Many people in small businesses choose to name their businesses after themselves. What could be more natural? After all, you're the face of the business, why not be the namesake too?
However having a business named for its owners can create headaches for succession planning if you ever plan to sell your business.
As financial expert Ross Greenwood pointed out in a recent article, "athough many of our most famous brands are named after families (Myer, David Jones, Coles) I think it is easier long term to sell a business if it is more generally named at the outset."
"For years Dick Smith has seen his image and name on stores that he founded in 1968 and sold to Woolworths in 1982 — 34 years ago. Though eventually he used his name to create the Dick Smith food range, for most, it is difficult to recreate the goodwill of your own name."
There's many good reasons why a general name might be wise if you're planning to sell your business.
This is not only true of big business, but small business too. Over the years, we've helped a number of our clients undergo name changes in preperation for selling. Indeed our own frim was rebranded from "Sheryl Haslam & Associates" in 2008 for this very reason.
If you're thinking about starting a new buisness or would like some help to re-brand an existing buisness, get in touch with us.
"We have been using Haslam Consulting and Accounting for over seven years to look after our bookkeeping. We have found their serive to be outstanding on both a professional and cost effective level. Having our accountant do bookkeeping increases their understanding of our business and frees up our time to work on growing the business." Craig Lloyd, Director Craig Lloyd Painting Services
Phone: 1300 427 526
Address: 15 Melway Crescent
HARRISTOWN QLD 4350,
If you buy an asset by 30 June and it costs less than $20,000, you can write off the business portion in your 2018 tax return.
Are you running behind on employee superannuation payments?
If so, you’re in luck.
Kelly O’Dwyer, Minister for Revenue and Financial Services, has just announced a Superannuation Guarantee Amnesty.
You have 12 months to get your unpaid super in order.