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  • NAB SPONSORED CONTENT: Sanctions and embargoes - how they can impact your business | Business Spectator
    Information Technology Infrastructure Insurance Manufacturing Media and Digital Resources and Energy Professional Services Property Retail Small Business SME Telecommunications The Ashes Tourism Transport and Logistics Video KGB TV China Spectator CEO Hub Leadership Lab Management Insights Young Leaders Knowledge Centre Adapt or Die Knowledge Hub Business Accelerators Webinars eBooks Menu NAB SPONSORED CONTENT Sanctions and embargoes how they can impact your business NAB 9 Dec 2013 10 29 AM Industries Family Business It s important to understand your obligations with domestic and international sanctions before entering into arrangements You must be logged in to read this article Not a member yet Register today Business Spectator is available on all of your devices so you can access the latest news and commentary where and how you like Register now Already a member Sign in here Email Address Enter your Email Address Password Enter the password that accompanies your Email Address Remember me Log in Request new password NAB Business View It s important to understand your obligations in relation to domestic and international sanctions and embargoes and how they may potentially impact your business before entering into arrangements with offshore providers and or their agents If you re involved in any of the following transactions you re at risk of a sanctions and embargo violation You make a payment directly to someone who is subject to sanctions or embargoes You make a payment into an account located in a non sanctioned country however the account holder or the beneficiary is located in a sanctioned country The movement of funds and or goods in your transaction involves a party who is subject to sanctions or embargoes for example airlines banks shipping vessels and ports You structure a payment that would have otherwise been captured under sanctions regulations What is a sanction Sanctions are frequently used by governments to implement foreign policy and fight financial crime and terrorist organisations Sanctions act as a non violent foreign policy tool designed to influence a country specific person legal entity and or organisation This is intended to deter activities which may include providing sanctuary for international criminals such as terrorists the proliferation of nuclear weapons development and abuses of fundamental human rights Sanctions affect financial institutions such as NAB and their customers by placing restrictions and controls on the movement of goods services and money These restrictions can include Prohibiting the transfer of funds to and or from a sanctioned country and or Specifically Designated Nationals SDN Freezing the assets of a government entity individual and or resident of a sanctioned country Prohibiting particular types of activities Imposing travel bans and or Other financial and diplomatic restrictions What is an embargo An embargo is a unilateral or collective restriction on the import or export of goods material capital or services into or from a specific country or group of countries Embargos are similar to sanctions and are legal barriers to trade NAB and its customers are legally bound to adhere to sanctions and embargoes imposed by

    Original URL path: http://www.businessspectator.com.au/article/2013/12/12/family-business/nab-sponsored-content-sanctions-and-embargoes-how-they-can-impact (2014-01-13)
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  • The mother of all family business wisdom | Business Spectator
    nurturing the different parties like the husbands children grandchildren and in some cases elderly parents She ll often play the role of confidante diplomat and interpreter healing family rifts She more than anyone else knows the company s history and the family dynamics traditions and values But matriarchs are not only the glue that holds everything together According to a new Pitcher Partners and Swinburne University study they now play a significant role in succession planning The matriarch the spouse of the boss is the power behind the throne and key person behind decisions Great matriarchs in family businesses have included Dame Elisabeth Murdoch Loti Smorgon and Jan Taylor who built a small Hobart slipyard into a national ship fitting and accommodation business Taylor Brothers A tight ship that s Taylor made February 7 Philippa Taylor CEO of Family Business Australia says most family businesses have a matriarch In their book Family Fortunes Bill and Will Bonner argue that the matriarch provides stability and long term vision and helps resolve generational conflicts Wealth creation is hard on a family because it requires so much of the wealth creator s time and effort away from the family The family creator has to hold things together The matriarch has to fill in for the absence of the wealth creator And she has to pull the wealth creator into the family at times as necessary The family creator has to allow the wealth creator to do his thing while building a strong family They say the matriarch has to create and pass along the family culture provide a stable home environment understand and support the business model understand the social contexts promoting family objectives e g entertaining customers and suppliers managing contacts and so on being right across complex trust tax and investment issues and being emotionally mature enough not to play favourites Most family business advisers called in to sort out disputes say the first person they go to is the matriarch the one who is across all the goings on and who knows where all the bodies are buried Family business specialist Jon Kenfield says a distinction needs to be made between matriarchs as the power behind the throne and matriarchs as CEOs And with more women running businesses the dynamics have changed He says many of these female leaders have difficulty letting go creating succession problems Adelaide based family therapist Rosemary Freney who is also an accredited family business adviser says the matriarch is the critical part of every family business You have to look at the woman the wife and this is often a neglected area because she often is the power in the family says Freney Her ideas often conflict greatly with that of the founding director It s her need to look after her children and often the way they are dealt with by the patriarch Often we work through mother who often can work on Dad A study done by accounting firm Pitcher Partners and Swinburne

    Original URL path: http://www.businessspectator.com.au/article/2013/12/5/family-business/mother-all-family-business-wisdom (2014-01-13)
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  • Small suppliers stick to a code of silence | Business Spectator
    me Log in Request new password The recently released food and grocery supply code is good news for small and family businesses But none of the family businesses approached by Business Spectator were willing to go on the record about their experiences with Coles and Woolworths This reticence comes from a fear that speaking out will impair their future dealings Of the thousands of businesses that supply these two retailers the vast majority are small and medium sized These are the ones who have been dominated by the retailers The large Australian and international suppliers may have teams of lawyers and may be more able to hold their own against the retail giants But it s yet to be seen if this code will give smaller producers the help they need Gary Dawson chief executive of the Australian Food and Grocery Council says when the code comes into action in around six months suppliers can be more confident And even before the document passes the regulatory impact assessment and is tabled in parliament as a regulation under the Competition and Consumer Act Dawson says it s still useful as a reference point This is a useful document for suppliers to have a look at and reference in their negotiations as a guide to what s reasonable and what s not he says A small particularly family supplier s CEO is deeply embedded in the business he lives and breathes it and so doesn t have a whole lot of awareness as to whether what he s experiencing is a problem right across the industry or if it s just a problem for him Small Business Minister Bruce Billson says he s given Coles and Woolworths plenty of encouragement in drafting this code It s an important first step in redressing the enormous imbalance and some of the more egregious conduct that has been reported and that we re aware of says Billson Without doubt this is the first piece of good news that suppliers to Coles and Woolworths have heard in a long time But if you re one of them don t head into their head offices with a copy of this code in hand expecting a vastly better deal just yet We re hoping that this might enable a bit less of the onslaught and a bit more sensible collaboration by setting out some clearer no go areas Dawson says Some of those no go areas are the basic right of the suppliers to be paid on time not be stuck with costs for in store wastage and shrinkage not be forced to pay for better shelf positions and not be dropped at a moment s notice Some family business owners have gone so far as to say that Coles and Woolworths are swine to deal with Many of these suppliers are envious of the United Kingdom s mandatory version of the grocery supply code introduced earlier this year Supermarkets in the UK can be given financial sanctions

    Original URL path: http://www.businessspectator.com.au/article/2013/12/2/small-business-sme/small-suppliers-stick-code-silence (2014-01-13)
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  • Chris Kohler | Business Spectator
    Small Business SME Telecommunications The Ashes Tourism Transport and Logistics Video KGB TV China Spectator CEO Hub Leadership Lab Management Insights Young Leaders Knowledge Centre Adapt or Die Knowledge Hub Business Accelerators Webinars eBooks Menu Chris Kohler Small suppliers stick to a code of silence The food and grocery supply code may embolden larger suppliers to speak out against unfairness in supermarket conduct but will it help small and family sized businesses by Chris Kohler 3 05pm December 02 2 comments Family culture keeps Jalna churning Despite tensions with supermarkets and the odd spot of workplace drama Victorian yoghurtmaker Jalna has thrived in a competitive market by Chris Kohler 7 15am November 28 7 comments Fail better lessons for small business owners Shame guilt and isolation are common afflictions for someone who has lost their business But Wayne Toms executive chairman of the Rebuild Foundation is throwing them an emotional lifeline by Chris Kohler 7 50am November 07 It pays to keep eyes on the pies Former NRL superstar Sean Garlo Garlick turned his once fledgling retail pie business into a wholesaling empire supplying the likes of Coles the Navy and countless New South Wales outlets by Chris Kohler 3 06pm October 16 Tassie spirit by the barrel When Bill Lark looked around Tasmania he saw everything he needed to make world class whisky Working with his wife and daughter he rebuilt a dead industry by Chris Kohler 8 25am September 12 2 comments Ancient regimes the oldest family businesses in the world Planning your family business dynasty Some of these firms have been at it for over a thousand years by Chris Kohler 10 01am August 14 Glitter the Great Gatsby and a million dollar outfit A humble costumier s quick uptake of niche online retail has seen business boom and its finery grace Hollywood stars Now it s embracing social media has opened a store in London and is enjoying the cha cha ching of sales by Chris Kohler 7 18am July 25 Stillwell s genetic fuel injection The Stillwell family know two things cars and family business governance David who pioneers the third generation was hooked as soon as he started driving by Chris Kohler 9 02am June 27 Popcorn and passion at the family Palace After migrating from Italy in the 1950s the Zeccolas passion for cinema birthed a business empire New Palace Cinemas chief Benjamin continues his family s legacy by Chris Kohler 12 02pm May 23 3 comments Small suppliers stick to a code of silence The food and grocery supply code may embolden larger suppliers to speak out against unfairness in supermarket conduct but will it help small and family sized businesses by Chris Kohler 3 05pm December 02 2 comments Family culture keeps Jalna churning Despite tensions with supermarkets and the odd spot of workplace drama Victorian yoghurtmaker Jalna has thrived in a competitive market by Chris Kohler 7 15am November 28 7 comments Fail better lessons for small business owners Shame

    Original URL path: http://www.businessspectator.com.au/contributor/chris-kohler (2014-01-13)
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  • NAB SPONSORED CONTENT: Online retail sales index: Indepth and special report | Business Spectator
    Agribusiness Automotive Aviation Construction and Engineering Education Family Business Financial Services Food and Beverages Gaming and Racing Health and Pharmaceuticals HR Industrial relations Information Technology Infrastructure Insurance Manufacturing Media and Digital Resources and Energy Professional Services Property Retail Small Business SME Telecommunications The Ashes Tourism Transport and Logistics Video KGB TV China Spectator CEO Hub Leadership Lab Management Insights Young Leaders Knowledge Centre Adapt or Die Knowledge Hub Business Accelerators Webinars eBooks Menu NAB SPONSORED CONTENT Online retail sales index Indepth and special report NAB 2 Dec 2013 9 41 AM Industries Family Business Australian online retail sales rose to 14 4 billion for the year to October 2013 a level that is equivalent to 6 4 per cent of traditional retail spending You must be logged in to read this article Not a member yet Register today Business Spectator is available on all of your devices so you can access the latest news and commentary where and how you like Register now Already a member Sign in here Email Address Enter your Email Address Password Enter the password that accompanies your Email Address Remember me Log in Request new password NAB Business View Australian online retail sales rose to 14 4 billion in the year to October 2013 a level that is equivalent to 6 4 per cent of traditional retail spending Domestic retailers continue to control the largest share of online sales at around 73 per cent That said there has been a significant slowdown in sales growth across the past three months with a slight contraction in August and only very modest increases in September and October It is interesting to note that growth over this period was weaker than the traditional bricks mortar retail sector and well below the strong trends across most of the period from 2010 to mid 2013 The trends have been highly mixed at the sub sector level Conditions for online retailers in the Media category have remained strong and there has also been growth in the Groceries Liquor and Homewares Appliances categories In contrast trends over the past three months have been weaker in the Daily Deals Recreational Personal Goods Fashion and Toys Electronic Games categories with failing sales in these sectors during this period The online environment is clearly still the domain of the 35 44 age group This group has the largest share of spending outbuying the national average by a substantial 34 per cent The over 65s spend 51 per cent less online than the national average reflecting relative comfort levels with technology Our Special Report also released today highlights the typical spending patterns in online retail with the average online transaction in October 2013 at 41 down from 64 in January 2010 A number of factors may have influenced this decline including price deflation changes to shipping arrangements that may encourage fewer items per transaction and changes to sales by category with an increasing share for the relatively low cost Media category over time We hope the

    Original URL path: http://www.businessspectator.com.au/article/2013/12/5/family-business/nab-sponsored-content-online-retail-sales-index-indepth-and (2014-01-13)
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  • Family culture keeps Jalna churning | Business Spectator
    stuffing it full of preservatives so local producers have a free run at the marketplace The problem is that producers and supermarkets are handcuffed to each other in a constant struggle for profits Not that either side is complaining the public can t seem to get enough Next door is Jalna s own plastics factory They exclusively supply themselves with yoghurt tubs and lids and because they don t sell them to competitors it s a saver rather than an earner No white coats in the plastics factory instead workers tend to the huge German machines that pour red green or blue melted plastic into moulds It s an oddly beautiful process of stamping cutting inflating cooling and sticking The final process goes into huge boxes stacked to the ceiling ready to be taken next door to meet its temperamental tenant The McLaren family bought the business in 1978 for 350 000 off Polish migrant Simon Goldman who d been making cottage cheese sour cream and one variety of yoghurt under the name Jalna in Preston since 1959 The sale process allowed for a three month takeover where Simon taught the new owners how to make the products and run the factory It was a 24 year old Campbell who found himself under Goldman s wing Campbell s father Bruce had every intention of playing a role in the business he d bought but several months after buying it he had a major aorta artery burst He survived but he and his wife had to leave their sons to take charge Campbell took control of the product and the 12 workers while his older brother Stuart worked on the sales and accounts But as you d expect after only a three month apprenticeship Campbell was struggling I was a nervous wreck My father had put all his money in this place and borrowed the rest against the family home he says Campbell s lifeline came in the form of a Yugoslavian cheesemaker by the name of Steve who worked for a competitor and wanted to shift businesses Steve told them what equipment to buy and how to update the factory He was their most important employee for a while Twelve months later Campbell was out in the truck making deliveries when he called the factory to check in Everything alright in there he asked Um not really Steve s just attacked his wife in the factory with the pressure cooker was the reply Stunned silence That day in 1979 was the last time Steve the helpful but dangerous cheesemaker worked for Jalna Campbell hired Howard Nurse as the replacement and he s now been head of operations for 33 years Dealing with Australia s supermarket giants has been a constant source of tension Coles and Woolworths are responsible for 80 per cent of Jalna s product which makes Campbell more than a bit uncomfortable But Jalna grew into the role of key supplier It s a reliable and high quality producer Having its own plastics factory means that when Coles and Woolworths call Jalna is always able to answer And even though the retailers have plenty of aces up their sleeves Campbell has done his best not to let them get the better of him He says one of the best things he s done is hire someone to handle the retailers and Costa Tsaconas has been that man for 18 years And it might be that his troubles on that front may be coming to an end with a new code of conduct coming into action It seeks to make sure retailers don t use their power to push around small to medium sized enterprises anymore Woolworths Coles agree to a new code of conduct November 18 Jalna is owned through a family trust but it s clear that Campbell is in charge Stuart retired at 50 and like his father died young at just 63 last year Stuart left behind two daughters Kate and Candace neither of which works in the business but there may be a successor in Campbell s two sons Wes 23 and Lachie 21 Lachie is studying real estate and Wes looks to be the next McLaren at the helm He s finished his banking finance and marketing degree and is looking for work outside the company before coming back a few years down the track Campbell wants the business to stay in the family and it almost certainly will But who knows maybe they could sell it and buy another small business In 35 years Wes and Lachie could be making money doing something completely different After all Campbell was the first in his family to make a batch of yoghurt Print this page More from Chris Kohler 02 Dec Small suppliers stick to a code of silence 07 Nov Fail better lessons for small business owners 16 Oct It pays to keep eyes on the pies 12 Sep Tassie spirit by the barrel 14 Aug Ancient regimes the oldest family businesses in the world Related articles 19 Dec Australia s growth is all in the family 18 Dec Cashing in on the Christmas calm 18 Dec The 8 step guide to holiday business success 16 Dec NAB SPONSORED CONTENT A game plan for the future 12 Dec Unlike the Holden family the Bates stuck with saddles More from Business Spectator Technology Adapt or die Commercial The Future of Energy Family Business Alan Kohler s Family Business China China Spectator Please log in or register to post comments Comments on this article Comments Policy Vasso Massonic Sat 2013 11 30 11 03 Chris you are spot on Overseas competitors find it hard to sell yoghourt in Australia without air freighting it and stuffing it full of preservatives Thank the Lord for that Prior to the creation of the Euro Zone Greek early morning street vendors sold the most magnificent yoghourt in the world in clay containers Euro Zone put the end to that

    Original URL path: http://www.businessspectator.com.au/article/2013/11/28/family-business/family-culture-keeps-jalna-churning (2014-01-13)
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  • How family businesses fall into the bargain bin | Business Spectator
    ready a process that can take many years Unfortunately most don t The numbers tell the story According to research from MGI family businesses are finding they aren t getting the price they had been expecting There s a reason for that Robert Powell a family business adviser at Grant Thornton says they haven t done enough to make the business attractive to buyers Most business owners tend to have an unrealistic view of what their business is worth Powell says That s almost a universal thing They haven t done any work getting an independent view on what their business is worth they tend to be too close to it and they rely on anecdotal evidence from contacts relatives the bloke at the pub or the contact that might have sold their business for X dollars so they think my business must be the same Powell s observations are consistent with the findings of a KPMG survey this year It revealed that only a third of family businesses were exit or succession ready Getting the business sale ready Powell says means examining what the business shortcomings are and then fixing them That s everything from growth paths to locking in suppliers For example if you have a business that has one major customer that accounts for more than 50 per cent of your revenue then your business isn t worth as much as an equivalent business that has 100 different customers each taking up one per cent he says What s in that program depends on the business shortcomings their revenue might not be high enough their margins might be small or there s no growth He says people buying a business are looking for an upside Essentially what they re buying is a future stream of revenue and unless your business shows there is a potential for that to happen they are not really interested What s important is that this process needs serious planning it s not something that can be done overnight Businesses need time to develop that growth profile and net profit profile he says Preparing a business for sale isn t something you can do in weeks or months You are probably looking at a minimum of three years to do it properly Buyers are more discerning than they used to be What you have is a pool of buyers who post GFC are much more selective about what they spend their money on and these businesses aren t ready for them he says Not only will they struggle to get the price they want they ll struggle to find a buyer As a result the businesses that are being sold are distressed The owners just want to get it off their hands and are ready to sell at any price Judy Choate a lawyer with Adelaide based law firm Piper Alderman says there has been enormous growth in distressed family business sales since June It appears to me that there is a higher

    Original URL path: http://www.businessspectator.com.au/article/2013/11/27/industries/how-family-businesses-fall-bargain-bin (2014-01-13)
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  • NAB SPONSORED CONTENT: Reduce the risk when offering credit to customers | Business Spectator
    SME Telecommunications The Ashes Tourism Transport and Logistics Video KGB TV China Spectator CEO Hub Leadership Lab Management Insights Young Leaders Knowledge Centre Adapt or Die Knowledge Hub Business Accelerators Webinars eBooks Menu NAB SPONSORED CONTENT Reduce the risk when offering credit to customers NAB 25 Nov 2013 2 21 PM Industries Family Business If you re looking to grow your business offering credit to your customers can be a smart business move as long as the process is carefully managed You must be logged in to read this article Not a member yet Register today Business Spectator is available on all of your devices so you can access the latest news and commentary where and how you like Register now Already a member Sign in here Email Address Enter your Email Address Password Enter the password that accompanies your Email Address Remember me Log in Request new password NAB Business View The opportunity to buy now pay later can attract new customers to your business and encourage them to place bigger orders But credit can also have a negative effect on cash flow and reduce your profit margin and there s always a risk that the bills won t be paid Ideally a business will build a credit management system into its initial set up And when you re starting out you should think carefully about whether to extend credit at all If you do decide to offer credit a few simple steps can make the process easier to control A written credit policy The first step is to write a credit policy setting out everything that people working in your business need to know says Danielle Woods Director of Marketing Corporate Affairs at Dun Bradstreet This includes any rules and stipulations that must be applied before you lend money to a new customer such as running a credit check A credit check can range from a simple Australian Securities and Investments Commission document verifying that the business exists to a comprehensive report on the business s finances The credit policy might need to stipulate different triggers For example you can undertake a simple check for a customer wanting to borrow 500 or a far more detailed check as the loans get larger Businesses can have access to analysis that predicts the likelihood of a customer failing to pay a bill or paying their bills late during a 12 month period says Woods We can also look at how a particular business pays compared with the industry trend You may then set different parameters depending on the outcome of the report such as lending 5 000 rather than 25 000 or asking for 50 percent of the money in advance These parameters often change over time says Woods Customers who persistently pay late can be a huge drain on cash flow so you might consider asking for a percentage upfront or even dropping them altogether Or you might increase the credit limit of a customer who regularly pays on

    Original URL path: http://www.businessspectator.com.au/article/2013/11/28/family-business/nab-sponsored-content-reduce-risk-when-offering-credit-customers (2014-01-13)
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