Talking Law

Welcome back to part two of our special series on the future of the business sales and acquisitions industry with business futurist an innovation expert Craig Rispin of the Future Trends Group. Today we want to help equip our business advisors, like brokers and accountants who are working in the sales and acquisitions industry, with some helpful tips on how to be to disruptor in your practice and in your industry through the use of new algorithms tools and methods.

Michael and Joanna delve deeper into leadership and its role in building and developing communities. Michael is also going to discuss his work with an amazing organisation, Caritas Australia, one of the world’s largest and most effective emergency response networks.

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Welcome to the final half hour of our exciting 2-part series with Michael Maguire on the topic of leadership. Last week, we talked about leadership in the context of building a high performance culture and environment for your team.

In today’s episode, we are delving deeper into leadership and its role in building relationships and developing communities. We are also going to discuss Michael’s work with an amazing organisation, Caritas Australia, a part of Caritas Internationalis, which is one of the world’s largest and most effective emergency response networks. Caritas Australia is able to respond whenever disaster occurs through working with local partners to provide emergency relief to affected communities.

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Episode Highlights:

* The Power of Sport to Bring Happiness and Joy to People

* Leadership as an Opportunity to Influence

* Giving Back to the Community

* Caritas Australia

The power of sports to bring happiness and joy to people

One thing sport does bring, is … happiness to a lot of people… sport can bring people together and it doesn’t matter who you are. - Michael Maguire.

Leadership as an opportunity to influence

Everyone looks at leadership in a different light, but I guess for myself, I see it as an opportunity to influence. - Michael Maguire.

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Giving back to the community

There is always something greater than yourself. To be able to give back to the people around you always tends to come back and find you in a good way.

Through my journey at Souths, being able to be embedded in the community through the indigenous [and] many different cultures within that area. You really get an understanding of the vast differences between everyone.

- Michael Maguire

Working with Caritas Australia

They don’t have food but they have each other and I guess… the reason why I really enjoy working in teams [is because] its about the people and the people coming together.

Today’s episode is first half hour of our new and exciting 2-part series, where we take a good look at the future of M&A with business futurist and innovation expert, Craig Rispin of the Future Trends Group.

Today we are talking about some very important new legislation - the GDPR, which is an EU based legislation that can impact organisations here in Australia. To talk about this topic, we have brought on board Mary Anne Waldren from the Master Advisor Program and our very own Elizabeth Lee from Aspect Legal, and together we are discussing the GDPR and its impact on businesses here in Australia.

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Our last episode in Talking law was part 1 of a 2-part series with rugby league great, Michael Maguire, talking about the topic of leadership. However, we are interrupting the 2nd part of this 2-part series with this special episode on some very important new legislation. Unless you’ve been living under a rock, I’m sure you’ve received tons of emails with privacy policy and terms of use updates, all relating to the General Data Protection Regulation or GDPR.

The GDPR is an EU based legislation which can impact organisations here in Australia. So in order to talk about this topic, we have brought on board Mary Anne Waldren from the Master Advisor Program and our very own Elizabeth Lee from Aspect Legal, and together we’ll discuss the GDPR and its impact on businesses here in Australia.

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Episode Highlights:

* Who this applies to in Australia

* No one seems to know what to do

* Responding to the need for education

* GDPR and the Australian Privacy Laws

* The right to be forgotten

* Systems element to GDPR compliance

* What businesses need to understand

* A free webinar about what’s involved

* Quick recap

Who this applies to in Australia

Joanna: Well Mary Anne and Liz thank you so much for joining us today on Talking Law. Liz, how about we start off with you. From a legal perspective, why don't you give us a little bit of a rundown of what the GDPR means for businesses here in Australia because I think there's a lot of concern that I've seen in the marketplace about who this applies to in Australia, what businesses it applies to and what it actually all means.

Liz: Yeah. So the General Data Protection Regulation was put in place. It came into effect on the 25th of May 2018. But of course, it's been in the works for a good couple of years in the EU.

I think that for many Australian businesses, it sort of come around pretty quickly and hit them quite suddenly. We have this influx of concern. It's been bubbling along.

This affects businesses that collect, store, handle, and transfer personal information particularly where it relates to an EU citizen or a person located in the EU. I think that, for the most part, Australian businesses haven't seen themselves as being in that position. But I think increasingly, they have come to realize they actually could be exposed.

No one seems to know what to do

Joanna: Yeah absolutely. This all reminds me a bit of the Privacy Act commencement here in Australia actually I must say. In fact, not just that, but any of the legislation that we've had come in over the last couple of years, the Personal Property Securities Act legislation, anything that is I guess a major change. We see businesses not really taking any action until the eve of the commencement of the legislation and then suddenly everyone's all in an uproar about it trying to work out what it actually means for them.

In this Quick Tips session, we quickly investigate the differences between share sales, asset sales, and business sales. It is certainly one of those areas that can create issues when sellers, buyers and perhaps their advisors miss to critically think about this concept before structuring the deal.

Michael and Joanna explore the role of leadership in building a high performance culture and environment for your team. Michael delves into how he turned the tough times into positive opportunities, and beat adversity in pursuit of long term success.

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Today we open an exciting 2-part series all about leadership. In part 1, we’ll talk about leadership in the context of a high performance culture and the ways you can create an environment that leads your team to perform their best. Then in part 2, we’ll discuss the role that leaders play within their organisation or business and how this can be tied into the community.

To help us with this bold task, we are joined by Michael Maguire, who is one of rugby league’s most respected coaches. Michael was formerly a player with Canberra Raiders and Adelaide Rams, but after a serious neck injury ended his playing career, he became a coach. In 2005, he was the assistant coach of the Melbourne Storm and steadily moved up in his career, at one stage being the head coach of the English Super League Club Wigan Warriors. In 2014 - and perhaps one of his most crowning achievements (well certainly in the eyes of my husband - an avid bunnies supporter), Michael lead the South Sydney Rabbitohs to their first premiership win in 43 years.

His strong leadership qualities have seen him become a keynote speaker at numerous corporate and government events. He stopped coaching the Rabbitohs at the end of the 2017 season, and is now working as a Leadership and High Performance consultant to the NRL - and is today talking to us about creating a high performance team.

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Episode Highlights:

* Leading Your Team Through a Shared Vision

* Spreading the Leadership Role Across the Organisation

* Empowering the People Around You

* Dealing with the Tough Times

Leading your team through a shared vision

Whether it’s in sport or in business it’s the challenge to be able to have people turn up everyday vying for the same goal, whether… it’s a business trying to climb to the top, or its a team climbing to the top. - Michael Maguire

From a leadership point of view, it’s about talking about it and allowing people to grow within their own roles and feel the ups and downs and understanding the adversity of how you actually can all be successful together. - Michael Maguire

 

Spreading the leadership role across the organisation

Spread the leadership across an organisation. One person can’t do everything. - Michael Maguire

Everything plays a part and each department vibrates off each other depending on how they’re performing so as being able to capture that across your organisation… thats when your higher performance comes because everyone understands their role and they’re doing it at their highest possible ability at that time. - Michael Maguire

Empowering the people around you

I think it is really about empowering the people around you to allow them to do their roles. - Michael Maguire

It’s being able to continue to enhance the role of all the people within that [organisation] and allowing...

Today we talk about the concept of preparing a trade business or trade-based business for sale, and by trade business we refer here to small to medium sized businesses that provide skilled trade-based services to its clients or customers like plumbing businesses, electrical businesses, mechanics etc.