A sensible cynic

December 6, 2019

Australia has a wonderful enthusiasm for business ownership. Many of us want the thrill of controlling our own business, watching it grow and reaping the rewards just before retirement (the exit). The reality could not be further from the truth. Owning and operating a business is bloody hard work. You have to deal with demanding...


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Valuation lies…

December 6, 2019

My second rant, as sensible cynic, is to highlight a few common features that surface in a business valuation or business exit process: Valuations / listing prices are based on a small pool of transaction evidence. Only a very small number of businesses actually sell, yet we use the statistics to value all businesses. Maybe...


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Illiquid investments and trapped wealth

March 13, 2019

As a business owner, you need to decide whether you have a business (something that may be sold later) or a job. A job provides short term financial security, and if you are organised, you will set some of this aside for the future. If you are a genuine business owner, treat your business like...


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Growth and shareholder value

February 4, 2019

Simply puffing up your business will not create shareholder value. Lots of business owners I meet are chasing growth – they want to be a bigger business, have more staff, more clients, more sales, bigger office, and so on. They want growth, but many don’t appreciate this can be poisonous or value destructive. Almost every...


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