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Business Succession - Talent Pool Available Now

The numerous lockdowns have been frustrating many business owners contemplating succession, particularly in Auckland. Some have delayed plans or been in a holding pattern. Others now however are taking the opportunity to start moving. The talent pool of people with capital is here now and they also are ready to move.

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Press Release - Business Succession – Is Now the Time to Move?

Press Release 13 September 2021 Auckland, New Zealand After a turbulent 18 months for business owners, business owner transition company Platform 1 have found owners facing succession are starting now to think about moving forward. We know now that Covid will have some impact on lives and businesses for some time to come, so will there be an acceleration of business owners exiting ?

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What is Business Owner Transition?

Business Owner Transition is a method of exiting your private business, over time, to an external talented person with capital. This person works full-time in your business and buys you out over time to an agreed plan.

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The Future Of Engaging Talent For Business Owner Succession

You will not get a Superman or Wonder Woman if you hire a GM for your small or medium-sized business. We have met many business owners who have tried unsuccessfully to do this themselves. Whether the person comes from within or externally there are some key reasons for this.

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Why Now Is The Perfect Time to Exit Your Business

Exiting your business now makes sense for many business owners. Why wait? The Platform 1 NZ Business Owner Succession Survey in April 2020 showed that 76% of business owners > 60 years old were looking at succession within the next 3-5 years and the pandemic had changed the succession thinking of 30% of business owners. We are now a year down the track and many business owners are still in a holding pattern and considering options. You are naturally thinking about when is the right time to exit.

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Ownership Transition vs Outright Sale ?

It was a challenging 2020 for many business owners so what are your goals for 2021? Whether your business has been impacted positively or negatively your business succession should be a priority particularly if you are in the baby-boomer demographic and looking for a change of lifestyle.

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Video Testimonial - Manufacturing Business

Business owner Chris wants to retire… but not yet. By exiting his electronics manufacturing company gradually, via Platform 1’s Business Owner Transition model, he gets to enjoy the best of both worlds. Click the READ MORE button to access the video

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Don't Sell Your Business - Transition it !

You have been thinking about business succession for some time and are ready to spend less time on the business and more time doing the things you enjoy. You are concerned that now may not be the best time to sell your business outright due to the economic climate and worried that someone won’t buy it or worse offer you less than you deserve. Also, why sell 100% of your business now when the market may perceive it to now have a lower value ? Why not sell down 25% of your business to a talented person with capital who can share the burden, bring fresh ideas and help you grow it?

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Find a Business Partner - DIY or Not ?

New Zealanders often like to try their hand at projects especially when it comes to DIY jobs around the house. We pride ourselves on having a can-do attitude. This can transcend itself into business when owners are looking at exit planning strategies. It may sound easy to elevate a key staff member or an external person into your business as part of a succession plan – but is it really?

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A Business Partner With Capital May Now Be Your Best Succession Option

If you have a business succession solution in place, is it likely to be impacted adversely by recent events? Is there cause to rethink the option selected or the timeframe? There is a growing pool of available people looking now to work and invest in small/mid-size businesses and Platform 1 has plenty of these people already identified in our database.

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A Business Succession Plan In These Challenging Times

During this pandemic, many business owners are having a challenging time and as business owners ourselves we feel your pain. If you have a business succession plan in place is it likely to be impacted adversely by recent events? Is there cause to rethink the option selected or the timeframe?

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How Real Is The Talent Shortage ?

It’s well documented that finding key staff members is a problem for many business owners in NZ . In some cases, it can only be solved by training or importing staff but what it often requires now is a different approach. The same strategy that got you key staff in the past won’t always work today with the unemployment rate at 4.2%. Simply advertising on a job site as the only strategy is only going to reach a portion of the market. Generally, this will be people actively (or in some cases desperately) looking to move on from their current position, those not currently in paid employment or perhaps “consulting” as an interim step.

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The Baby Boomer Business Exit Dilemma

Baby Boomer business owners have worked hard all their lives and are now at a stage where they have built up a business (which has given them a good income and lifestyle) and are now wondering what their options are for exiting their businesses.

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11 Good Reasons Why Introducing a GM with Equity Works For SME Business Owners

Do you want to grow your SME business but spend less time in it? Securing a talented Business Partner for growth or as part of a gradual exit plan can be an excellent option to consider. By allowing someone to buy into your business rather than appointing a solely salaried GM will get you higher capability and a person who is looking for skin in the game.

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A Business Exit Strategy With Smart Money

You are 65 and looking for an exit strategy however you have a 50-year-old business partner who has quite a few more working years remaining. You are both integral to the business however you have a completely different set of skills. Your business partner cannot buy you out and, in any case, there will be a capability gap as he cannot slot into your role in the business. Rightly your current business partner will have a significant interest in who buys your shares as this person will become their business partner and play a key role in the ongoing success of the business.

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Business Succession Lessons From A Crayfish

A dramatic (if not brutal) example of reaction to sudden change has stayed with me from my childhood. I witnessed how a live crayfish shows a limited reaction when the water it is in is slowly raised in temperature until it is ultimately cooked versus the violent response if one is dropped in boiling water*.

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The Do's and Don'ts of Finding a Business Partner

Securing a talented Business Partner for growth or as part of a gradual exit plan can be an excellent option to consider. We hear of success stories as well as unsuccessful outcomes and it always comes back to the same actions that lead to success. Here are some tips on what to do and not do to make it a success.

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A New Way of Thinking for SME Succession

For John and Judy Small, their business was their identity. John had started the business 30 years ago in his garage at the back of their suburban home. He had an idea, researched the market and discovered that the automotive industry was lacking in a certain product (product and business fictional). He talked to the car manufacturers and the new and used car dealers and soon had several orders that were going to be difficult to fill.

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Finding Senior Level Talent for SME Business Owners

It is well documented that SME business owners often find it difficult to find quality staff to help grow their business. The degree of difficulty in attracting talent is enhanced when the business owner needs senior level talent. There are however talented senior leaders well suited to working in a small business so how are these people found?

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Introduce Capital and Innovation Through A Gradual Ownership Transition

A recent report from Westpac highlights some very interesting aspects surrounding businesses older business owners facing transition. In short, older business owners are less likely to invest in innovation and capital to expand and grow their business as they are very focused on “how to get out” and “spend more time on lifestyle options”.

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Management Buy Out vs Management Buy In ?

We sometimes come across business owners working in their business who explain they have a staff member or members identified who will buy them out when they are ready to exit the business (MBO). This can be a great option and the person is usually someone who is loyal and trusted and often a gradual process is introduced for this person to transition into the business. It can however also be an easy or comfortable option that may not always be the best solution for the business or the owner.

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Are Some Baby Boomer Business Owners Delaying Their Exit?

The expected bulge of baby boomer business exits has attracted increasing speculation throughout the last decade.

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SME Ownership Succession Dilemma

Leadership is core to New Zealand business, the economy and our future. The leadership talent pool available to New Zealand SME’s is shrinking rapidly. The trends show that attracting and retaining leadership talent will fast become an even greater challenge for New Zealand business

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SME Ownership Transition – Governance is Key

So you have decided on your exit strategy and gradually transitioning to a new owner is the plan. How do you ensure that your SME business prospers and remains focused when transitioning during this period? Strong governance of course.

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Rewarding Challenges in an SME Business

January is the time of year when many corporate executives reassess goals and contemplate the challenges ahead. It is also a time where job satisfaction and longevity are often front of mind. Many just look for another corporate role but there are other options for those brave enough to take them.

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Management Buy-In For SME Business Owners

Most business owners understand the general concept of a Management Buy Out (MBO) where existing staff agree to buy out the owner. What is less understood is a Management Buy-In (MBI) from an outside leader.

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A Business Partner Can Help Drive Your SME Business to the Next Level

Additional complementary skills and capability are often needed to turn great business ideas into commercial success stories. While advisors and consultants can add value, what is sometimes required is the business owner partnering with a talented person who can work in the business in a full-time capacity to help drive it forward.

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Look a Little Further Down the Road and Around the Corner

So often in established businesses and with experienced long term owners the struggle is getting out of the looking ‘at the road directly in front of your wheel’ and look ahead. Does that investment make good sense next year? Does that new person have the capability to add more value than just gap filling today? Do my systems keep me on the road, so I can look further down and around the corner.

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Stepping back from your business – Graeme’s dilemma.

Graeme's business continues to demand his full-time involvement and not always in areas where he believes his time is best spent. He’d like to focus more on a good opportunity he has identified to grow sales.

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An Alternative Business Sale Option

What many business owners don’t realise however is that not all businesses that are marketed for outright sale actually sell!

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Sell Your Business Gradually and Reap the Rewards

For many business owners, succession planning is a subject that can easily be put off when juggling the demands of running a busy business

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