With increased business confidence and a lowering of the OCR, Platform 1 is already starting to see an immediate acceleration of business owners looking to revisit the exit strategy that many had "parked up" over the last few years. We expect that to build further over the next 6-12 months.
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Accelerate your succession by finding a Business Partner who is also your Exit Partner. Most business owners know about the current common ways to exit a business however less know that Exit Partners can be a more compelling way to exit your business and grow your wealth.
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If you are a baby boomer business owner, it’s likely business succession planning has crossed your mind. It’s also possible you have done nothing further about it. You may be tempted to wait because you feel your current trading is behind last year. But you did that during the pandemic that started in 2020, and we are now 4 years on. Waiting further is just speculating and anything is possible.
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You will not get a Superman or Wonder Woman if you hire a salaried GM for your small or medium-sized business. A Business Partner however with skin in the game will accelerate your business and can be a succession option.
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Could engaging with a talented Business Partner with capital be a business growth or succession option for you ? A Business Partner is not like a GM that you hire on a salary to work in your business. You need someone who thinks like you.
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Having a plan for after you exit your business is just as important as having a plan for the exit itself. Here's why:
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A gradual business exit will give you a greater choice of people. Platform 1 are experiencing unprecedented demand from people looking to acquire skin in the game in an existing successful business. People who have been on our database for some time are now feeling more confident to move and contact us. Our new business owner transition opportunities in January and February have also had 4 or 5 times the enquiry level compared to the same time last year.
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Deciding when to exit your business is a critical decision that depends on various factors, including your personal goals, market conditions, and the state of your business. Here are some factors to consider when determining the optimum time to exit your business.
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Overcoming procrastination when considering exiting a business can be challenging, as it involves making significant decisions about the future. Here are some strategies to help a business owner overcome procrastination in this situation.
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The concept of "skin in the game" refers to having a personal stake or investment in the outcome of a situation. When someone has skin in the game, it means they stand to gain or lose something based on the success or failure of a venture or decision. This principle is often associated with improved performance and decision-making. Here are several reasons why individuals with skin in the game may perform better than salaried employees.
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Exiting a business is a monumental decision that requires careful consideration of various factors. While many entrepreneurs might be inclined to opt for a swift and complete sale, a gradual approach can often prove to be a more strategic and beneficial choice. In this blog, we explore the advantages of a gradual business sale and why this method is gaining traction among savvy business owners.
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It’s been a hectic year for many business owners with the economic climate and the uncertainty that always comes along leading into any election. This one got drawn out and now the coalition government is finalised, we have drifted closer to Christmas. If you have been contemplating succession it may be tempting to pack up and come back in February or March however you will be missing out on the people wanting to get into a business now. Maybe you have been talking to Platform 1 or others for some time and trying to pick when to move forward - however waiting is a guessing game
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Many financially successful people build their wealth by being entrepreneurs as opposed to wealth derived from a corporate job. It can be a realistic goal to have skin in the game in a business, especially if this is structured over time.
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Starting the process of exiting your business now, makes sense for many business owners. We are three and a half years down the track from the pandemic commencing and many business owners are still in a holding pattern. What is holding out until after the election going to achieve, when there are interested people looking now ?
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Listen to Platform 1 Director Mike Warmington give 11 good reasons why introducing a GM with equity works for business owners looking at succession.
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This brief video from New Zealand Platform 1 Director Mike Warmington ,explains what the market is like now (September 2023) for finding a Business Partner in New Zealand, as part of a succession plan. This can be part of a gradual business exit to a talented person.
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Platform 1 take a proactive approach to finding people with both talent and capital. As well as our own extensive database, we use recruitment and executive search techniques to headhunt people who fit the profile to add value to the business. Listen to this short 2 minute video with Platform 1 Director Mike Warmington
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Finding a person with capability who can work in your business and buy you out over time can often be your best succession option.You get to hire your successor and better protect your legacy as this talented person buys your shares over time while they are growing the business.
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Watch Platform 1 Director Mike Warmington share a short insight which illustrates the need to exit your business on your terms. This successful business had imported and distributed a range of products for many years however they did have one key very profitable product that delivered a significant part of their profit . They had a longstanding relationship with this supplier and there was no indication this was going to end.
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Are you excited about getting into business ownership but concerned about the security of future business revenue if you buy outright? Are those contracts secure and will the revenue still flow into the business when the owner exits ? Are there any skeletons in the closet you don’t know about and is the owner desperate to get out now ? Do you really want to put all your investment “on the nose” on day one and step into the unknown without the owner having a vested interest too ? The Business Owner Transition model is a way to buy into a business over time in a way that de-risks any transaction .
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The last 3 years have caused a backlog of business owners to delay exiting their quality established businesses. Some felt in 2020 that they should build back up their businesses or that the time was not right for incoming buyers. Few would have expected that the pandemic would still involve restrictions in place in 2022, and are worn down from it.
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Business Owner Transition as a succession strategy - What is it ? If you want to be more educated on your succession options catch a video interview with Ryan Melton and Platform 1 Director, Mike Warmington.
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John has a successful medium sized business that has a turnover of about $6M and a reasonable profit. The problem is he is tied to it and can’t get to the Bach or go fishing as much as he would like. Getting in a GM seems like the answer and his accountant recommends a successful sales manager, Peter, who he believes is ready to step up to a GM role. Peter is 32 and currently works for a much larger business. John likes Peter and offers him the role after the first meeting. Peter is happy because it is a step up for him in both responsibility and salary.
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In this Podcast Craig Oliver talks to Rob Young & Mike Warmington of Platform 1 about Business Owner Transition and how Platform 1 is helping not only business owners successfully exit their business in a profitable and structured way, but also how their model allows motivated individuals to gradually buy into a successful business and continue to build on its legacy.
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There are a variety of reasons why you may consider exiting your business. From our experience it is often not all about a business owner just wanting to do a" financial transaction". Leaving a legacy is important to almost all the business owners we see whether they initially realise it or not. When and how to exit your business is an emotional decision with several variables in play:
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If you headed to the beach this summer you would have seen many great baches and beautiful boats. What you may not be aware of is many of the owners of these assets are business owners, not accounting or law partners or CEO's. Much of the wealth evident at the key holiday spots is with ordinary people who had the conviction to get into their own businesses. There are great opportunities for talented entrepreneurial individuals to exit corporate life and take an equity opportunity in a smaller private business.
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Scalable Businesses With Growth Opportunities in Short Supply In November 2021 Platform 1 conducted a market survey titled: Attitudes To Entering Business Ownership Following Covid 19. Data from this survey of potential future business acquirers shows that despite the pandemic, there is still not enough scalable businesses available. Over 65% of all respondents mentioned that they were finding it hard to find a scalable business with growth opportunities. This increased to 77% when measured only against those exclusively looking for a business. They also mentioned that many of the businesses available were too small.
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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 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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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The expected bulge of baby boomer business exits has attracted increasing speculation throughout the last decade.
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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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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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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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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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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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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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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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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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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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