After a recent annual business performance review with a client, we discussed the merits of pursuing areas within that business that needed attention. although, very reluctant to undertake these steps due to time constraints, the client obtained the following beneficial result:
- Saved $14,400 from buying better, i.e. comparing prices with their existing suppliers to new suppliers
- Saved approx 8-10 hours per month by systematising their processes by using cloud based software and bank feeds, an improved data base management system that is better suited to their expanding business
- was able to win larger contracts and improved profitability as it attained “quality assured status” as an expert in their field. The process took approx 5 days to complete but the benefits to regular income from new clients are ongoing.
Capital Gains Tax (CGT) Savings
By constant and regular contact with our clients, we are able to plan for a capital gains tax event will in advance, as such we were able to minimise tax payable on the sale of a clients business.
Our client was a small to medium sized business, which had developed and grown over 25 years of its existence. the owners decided it was time to sell and retire, but anticipated that there would be significant tax to pay as the result. the conditions to satisfy for the small business CGT concessions initially were not able to be met, but because we had lead time to plan the clients financial affairs for the eventual sale, the client became eligible for the concessions and was able to exit their business without any capital gains tax at all.
A successful business owner advised us their need to reduce their work hours and/or sell their business due to health concerns. they also recognised that their work force employed a significant number of family members that relied on them. the dilemma was to either sell the business or create a plan where succession could be achieved from within.
Over the course of 18 months, we had meetings with the management and staff to systematise their work operations, created well defined roles for all employees, ensured regular and more effective communication between all parties and established a plan whereby senior management would buy the business over a period of time from profits.
Now 12 months after the handover, the previous owners are happy that the next generation has taken over the business, will call upon the skills and experience of their parents and most importantly, the business had a well defined culture and a team that are all working together.
I can’t thank Darren, David and their team enough for their continued exceptional high quality service. Our business takes comfort in the fact that if we have any issues, help is just a phone call away.
Tom House – House Business Group
Anyone who has dealings with CrossCorp will recognise that the team is honest, caring and motivated. It’s great to know we have a group of people who are planning the way forward and helping us grow our business for the future.
Richard Dos Santos – Kadnet
Since making the switch to the team at CrossCorp, we have been able to analyse our business performance on a regular, real time basis which has enabled us to correct any issues early and manage cash flow more effectively. We rely on this support which is integral to the business performance.
Colin Passmore – Arpels