Family-owned businesses play a fundamental role in the global economy – but there are challenges to ensuring that their success continues from generation to generation. The list of the top 750 family businesses globally released by family capital in 2019 has many familiar names with a long history of family ownership: US company Walmart, founded
People in small business today, especially start-up business owners, often struggle to balance work and family pressures. A typical scenario involves starting work early in the day, finishing late, spending dinner with family and then working late into the night to complete accounts, pay bills, quote on jobs etc. Is this you? One of the
Is your will your farm succession plan? Unfortunately for many privately-owned farming enterprises, the preparation of their wills is their only attempt to address family succession. According to recent research, only 50% of farming enterprises have started to discuss succession, let alone prepared an effective succession plan. We all know succession is a complex and
We previously introduced the concept of the ‘Business Value Gap’ to help in assessing the difference between the value of a business today and what it needs to be at the time of sale. Now UHY Haines Norton’s Business Valuations specialist Kerry Tizard presents a case study showing the Business Value Gap in action. I
Tim Livingstone explains why every business should have a succession plan in place and what business owners should consider when developing one. Although studies show that businesses with succession plans experience higher growth and have a higher survival rate than those without, over half of New Zealand SMEs don’t have any succession plan in place.
Here at UHY Haines Norton we are often asked about wider personal financial planning issues as our clients start to think about their transition into retirement. Authorised Financial Adviser (AFA) Simon Stredder from Hassan & Associates will address some of these issues along with financial issues affecting business owners and others who are thinking about
While small- to medium-sized businesses make up a large and thriving part of New Zealand’s economy, statistics indicate that the majority of SMEs are missing a vital part of business strategy: an exit plan. Research such as that conducted by the MYOB Business Monitor finds that less than 40% of small- to medium-sized businesses have
It is not unusual, after spending many years operating at the “coal face” building and developing a successful business, for the owner to feel as though they have had enough of the day-to-day operating grind and that they have run out of energy and ideas to take the business to the next level. Equally though,