Why you need an expert Business Adviser for your Mid-Market Business

“Most problems aren’t Rocket Science, but when they are rocket science, you should ask a rocket scientist“

– Scott Kelly – retired astronaut.

Australian business owners have a very dangerous inbuilt (probably cultural) habit: we believe we can DIY problems. We often hear of business owners managing their social media and AdWords campaigns, looking after their accounting, bookkeeping and tax and I’ve even seen one business owner download a template for a sale of a business contract and edit the document to use himself – DIY at it’s finest.

This might be fine for small start-ups (though not really) who need to bootstrap and preserve cash, but it is not at all good for a mid-market business (mid-market businesses typically turnover between $5 mil and $200 mil). Importantly, this can affect sales valuation and due diligence: buyers of mid-market businesses are looking for a professionally run and managed operation with systems, policy and procedures documents, business continuity planning (particularly relevant right now during the COVID-19 pandemic), compliance and risk management systems and the appropriate legal, taxation and HR compliance documents. All of these things will be checked during the due diligence process.

“I was never the smartest guy in the room. From the first person I hired, I was never the smartest guy in the room. And that’s a big deal. And if you’re going to be a leader – if you’re a leader and you’re the smartest guy in the world – in the room, you’ve got real problems.” 

– Jack Welch

Surrounding yourself with good advisers should not be costly or expensive. If that’s the case then you have the wrong advisers. A good adviser should make you, save you or earn you 3- 4 times what they cost (and some much more). You would never do your root canal or operate on your tonsils … so why would DIY your business?

One of the biggest strengths of our business is that we surround ourselves and our clients with highly talented, experienced and well-qualified advisers. So if you need help finding the right advisers reach out and let me know. Happy to arrange an introduction!

Craig West

Managing Director | Succession Plus

Craig West is a strategic accountant who has over 20 years’ experience advising business owners. His background as a CPA in public practice, provided invaluable experience in the key issues of concern to business owners. Following 6 years of study to gain two masters degrees, Craig focused on Capital Gains Tax (CGT) for business sales advising on strategic management of tax issues. This experience formed a very strong view that business owners (and often their advisers) were unprepared and unaware of the steps required to prepare a business for exit.

Craig now acts as a strategic mentor for mid-market business owners and has written four critically acclaimed books on employee incentives, succession planning, asset protection and exit strategies. Craig has conducted numerous seminars and keynote presentations throughout Australia & internationally, including adviser education programs for the Institute of Chartered Accountants and CPA Australia.