This article discusses the risks business owners face if they focus solely on the sale of their business to fund their retirement dreams. It provides steps to take to prepare for the sale or succession of your business, including building superannuation.

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Many business owners make the mistake of ignoring superannuation in preference for re-investing spare funds in their business, hoping they can then sell at a premium when it comes time to retire.

At some magical time in the future, they dream they can sell their business for their asking price, bank a cheque, turn the lights off, and walk away. Sounds perfect, doesn’t it?

In reality, they are embarking on a very risky exit strategy.

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Want to be your own boss but not sure where to start?

Some people’s dream is to nurture a business idea through to success. Calling the shots, working their preferred hours and achieving financial independence fires their dream.

Many people have a great idea but are overwhelmed when they look to turn their idea into a thriving business. Here are 5 tips for translating your dream into reality.

1. Road Test Your Idea

Speak to people whose opinion you trust and run your idea past them to gain feedback and an alternative perspective. You’ll be pleasantly surprised by how many people will be happy to help and connect you to professional expertise.

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Several years ago, Steve and Brian started a small web-design business, GotyaOnline. Steve was responsible for growing and supporting their client-base, while Brian designed and built the websites.

Expanding to include maintenance of client databases and online shopping facilities, they bought new technical equipment and rented office space.

Recognising the importance of insurance, they sought professional advice about suitable cover for a small business like GotyaOnline.

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Selling or closing down a business can be a very emotional time. There is an excellent checklist on the ATO website – this article helps to explain some of the more confusing points that need to be addressed whilst selling/closing a business in Australia.

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As a hard-working small business owner you've spent years building your own livelihood and now, for whatever reason, you've decided the time has come to sell or close down your enterprise.

To assist you, the Australian Tax Office provides detailed guidance on important legal and taxation matters you will need to address here. We have briefly clarified some of the more confusing requirements.

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This detailed article is excellent for your business clients – it addresses their unique wealth management needs highlighting the importance of insurance, superannuation, succession planning and seeking professional advice.

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The main reason people go into business for themselves is quite simple – to have more control. For others, wealth creation is the main focus, although small business also brings with it the higher chance of failure and loss. Is the hard work and extra risk worth it? If you are a small business owner or have dreams of becoming one, consider the following and how it might apply to you.

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This is a handy reminder consisting of 10 areas that need regular review when running a successful business.

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As a business owner, there is always something to do, however many owners often spend more time working in the business than they do on the business. Here are ten simple management tips to help you maintain a successful business in good and not-so-good times.

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