to adhering to industry standards and best practices.
Market Appraisals – Accuracy
Knowing how a broker conducts market appraisals can be a deal-breaker. Reliable brokers lean on substantial market comparable data and apply appropriate multiples to EBITDA/PEBITDA based on solid evidence. They should offer a reasonable and grounded valuation, steering clear of inflating numbers just to win your business.
Marketing Strategy
The cornerstone of a successful sale is a broker’s marketing strategy. Are they preparing a meticulous information memorandum that paints your business in the best light? Their approach should cover a comprehensive plan delineating where and how they intend to advertise your business, be it on their website or via subscriptions to third-party platforms. It is prudent to inquire about the number of platforms they utilise and if they offer premium advertisement exposure for your business, to reach a broader and more targeted audience.
Selling Brokers vs Listing Brokers
Differentiating between a selling broker and a listing broker is vital. You would want to collaborate with a broker who is passionately immersed in the selling process, not just listing your business indiscriminately. A telling indicator here is their list-to-sell ratio; a commendable ratio signifies a broker’s active engagement in aiding clients to seal successful deals.
Fee Structure
Understanding the broker’s fee structure can save you from unexpected shocks later. Generally, brokers charge a listing fee coupled with a commission upon successful completion of the sale. Delve into the specifics of how they allocate these fees in promoting your business and ensure transparency in the dealings.
Balancing Exposure and Confidentiality
Striking the right chord between adequate exposure and maintaining confidentiality is indeed a delicate act. The broker should assure that the business details reach potential buyers while retaining sensitive information, a strategy that safeguards the existing business ecosystem while reaching out to prospective buyers.
Embarking on this journey of selling your business is a monumental step. Taking the time to select a broker who is not only seasoned but also has a well-rounded strategy can make all the difference. The ideal broker would have a proven track record, a robust marketing plan, and a deep network of potential buyers, laying down a pathway for a smooth, efficient, and successful sale. Remember, it’s not just about selling your business; it’s about finding the right steward for its next chapter.
Are you buying a business in Perth? Do you have a Perth business for sale? For more information on how you can get the best results, contact Angela at Advance Business Brokers today.
“Key Considerations for Buying a Business” Acquiring a business is a significant endeavour, regardless of whether you’re an experienced entrepreneur or a newcomer. This path presents immense potential, but it’s not without its challenges. To navigate this journey successfully, strategic planning is essential. Let’s explore crucial considerations that can guide you through this process. Exploring […]
“Key Considerations for Buying a Business”
Acquiring a business is a significant endeavour, regardless of whether you’re an experienced entrepreneur or a newcomer. This path presents immense potential, but it’s not without its challenges. To navigate this journey successfully, strategic planning is essential. Let’s explore crucial considerations that can guide you through this process.
Exploring Your Motivation
Before diving into business acquisition, take a moment for self-reflection. Clarify why you’re interested in buying a business. Is it driven by passion, the desire to turn a hobby into a venture, autonomy, financial independence, or leveraging expertise? Your motivations will shape your business goals and decisions throughout this journey.
Distinguishing between purchasing a business and buying a job is crucial. Both have their merits but differ significantly in responsibilities and expectations. Buying a business should ideally offer scalability, while buying a job might involve more hands-on daily operations.
Starting from Established Grounds
Purchasing an established business comes with notable advantages over starting from scratch. Although starting anew might seem cost-effective, an existing business brings a customer base, revenue streams, employees, equipment, premises, and often, a reputable brand. This saves substantial time and effort needed to build a brand and customer base from scratch.
Expediting Growth Through Acquisition
Business growth can occur organically or through acquisitions. Acquiring an existing business strategically expedites growth. Buying a business in a related industry can create economies of scale, access new customer segments, explore different distribution channels, or offer complementary products/services, accelerating growth significantly.
Strategic Selection of Business Opportunities
Choosing the right business opportunity is a critical initial step. Thoroughly researching the industry, understanding market trends, competition, and relevance is crucial. Assess the target business’s financial health, operations, legal aspects, and existing contracts. Planning an exit strategy from the outset is wise for unforeseen circumstances or future sales.
Assessing Returns and Investment
Assessing Return on Investment (ROI) varies based on individual financial goals and risk tolerance. There’s no one-size-fits-all formula. Consider factors like EBPITDA and industry-standard capitalization rates. Evaluating vendor purchase price, expected cash flow, and bank propensity for a loan aligns your investment with financial objectives.
Thorough Investigation: A Non-Negotiable Step
Thorough due diligence is non-negotiable. Skipping this process can lead to catastrophic outcomes. Scrutinize financial records, contracts, legal matters, and potential issues. Seek professional assistance from legal and financial advisors.
Leveraging Prior Experience
Previous experience is pivotal for successfully managing an acquired business. If entering a new industry, consider partnerships or key hires to bridge knowledge gaps. Retaining vendors post-sale for an extended handover period can be invaluable.
Financial Planning and Early Considerations
Given economic uncertainties, navigating business acquisition financing is complex. Exploring funding options early prevents last-minute deal collapses due to financial issues.
Seeking Professional Assistance
Professional support, though costly, safeguards against costly mistakes. Accountants, solicitors, financial advisors, and Business Brokers offer invaluable expertise, ensuring a smoother transition into successful business ownership through acquisition.
It is the season to… That which is valued is largely determined by personal, collective, and societal values. Share values promote and enable cohesion, integration, tolerance and understanding. Appropriately applied, values facilitate mutual respect. Win, Win. At this time of the year many, regardless of religion or spirituality – if any- take pause to reflect […]
It is the season to…
That which is valued is largely determined by personal, collective, and societal values. Share values promote and enable cohesion, integration, tolerance and understanding. Appropriately applied, values facilitate mutual respect. Win, Win.
At this time of the year many, regardless of religion or spirituality – if any- take pause to reflect and to value what they have (in its countless guises). Business leaders and extended business families should be encouraged to recommit to their core and essential values.
Contemplation could, and arguably should, extend to that which is right and to the rights of all. In both measures these should be underwritten – not in texts, but in beliefs and whom to believe.
In recent months I have read extensively and watched numerous movies about great people, leaders, innovators and creators. I have been floored. Most, if not all, of those individuals were flawed.
Notwithstanding those characteristics and deficiencies, they have been and are widely valued for their passions, visions, beliefs, and rights.
They were not and are not perfect, exceedingly good or, indeed great. However, they did contribute, and we are better because of it.
Therefore, strive to be better. The calendar year 2024 will be more compellingly attractive and fulfilling… for all. It’s up to you.
Have a joyous and endearing Christmas.
Are you buying a business in Perth? Do you have a Perth business for sale? For more information on how you can get the best results, contact Angela at Advance Business Brokers today.
In light of rising interest rates and the challenges associated with securing loans, vendor finance emerges as a strategic option for business divestment. This method, gaining prominence post-COVID-19, involves the current business owner providing financial support directly to the buyer, bypassing traditional mortgage routes. Seeking legal and financial advice is crucial when opting for this […]
In light of rising interest rates and the challenges associated with securing loans, vendor finance emerges as a strategic option for business divestment. This method, gaining prominence post-COVID-19, involves the current business owner providing financial support directly to the buyer, bypassing traditional mortgage routes. Seeking legal and financial advice is crucial when opting for this approach in business acquisitions due to its specific conditions.
Key Benefits of Vendor Finance:
- Wider Buyer Pool: Vendor finance makes business acquisition accessible to individuals or small enterprises with limited access to conventional financing, expanding the potential buyer pool.
- Negotiation Flexibility: Both parties can tailor financing arrangements to meet unique needs, allowing for flexibility in negotiating sale terms.
- Accelerated Transactions: Eliminating the need for third-party financing often speeds up the sale process, streamlining what can be a time-consuming procedure.
- Strengthened Relationships: A shared financial interest in post-acquisition success fosters a closer working relationship between the buyer and seller.
- Potential Price Enhancement: Sellers offering financing may command a higher sale price, making the business more appealing to buyers without immediate access to the full purchase amount.
- Interest Income Generation: Sellers can earn interest income on the financed portion, providing an additional financial benefit.
- Tax Advantages for Sellers: Depending on the business nature, sellers may defer certain capital gains taxes by spreading proceeds over time, subject to verification with relevant authorities and accounting professionals.
- Risk Mitigation: Structured properly, seller financing can include safeguards such as collateral or personal guarantees to mitigate the risk of non-payment.
- Increased Sale Success Rate: Offering financing can set a listing apart in a competitive market, potentially attracting more serious and committed buyers.
- Smooth Transition: The seller’s continued involvement through vendor financing contributes to a smoother ownership transition, benefiting both parties.
Despite these advantages, it’s essential to acknowledge inherent risks, particularly for sellers. Thorough due diligence on the buyer and meticulous structuring of the financing arrangement are crucial. Seeking guidance from legal and financial professionals is highly recommended to ensure a well-structured and mutually beneficial vendor financing agreement.
Are you buying a business in Perth? Do you have a Perth business for sale? For more information on how you can get the best results, contact Angela at Advance Business Brokers today.
Leasing or buying plant, equipment and vehicles When choosing whether to buy or lease plant, equipment or vehicles for your business, you need to consider what your business needs are and your finances. Leasing vs buying When acquiring plant, equipment and vehicles for your business, you have the option to lease or buy. Leasing means […]
Leasing or buying plant, equipment and vehicles
When choosing whether to buy or lease plant, equipment or vehicles for your business, you need to consider what your business needs are and your finances.
Leasing vs buying
When acquiring plant, equipment and vehicles for your business, you have the option to lease or buy.
Leasing means you borrow your plant, equipment or vehicle under a contract. Leasing requires less commitment than buying and makes it simple to upgrade when your lease finishes. However, there may be restrictions in place on what you can do with the plant, equipment and vehicles you lease, depending on your contract.
Buying means you purchase and own the plant, equipment or vehicles outright. If you don’t have sufficient cash to buy it outright, there are finance products available to help you. The financier will keep an interest in your plant, equipment or vehicle until they’re paid back. Buying will mean more commitment, as you won’t be able to simply return it after a lease runs out. It also means you have freedom to make alterations to fit your needs.
Leasing or buying a motor vehicle
A motor vehicle is a major expense. When deciding whether to buy or lease the motor vehicles you need for your business, consider the advantages and disadvantages of each option.
Pros and cons of leasing a vehicle
Pros
- You can easily upgrade your vehicle every two or three years when your lease ends.
- You generally need less money upfront to lease.
- As the vehicles you lease tend to be newer, they might still be covered by their manufacturer’s warranty. Your lease may also cover some of the repair costs if required.
- It may make managing your cash flow easier, as you won’t have your money tied up in a depreciating asset.
Cons
- It can end up costing just as much as getting a car loan when you take into account the monthly repayments, fees and charges.
- You won’t be able to make any alterations to the vehicle.
- You can’t claim the car as your own asset for other borrowing or financial purposes.
- You may not be able to get approval for a lease if you have a bad credit history.
- You may be locked in to making payments for the entire lease period, even if you cease using the car.
Pros and cons of buying a vehicle
Pros
- With a car loan, you can make similar repayments to leasing, but will end up owning the car outright.
- Whether you take out a car loan or buy the vehicle outright, you can claim the car as your own asset.
- You will have the freedom to modify the vehicle to meet your needs as long as the modifications are permitted within law.
Cons
- Buying usually requires a larger upfront cost than leasing.
- The value of your vehicle will depreciate in time, making your investment less valuable.
- If you use the vehicle to secure your finance it can be repossessed if you fail to make repayments.
- Upgrading your vehicle means you will need to go through the process of selling your current vehicle and buying a new one.
Tips to consider
Whether you’re leasing or buying a vehicle, keep these tips in mind:
- Make sure you deal with reputable companies who will help you work out the best option.
- Don’t just take the first deal you’re offered – shopping around can often secure you a much better deal. This includes shopping around for a good rate if you’re taking out a car loan.
- If you decide to lease your vehicle, consider how much you can afford to pay each month.
- Consider other options before you decide to sign anything at the dealership.
- Look into buying a demonstration model vehicle. It can often save you money and may come with a variety of extras.
If you’re still unsure whether it’s better for you to buy or lease, seek advice from your registered tax professional or financial adviser to help you make the best financial decision for your business.
Financing options to help you buy a vehicle
If you want to buy but don’t have enough finance to pay upfront, your business can obtain finance through a bank or other financial institution. Generally the loan will be secured by using the car as a guarantee.
If you purchase your car from a dealership, they often will have financing available as an option. Make sure you do your research before signing up for dealer financing options, as they may include rates and fees that add to the cost. Dealer finance can also include a large payment at the end known as a ‘balloon’ or ‘residual’ payment. This is designed to lower your ongoing repayments, but you will need to plan ahead for how you will fund this lump sum when the finance term ends.
Did you know?
Guaranteed asset protection (GAP) insurance can cover your remaining repayments if you purchase your vehicle under a loan, and the vehicle is written off due to accidental damage or theft before you’ve finished repaying it.
GAP insurance will have limits on how much the policy will pay out, so make sure the limit on your policy is enough to cover the difference between the amount remaining on your loan and the amount insured by your motor vehicle insurance.
You will usually be required to have a comprehensive motor vehicle insurance policy before you are eligible for GAP insurance.
Talk to your insurance broker, financial advisor or registered tax professional for more information.
Goods and services tax (GST) and motor vehicles
If you use a motor vehicle for your business and you’re registered for GST, you might be entitled to claim a credit for the GST you‘ve paid in the price of the vehicle as long as you have a tax invoice.
If your vehicle is used partly for business, you will need to apportion your GST credits based on how much you use the vehicle for business purposes. You can make adjustments later if the proportion of business use changes. If your vehicle is a car, you can only claim GST credits up to the luxury car tax limit.
You have to account for GST when you dispose of a motor vehicle if it is a taxable sale.
Find out more on GST and motor vehicles on the Australian Taxation Office website, including information on rules concerning:
- luxury cars
- leased vehicles
- purchasing second-hand
- trade-ins
- disposal to an associate
- disposal by a charity.
Leasing or buying plant and equipment
Your plant and equipment, such as machinery, tools, appliances, office furniture and office equipment, is vital for you to operate your business. To make sure you are getting the best deal, do your research before you decide whether to buy or lease what you need.
Aside from comparing the overall costs of buying or leasing, make sure you also consider:
- ongoing maintenance
- tax deductions that you may be eligible for
- equipment becoming out-dated or expiring
- the flexibility between leases and loans.
You can have a mix of leased and purchased equipment to best fit your business’s situation and needs.
Pros and cons of leasing your plant and equipment
Pros
- It’s easier and quicker to update to the latest equipment if you lease it than if you buy it.
- You can budget for the equipment over a longer time as you will make smaller regular payments rather than paying a lump sum upfront to buy.
- You may be able to claim your leasing costs as a tax deduction each year if the equipment is solely used for your business.
- You will have more flexibility to try something new, as you don’t have as much commitment as if you buy. This also gives you more choice when it comes to the type of equipment you get.
- If something breaks or has issues due to normal wear and tear, the leasing company is usually in charge of fixing the equipment, saving you maintenance and repair costs.
Cons
- You may end up paying more over time than you would if you had bought it upfront.
- As you don’t own the equipment, you won’t be able to sell the equipment once you are finished. So there is no potential to make any money back.
- You may be forced to pay for and keep a piece of equipment for longer than you need if the lease term is strict.
- Depending on your leasing company, the brands or models you want could potentially be unavailable and you may have to settle for something else.
- As maintenance usually is the responsibility of the leasing company, it may be difficult to get things fixed if you disagree about the terms and conditions of the repairs. There may also be additional problems if your leasing company requires you to use certain repairers, who may not be located near you.
Pros and cons of buying your plant and equipment
Pros
- You have complete control over what you get. You’re not limited by a leasing company’s stock, so if you want a particular model or brand, you have the ability to order exactly that.
- As repairs and maintenance are your responsibility, you can make sure problems get fixed immediately.
- You can sell the equipment when you no longer need it, allowing you to recover some of the cost.
- You may be able to claim depreciation costs as a tax deduction.
- You won’t have to deal with agreements and contracts as you simply pick out what you need and pay for it. This can be good for smaller equipment that is easy to store, as well as equipment that has a long life.
- Since you own the equipment, you can alter it according to your needs.
Cons
- It may be difficult to pay for expensive equipment all at once. If you don’t have the cash flow to purchase what you want, you may be forced to settle for a lower-cost option.
- You will have to pay for repairs and maintenance unless it’s covered by warranty or insurance. Keep an eye on the product warranty to see if it covers repairs and for how long.
- For technology that is outdated quickly, you are stuck with it because you own it and may not be able to recover much value back even if you sell it.
8 tips to consider before you buy
When buying equipment for your business, it’s important that you shop around for the best deal that suits your needs. You should also carefully assess the long-term value of each piece of equipment you’re purchasing.
Before you buy, consider these eight tips:
- Make a list – It’s important to first create a list of your equipment needs and wants before you start purchasing. This list should form part of your business plan and be something you continue to update and revise as your business grows.
Check out our Plan for success module for more on business planning. - Check if there are items you can outsource – As part of your list, identify what you might be able to outsource instead of having to purchase the equipment. For example, you may be able to get by without a copier or printer and pay for external printing services to cut down on your initial capital investment and to avoid cluttering your workspace.
- Design your space – No matter the kind of business you have; a salon, restaurant, office or retail store, it’s important to have accurate measurements of your workspace before you buy your equipment.
Measure the area where you plan to place your equipment to find out the dimensions you’ll need. You could also use a digital space planning tool to first digitally design your space and work out the furniture and fixtures you need. - Work out if you are buying new or used – While you may prefer to buy everything new, when you’re working with a limited budget, you can save money by buying some of your equipment second hand. Consider what equipment you need to buy new and what equipment you may be able to buy used.
- Choose quality over price – Don’t simply look at the price when deciding what to purchase. If a piece of equipment frequently breaks down or doesn’t meet your needs, it could end up costing you more than if you had purchased something more expensive in the first place. While price is important in deciding what to purchase, the greater focus should be on quality and value.
If you find a deal on something you need, take the time to do some research on the model. Looking at consumer reviews and feedback can give you an indication of whether the item is good quality and will meet your needs. - Check if there is a local repairer for your equipment – If your equipment requires repairs, having a local repairer who can fix it can save you time and money. It’s also a good idea to check if spare parts required for your equipment are readily available or can be imported.
- Consider what your most important items are – For the critical items you need to run your business, you might consider spending a little extra for better quality and reliability.
For example, if you’re running a restaurant, it’s important to make sure your critical items such as knives, ranges and pots and pans can produce quality food while withstanding heavy use. - Check your available cash – If you don’t have enough cash to cover the cost of all of your equipment needs, there are financing options such as a small business loan or buying through a hire purchase agreement. If you choose to get finance through these options, consider the interest rate and how long you’ll take to pay back the amount owed. Talk to your financial advisor or tax professional if you are unsure.
Are you buying a business in Perth? Do you have a Perth business for sale? For more information on how you can get the best results, contact Angela at Advance Business Brokers today.
Why a Business Broker Should Be a Vital Member of Your Business Team In the dynamic and ever-changing world of business, it is crucial to have a team of skilled professionals who can provide guidance and expertise throughout various stages of entrepreneurship. Among the key individuals often overlooked is the business broker. In this article, […]
Why a Business Broker Should Be a Vital Member of Your Business Team
In the dynamic and ever-changing world of business, it is crucial to have a team of skilled professionals who can provide guidance and expertise throughout various stages of entrepreneurship. Among the key individuals often overlooked is the business broker. In this article, we delve into the significant role that a business broker plays in facilitating successful transactions, mitigating risks, and maximizing value for business owners. We explore the reasons why engaging a business broker should be a priority when assembling your business team.
Navigating the Complexities of the Market:
The economic landscape is rife with complexities, making it challenging for business owners to navigate the intricate web of market dynamics. A proficient business broker possesses a comprehensive understanding of market trends, industry-specific nuances, and buyer behaviours. This deep knowledge allows them to serve as a valuable guide through the convoluted paths of business transactions.
By leveraging their expertise, business brokers can effectively position your business within the market, ensuring maximum exposure to potential buyers. They conduct thorough market analyses, identifying optimal pricing strategies and attractive selling points. Their ability to identify and target the right audience results in an increased likelihood of finding suitable buyers, thereby expediting the sales process.
Valuation/Appraisal Expertise and Deal Structuring
Determining the accurate value of a business is a complex task that requires a nuanced understanding of financial analysis, market conditions, and industry benchmarks. Business brokers possess the necessary expertise to conduct a thorough valuation, considering both tangible and intangible assets. By employing various valuation methodologies, such as income-based, market-based, and asset-based approaches, they can establish a fair and competitive price for your business.
Furthermore, a skilled business broker excels in deal structuring. They are adept at negotiating terms and conditions that align with your specific goals and expectations. With their extensive experience in managing negotiations, business brokers ensure that potential obstacles are skilfully overcome, allowing for a smooth and satisfactory transaction.
Confidentiality and Discretion
Maintaining confidentiality and discretion throughout the sales process is of paramount importance for business owners. Public knowledge of a pending sale can trigger unrest among employees, suppliers, and customers, potentially disrupting business operations. A business broker acts as a trusted intermediary, safeguarding the privacy of your business affairs.
By expertly qualifying potential buyers through confidentiality agreements, business brokers ensure that only serious and qualified individuals gain access to sensitive information. They skilfully manage the flow of information while protecting the interests of all parties involved, enabling the business owner to focus on running the business with minimal disruption.
Navigating Legal and Regulatory Requirements
Navigating through the intricate web of legal and regulatory requirements is a daunting task for any business owner. Business brokers, with their in-depth knowledge of legal frameworks and regulations, serve as valuable resources. They possess an understanding of the complexities associated with tax implications, contracts, licenses, permits, and compliance issues. Business brokers act as intermediaries between lawyers, accountants, buyers and sellers in facilitating seamless transactions.
A business broker collaborates closely with legal professionals, ensuring that all necessary documentation is not only prepared accurately but also in compliance with relevant laws and regulations. Their expertise in this domain mitigates potential risks and pitfalls, protecting the interests of both the buyer and the seller.
Conclusion
Engaging a business broker is an investment that can yield substantial benefits during the process of buying or selling a business. The unique knowledge, skills, and experience they bring to the table complement the expertise of other members of the business team. The business broker’s ability to navigate the complexities of the market, provide accurate valuations, ensure confidentiality, and navigate legal requirements is invaluable to business owners.
In an increasingly competitive business landscape, it is imperative to have a team of professionals who can strategize, negotiate, and execute transactions with precision and efficiency. By including a business broker in your team, you significantly enhance the chances of a successful business transaction, while minimizing risks and maximizing value. Embrace the role of a business broker as a crucial member of your business team and elevate your prospects for business success.
The final component assumes particular importance when contemplating the involvement of a business broker. It is imperative to select a broker who possesses the adeptness to maneuver through the intricacies of the sale, while also effectively communicating with the legal representatives, accountants, and other professionals engaged in the transaction. This aspect becomes even more crucial when dealing with transactions of substantial value.
Are you buying a business in Perth? Do you have a Perth business for sale? For more information on how you can get the best results, contact Angela at Advance Business Brokers today.
Turning leads into customers is one of the most important parts of your entire growth marketing strategy. If not the most important. Whether you are just beginning to refine your sales strategy, or whether you are examining your process now, these are the 6 absolutely essential fundamentals that we have found, time and time again, […]
Turning leads into customers is one of the most important parts of your entire growth marketing strategy. If not the most important. Whether you are just beginning to refine your sales strategy, or whether you are examining your process now, these are the 6 absolutely essential fundamentals that we have found, time and time again, to improve your conversion rate with very little effort.
- Effectively use a customer relationship system (CRM)
CRM systems, at the very, very core – enable you to capture, manage and measure the conversations you are having with your leads. The physical act of codifying conversations and lead numbers not only supports you to never forget opportunities amongst the chaos of day-to-day business, but it allows others to jump in and help and creates tracking that you can use to measure your ROI.
- Add value for free
A simple, powerful tool to convert leads to customers is to offer some kind of non-monetary value along their journey to buying a product. This could be something as simple as a link to an interesting article, a meal, a PDF etc. Something that will add value to their life right now will engage their need to reciprocate and put you in a great position when you do ask for that sale.
- Don’t be a hero
Every single conversation you have along the journey from leads to customers needs to be about the problems and the desires of the lead in question. They are the hero – you are their biggest fan – and your only purpose is to help them solve their problems and achieve success. If you have to talk about yourself, talk in the context of how your experience helps them.
- Follow up all leads.
This one is a really simple one but you’d be surprised how quickly you will disappear in the minds of your potential customers if you never follow up. Create and test a cadence for follow up to establish some consistent rules for your business, and never forget to do it. Combining point 4 (adding value for free) with this point can often make it a lot easier to get in touch with leads.
- Set and communicate clear goals
Whether you are a business owner doing all the sales work yourself, or you have a team of people converting leads to customers, setting and communicating clear goals for the month (the week or the quarter) is important to understanding how you are performing and where you can work on the process.
- Create consistency
Absolute favourite principle of all time when it comes to marketing and sales is “create consistency”. Consistency is always aimed for but seldom achieved. But it is absolutely essential if you want to set your business up for success. Let me explain – if you are not delivering your leads to the customer process the same way every single time there is no way for you to study the performance of your actions to look for patterns or trends. Similarly there is no way for you to make improvements unless you can guarantee that those improvements will be similarly followed through in the same consistent manner.
Once you have achieved these 6 fundamentals it is likely your sales process would have improved significantly. Beyond this, you can start exploring ways of improving it using modern psychological principles or technology. Making these changes permanent, takes time and effort but never forget the risk of doing nothing at all.
Are you buying a business in Perth? Do you have a Perth business for sale? For more information on how you can get the best results, contact Angela at Advance Business Brokers today.
The greatest difference between the best and the rest is mindset. The way one thinks determines their entire life’s path. The most successful people are those who don’t focus on the negative or obstacles, but instead focus on their vision, their strategy, and their goal. Thinking about your future or about your past will only […]
The greatest difference between the best and the rest is mindset. The way one thinks determines their entire life’s path. The most successful people are those who don’t focus on the negative or obstacles, but instead focus on their vision, their strategy, and their goal. Thinking about your future or about your past will only hinder you from focusing on the present moment.
Every day, no matter how much you may want to give up, there are going to be some things you can’t control. The question is: Will you let that stop you or will you use it as motivation to achieve your goals?
A positive attitude makes all the difference. It can help you keep going when things don’t go your way, stay motivated during tough times, and stay focused on what matters most in your life. When you have a growth mindset, you believe that your skills and abilities can be improved through learning, practice and effort. So how do you start?
Change those thoughts over time! Start by identifying the areas where your thinking makes you uncomfortable, such as thinking: “I’m too old to learn something new;” “I don’t have enough patience for this;” or “I’m not good at anything,” then look for ways to gradually alter these beliefs.
Your mindset is so important. The way you think about your life has a direct impact on how you live it. If you want to be successful, you need to start with the right mindset towards success. Achieving goals isn’t just about hard work or dedication – it’s also about how you see yourself and what you expect from yourself.
Here’s 6 ways to develop the right mindset to set you up for success:
- Accept challenges
You’ve probably heard the old saying, “the journey is more important than the destination.” And it’s true. The secret to success is all about taking on challenges and learning from them, whether they’re big or small. By seeking out challenges, you’ll put yourself on a path to learn more lessons, take more risks, and achieve greater rewards than you would on the safest route through life.
Success is hard work and requires a lot of dedication. The first step to success is to realise that the journey is more important than the destination. If you want to succeed, you must be willing to take on challenges. Accept that there will be setbacks along the way, but don’t let them stop you from pursuing your goals. As long as you’re open-minded and willing to learn from your mistakes, you can turn every challenge into an opportunity for growth.
- Set both long-term and short objectives.
Start by setting both long-term and short-term objectives. From there, break each one down into simple steps that you’ll need to take in order to achieve your goal. This will help you build a well-organised plan for the journey ahead. To help get you there, I’ve identified five steps that will help set your mindset for success. They are: Reflecting on the past, setting both long term and short term objectives, Nurturing your confidence, Making a habit of celebrating progress, Avoiding negative self-talk. Remember, maybe it’s not possible for you to run a marathon right now but maybe being able to walk at least five miles each day would help!
- Explore New Things
It’s easy to get stuck in a rut, so try new things! Just like you should seek out challenges, don’t be afraid to try new things. You rarely know which new interest could develop into a lucrative new profession, for instance. You can allow yourself to grow by exposing yourself to new hobbies, people, experiences, and locations. You might feel like it’s too much work at first but remember that it’s all about the journey! Don’t just sit around when there are so many other options out there.
- Enhance your professional and personal skills
You must constantly learn and develop if you want to be truly successful. Make an effort to acquire practical skills in both your personal and professional life. For some people, this can mean establishing a morning routine and rising earlier. Others might decide to enroll in courses, get tutoring, or read a lot of self-help literature in order to achieve their personal development objectives.
- Learn From Failures
You know that the ability to bounce back is a big part of what makes someone successful. Admit your failures and learn from them, that’s the way to get better at anything.
- Be surrounded by the best
Our mindsets are significantly influenced by our environment. We are social beings who are influenced by people around us, after all. Be in the company of smart people who can share their knowledge with you and inspire you to advance both personally and professionally.
The process of modifying your mindset is slow. Accept that it will take time for you to adopt a positive view on life. You’ll be able to push yourself more frequently and understand the advantages of going above and beyond the minimum level if you have a growth mentality.
Think carefully about the mental adjustments you want to make. Once you’ve figured that out, continue by refining your abilities and saying “yes” to chances that push you to grow and challenge you. Encourage yourself along the way, and don’t forget to regularly take ownership of your progress.
Are you buying a business in Perth? Do you have a Perth business for sale? For more information on how you can get the best results, contact Angela at Advance Business Brokers today.
WA tops national population growth Australia’s population has recorded its fastest growth in 15 years as overseas immigration surged with WA achieving the most rapid growth of any state. WA’s population grew by 2.3 per cent in the year to December 2022 compared to national growth of 1.9 per cent, the highest seen since 2008. […]
WA tops national population growth
Australia’s population has recorded its fastest growth in 15 years as overseas immigration surged with WA achieving the most rapid growth of any state.
WA’s population grew by 2.3 per cent in the year to December 2022 compared to national growth of 1.9 per cent, the highest seen since 2008.
The Bureau of Statistics’ head of demography Beidar Cho said the key driver behind the high national growth was overseas migration.
While net overseas migration added 387,000 people to Australia’s population last year, natural increase (births minus deaths) added an unusually low 109,800 people.
This was down 23 per cent on the prior year, with the ABS saying COVID-19 mortality was the main contributor to an increased number of deaths and lower natural increase in 2022.
WA’s annual growth rate of 2.3 per cent equated to an extra 62,700 people, lifting the state’s population to 2.82 million – which is 10.7 per cent of the national total.
This growth put WA just ahead of Queensland (2.2 per cent) and Victoria (2.1 per cent) while Tasmania was the laggard with annual growth of just 0.5 per cent.
Queensland is traditionally Australia’s fastest growing state, courtesy of high interstate migration from the southern states.
WA’s high growth reflected contributions from three sources – net overseas migration added 37,910 people, natural increase added 14,164 people and net interstate migration added 10,593.
Notably, WA was one of only two states (with Queensland being the other) to achieve significant growth via net interstate migration.
As well as leading on annual growth, WA led on quarterly growth.
The state’s population was up 0.64 per cent in the December quarter, or 17,900 people, compared to national growth of 0.5 per cent.
WA’s quarterly growth came from net overseas migration (up 11,727), natural increase (3,074) and net interstate migration (3,113).
The data reveals some major shifts from long-term patterns.
The quarterly overseas migration was the highest since 2013 and followed negative growth during the COVID years, of 2020 and 2021.
Net interstate migration to WA has been consistently positive for the past three years and followed seven years of net population loss.
Are you buying a business in Perth? Do you have a Perth business for sale? For more information on how you can get the best results, contact Angela at Advance Business Brokers today.
Why buy a business that already exists instead of starting one from scratch? What you are buying is a proven track record. An existing business has infrastructure, financial history, brand power, assets, staff and more. Some estimates say that one in three new small businesses in Australia fail in their first year of operation and […]
Why buy a business that already exists instead of starting one from scratch?
What you are buying is a proven track record. An existing business has infrastructure, financial history, brand power, assets, staff and more. Some estimates say that one in three new small businesses in Australia fail in their first year of operation and two out of four by the end of the second year. By understanding the history of an established business, you are mediating the risk of starting from scratch.
The business sounds great, so… why are they selling?
The reasons for sale differ from business to business but don’t be afraid to ask us why the seller has decided that now is the right time to sell. Some owners wish to retire in the near future, others are relocating out of Perth. Some sellers simply had an end goal to sell after they had built a successful business – allowing them to move on to another venture.
We operate with full transparency and in order to sell a business, we require a seller to provide full financial information which is available to potential buyers after they have been vetted and signed a NDA.
Is buying a franchise a good idea?
There has been a boom in franchising in recent years – you can find a franchise for sale in almost every industry. Unlike setting up your own business, when you buy a franchise the franchisor owns the brand, intellectual property and associated operating systems. You will benefit from a well-known brand, typically with a long history and a good reputation. The business model is established, so you will get access to refined procedures, operating manuals, stock control systems, financial systems and more. Franchises also tend to have good initial training, ongoing support and assist with marketing/advertising. Banks will usually lend on a Franchise where they probably won’t on a non-franchise business in the same industry e.g. food
When can I see the financials?
The majority of sales are confidential sales and as such potential buyers are asked to sign a NDA (non-disclosure agreement). Once signed, you can review the business summary with financials.
What happens if my offer is accepted?
If an offer is accepted a deposit is payable and a settlement date is set. Due diligence is completed subject to the buyer’s satisfaction. Depending on the business this could be very simple or more complex for larger businesses.
What is due diligence and who is responsible for it?
The buyer can ask any questions they would like to understand the full business picture and get the confidence they need to continue the business. For example; can the claimed revenue and profit be verified? You may also wish to see legal agreements such as licenses, permits, insurance policies, lease agreements, employee details, supplier contracts and more. The seller is responsible for collating information that the buyer requires. A solicitor and accountant can be engaged at this point for any professional advice. How long the due diligence process takes really depends on the business but you should allow roughly 15-30 days minimum.
What other costs need to be considered apart from the purchase price?
Stamp Duty, Settlement agent, cash flow, bank guarantee/bond if commercial lease. Also any fees applicable to the industry where transfers are required and when purchasing a Franchise the up-front fees to the Franchisor.
Are you buying a business in Perth? Do you have a Perth business for sale? For more information on how you can get the best results, contact Angela at Advance Business Brokers today.
Selling a business can be a complex and emotional process, with a lot at stake for both the seller and the buyer. Unfortunately, many business owners make common mistakes when selling their business that can significantly impact the final outcome. This article will discuss some of the most common mistakes people make when selling their […]
Selling a business can be a complex and emotional process, with a lot at stake for both the seller and the buyer. Unfortunately, many business owners make common mistakes when selling their business that can significantly impact the final outcome. This article will discuss some of the most common mistakes people make when selling their business and provide tips on how to avoid them.
- Failing to Plan Ahead
One of the biggest mistakes business owners make when selling their business is failing to plan ahead. Selling a business generally isn’t something that can be done overnight – it requires a lot of preparation and thought. Many business owners don’t start planning for a sale until they are already in a financial crisis or experiencing burnout.
To avoid this mistake, business owners should start planning for a sale one or even two years in advance. This will give them enough time to prepare the business for sale and address any issues that may reduce the value of the business. Planning ahead will also help business owners avoid feeling rushed and overwhelmed during the sale process.
- Overvaluing the Business
Another common mistake that business owners make when selling their business is overvaluing it. This can happen for many reasons, including emotional attachment to the business, a lack of understanding of the market, or an unrealistic view of the business’s potential. However, overvaluing a business will often lead to a lack of interest from potential buyers or a lower sale price.
To avoid this mistake, business owners should have a realistic understanding of a fair market price for their business. This can be done by conducting a business appraisal that takes into account factors such as financial performance, market trends, and comparable sales. Having a clear understanding of this fair market price will help business owners set a realistic asking price and negotiate with potential buyers.
- Neglecting Financial Records
Neglecting financial records is another common mistake that business owners make when selling their business. Well presented accounts for two years or more, is valuable in the saleability of a business. Profit and Loss with a strong net profit figure and clearly identifiable add backs. E.g. interest, depreciation, Associated Directors/owners wages/superannuation.
Buyers and their accountants will need to review financial records to evaluate the business’s financial health and potential for future growth. If financial records are incomplete or inaccurate, it can reduce the value of the business or even scare away potential buyers.
To avoid this mistake, business owners should maintain accurate financial records and be prepared to provide them to potential buyers. This includes income statements, balance sheets, cash flow statements, tax returns, and any other relevant financial information. Having accurate financial records can also help business owners identify areas where they can improve the business’s financial performance and increase its value.
- Failing to Prepare the Business for Sale
Buyers will want to see that the business is well-maintained, organised, and ready to be transferred to new ownership.
This may include organising files and documents, completing any outstanding repairs or renovations, and ensuring that all equipment and assets are in good working order.
- Not Engaging a Professional Business Broker
Finally, many business owners make the mistake of not engaging a business broker to help them sell their business. Business brokers have the experience and expertise to help business owners navigate the complex process of selling a business. They can also help business owners identify and qualify potential buyers, negotiate the sale price, and ensure that all legal, financial and regulatory requirements are met.
It is important that the broker chosen has a thorough understanding of the business sales market in the industry the business is located in. This will also mean they should have a pool of potential buyers in their database.
With less than 50% of businesses listed in Australia selling, and an average time on market of over 6 months it is critical that business owners take measures to avoid these mistakes to give the best chance of a successful business sale.
Are you buying a business in Perth? Do you have a Perth business for sale? For more information on how you can get the best results, contact Angela at Advance Business Brokers today.
The five entities that a buyer may choose to set up to buy a business in are: A company A company and trust A trust on its own A partnership Sole trader In my experience, the majority of buyers buy their business in a company entity. It is also becoming common for accountants to set […]
The five entities that a buyer may choose to set up to buy a business in are:
- A company
- A company and trust
- A trust on its own
- A partnership
- Sole trader
In my experience, the majority of buyers buy their business in a company entity. It is also becoming common for accountants to set up a combination of company and trust.
As always, what is best for your needs, is to be discussed with your accountant.
In Western Australia — where stamp duty is payable on the purchase price businesses — once the entity has been entered on the contract of sale, not so much as a letter in that entity name can be changed without the possibility of the State Revenue office of WA charging double stamp duty.
Stamp duty is charged on the sale price of the business in a couple of States. A buyer’s settlement agent or lawyer can advise the amount applicable, or you can go online via a calculator from the State Revenue site. This will calculate the amount of the stamp duty that will be payable on the purchase price.
A company name is registered via ASIC.
This can be done via your accountant, or there are companies that can also arrange this quickly and easily for a set fee. See under Resources on ABB site.
Generally, your accountant will handle this for you. If it is going to be a company as Trustee for a Trust, then the company and trust must go on the contract of sale to buy the business. Your accountant should provide and confirm the exact wording at time of contract.
Registering Your Company Name
A company name is registered via ASIC (Australian Securities & Investments Commission).
An ABN (Australian Business Number) is not required on a contract of sale; however, if a company is buying a business, the ACN (Australia Company Number) will be required if the ABN is not yet available.
Tax Implications
There are various tax advantages which your accountant needs to explain, depending on the type of entity that you choose to buy a business under.
It is advisable to make sure that you get it correct from the start. It can be a very time-consuming and costly process to try and change three months or three years later.
Some people prefer to commence as a sole trader and look into changing to a company at a later date, particularly if the business is a small or trade business.
On occasion, a buyer may consider buying the company of the seller who owns the business, instead of the business. This may be done if there is a real need or reason to the advantage of the buyer, i.e. the company owns a license that is difficult to obtain or time-consuming to obtain.
Remember — when a buyer purchases a company, they are also buying the history of that company. A buyer purchasing the shares in a company needs to be very careful that they are legally exempt from responsibilities, liabilities, and debts both historically or currently of the company relating to both past directors and the Company entity. This is the main reason 99% of small to medium business sales are business only purchases, not Company share transfers.
By : Angela Williams
Are you buying a business in Perth? Do you have a Perth business for sale? For more information on how you can get the best results, contact Angela at Advance Business Brokers today.
Perth is Buzzing! Perth, the sunny and beautiful capital city of Western Australia is commonly known as one of Australia’s greatest innovators of science and technology, largely thanks to Western Australia’s booming mining and energy production. Perth is bustling with entrepreneurs and innovation, both SME and large enterprises. Perth can truly be defined as a […]
Perth is Buzzing!
Perth, the sunny and beautiful capital city of Western Australia is commonly known as one of Australia’s greatest innovators of science and technology, largely thanks to Western Australia’s booming mining and energy production. Perth is bustling with entrepreneurs and innovation, both SME and large enterprises.
Perth can truly be defined as a global city, largely due to its proximity to Asia, making it a bustling hub of agriculture, tourism and hospitality, food and education. With a population of over 2.1 million (2020), if you are currently looking to buy a business in Perth, there are countless opportunities available to you.
What Types of Businesses for Sale are Popular in Perth?
Perth, being a capital city, has a large array of businesses available for sale. As always cafes, restaurants and bars are extremely popular, as are tourism-style businesses, building and construction and manufacturing businesses. Childcare is flourishing due to a large amount of the workforce being involved in FIFO/mining. Western Australia is well known for its mining industry, so Perth is also a good choice for those looking for civil construction businesses as well.
So You’ve Made the Decision to Buy a Business in Perth?
At the moment, the City of Perth is offering millions of dollars in initiatives for businesses looking to innovate their practices. For example, the Local Activation Grant offers businesses up to $15,000 in support for events and businesses that participate in local events that activate the community in activity. This is a great chance to market your business and engage with the local community!
When buying any business it is strongly recommended that you conduct your due diligence. Ensure you have evaluated any risks, as well as any opportunities to further extend and expand the business. You will want to assess the financials, including operational costs and assets.
Advance Business Brokers can assist with many of these enquiries and provide links to professionals in all areas of buying a business.
Are you buying a business in Perth? Do you have a Perth business for sale? For more information on how you can get the best results, contact Angela at Advance Business Brokers today.
Buying a Business as an Investment Buying an existing business offers a number of advantages from an operational standpoint. You receive established infrastructure, staff, proven marketing and sales strategies, and an ongoing cash flow. But is the prospect still an attractive one when you consider your purchase as an investment? Is buying a business a […]
Buying a Business as an Investment
Buying an existing business offers a number of advantages from an operational standpoint. You receive established infrastructure, staff, proven marketing and sales strategies, and an ongoing cash flow. But is the prospect still an attractive one when you consider your purchase as an investment?
Is buying a business a sound investment?
The soundness of your investment depends on which business you buy, for how much and how effectively you conduct your due diligence.
It may also sound like a given, but ensuring your expertise and experience align with your purchase can be the difference between seeing a healthy ROI, and watching your investment spiral down the drain.
Purchasing a business that’s already done the hard work to get off the ground brings with it less risk. You’ve got a concept that’s proven to be successful and you’ve safely passed the initial one year window where 20 percent of new businesses fall over.
But the hard work isn’t over. Some businesses may require a hefty injection of capital to upgrade machinery, bolster their working capital cycle, systems or software. Others may need a structural rejig that can take months to successfully execute.
The advantages of buying an existing business
Purchasing a competitor’s business is a highly effective way to increase your market share. You don’t need me to point out the benefits this presents, from the increased customer base, trained staff to the increase in value proposition. You’re simultaneously knocking out the competition while acquiring an established pool of customers. From there you can foster the growth of these existing connections, rather than attempting to establish new ones.
Similarly, you can buy a business that offers a complimentary service or product to the business you already own. For instance, let’s say you own a mortgage brokerage. A strategic business acquisition may be the purchase of a Property Buyers Agency. The alignment of both businesses would allow you to deliver a holistic service offering to property purchasing.
Easier to secure finance
Lenders look more favourably on the purchase of an established business over funding a new one to get off the ground. It makes sense from the banks perspective – there’s a proven track record of revenue and execution, minimising the risk of the unknown. As a buyer, this can go a long way to helping you secure finance to make your purchase.
There can be many advantages in buying an existing business rather than the time and considerable outlaw involved in starting from scratch.
Above are only a couple of the main advantages.
Are you buying a business in Perth? Do you have a Perth business for sale? For more information on how you can get the best results, contact Angela at Advance Business Brokers today.
It’s that time of year to muse on what you hope to accomplish over the next 12 months. The best advice when making resolutions is to set goals that are “SMART” – specific, measurable, achievable, relevant (to you) and time-bound. Once you’ve set your goals, what can help you achieve them? Based on our research, […]
It’s that time of year to muse on what you hope to accomplish over the next 12 months.
The best advice when making resolutions is to set goals that are “SMART” – specific, measurable, achievable, relevant (to you) and time-bound.
Once you’ve set your goals, what can help you achieve them? Based on our research, we’ve distilled 12 goal-enablers. These cover four broad principles you can use to keep yourself on track.
You don’t have to do all 12. Just focusing on the most relevant three to five can make a big difference.
Set relevant supporting goals
An outcome goal isn’t enough. Set clear supporting goals that equip you to attain that outcome.
- Behavioural goals stipulate the actions required to reach your outcome goal. If you want to change jobs, for example, behavioural goals could include working out what job you want, networking with relevant people, getting advice on your resume, and submitting at least three job applications each month.
- Learning goals are the knowledge and skills you need to achieve your goal. Ways to identify your highest-priority learning goals, and how to attain them, include seeking advice from others who have mastered the skill you aim to learn, working with a coach, or watching instructional videos.
- Sub-goals are small milestones on the way to your goal. They indicate your rate of progress towards attaining your ultimate goal. They can also provide a motivating sense of momentum.
Sub-goals are stepping stones on your way to achieving your end goal.
Build your internal motivation
- Connect goals to passions. If you like feeling like you’re on a mission, try framing your goals as reflecting a novice, apprentice or master level of development.
- Engage in mental contrasting. This involves toggling between focusing on a vivid written or visual depiction of your present state with your desired future state.
- Build self-efficacy. Your self-efficacy is your belief in your capacity to succeed at a particular task. Set modest initial goals you are likely to achieve (see point 3). Ensure you have adequate resources and support (see point 8). If you find yourself thinking defeatist thoughts – “I don’t think I can do this” or “I’m too old for this” – then stop and think more encouraging thoughts instead. In words to Tony Robbins “If you think you can’t your won’t – If you think you can you Will”.
- Implementation intentions stipulate when to pursue behavioural goals. These intentions increase the odds of attaining any goal. Two types are:
- When-then intentions (for example: “When I am tempted to eat a snack, then I will drink a glass of water and wait 10 minutes to see if I still feel I need that snack”)
- After-then intentions (for example: “After I eat lunch each day, then I’ll walk for at least 15 minutes somewhere green with my phone off”).
- Ensure adequate resources. These could include adequate materials, technology, support of others, time and energy (enabled by an effective recovery routine).
- Seek useful feedback to help gauge your progress and correct errors. Try asking the following questions: What happened? What went right? What went not so well and why? What can be learned? What are one or two things I can now do differently?
Anticipate and manage obstacles
As boxer Mike Tyson once said: “Everybody has a plan until they get punched in the mouth.” You need to be realistic about competing priorities and distractions bound to get in the way.
- Identify and plan to manage points of choice, where other temptations may divert you from pursuing your goal. Points of choice may arise from within yourself (such as feeling tired, distracted or uninspired) or your surroundings (such as work pressures or family responsibilities). Plan ahead as to what you will do when these points of choice arise.
- Remind yourself it’s OK to make mistakes.
- Keep building your commitment. Lose that and all bets are off! All the above steps will help. It can also help to share your goals and progress with others, but choose carefully. Share your journey with people you respect, whose opinion of you matters, and whom you know won’t be a wet blanket.
RESOURCES
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OPTEON
Duncan Cameron | FAPI CPV, BSc, BBus (Val & Land Econ)
Director - Specialised & Advisory
D. 08 9488 4802
M. 0413 449 477
E. duncan.cameron@opteonsolutions.com
A. Level 2, 1 Hood Street, Subiaco, WA 6008 Australia
W. OPTEONSOLUTIONS.COM
Doug Shorten | AAPI CPV, BBS (VPM)
Senior Valuer
D. (08) 9488 4866
M. 0418 991 077
E. doug.shorten@opteonsolutions.com
MMJ Real Estate (WA) Pty Ltd
Chris Geers - Managing Director
Address: Level 6, 12 St Georges Terrace, Perth WA 6000
Phone: 08 9325 5880
Fax: 08 9325 5881
Mobile: 0410 493 057
Email: chris.geers@mmj.com.au
Web: www.mmj.com.au
CBRE | Valuation & Advisory Services
Rick Gismondi AAPI CPV | Valuer
Address: Level 25 | QV1 250 St Georges Terrace | Perth WA 6000
Phone: 08 9320 0058
Fax : 08 9481 1296
Mobile: 0416 194 227
Email: rick.gismondi@cbre.com.au
Website: www.cbre.com.au
Colliers
Richard Eddy | Director | Valuation & Advisory Services
Address: Level 26, 197 St Georges Terrace | Perth, WA 6000 | Australia
Phone: 08 9261 6630
Fax : 08 9261 6677
Mobile: 0478 876 843
Email: Richard.Eddy@colliers.com
Website: http://www.colliers.com.au/
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Some management companies that may be able to help you and will be able to provide a quote to manage your centre depending on the level of management required.
While we don’t recommend any particular management company, the following links from a Google search may be of assistance:
Elite Childcare Management
www.elitechildcaremanagement.com.au
Early Learning Management: Child Care Management System
Leading Edge: Childcare – Management, Consultant & Training
www.leadingedgechildcare.com.au
Giggletree – Childcare Management, Childcare Consulting, Childcare
Advance Childcare Management
Brisbane Childcare Consultants | Childcare Management Group
www.limelightmanagementgroup.com.au
Our Services – Foundation Early Learning
www.foundationearlylearning.edu.au
Impressions Childcare Management
First Years Consultancy
Roz Brabazon - 0437 894 432
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Childcare Resources
https://www.childcarecentredesktop.com.au/
Management Service for Enrollments/CCS for Childcare owners
Management Service for Enrollments-CCS for Childcare owners
Australian Children Education & Care Quality Authority (ACECQA)
http://www.acecqa.gov.au/regulatory-authorities1/contact-your-regulatory-authority
WA Department of Community Services Childcare
https://www.acecqa.gov.au/sites/default/files/2017-12/PA09_TransferofProviderDeclaration.pdf
Tel: 62103333
Education and Care Regulatory Unit (ECRU)
https://www.dlgc.wa.gov.au/LegislationCompliance/Pages/Education-and-Care.aspx
Provider Application (PA01) Including Police Clearance Provider
https://www.acecqa.gov.au/sites/default/files/2018-07/PA01_ApplicationForProviderApproval.pdf
Approval Declaration of Fitness and Property (PA02)
https://www.acecqa.gov.au/sites/default/files/2018-09/PA02_DeclarationOfFitnessAndPropriety.pdf
Childcare Subsidies for Childcare Business Owners
https://www.education.gov.au/child-care-subsidy-system
Designer specialising in Childcare property design for new or refurbishment of centres
SPH architecture + interiors
143 Cambridge St, West Leederville
08 9284 1888
ECT
Lynda Lewis <lynda@oncallect.com.au> - Provides assistance with ECT for childcare centres
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Williams and Hughes
Greg Mohen - Consultant
Ground Floor, 25 Richardson Street WEST PERTH WA 6005
Telephone: +61 8 9481 2040
Facsimile: +61 8 9481 2041
Mobile 0431 992 841
Email: Greg.Mohen@whlaw.com.au
WEST END SETTLEMENTS
Erica Settineri l Licensed Conveyancer/Director
Shop 6, 7 Scarborough Beach Road
North Perth, WA 6006
Work Tel.: 08 9443 3044 Fax: 08 9201 1392
E-mail: erica@westendsettlements.com.au
Johnson Hicks Conveyancing
Matthew Hicks
Senior Business and Property Conveyancer
Director - Johnson Hicks Conveyancing
Suite 7/88 Broadway, Nedlands WA 6009
PO Box 3182 Broadway Nedlands WA 6009
PH: 9386 8251 FAX: 9386 2826
E: matthew@johnsonhicks.com.au
MAS Ronson (part of Lyons Babington)
Yat Yau
Ph: 08 9481 1173 Fax: 08 9485 0374
Street Address: Level 2, 33 Richardson Street, West Perth, 6005
All correspondence to: PO Box 1961, West Perth, 6872
Email Address: yat@masronson.com.au
Capital Legal Pty Ltd
Elisia Giardina l Solicitor
Office: Level 2, 43 Kishorn Road, Applecross WA 6153
Postal: PO Box 1062, Canning Bridge WA 6153
Work Tel.: (08) 9364 5444
Fax:(08) 9364 8444
E-mail: elisia@capital-legal.com.au
Website: www.capital-legal.com.au
WA Property Lawyers
Stephanie Le Roux
Personal Assistant to
Brian McCormack, Corinne Adams, Eden Coad and Sarah Wright
Tel: (08) 9380 3600
Address: 96 Outram St, West Perth WA 6005
Email: info@wapropertylawyers.com.au
Greenstone Legal
Jade Lattimore
Director
Tel.: 0438 303 763
Web: greenstonelegal.com.au
Saint James Conveyancing
Marisa Durante-Maynard / Jill Nelson-Coulon
Tel.: (08) 9240 7525
E-mail: marisa@conveyancerperth.com.au / Jill@conveyancerperth.com.au
FS Legal Perth
Chandhi Hettiarachchi
Principal/ Solicitor
Five Star Legal. Unit 5/365 High Road, Parkwood WA 6147
Tel.: 08 6146 6282
E-mail: chandhi@fslegalperth.com.au
www.fslegalperth.com.au
Composite Law
Robert Ross - Director
Suite 4, 28 Outram Street, West Perth WA 6005
T: (08) 6162 2399
F: (08) 6162 2335
E: robert.ross@compositelaw.com.au
P: PO Box 7920, Cloisters Sq, WA 6850
www.compositelaw.com.au
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ANZ
Brad Hewett
Relationship Manager • Commercial Banking – Health
Email: Bradley.Hewett@anz.com
Phone: 0468 578 241
Address: Level 5, 240 St Georges Terrace, Perth WA 6000
Towner Finance
Michelle Towner | Director
Winthrop & Mandurah
E: michelle@townerfinance.com.au
Ph: 08 9332 2554 | Mob: 0418 99 88 44
Bendigo Bank
Shaun Rigby - Business Banking Manager
Level 3, 225 St Georges Terrace, Perth WA 6000
E: shaun.Rigby@bendigoadelaide.com.au
m: 0427 355 458
Small Business Finance Lender
Liberty
Brett Foster
Tel.: 0438 775 570
E-mail: bfoster@libertynetwork.com.au
Able Finance
Jon Elliott
Tel.: 9328 3600
E-mail: jon@ablefinance.com.au
Southshore Finance
Mr. Steve Greenwood or Michael Coombes
Tel.: (08) 9474 1999
E-mail: steve@southshorefinance.com.au
Crediflex Finance
Adam Barbuzza
Tel.: 0439990946
E-mail: adambarbuzza@crediflex.com
Works with traditional and non-traditional lenders such as Liberty finance.
Chantal Sforcina - Senior Aussie Broker
Aussie Home Loans
Level 10, 28 Freshwater Place Southbank, VIC 3006
M 0410 074 966
P 03 9679 9333
E-mail: Chantal.Sforcina2@aussie.com.au
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National Australia Bank
Diana Goh l Small Business Banker
Mobile: 0452 673 120
Email: diana.goh@nab.com.au
Level 12, 100 St Georges Terrace, Perth, WA,6000
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Rayford Migration Services
Website: http://www.rayfordmigration.com
Pauline Yong - Email:
Email Address: enquiry@rayfordmigration.com
Rayford Migration Services : MALAYSIA OFFICE
Contact
Rayford Migration Services : SINGAPORE OFFICE
Contact
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Phoenix Insurance Brokers Pty Ltd / Johnson Insurance Brokers Pty Ltd AR 1283293 and Murray Johnson AR
Murray Johnson | Dip of Financial Services (Insurance Broking) ANZIIF (Snr Assoc) CIP |
Mobile: 0418 563 599
Phone: (08) 9754 2286
Website: www.phoenixins.com.au
Address: 5A Fairbairn Road Busselton WA 6280
PO Box 1448 Busselton WA 6280
AFSL: 229847
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Marpik Accountants Pty Ltd
Mat Honner
E-mail: mat@marpik.com.au
Tel. (08) 9447 1003
Kim Ovard - Tax Accountants
Tax Agent 25333735
Unit 3A ,23 Edinburgh Avenue, Kinross,6028
E-mail: kim@kimovardtaxreturns.com.au
Tel. (08) 9305 5515
Foreign resident capital gains withholding clearance certificate application form (NAT 74883).
To access the form, visit ato.gov.au/FRCGW.
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Associated Stocktaking
Stephen Moore
Unit 12-64 First Ave Mount Lawley WA 6050
Website: https://www.associatedstocktaking.com.au/
Tel.: 1300 559 004
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Building Inspector
Bestwest Building
Charlie Lewer l General Manager
Does Building Inspections for Childcare & Property
P: 08 9444 9562
A: Unit 6/59 Walters Drive, Osborne Park 6017
W: www.bestwestbuilding.com.au
E: office@bestwestbuilding.com.au
ABN: 50 143 759 611
Stamp Duty-WA
Department of State Revenue http://www.finance.wa.gov.au/cms/content.aspx?id=2055
Small Business Development Corporation
http://www.smallbusiness.wa.gov.au/
Lots of useful information and assistance for small business
Chamber of Commerce WA
http://www.cciwa.com/
Membership required but great resources for small businesses
Police and CV Checks
www.CVcheck.com
The Western Australia Police for National Police Certificate
https://www.police.wa.gov.au/Police%20Direct/National%20Police%20Certificates
Working with Children Check
https://workingwithchildren.wa.gov.au/
Withholding Tax for Foreign Investors Property Sales over $750,000
https://www.ato.gov.au/FRWT_Certificate.aspx
Above is the link to complete the form for the ATO in regard to the Clearance certificate application for Australian residents. As there is some confusion over whether this form needs to be completed for business sales at this time, all Sellers to please complete in case required for all business & property sales over $750,000 at time of signing contract.
(click for information)
Panther Corp
Kristy Hubbard
Tel.: 9388 0551
E-mail: kristy@panthercorp.com.au
Easy Companies
Easycompanies.com.au
(click for information)
Nick Hancock
M: 0450 144 139
E-mail: nick@nickhancock.com.au
www.nickhancock.com.au
Taral - Business Plans
Tax Accountant
UNIVERSAL TAXATION SERVICES
Tel : 08 9258 8137
Mob : 0433 930 744
www.universaltaxation.com.au
Business Plan Template
(click for information)
Centauri Bookkeeping
Lidia Lovric Hrbut - Registered BAS Agent
M: 0408 192 895
T: 9571 8444
E: centauri@iinet.net.au
(click for information)
Composite Law
Robert Ross - Director
Suite 4, 28 Outram Street, West Perth WA 6005
T: (08) 6162 2399
F: (08) 6162 2335
E: robert.ross@compositelaw.com.au
P: PO Box 7920, Cloisters Sq, WA 6850
www.compositelaw.com.au
Williams & Hughes
Greg Mohen - Commercial Counsel
Ground Floor, 25 Richardson Street, West Perth WA 6005, Australia
Telephone: +61 8 9481 2040
Facsimile: +61 8 9481 2041
Mobile: 0431 992 8411
Email: Greg.Mohen@whlaw.com.au
(click for information)
PWD
Oliver Wood
Managing Director
D. 08 6146 0195
M. 0406 934 820
E. oliver@pwd.com.au
A. 3 Loftus Street, West Leederville, 6007
W. pwd.com.au
(click for information)
Specialist in Childcare centre designs plans
RECHITECTS
Leo Chong | Architect Reg No.2465
Director
D. 08 9277 3393
M. 0433490048
E. leo@rechitects.biz
A. Level1, 6/6 Leigh Street, Burswood 6100 WA