Commence a Business

Commencing a new business is a complex and stressful adventure that can impact you and your family’s life for many years to come. There are substantial risks and legal and commercial issues to be considered when starting a business. The involvement of experienced professionals in this process is often critical to ensure you are positioned to make the best decisions at this critical stage of your business cycle. Abbotts Chartered Accountants have been providing professional advice to businesses for over 30 years. We can help you to analyse business opportunities and minimise business risks.

We provide a vast array of services related to the commencement of your business, including:

We can assist you with the analysis of business opportunities including the analysis of valuations and construction of business plans.

There are a number of structures that you can choose from when starting your business. Not all structures work for all business types, and each structure has its own advantages and disadvantages.

Abbotts can provide comprehensive advice on the various structures that suit your specific family and business needs, and assist you in establishing those structures. Getting this aspect of your business right from the very beginning can not only save you money for years to come, it can also avoid costs in needing to restructure as your business evolves and grows down the track.

You will need a range of business information to effectively value a business opportunity. This involves the sourcing of financial and legal documents from the seller, and comparing this information to other data such as the businesses profile, history and market conditions – both generally and specific to the business.

After collating all of this information, Abbotts will be able to help you decide on the methods of valuation that will provide an accurate representation of its value. While there is no set method to valuing a business, a combination of methods can be used to arrive at the desired valuation range. Abbotts can also provide advice on which methods are beneficial to you during the transaction with a seller or financier. This includes being able to explain any industry specific methods that may be relevant to the business opportunity.

A business plan is a very important document to any new business. It documents the businesses financial health, goals and objectives.

When applying for finance, you will need to show the lender that the business should be invested in. By having a sound business plan, lenders may have greater confidence in the future success and profitability of your business.

A business plan also shows you as an owner the short and long-term goals the business is looking to achieve. It gives focus on where business resources should be spent to manage or maintain these goals.

Once appropriate business structures are established, Abbotts will be able to assist you with the registration and compliance with a variety of government agencies that are impacted by your business.

Click here for further information on our Corporate Secretarial services

Your accounting systems need to reflect the needs of your business which may be a simple electronic cash book through to dynamic integrated software systems and cloud-based solutions. Abbotts can assist you in selecting and establishing systems of bookkeeping and administration that are suitable for your business needs.

We can also assist in the selection and establishment of bookkeeping systems and administration that are suitable for your business needs including cloud accounting, integration between Point Of Sale and accounting software, and eCommerce solutions where appropriate.

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Legal agreements are rarely written in plain English. They are complex and invariably mission critical for you. Solicitors are great at writing legal documents in a way that will stand up to the rigours of a contested argument. We are great at ensuring that you and the solicitor understand the context in which the agreements have to exist in your commercial world. Our role is to ensure that your have the right agreements that meet your objectives and keep your business interests and your wealth safe.

We can help you to contact and liaise on your behalf with professional legal consultants regarding setting up agreements and deeds as well as other corporate matters. These documents can deal with management issues of your businesses customers, staff and suppliers together with any equity partners if appropriate.

If your business involves non family members there are a variety of strategies that we can recommend to deal with a business partner exiting the business on good terms, bad terms or unintentional terms, such as death, disability or illness.

We can provide comprehensive advice on buy/sell agreements and we are able to assist you with any issues pertaining to these agreements, including dealing with the complexities of their taxation implications or insurance needs.

When you establish a business we strongly encourage you to consider the manner in which you would like to exit the business. The best time to do this is now, at the start, before any arguments can form.

We can assist you to setup relevant shareholder agreements to deal with the management of your personal and business affairs where outside parties. are involved.

Human resources can often be the greatest resource in a business. It’s the people that generally make the difference between a good business and a great business. People are complex, dynamic and self motivated and they require a lot of management. If you don’t get your HR management right then not only will you fail to get the best out of your people, but you could well find yourself on the wrong side of legal arguments about your staff’s rights and your responsibilities as an employer. Not to mention the compliance interests of government agencies.

We can provide comprehensive advice and guide you on human resources issues in your business including recruitment, contract management and HR compliance matters.

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The common misconceptions about trade names and business names is astonishing. It is extremely common for people in business to misunderstand the legal aspects of ABN’s, website domains, companies and business names. Often the entire concept of trademark and patent protection is overlooked and businesses are exposed to loss of brand ownership and trademark infringements.

We can help you to understand and differentiate between the various registrations that your business will need to operate commercially and we can assist you in applying for business names, trademarks, domains and copyrights with the relevant government agencies in order to protect your intellectual property and ensure you are not in breach of trademark law.

Good businesses need good funding. Knowing where to source the most suitable funds, how to approach venture fund managers and understanding the expectations that will be placed upon your business can help your company succeed on sourcing venture capital.

This is a step up in business accountability and your business needs to be prepared to meet the requirements demanded of professional investment firms and venture capital funds. You will need sound advisors behind you in order to make a business pitch for funding at this level. Abbotts can provide comprehensive advice and assist you in planning and applying for venture capital. We will be able to provide direction on how to pitch to venture capital funds, and how to find the right investor for your business, including an introduction to professional specialists in this field.

Click here for further information on advice we provide regarding venture capital

Most successful businesses are dynamic, they change rapidly with growth and contraction in business activity. These changes have to be carefully monitored or even better, they need to be accurately forecasted. A business will thrive when it is tuned for success, this means having the right level of capital available to meet its forecast needs. Consideration can also be given to when a business becomes overcapitalised and the need, or opportunity, to return capital to the owners needs to be considered. This can be when a business enters its ‘payback period’ and owners will love it!

We can provide comprehensive advice and assist you in assessing your business’s capital requirements including introducing you to and liaising with the various financial institutions available to you.

Click here for further information on capital requirements advice for your business

Chris Higham

Partner, Abbotts Chartered Accountants

Chris has been a part of the Abbotts Team since 1987 and has worked in the accounting profession since 1983. He qualified as a Chartered Accountant in 1991 and was appointed as a Partner in Abbotts Chartered Accountants that year.

David Drake

Partner, Abbotts Chartered Accountants

David is our Tax Specialist and has worked in the tax and accounting field since 1982. David spent several years early in his career working in the ATO. He joined the Abbotts team in 1997 and became a Partner of the Practice in July 2000.

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