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• • 

    Buying An Established Business

    play video Read Instead go to page
    Buying a Business

    Learn more about our services for buying a business.

    Read Key Points & Transcript

    video key points

    • Due diligence is essential in uncovering the truth about a business’s claims, facts, and overall situation, aiding in determining its worthiness for purchase.
    • Comprehensive due diligence, encompassing tax and legal aspects, financial analysis over several years, customer and supplier analysis, and key dependency risks, is advocated over limited due diligence to mitigate substantial financial risks.
    • Limited due diligence may highlight immediate financial health but could miss critical issues like customer dependency risks, leading to potential major revenue losses post-purchase.
    • Examples illustrate the dangers of limited due diligence, including operating against local laws unknowingly, which can result in severe consequences for the business.
    • Always opt for comprehensive due diligence to uncover hidden risks and ensure the business has the best chance for long-term success; consider revisiting negotiation or exploring alternative options based on findings.

    Presented by: Mike Beer

    
    

    video transcript

    Do your due diligence.

    That’s something you’ve probably been told or read about as you’ve been making your way through the buying a business journey. But what does it mean and what should it achieve?

    They’re interesting questions to answer and one’s we have some important insights to share.

    Due diligence, with regards to buying a business, generally refers to the process of investigating the claims, facts and overall situation to uncover the truth. Its purpose is to help you decide whether the business is actually worthwhile buying.

    What you might not know is that not all types of due diligence uncover the same truths. You can limit the due diligence in many ways. It might only look into:

    • Tax and legal;
    • The financials for the last couple of years, as opposed to the last five years; or
    • It might include a customer analysis, supplier analysis and/or key dependency risk.

    Generally, we’re advocates for conducting a comprehensive due diligence.

    It just doesn’t make sense to have limited due diligence given the substantial dollars involved and the risks you’re taking to buy the business. That’s a key lesson we’ve seen learnt the hard way by new business owners.

    Let us share a couple of brief learning experiences to emphasise our point:

    1. At the beginning of a due diligence project, often you’re supplied with a detailed due diligence checklist to get a good understanding of what could be done.

       Sometimes people chose to reduce the scope to a limited financial due diligence.

       A limited financial due diligence will result in a report expressing the opinion of the financial health of the business.

       For instance, it might say that the business has been steadily getting worse over the last few years. In circumstances like that, this might make you go back to the negotiating table and perhaps reduce the purchase price accordingly.

       You would have benefited from the due diligence, but, because it was limited in scope, otherwise identifiable challenges would not have been addressed prior to the acquisition.

       For example, a limited financial due diligence would miss key customer dependency risk. Such as, the situation where a major part of the customer base had ties with the prior owner.

       This could subsequently lead to the loss of many customers shortly after the business changed owners, which naturally would have a major negative impact on revenue and bottom-line profit.

    2. In this second learning experience regarding doing your due diligence, a business was acquired and for a few years, things were going pretty well for the new owners. However, unbeknown to them, they were operating against local council laws.

       What happened next was a sad struggle to keep the business afloat. Eventually the owners had to abandon the business, as the local laws make it unviable.

       Prior to buying the business, if a comprehensive due diligence had been completed, it is likely that the law breaking problems would have been uncovered.

       This would have allowed the prospective buyer the opportunity to proactively resolve such issues prior to the purchase, or directed them to buy an alternative/viable business instead.

    To summarise, one must always be extremely careful when buying a business. Limiting a due diligence may be appealing in terms of being less costly and quicker, however, the long-term implications may prove very costly.

    With experience, we’ve learnt to look for and find more and more otherwise hidden risks.

    We are invested in wanting to assist you in buying a business that has the best chance for long-term success.

    If you’re keen for this outcome, please reach out to us.

    Buying a Business

    Learn more about our services for buying a business.

    video key points

    • Due diligence is essential in uncovering the truth about a business’s claims, facts, and overall situation, aiding in determining its worthiness for purchase.
    • Comprehensive due diligence, encompassing tax and legal aspects, financial analysis over several years, customer and supplier analysis, and key dependency risks, is advocated over limited due diligence to mitigate substantial financial risks.
    • Limited due diligence may highlight immediate financial health but could miss critical issues like customer dependency risks, leading to potential major revenue losses post-purchase.
    • Examples illustrate the dangers of limited due diligence, including operating against local laws unknowingly, which can result in severe consequences for the business.
    • Always opt for comprehensive due diligence to uncover hidden risks and ensure the business has the best chance for long-term success; consider revisiting negotiation or exploring alternative options based on findings.

    Presented by: Mike Beer

    
    

    video transcript

    Do your due diligence.

    That’s something you’ve probably been told or read about as you’ve been making your way through the buying a business journey. But what does it mean and what should it achieve?

    They’re interesting questions to answer and one’s we have some important insights to share.

    Due diligence, with regards to buying a business, generally refers to the process of investigating the claims, facts and overall situation to uncover the truth. Its purpose is to help you decide whether the business is actually worthwhile buying.

    What you might not know is that not all types of due diligence uncover the same truths. You can limit the due diligence in many ways. It might only look into:

    • Tax and legal;
    • The financials for the last couple of years, as opposed to the last five years; or
    • It might include a customer analysis, supplier analysis and/or key dependency risk.

    Generally, we’re advocates for conducting a comprehensive due diligence.

    It just doesn’t make sense to have limited due diligence given the substantial dollars involved and the risks you’re taking to buy the business. That’s a key lesson we’ve seen learnt the hard way by new business owners.

    Let us share a couple of brief learning experiences to emphasise our point:

    1. At the beginning of a due diligence project, often you’re supplied with a detailed due diligence checklist to get a good understanding of what could be done.

       Sometimes people chose to reduce the scope to a limited financial due diligence.

       A limited financial due diligence will result in a report expressing the opinion of the financial health of the business.

       For instance, it might say that the business has been steadily getting worse over the last few years. In circumstances like that, this might make you go back to the negotiating table and perhaps reduce the purchase price accordingly.

       You would have benefited from the due diligence, but, because it was limited in scope, otherwise identifiable challenges would not have been addressed prior to the acquisition.

       For example, a limited financial due diligence would miss key customer dependency risk. Such as, the situation where a major part of the customer base had ties with the prior owner.

       This could subsequently lead to the loss of many customers shortly after the business changed owners, which naturally would have a major negative impact on revenue and bottom-line profit.

    2. In this second learning experience regarding doing your due diligence, a business was acquired and for a few years, things were going pretty well for the new owners. However, unbeknown to them, they were operating against local council laws.

       What happened next was a sad struggle to keep the business afloat. Eventually the owners had to abandon the business, as the local laws make it unviable.

       Prior to buying the business, if a comprehensive due diligence had been completed, it is likely that the law breaking problems would have been uncovered.

       This would have allowed the prospective buyer the opportunity to proactively resolve such issues prior to the purchase, or directed them to buy an alternative/viable business instead.

    To summarise, one must always be extremely careful when buying a business. Limiting a due diligence may be appealing in terms of being less costly and quicker, however, the long-term implications may prove very costly.

    With experience, we’ve learnt to look for and find more and more otherwise hidden risks.

    We are invested in wanting to assist you in buying a business that has the best chance for long-term success.

    If you’re keen for this outcome, please reach out to us.

  • or

  • 

    Starting A Business

    play video Read Instead go to page
    Starting a business

    Learn more about our services for starting a business.

    Read Key Points & Transcript

    video key points

    • When establishing a business, foundational decisions can significantly impact tax efficiency, grant accessibility, capital funding and liability safeguarding.
    • Viability and value proposition of the business idea must be critically assessed, considering customer willingness to pay and the scale and sustainability of the market.
    • Start-up entrepreneurs should aim for agility and a deep connection with the entrepreneurial ecosystem, while being vigilant of both visible and hidden costs.
    • Business ownership demands skills beyond domain expertise, including demand creation, team building, and cash-flow management, which are essential for growth and sustainability.
    • Join Munro’s Business Academy for guidance on your entrepreneurial journey, and remember the importance of seeking professional advice early for a proactive approach to business challenges.

    Presented by: Mike Beer

    
    

    video transcript

    When starting a business, you need to tick off the basics.

    Some of your decisions may have profound long term implications. Especially with regards to:

    • Tax deductibility,
    • Tax minimisation,
    • Access to Government grants,
    • Capital raising, and
    • Liability protection.

    Besides the tax and legal considerations, there is the most important factor: Are you pursuing a viable and worthwhile endeavour?

    Consider these situations:

    1. If you’re seeking to go down the disruptive and high-growth start-up path, you’ll want to be nimble, highly agile and connected to the start-up ecosystem.

       Very importantly, you’ll need to be highly critical of your business idea:

       • Are people really going to pay for your product?
       • Will they pay a high enough price to cover known and hidden costs (don’t under-appreciate the hidden costs)?
       • Is that market going to be big enough, and will you be able to defend your position?

    2. Are you just creating a be-your-own boss type of business?

       This is where you might be great at getting and doing the work, but the financial rewards are perhaps just slightly better than a wage or salary job (sometimes it ends up being worse).

       Is that worth the 24/7 business ownership stress and risks?

       What might you be able to do to make it worthwhile?

    3. Do you have the skills and passion to work ON-the-business, instead of IN-the-business ?

       A great many aspiring business owners are domain experts.

       They are exceptional at getting the work done to deliver the product to their customers.

       But, owning a business, especially one you hope to be worth millions one day, demands far greater management. You will need to build a team capable of:

       • Creating customer demand,
       • Winning that business,
       • Recruiting, training and retaining a team of exceptional people, and
       • Throughout, maintain ample cash-flow in order that your business survives.

       These things can be learned, but please be sure to give these challenges the respect they deserve.

    We encourage you to join the Munro’s Business Academy to help you as you start your business journey, and please feel more that welcome to reach out for additional help when you’re ready.

    If you’re ever in doubt about when’s the right time to seek professional help, please follow one of our key pieces of advice, which is to be proactive and ask early.

    Starting a business

    Learn more about our services for starting a business.

    video key points

    • When establishing a business, foundational decisions can significantly impact tax efficiency, grant accessibility, capital funding and liability safeguarding.
    • Viability and value proposition of the business idea must be critically assessed, considering customer willingness to pay and the scale and sustainability of the market.
    • Start-up entrepreneurs should aim for agility and a deep connection with the entrepreneurial ecosystem, while being vigilant of both visible and hidden costs.
    • Business ownership demands skills beyond domain expertise, including demand creation, team building, and cash-flow management, which are essential for growth and sustainability.
    • Join Munro’s Business Academy for guidance on your entrepreneurial journey, and remember the importance of seeking professional advice early for a proactive approach to business challenges.

    Presented by: Mike Beer

    
    

    video transcript

    When starting a business, you need to tick off the basics.

    Some of your decisions may have profound long term implications. Especially with regards to:

    • Tax deductibility,
    • Tax minimisation,
    • Access to Government grants,
    • Capital raising, and
    • Liability protection.

    Besides the tax and legal considerations, there is the most important factor: Are you pursuing a viable and worthwhile endeavour?

    Consider these situations:

    1. If you’re seeking to go down the disruptive and high-growth start-up path, you’ll want to be nimble, highly agile and connected to the start-up ecosystem.

       Very importantly, you’ll need to be highly critical of your business idea:

       • Are people really going to pay for your product?
       • Will they pay a high enough price to cover known and hidden costs (don’t under-appreciate the hidden costs)?
       • Is that market going to be big enough, and will you be able to defend your position?

    2. Are you just creating a be-your-own boss type of business?

       This is where you might be great at getting and doing the work, but the financial rewards are perhaps just slightly better than a wage or salary job (sometimes it ends up being worse).

       Is that worth the 24/7 business ownership stress and risks?

       What might you be able to do to make it worthwhile?

    3. Do you have the skills and passion to work ON-the-business, instead of IN-the-business ?

       A great many aspiring business owners are domain experts.

       They are exceptional at getting the work done to deliver the product to their customers.

       But, owning a business, especially one you hope to be worth millions one day, demands far greater management. You will need to build a team capable of:

       • Creating customer demand,
       • Winning that business,
       • Recruiting, training and retaining a team of exceptional people, and
       • Throughout, maintain ample cash-flow in order that your business survives.

       These things can be learned, but please be sure to give these challenges the respect they deserve.

    We encourage you to join the Munro’s Business Academy to help you as you start your business journey, and please feel more that welcome to reach out for additional help when you’re ready.

    If you’re ever in doubt about when’s the right time to seek professional help, please follow one of our key pieces of advice, which is to be proactive and ask early.

• 

  Raising Capital

  play video Read Instead go to page
  Raising Capital

  Learn more about our solutions for startups.

  Read Key Points & Transcript

  video key points

  • Building a startup requires transitioning from an idea to a minimal viable product (MVP), assembling a team, and finding product-market fit, all while considering funding to fuel growth.
  • Founders must decide whether to bootstrap, pursue debt funding, or raise capital, understanding the implications of each choice on business ownership and direction.
  • It’s essential to determine the purpose of raising funds, the minimum viable amount needed, and the maximum necessary to avoid diluting ownership unnecessarily.
  • Different stages of startup funding attract distinct types of investors and funding amounts, with considerations for equity distribution and strategic investor relationships.
  • Entrepreneurs are advised to be prepared for investor negotiations, understand the legal and regulatory implications of raising funds, and maintain transparent communication with investors post-funding.

  Presented by: Drew Pflaum

  
  

  video transcript

  Building a startup is a monumental task.

  It begins with an idea evolving through the development of a minimal viable product (MVP) and grows as you assemble a team, find product market fit and relentlessly drive your vision.

  The reality is you’ll need funding to fuel this journey.

  The pivotal question every founder faces is whether to raise capital. If your business can sustain itself and grow through earnings from existing customers or other sources, bootstrapping might be the preferred path. Alternatively, debt funding such as borrowing from a bank, or exploring government grants could be viable options.

  For those considering raising capital from investors, it’s crucial to understand:

  1. What you need the money for;
  2. What is the minimum viable amount needed; and
  3. What is the maximum necessary amount?

  You want to know ‘what you need the money for’ so that you can explain this to investors and generally be best placed to use it wisely. You want to know ‘what is the minimum viable amount needed’ so that you know how much you need to raise to realistically achieve your objective. and then get to the next funding round.

  And you want to know ‘what is the maximum amount necessary’ so that you don’t raise unnecessarily too much money and therefore give away more ownership than needed.

  In the Pre-Seed and Seed rounds, you might require funds for market research and development of your MVP. As you progress to Series A, your focus will most likely shift towards hiring talent, improving your product and scaling your marketing efforts.

  In all the stages, you might find developing a business plan with financial projections particularly useful to you, and investors, when answering those crucial questions of:

  1. What you need the money for;
  2. What is the minimum viable amount needed; and
  3. What is the maximum necessary amount?

  If you can’t do that yourself, then we can help.

  Now, each funding stage attracts a different type of investor and involves giving away a share of ownership.

  In the early stages, funding might come from “Family, Friends & Fools”, Angels, or through participation in Accelerators and Incubators.

  In Australia, the total money raised in a Pre-Seed round may be around $150,000 with typical ownership given away of around 5-15%.

  Money raised from participation in Accelerators and Incubators might be around $50,000 to $150,000 for around 5-10% equity.

  As you move into a Seed round, early stage venture capital may come into play, often led by a “Lead investor”. It’s common in Australia for a Seed round to raise around $1 million in exchange for about 15-25% equity.

  For a Series A round in Australia, you can expect funding of around $1-5 million for around 15% equity.

  This funding generally requires that you have found product market fit and have annual recurring revenue of at least $1 million.

  When raising funds and giving away equity, be mindful that you should reserve equity for key employees. Around 10% may be about right. Importantly, these aforementioned statistics are simply approximate guides.

  Further, they do change over time and there are always outliers.

  Now, regardless of the stage of funding, it’s essential to remember that securing investment shouldn’t just be about obtaining the funds. Choosing an investor is a significant decision, since you could spend several years partnering with them.

  Be comfortable that you can work with them, such that they hold similar values to you and will provide constructive feedback, in appropriate ways. Further, consider if they’ll provide useful advice and connections.

  Will they help you grow the business in more ways than simply giving you money?

  The raising capital phase is often a time consuming process. Things you will most likely need to do throughout include:

  • Create a forwardable blurb. This is a simple, compelling description of your startup that anyone can pass along to a potential investor in seconds.
  • Create an investor deck and a pitch deck.
  • Be investor ready. This means having all documentation ready for an investor to conduct their due diligence.
  • Something that investors appreciate is confirmation from your accountant that your startup qualifies as an Early Stage Innovation Company, which they can utilise for the ESIC tax offset and incentives.
  • Get the legal agreements arranged. This can start with a term sheet, evolve into a SAFE and Share Subscription Agreement. Be mindful of the terms and conditions, such as whether the valuation is pre or post money, and the liquidation preferences, to name just a few.
  • There is also usually a need for a Shareholders’ Agreement and Intellectual Property Assignment Agreement.

  Be prepared for talks with investors to not lead to a “Yes”, but also watch out for a common sin of investors where they don’t give you an outright “No”.

  Sometimes your startup in its current stage isn’t right for an investor, but they like to keep the door open so that you might circle back later when you’re a little more progressed and appropriate for them.

  Try to find this out early to avoid wasting each other’s time. But… stop on good terms so that you might raise from them later.

  So, what happens when you actually get the money?

  Very importantly, it belongs to the business. It’s not your’s for personal enjoyment. Investors expect you to use it appropriately to get the business to its next funding round, which might be in around two years time.

  Throughout the raise, you should have already developed a plan of how you want to use the money and have talked with investors, about this, so that both parties are aligned around expectations. Be sure to include them in the topic of how much salary, if any, you intend to draw from the startup and how much you will pay others.

  Aside from the money hitting the bank account, the company records also get updated to reflect the new share holdings.

  In Australia, this involves submitting a lodgment with the corporate regulator, ASIC. This is normally handled by your accountant. I.e. us. Investors might also join the board to help provide advice, oversight and governance.

  You should also keep investors informed of progress with regular, perhaps monthly, email progress reports.

  As business advisors and accountants familiar with startups, we invite you to a free Get To Know Each Other meeting to see how we may be able to help you successfully navigate ordinary compliance, such as tax registrations, business activity statements and tax returns, and non-routine parts of the startup journey, such as capital raising.

  You’re also encouraged to take the spam free Raising Capital (Investor Readiness) Diagnostic to see which areas you might be lacking in relation to a Pre-Seed or Seed round.

  Raising Capital

  Learn more about our solutions for startups.

  video key points

  • Building a startup requires transitioning from an idea to a minimal viable product (MVP), assembling a team, and finding product-market fit, all while considering funding to fuel growth.
  • Founders must decide whether to bootstrap, pursue debt funding, or raise capital, understanding the implications of each choice on business ownership and direction.
  • It’s essential to determine the purpose of raising funds, the minimum viable amount needed, and the maximum necessary to avoid diluting ownership unnecessarily.
  • Different stages of startup funding attract distinct types of investors and funding amounts, with considerations for equity distribution and strategic investor relationships.
  • Entrepreneurs are advised to be prepared for investor negotiations, understand the legal and regulatory implications of raising funds, and maintain transparent communication with investors post-funding.

  Presented by: Drew Pflaum

  
  

  video transcript

  Building a startup is a monumental task.

  It begins with an idea evolving through the development of a minimal viable product (MVP) and grows as you assemble a team, find product market fit and relentlessly drive your vision.

  The reality is you’ll need funding to fuel this journey.

  The pivotal question every founder faces is whether to raise capital. If your business can sustain itself and grow through earnings from existing customers or other sources, bootstrapping might be the preferred path. Alternatively, debt funding such as borrowing from a bank, or exploring government grants could be viable options.

  For those considering raising capital from investors, it’s crucial to understand:

  1. What you need the money for;
  2. What is the minimum viable amount needed; and
  3. What is the maximum necessary amount?

  You want to know ‘what you need the money for’ so that you can explain this to investors and generally be best placed to use it wisely. You want to know ‘what is the minimum viable amount needed’ so that you know how much you need to raise to realistically achieve your objective. and then get to the next funding round.

  And you want to know ‘what is the maximum amount necessary’ so that you don’t raise unnecessarily too much money and therefore give away more ownership than needed.

  In the Pre-Seed and Seed rounds, you might require funds for market research and development of your MVP. As you progress to Series A, your focus will most likely shift towards hiring talent, improving your product and scaling your marketing efforts.

  In all the stages, you might find developing a business plan with financial projections particularly useful to you, and investors, when answering those crucial questions of:

  1. What you need the money for;
  2. What is the minimum viable amount needed; and
  3. What is the maximum necessary amount?

  If you can’t do that yourself, then we can help.

  Now, each funding stage attracts a different type of investor and involves giving away a share of ownership.

  In the early stages, funding might come from “Family, Friends & Fools”, Angels, or through participation in Accelerators and Incubators.

  In Australia, the total money raised in a Pre-Seed round may be around $150,000 with typical ownership given away of around 5-15%.

  Money raised from participation in Accelerators and Incubators might be around $50,000 to $150,000 for around 5-10% equity.

  As you move into a Seed round, early stage venture capital may come into play, often led by a “Lead investor”. It’s common in Australia for a Seed round to raise around $1 million in exchange for about 15-25% equity.

  For a Series A round in Australia, you can expect funding of around $1-5 million for around 15% equity.

  This funding generally requires that you have found product market fit and have annual recurring revenue of at least $1 million.

  When raising funds and giving away equity, be mindful that you should reserve equity for key employees. Around 10% may be about right. Importantly, these aforementioned statistics are simply approximate guides.

  Further, they do change over time and there are always outliers.

  Now, regardless of the stage of funding, it’s essential to remember that securing investment shouldn’t just be about obtaining the funds. Choosing an investor is a significant decision, since you could spend several years partnering with them.

  Be comfortable that you can work with them, such that they hold similar values to you and will provide constructive feedback, in appropriate ways. Further, consider if they’ll provide useful advice and connections.

  Will they help you grow the business in more ways than simply giving you money?

  The raising capital phase is often a time consuming process. Things you will most likely need to do throughout include:

  • Create a forwardable blurb. This is a simple, compelling description of your startup that anyone can pass along to a potential investor in seconds.
  • Create an investor deck and a pitch deck.
  • Be investor ready. This means having all documentation ready for an investor to conduct their due diligence.
  • Something that investors appreciate is confirmation from your accountant that your startup qualifies as an Early Stage Innovation Company, which they can utilise for the ESIC tax offset and incentives.
  • Get the legal agreements arranged. This can start with a term sheet, evolve into a SAFE and Share Subscription Agreement. Be mindful of the terms and conditions, such as whether the valuation is pre or post money, and the liquidation preferences, to name just a few.
  • There is also usually a need for a Shareholders’ Agreement and Intellectual Property Assignment Agreement.

  Be prepared for talks with investors to not lead to a “Yes”, but also watch out for a common sin of investors where they don’t give you an outright “No”.

  Sometimes your startup in its current stage isn’t right for an investor, but they like to keep the door open so that you might circle back later when you’re a little more progressed and appropriate for them.

  Try to find this out early to avoid wasting each other’s time. But… stop on good terms so that you might raise from them later.

  So, what happens when you actually get the money?

  Very importantly, it belongs to the business. It’s not your’s for personal enjoyment. Investors expect you to use it appropriately to get the business to its next funding round, which might be in around two years time.

  Throughout the raise, you should have already developed a plan of how you want to use the money and have talked with investors, about this, so that both parties are aligned around expectations. Be sure to include them in the topic of how much salary, if any, you intend to draw from the startup and how much you will pay others.

  Aside from the money hitting the bank account, the company records also get updated to reflect the new share holdings.

  In Australia, this involves submitting a lodgment with the corporate regulator, ASIC. This is normally handled by your accountant. I.e. us. Investors might also join the board to help provide advice, oversight and governance.

  You should also keep investors informed of progress with regular, perhaps monthly, email progress reports.

  As business advisors and accountants familiar with startups, we invite you to a free Get To Know Each Other meeting to see how we may be able to help you successfully navigate ordinary compliance, such as tax registrations, business activity statements and tax returns, and non-routine parts of the startup journey, such as capital raising.

  You’re also encouraged to take the spam free Raising Capital (Investor Readiness) Diagnostic to see which areas you might be lacking in relation to a Pre-Seed or Seed round.

• 

  Need Help With Tax

  play video Read Instead go to page
  Bare Minimum Tax

  Learn more about tax minimisation services for businesses.

  Read Key Points & Transcript

  video key points

  • Tax management can be reactive, dealing with obligations after the fact, or proactive, strategising for future success to minimise tax and compliance hassle.
  • Initial business structuring is crucial for tax minimisation, with ongoing support to navigate tax obligations and strategies to reduce tax liabilities.
  • Close of the financial year involves strategic advice to understand and potentially reduce upcoming tax bills, followed by orderly tax return preparation and lodgement.
  • Munro’s prioritises clear, understandable solutions, ensuring clients can make informed decisions, supported by our high client satisfaction and Top 2% ranking among Australian Accounting Firms.
  • To further explore how to manage your tax obligations proactively and benefit from expert guidance, consider reaching out as your next step.

  Presented by: Christine Prasetia

  
  

  video transcript

  You can approach tax in one of two ways:

  1. You can reactively treat it as something that needs to be done after the end of each year; or
  2. You can proactively manage the situation for future success.

  We are in it to help you find tax success in the now and future.

  For instance, upfront when you’re starting or buying a business we’ll work through your goals and situation to structure the business for tax minimisation.

  Then we’ll work with you as things naturally pop up from time to time, where you need help knowing what your tax obligations are and how best to manage them.

  Both to mitigate the hassle of compliance and to reduce tax as much as possible.

  As each financial year draws to a close, we’ll work with you so you understand the upcoming tax bills and, where possible, what actions you can take to reduce them further.

  Then, finally, after the tax year we’ll get all your tax returns in order and lodged.

  So, you’ll find that working with us, you have a trusted confidant who’ll advise you on best practice accounting. Whenever a complex situation arises, you’ll be expertly guided to the optimal result…. and very importantly, it is a highly held value of ours to keep things understandable with clear solutions so you can make the best decisions.

  As you’ll see from our many 5-star Google Reviews, you’ll be in great hands. In fact, you’ll be helped by one of the Top 2% ranked Australian Accounting Firms.

  We are looking forward to speaking with you soon.

  Bare Minimum Tax

  Learn more about tax minimisation services for businesses.

  video key points

  • Tax management can be reactive, dealing with obligations after the fact, or proactive, strategising for future success to minimise tax and compliance hassle.
  • Initial business structuring is crucial for tax minimisation, with ongoing support to navigate tax obligations and strategies to reduce tax liabilities.
  • Close of the financial year involves strategic advice to understand and potentially reduce upcoming tax bills, followed by orderly tax return preparation and lodgement.
  • Munro’s prioritises clear, understandable solutions, ensuring clients can make informed decisions, supported by our high client satisfaction and Top 2% ranking among Australian Accounting Firms.
  • To further explore how to manage your tax obligations proactively and benefit from expert guidance, consider reaching out as your next step.

  Presented by: Christine Prasetia

  
  

  video transcript

  You can approach tax in one of two ways:

  1. You can reactively treat it as something that needs to be done after the end of each year; or
  2. You can proactively manage the situation for future success.

  We are in it to help you find tax success in the now and future.

  For instance, upfront when you’re starting or buying a business we’ll work through your goals and situation to structure the business for tax minimisation.

  Then we’ll work with you as things naturally pop up from time to time, where you need help knowing what your tax obligations are and how best to manage them.

  Both to mitigate the hassle of compliance and to reduce tax as much as possible.

  As each financial year draws to a close, we’ll work with you so you understand the upcoming tax bills and, where possible, what actions you can take to reduce them further.

  Then, finally, after the tax year we’ll get all your tax returns in order and lodged.

  So, you’ll find that working with us, you have a trusted confidant who’ll advise you on best practice accounting. Whenever a complex situation arises, you’ll be expertly guided to the optimal result…. and very importantly, it is a highly held value of ours to keep things understandable with clear solutions so you can make the best decisions.

  As you’ll see from our many 5-star Google Reviews, you’ll be in great hands. In fact, you’ll be helped by one of the Top 2% ranked Australian Accounting Firms.

  We are looking forward to speaking with you soon.

• 

  Having Trouble Growing Your Business

  play video Read Instead go to page
  Business Growth Improvement

  Read more about our solutions for business growth improvement.

  Read Key Points & Transcript

  video key points

  • Truly unlocking business growth requires delving into the root cause of issues, ensuring long-term progress by addressing these foundational problems directly.
  • Addressing the root causes not only resolves the immediate problems but also prevents multiple related issues, creating a multiplier effect that benefits the entire business.
  • Enhancing internal capabilities to tackle these root causes grants businesses a competitive advantage, enabling them to avoid similar problems in the future.
  • Sustained success in business is achieved by leaders committed to understanding and permanently resolving the core issues, a trait surprisingly rare yet immensely valuable.
  • If you’re facing challenges with sales growth, staff performance, or talent shortages, visit the Unlock Business Growth and Build a Sustainable Competitive Advantage pages for insights, and book a free meeting through the How We Get Started page to explore solutions and a Risk Free Trial of our services.

  Presented by: Drew Pflaum

  
  

  video transcript

  Truly unlocking business growth, to propel your business forward for the long-term, means getting down to the root cause of problems, and fixing them for good.

  When you resolve root causes, a multiplier effect happens. You fix more than one problem.

  And when you build the internal capabilities to fix root causes indefinitely, well, that’s when you tap into a competitive advantage.

  So, the outcome we strive to achieve with you, when overcoming problems like revenue stalls, poorly performing staff or capacity constraints, is not only the resolution of those issues, but also enhancement of your business’ capabilities to dramatically mitigate them resurfacing into the future.

  Business leaders who genuinely commit to getting to the root cause of problems and permanently fixing them, are the ones who get to experience sustained success. You’ll be amazed at how few business leaders there are like that; are you one of them?

  Go to the Unlock Business Growth page if you’re struggling with achieving viable sales growth, your staff aren’t performing to their best or you’ve got a talent shortage.

  If you’re prepared to get to the root cause of problems, then also go and see the Build a Sustainable Competitive Advantage page.

  And when you’re ready, go to the How We Get Started page and book a free Get to Know Each Other meeting. At that meeting we can explore potential root causes of your problems, and design a Risk Free Trial of our service offerings, to propel your business forward for the long-term.

  Business Growth Improvement

  Read more about our solutions for business growth improvement.

  video key points

  • Truly unlocking business growth requires delving into the root cause of issues, ensuring long-term progress by addressing these foundational problems directly.
  • Addressing the root causes not only resolves the immediate problems but also prevents multiple related issues, creating a multiplier effect that benefits the entire business.
  • Enhancing internal capabilities to tackle these root causes grants businesses a competitive advantage, enabling them to avoid similar problems in the future.
  • Sustained success in business is achieved by leaders committed to understanding and permanently resolving the core issues, a trait surprisingly rare yet immensely valuable.
  • If you’re facing challenges with sales growth, staff performance, or talent shortages, visit the Unlock Business Growth and Build a Sustainable Competitive Advantage pages for insights, and book a free meeting through the How We Get Started page to explore solutions and a Risk Free Trial of our services.

  Presented by: Drew Pflaum

  
  

  video transcript

  Truly unlocking business growth, to propel your business forward for the long-term, means getting down to the root cause of problems, and fixing them for good.

  When you resolve root causes, a multiplier effect happens. You fix more than one problem.

  And when you build the internal capabilities to fix root causes indefinitely, well, that’s when you tap into a competitive advantage.

  So, the outcome we strive to achieve with you, when overcoming problems like revenue stalls, poorly performing staff or capacity constraints, is not only the resolution of those issues, but also enhancement of your business’ capabilities to dramatically mitigate them resurfacing into the future.

  Business leaders who genuinely commit to getting to the root cause of problems and permanently fixing them, are the ones who get to experience sustained success. You’ll be amazed at how few business leaders there are like that; are you one of them?

  Go to the Unlock Business Growth page if you’re struggling with achieving viable sales growth, your staff aren’t performing to their best or you’ve got a talent shortage.

  If you’re prepared to get to the root cause of problems, then also go and see the Build a Sustainable Competitive Advantage page.

  And when you’re ready, go to the How We Get Started page and book a free Get to Know Each Other meeting. At that meeting we can explore potential root causes of your problems, and design a Risk Free Trial of our service offerings, to propel your business forward for the long-term.

• 

  Ready To Scale To Bigger Business

  play video Read Instead go to page
  Scaling a Business

  Learn more about our services for scaling a business.

  Read Key Points & Transcript

  video key points

  • Businesses often struggle to adapt their small business strategies effectively as they transition into larger operations, leading to growth stagnation.
  • A common pitfall during this transition is the temptation to adopt the latest business management fads, which promise quick fixes but often fail to deliver substantial growth.
  • Proven research suggests focusing on six key areas known to significantly impact business growth, emphasising the importance of excelling in these areas simultaneously for success.
  • The challenge lies in consistently applying best practices across these critical business areas to achieve a “Winner” success rate of over 90%.
  • To navigate these challenges and enhance business growth, engaging with Munro’s Business Academy provides access to evidence-based knowledge.
  • Book a Get To Know Each Other meeting for personalised assistance tailored to your business needs.

  Presented by: Drew Pflaum

  
  

  video transcript

  There comes a time in the business growth journey where you encounter considerable trouble getting your business to perform as desired.

  A leading cause is because the way you’ve done business up to now has been designed to work very well for a small business. That is where your leadership, and that of your managers, have the skillset to thrive. However, that same skillset, well at least the way it has been applied in the past, is no longer optimal for the new challenges your business faces as it grows into a larger business.

  This is a very difficult situation to overcome. Especially when your business is still making decent profits and keeping most customers. It’s difficult because what you’ve been doing does work, to an extent, but it also doesn’t work. You don’t want to jeopardize what you already have, but you can’t let the present growth challenges continue to persist unresolved.

  This is especially the case if revenue growth has stalled, since some research has shown that 54% of companies fail to regain even moderate growth within a decade of a revenue stall, and when slow growth persists for more than 10 years the delay is most often fatal.

  What you don’t want to do at this junction is get distracted by one of the almost never-ending fads of business management. You know what we mean, one of those new “high-performance frameworks” offering a silver-bullet to all your problems.

  Instead, at this critical junction, we believe on relying upon proven research. Focusing on the key things which professional research has shown to have the highest impact on business growth.

  You’ll probably be glad to know that there is research which directs you to focus your efforts on six key areas, so it’s not necessarily overwhelming. You’ll probably also find it good to know these are well-known business areas. What’s the difficult part is usually following through on excelling at each area, since the research indicates you’ll only have a better than 90% chance of “Winner” success when you do all six best practices at the same time.

  Needless to say we’d be happy to help you scale your business. It is, after all, the purpose of our business – helping business owners and leaders experience success.

  A great place to start is a no strings attached Get To Know Each Other meeting. But between now and then, take the opportunity to sign up to the Munro’s Business Academy where you can begin to arm yourself with evidence-based knowledge capable of propelling your business to greater success.

  ---

  In that video you just watched, we mentioned some research.

  If you’d like the references, simply head on in to the Munro’s Business Academy and you can find them on the Reference page.

  Scaling a Business

  Learn more about our services for scaling a business.

  video key points

  • Businesses often struggle to adapt their small business strategies effectively as they transition into larger operations, leading to growth stagnation.
  • A common pitfall during this transition is the temptation to adopt the latest business management fads, which promise quick fixes but often fail to deliver substantial growth.
  • Proven research suggests focusing on six key areas known to significantly impact business growth, emphasising the importance of excelling in these areas simultaneously for success.
  • The challenge lies in consistently applying best practices across these critical business areas to achieve a “Winner” success rate of over 90%.
  • To navigate these challenges and enhance business growth, engaging with Munro’s Business Academy provides access to evidence-based knowledge.
  • Book a Get To Know Each Other meeting for personalised assistance tailored to your business needs.

  Presented by: Drew Pflaum

  
  

  video transcript

  There comes a time in the business growth journey where you encounter considerable trouble getting your business to perform as desired.

  A leading cause is because the way you’ve done business up to now has been designed to work very well for a small business. That is where your leadership, and that of your managers, have the skillset to thrive. However, that same skillset, well at least the way it has been applied in the past, is no longer optimal for the new challenges your business faces as it grows into a larger business.

  This is a very difficult situation to overcome. Especially when your business is still making decent profits and keeping most customers. It’s difficult because what you’ve been doing does work, to an extent, but it also doesn’t work. You don’t want to jeopardize what you already have, but you can’t let the present growth challenges continue to persist unresolved.

  This is especially the case if revenue growth has stalled, since some research has shown that 54% of companies fail to regain even moderate growth within a decade of a revenue stall, and when slow growth persists for more than 10 years the delay is most often fatal.

  What you don’t want to do at this junction is get distracted by one of the almost never-ending fads of business management. You know what we mean, one of those new “high-performance frameworks” offering a silver-bullet to all your problems.

  Instead, at this critical junction, we believe on relying upon proven research. Focusing on the key things which professional research has shown to have the highest impact on business growth.

  You’ll probably be glad to know that there is research which directs you to focus your efforts on six key areas, so it’s not necessarily overwhelming. You’ll probably also find it good to know these are well-known business areas. What’s the difficult part is usually following through on excelling at each area, since the research indicates you’ll only have a better than 90% chance of “Winner” success when you do all six best practices at the same time.

  Needless to say we’d be happy to help you scale your business. It is, after all, the purpose of our business – helping business owners and leaders experience success.

  A great place to start is a no strings attached Get To Know Each Other meeting. But between now and then, take the opportunity to sign up to the Munro’s Business Academy where you can begin to arm yourself with evidence-based knowledge capable of propelling your business to greater success.

  ---

  In that video you just watched, we mentioned some research.

  If you’d like the references, simply head on in to the Munro’s Business Academy and you can find them on the Reference page.

• • 

    Passing To The Next Generation

    play video Read Instead go to page
    Structuring for Wealth Succession

    Learn more about successful succession planning.

    Read Key Points & Transcript

    video key points

    • Successful business and investment succession within families can be marred by issues like tax mishandling, divorce, and poor financial decisions, leading to wealth erosion.
    • Effective wealth succession planning is crucial in protecting family wealth, involving considerations such as blood-line clauses, fair market remuneration for family members, and the necessity of external financial oversight.
    • Proper documentation of historical and future loans and gifts, alongside considerations for family governance, such as a family constitution and board, play pivotal roles in succession planning.
    • Estate planning is essential for ensuring a smooth transition of assets, helping preserve wealth following the death of a loved one.
    • Recognising the complexity of wealth succession, the encouragement to seek professional advice reflects the importance of having affairs in order and optimally arranged for the future.

    Presented by: Saul Segal

    
    

    video transcript

    It’s really wonderful to see a successful business, or a group of successful businesses and investments, built-up by grandparents and parents, passed down to their children.

    What’s horrible to see is that family wealth eroded over time, of which there can be many different causes. Such as, mishandling of tax, divorce, poor investment decisions, even embezzlement.

    We know very well that planning for and executing wealth succession plays a critical role in mitigating the erosion of family wealth.

    Things which may come up in the succession planning stage are:

    • Do you need blood-line clauses or binding financial agreements?
    • Have all historical, and planned future, loans and gifts been properly documented?
    • For family members working in the business, what is their fair market remuneration?
    • Do you need an external Financial Controller?
    • How often should the financials be audited?
    • Do you need specially-designed trustee and/or appointor companies?
    • Do you need a family constitution?
    • What dispute resolution mechanisms do you need in-place?
    • Do you need a family board and what external advisors will help enhance future performance?

    There are also the matters of estate planning, to help achieve a smooth, asset preserving transition following the death of a loved one.

    All of this can be quite daunting, and unfortunately we know all too well that people can choose to put this into the too hard basket. Sometimes until it’s too late. It’s not a situation any family wants to be in.

    If you’re affairs aren’t in order, or you’re not sure if they are appropriately optimised, then give us a call. We’re here to help.

    Structuring for Wealth Succession

    Learn more about successful succession planning.

    video key points

    • Successful business and investment succession within families can be marred by issues like tax mishandling, divorce, and poor financial decisions, leading to wealth erosion.
    • Effective wealth succession planning is crucial in protecting family wealth, involving considerations such as blood-line clauses, fair market remuneration for family members, and the necessity of external financial oversight.
    • Proper documentation of historical and future loans and gifts, alongside considerations for family governance, such as a family constitution and board, play pivotal roles in succession planning.
    • Estate planning is essential for ensuring a smooth transition of assets, helping preserve wealth following the death of a loved one.
    • Recognising the complexity of wealth succession, the encouragement to seek professional advice reflects the importance of having affairs in order and optimally arranged for the future.

    Presented by: Saul Segal

    
    

    video transcript

    It’s really wonderful to see a successful business, or a group of successful businesses and investments, built-up by grandparents and parents, passed down to their children.

    What’s horrible to see is that family wealth eroded over time, of which there can be many different causes. Such as, mishandling of tax, divorce, poor investment decisions, even embezzlement.

    We know very well that planning for and executing wealth succession plays a critical role in mitigating the erosion of family wealth.

    Things which may come up in the succession planning stage are:

    • Do you need blood-line clauses or binding financial agreements?
    • Have all historical, and planned future, loans and gifts been properly documented?
    • For family members working in the business, what is their fair market remuneration?
    • Do you need an external Financial Controller?
    • How often should the financials be audited?
    • Do you need specially-designed trustee and/or appointor companies?
    • Do you need a family constitution?
    • What dispute resolution mechanisms do you need in-place?
    • Do you need a family board and what external advisors will help enhance future performance?

    There are also the matters of estate planning, to help achieve a smooth, asset preserving transition following the death of a loved one.

    All of this can be quite daunting, and unfortunately we know all too well that people can choose to put this into the too hard basket. Sometimes until it’s too late. It’s not a situation any family wants to be in.

    If you’re affairs aren’t in order, or you’re not sure if they are appropriately optimised, then give us a call. We’re here to help.

  • or

  • 

    Selling Your Business

    play video Read Instead go to page
    Saving Tax When Selling

    View our solutions for selling your business.

    Read Key Points & Transcript

    video key points

    • Smart and proactive tax strategies, implemented well in advance, can significantly reduce or even eliminate capital gains tax upon selling your business, allowing you to retain more of your hard-earned wealth.
    • Utilising legal tax measures such as the Small Business Rollover and Retirement Exemption can result in substantial savings, particularly for those over 55, enabling full access to sale proceeds without the need for superannuation contribution.
    • The introduction of a “bucket company” can spread and reduce taxes over several years, offering the opportunity to reinvest initial savings into wealth-accumulating assets like blue-chip shares.
    • Forward planning, ideally a couple or more years before selling, is crucial to identify and implement the most effective tax strategies tailored to your unique situation.
    • Preparation is key to ensuring a tax-efficient transition of your business, whether it’s being sold or passed to the next generation, and seeking professional guidance early can facilitate this process.

    Presented by: Rama Yudhistira

    
    

    video transcript

    When it comes to selling your business, you want to make sure that you keep as much of your hard-earned wealth in your wallet.

    Here at Munro’s, we are proud to have successfully saved our clients hundreds of thousands of dollars in taxes using smart and proactive tax strategies. We’ve done this through legal measures, to ensure that our clients can sleep peacefully at night.

    Here’s an example of what’s possible.

    In this example, our hypothetical client is selling their business, including business premises. Normally, this would trigger significant capital gains tax. However, through comprehensive research and analysis, we are able to help our client utilise both the Small Business Rollover and Retirement Exemption to reduce the capital gain tax down to NIL.

    This is the perfect strategy for our hypothetical client since it also allowed them to access all of the sale proceeds because they’re over the age of 55 years, meaning they don’t need to deposit the sale proceeds to their superannuation account.

    As another example, we might have a client selling their business who could benefit from the use of a “bucket company”. How so? By spreading out the taxes on the business sale over many years.

    This not only delays some of the taxes, but also reduces them too.

    In this example, the benefit to our hypothetical client could include their ability to use the initial savings to make investments in blue-chip shares, which then grow in value and allow them to accumulate more wealth.

    Smart and proactive tax strategies are not limited to what we have just shared with you. The most important thing for you to understand is that often, to save tax, you need to be proactive.

    A couple or more years before selling, you should instigate forward planning. This can allow sufficient time to identify the best strategies for your unique circumstances, as well as sufficient time to implement changes, if necessary, a couple or more years before sale.

    So, if you have a business, naturally at some stage it will be sold or handed down to the next generation, and to achieve this in a tax effective manner we highly recommend you prepare in advance. Please feel free to reach out, we would love to help you.

    Saving Tax When Selling

    View our solutions for selling your business.

    video key points

    • Smart and proactive tax strategies, implemented well in advance, can significantly reduce or even eliminate capital gains tax upon selling your business, allowing you to retain more of your hard-earned wealth.
    • Utilising legal tax measures such as the Small Business Rollover and Retirement Exemption can result in substantial savings, particularly for those over 55, enabling full access to sale proceeds without the need for superannuation contribution.
    • The introduction of a “bucket company” can spread and reduce taxes over several years, offering the opportunity to reinvest initial savings into wealth-accumulating assets like blue-chip shares.
    • Forward planning, ideally a couple or more years before selling, is crucial to identify and implement the most effective tax strategies tailored to your unique situation.
    • Preparation is key to ensuring a tax-efficient transition of your business, whether it’s being sold or passed to the next generation, and seeking professional guidance early can facilitate this process.

    Presented by: Rama Yudhistira

    
    

    video transcript

    When it comes to selling your business, you want to make sure that you keep as much of your hard-earned wealth in your wallet.

    Here at Munro’s, we are proud to have successfully saved our clients hundreds of thousands of dollars in taxes using smart and proactive tax strategies. We’ve done this through legal measures, to ensure that our clients can sleep peacefully at night.

    Here’s an example of what’s possible.

    In this example, our hypothetical client is selling their business, including business premises. Normally, this would trigger significant capital gains tax. However, through comprehensive research and analysis, we are able to help our client utilise both the Small Business Rollover and Retirement Exemption to reduce the capital gain tax down to NIL.

    This is the perfect strategy for our hypothetical client since it also allowed them to access all of the sale proceeds because they’re over the age of 55 years, meaning they don’t need to deposit the sale proceeds to their superannuation account.

    As another example, we might have a client selling their business who could benefit from the use of a “bucket company”. How so? By spreading out the taxes on the business sale over many years.

    This not only delays some of the taxes, but also reduces them too.

    In this example, the benefit to our hypothetical client could include their ability to use the initial savings to make investments in blue-chip shares, which then grow in value and allow them to accumulate more wealth.

    Smart and proactive tax strategies are not limited to what we have just shared with you. The most important thing for you to understand is that often, to save tax, you need to be proactive.

    A couple or more years before selling, you should instigate forward planning. This can allow sufficient time to identify the best strategies for your unique circumstances, as well as sufficient time to implement changes, if necessary, a couple or more years before sale.

    So, if you have a business, naturally at some stage it will be sold or handed down to the next generation, and to achieve this in a tax effective manner we highly recommend you prepare in advance. Please feel free to reach out, we would love to help you.