Today on Fast Fix Monday we discuss the top three things you need to consider when structuring your business.

What is your goal?

You need to have a clear idea about what you want to achieve with your company. IF you are planning on selling in the near future that will dictate a different kind of structure than if you want to continue to run the company for decades.

What is your current situation?

Make sure you get good advice about using the current structures you already have in the new business.

Get good advice

You don’t know everything. Get good professional advice.

It’s time to check-in on the most important legal news from Australia and around the world.

It’s a new month and the start of a new phase of the Business Legal Lifecycle. Phase: 2 Startup will explain the process of setting up a new business. If you get everything right at the start of your business you will be in a much stronger position in the years to come. There are many aspects of your business that you have to consider.

Today it’s our last show focusing on estate planning and retirement. We want to offer three tips if you choose to continue to work for the buyer of your business.

Know that you are not the owner

This can be very difficult especially if you’ve run the business for decades. You are there to help, not to run things. If you are on an earn-out deal where you get a percentage of profit if the company succeeds it’s slightly different. The buyer is giving up some control of the business in that scenario.

Attitude is everything

You have to be very careful with your attitude. If you’re just helping out you there to do just that. You don’t control the place. You aren’t the boss anymore. They have to make their own mistakes. If you are on earn-out and you have a poor attitude it can have major implications. You have to be ready to take that role on.

Be a counselor to the buyer

You are there to help but also to offer your advice and experience. This is especially true on an earn-out arrangement. You want to maximize the advice you are offering.

Investing in property is a major decisions. It can have huge implications for you and your business going forward. A sound investment strategy can reap big benefits. But if you don’t do it right it could cost you your livelihood. That’s why we invited Jason Cook to join us for this edition of the show. Jason works as a financial advisor with WB Financial in Queensland. He is also the author of the book Bulletproof Business. We’ve worked with Jason on a number of deals over the years and we are really excited to welcome him onto this edition of the show.

We’ve been talking about estate planning and retirement all this month. A key part of that process is writing a will that clearly lays out your wishes for friends and family. Some people decide to write a will by themselves. This isn’t a method we recommend. Given the complexities of estate law, having a professional to help you is for the best. But for those that are set on doing it for themselves here are some tips:

Today on the podcast we turn the tables on co-host Craig Mason and interview him about his career and expertise on estate planning.  We’re focussing on retirement and estate planning all this month and there is no better person to talk about this than Craig. He spends a large part of his work on helping people to get their affairs in order.

Today on Fast Fix Monday we’re going to share the top three tips for setting yourself up for retirement.

Increase your profits and personal wealth

This might sound obvious but not enough people are thinking about this. How much money do you need to retire? Figure out that number and work to achieve it.

Keep your lifestyle in check

Whenever your income increases your expenses seem to increase as well. Take care to keep your purchases in check. Follow the 24/7 rule. Wait 24 hours for small purchases and 7 days for big ticket items.

Create a money plan to save

Some people think that saving 10-15% of their income will be enough but it often isn’t. You’ll be amazed at how quickly your money will grow if you do this diligently

All throughout July 2018 we are talking about retirement and estate planning. Figuring out who should get your estate are hugely important questions. This must be dealt with properly. Today on show we detail some of the things you should consider when creating your estate.

Today’s episode offers five tips for your estate planning.

Take an inventory of your net worth

It will take time to do but you have to keep an ongoing record of what our assets and liabilities are.

Determine you will be your beneficiaries

What age do you want your children to be able to access the funds? You can also do things like making sure they have money for schooling or other expenses.

Determine who will manage your planning

Do you want a family or friend to do this or should you hire a professional? A big consideration is how much responsibility you want to place on one family member or friend.

What type of plan makes sense for you

You don’t want your plan to be overly complicated. Make sure they plan you have created makes things easy for those dealing with your estate.

Find a good solicitor

It’s critical to make sure that your wishes are carried out properly that you get a good lawyer to handle the details.