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  • Clash of the offspring | Business Spectator
    s carefully handled sibling rivalry can wreck a succession plan And the big problem often is that the hostilities often only break out after the parent has died Therefore it s imperative that things get sorted out early on before any transition While outside counselling might go some way to resolve the problem strategic conflict between siblings often has a very different context to rivalry for parents affections Therefore it might need good business solutions rather than explorations of growth and it might affect how other family assets are considered The first and most obvious thing to do is to identify whether the conflict is emotional and relationship based or if it s just strategic Do the siblings have a different take on where the business should be heading That would determine how much counselling is needed and whether a business solution might be more appropriate A good way to tackle this would be through family councils and family forums often conducted as retreats to help families maintain a reasonable level of communication over important issues Clearing out the messy communication blockages June 19 Accredited family business consultant Elizabeth Guerra Stolfa who is with law firm Rigby Cooke says the family forum is a good start What happens is whenever you have a board meeting you talk about company business Guerra Stolfa says And anyone can do that that s not hard But what never gets spoken about other than at Easter and Christmas is family issues A family council is effectively a board meeting for the health of the family not the business If one is coming up every three months you can store up your little issues and grievances and you turn up and let it rip That meeting is precisely for that function so it s not inappropriate Without the airing of these things you can cause yourself huge problems in the family unit She says counselling from an independent outsider can also help I have sat down with mothers fathers brothers sisters and cousins The thing is a lot of stuff that tears families and business apart is stuff that s very difficult to put on the table Sometimes it is childish stuff from when they were 10 years old like perceived preferences by parents They feel embarrassed by these things but you put someone independent in there and I tell you it all comes spilling out The sessions I ve done for families involve me getting the permission of everybody after I have collected the sensitive information to quarantine the key issues de emotionalise them and put them on the table as things the family has to address A parent might not even know they are demonstrating favouritism to one kid rather than another They mightn t know that someone is feeling their remuneration isn t reflective of the effort they are putting in But she says if the problem is intractable there s usually only one answer And that would have to be managed

    Original URL path: http://www.businessspectator.com.au/article/2013/11/21/family-business/clash-offspring (2014-01-13)
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  • Open your heart, lock up your wealth | Business Spectator
    are concerned about protecting the family s assets and the business from the breakdown of a relationship in the next generation This can be addressed by a Binding Financial Agreement What are Binding Financial Agreements A BFA is a contract between two people who are living together on a genuine domestic basis and want to formulate what will happen in the event of a break up They can be individuals that are married intend to marry people in same sex relationships or in defacto relationships The strategic asset protection plans of families in business should incorporate BFAs for family members in domestic relationships The aim is not to alienate your children or their boyfriends fiancées or spouses but to educate the next generation about the need to protect the family s wealth and the business from the effects of a relationship breakdown What are the requirements of executing a Binding Financial Agreement There are strict requirements that must be complied with when executing a BFA These are 1 The BFA must be in writing 2 The BFA must be executed by both parties and 3 Each party to the BFA must obtain independent legal advice The lawyer must sign a certificate that they have given this advice and that they have advised their client of the advantages and disadvantages of executing the BFA and the general effect of signing it If the formal requirements of a BFA are complied with then apart from the few exceptions noted below the BFA has the effect of preventing the Family Court from deciding how the parties assets liabilities and financial resources should be divided between them in the future A properly prepared BFA can help you retain control over the division of assets in the event of a relationship breakdown Can the Binding Financial Agreement be set aside Even when the above requirements have been met a Court may still set aside the BFA but in those circumstances the parties can still use the BFA to show their intentions at the time it was signed and confirm the assets and liabilities of the parties This can potentially save considerable time and money down the track if litigation is necessary The circumstances under which a BFA may be set aside include but are not limited to the following Where there is duress or fraud This can include non disclosure of a material matter Where a party entered into the BFA for the purpose of defrauding a creditor There is reckless disregard for the interest of a creditor There are circumstances that have arisen since the BFA was made and it is impracticable for the BFA or part of it to be carried out or a party or child of a party will suffer hardship if the Court does not set it aside Who should enter into Binding Financial Agreements Individuals who have significant assets or if one partner has significantly more assets than the other Individuals that have interest or equity in a business

    Original URL path: http://www.businessspectator.com.au/article/2013/11/21/family-business/open-your-heart-lock-your-wealth (2014-01-13)
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  • Fotini Kypraios and Joanne Randello | Business Spectator
    needed to restore confidence Politics Australian Election Federal Budget International News Asia Europe USA National Affairs Latest stories Gagging visas are an attack on democracy The skyrocketing price of a journalist visa for Nauru will limit coverage of Australian prisoners on a vassal state It is an insult to the democratic principles this country stands for Britain will be poorer for Scotland the brave The economic case for Scottish independence is far from settled with doubts hanging over volatile oil prices and uncertainty over future revenues One thing is certain it would be a disaster for Britain Technology NBN Buzz Mobility BYOD Smart Devices Emerging Tech Applications Big Data Cloud Computing Data Management Reviews Social Media Start ups Security Data Security Identity Management Wireless Security Telecommunication Latest stories Google v Facebook Who knows wins The unparalleled Google Analytics service means Google knows more about internet users than anyone else And runner up Facebook must go further to mine precious user insights if it wants to compete Will Twitter s founder strike social gold twice Biz Stone is looking to tap into the selflessness of others with his latest venture Jelly Enterprises But the just launched app will have to quickly shift into something of real value if it s to become a mainstream success Climate Carbon markets Energy markets Renewable energy Resources Solar energy Wind power CleanTech Science Environment Green Deals Policy Politics Smart Energy Latest stories Goldman s coal shoulder The investment bank giant has sold its stake in what would be the largest coal terminal on the US west coast in the wake of its report outlining the fall of coal globally The nuclear renaissance is stone cold dead There is no nuclear recovery with the industry last year flailing to stay above water in key markets and its share of global electricity continuing a seemingly inexorable decline Industries Advertising and Marketing 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 Fotini Kypraios and Joanne Randello Open your heart lock up your wealth It s not a romantic idea but the business and family wealth needs to be protected even from loved ones A binding financial agreement clears any uncertainty about who gets what by Fotini Kypraios and Joanne Randello 3 11pm November 20 Search Markets Global Indices Index Last Chg Chg DOW JONES 16437 05 7 7 S P 500 1842 37 4 2 0 2 NASDAQ 4174 66 18 5 0 4 FTSE 100 6739 94 48 6 0 7 NIKKEI 15912 06 31 7 0 2 Hang Seng 22846 25 58 9 0 3 The Spectators Goldman s coal shoulder Ari

    Original URL path: http://www.businessspectator.com.au/contributor/fotini-kypraios-and-joanne-randello (2014-01-13)
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  • NAB SPONSORED CONTENT: Getting your product on the shelves of major retailers | Business Spectator
    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 At 19 years of age Daniel Flynn persuaded a group of friends that they could fund life changing projects around the world by selling bottled water in Australia Five years on Daniel has been named Victorian Young Australian of the Year and the Thankyou range of water food and body care products is stocked by Australia s leading retailers with every sale helping people in need We began with the water and our goal from day one was to reach a mass market says Flynn co founder and Managing Director of Thankyou Group But first we needed some runs on the board Any hopes that a compelling story would smooth the path were quickly dashed We targeted the kinds of independent cafés and shops that attract trend setters and influencers but getting in there was a lot harder than we expected Flynn explains And every one of the larger retailers we approached in the first three years said no It was only when we started thinking outside of the box that we had our first big breakthrough with Australia Post A written policy of selling no food or drink products made Australia Post a particularly unlikely target though Flynn saw a positive in having no competition After 18 months they agreed to a trial and then rolled out Thankyou Water to more than 1000 outlets across the country Harnessing the power of social media In the meantime the Thankyou brand was attracting Facebook supporters We see Facebook as a way of building a community rather than promoting our products says Flynn And we ve only called on our followers for help a couple of times We don t want them to feel they re being used The first was for the 2011 7 Eleven campaign when they posted a call to action on Facebook asking followers to tell 7 Eleven that they would buy Thankyou Water On the first day hundreds of people posted messages on 7 Eleven s Facebook page and that attracted the attention of mainstream media says Flynn 7 Eleven were convinced and Thankyou Water went on to become one of the best selling products in the fridge By the time the team pitched to Coles and Woolworths the Thankyou range had expanded to include high quality food and body care products They called on their followers once again and added an attention grabbing flourish privately sponsored helicopters flew banners over both companies headquarters urging them to say yes to the pitch They did and remarkably within hours of the meetings One major retailer told us that we stood out from a crowded marketplace and I think that s

    Original URL path: http://www.businessspectator.com.au/article/2013/11/21/family-business/nab-sponsored-content-getting-your-product-shelves-major-0 (2014-01-13)
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  • Family Business | Business Spectator
    succession collision course As family business owners age without considering their handover the chance of a smooth succession plummets But two thirds are making the fatal mistake of ignoring the issue by Leon Gettler 7 23am November 14 1 comment The 7 habits of highly successful family businesses Some family businesses float on air and others trip at every hurdle The difference is found in these seven haves and have nots by Jon Kenfield 2 11pm November 13 NAB SPONSORED CONTENT Monthly business survey October 2013 Firms reassess their confidence on the outlook as business conditions undershoot again by NAB 9 24am November 11 Spring Gully Foods receives state govt grant The funds will go towards updating the family business machines and improving productivity by a Staff Reporter 4 03pm November 07 UBS rides wave of family office interest UBS will announce today the establishment of a new Global Family Office business in Australia by Damon Kitney The Australian 12 37pm November 07 You can t unbake a business When family businesses team up there s almost always an expiry date The Ferguson and Plarre baking families started strong but wound up in a Texas shootout by Alan Kohler 7 53am November 07 1 comment 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 Avoiding a psychological thriller Psychological dynamics can determine who really holds the power in the business What if one member embezzles money or knows how to play you to their advantage by Leon Gettler 1 56pm November 06 NAB SPONSORED CONTENT Recruiting good people in a competitive environment A successful business needs quality employees but in agriculture skills are in short supply by NAB 6 40am November 04 The Sound of Business Heart and soul as well as financial nous has amplified Maton Guitars local manufacturing success over nearly 70 years by Alan Kohler 8 15am October 31 4 comments A costly case of export jitters Australian family businesses are floundering in the international marketplace While other countries dominate just 5 per cent of Australian family businesses sales come from overseas by Leon Gettler 8 00am October 31 The NextGen takeover handbook You ve worked towards this moment for your whole career and now taking over the business is upon you what next by Harry Kras 11 57am October 30 Big firms pay lower bank fees RBA Report shows small businesses pay up to 10 times more for card transactions 2 20pm October 29 1 comment NAB SPONSORED CONTENT The seven keys to a successful e commerce website Your website can be a real revenue earner if you build it the right way We share some very simple but crucial elements to include in your website by NAB 9 57am October 28 The guts in the machine Adrian Egglestone s metal works

    Original URL path: http://www.businessspectator.com.au/industries/family-business?page=1 (2014-01-13)
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  • Family Business | Business Spectator
    yo over the holiday period and the unprepared owners may waste a golden business window A few vital factors properly considered can help spread the spoils by Chris Ridd 9 54am December 18 NAB SPONSORED CONTENT A game plan for the future What thought have you given to the future of your business if suddenly you can no longer work or indeed function There s more to preparing for the future than just writing a will by NAB 10 42am December 16 Unlike the Holden family the Bates stuck with saddles The Bates started making saddles by hand during the Great Depression delivering them by pushbike Three generations on they run the largest business of its kind in the world by Alan Kohler 7 36am December 12 9 comments Walking the work life tightrope Family business owners say maintaining a positive work life balance is their number one challenge Establishing formal disciplined structures can help strengthen both the business and family by Leon Gettler 2 26pm December 11 How to cash in on the Christmas rush Shoppers and diners are cashed up but will they spend in your store this Christmas Follow these holiday trading tips to make the most of the season s rewards by Caroline Ruddick 10 57am December 11 NAB SPONSORED CONTENT Sanctions and embargoes how they can impact your business It s important to understand your obligations with domestic and international sanctions before entering into arrangements by NAB 10 29am December 09 Innovation echoes down family lines Two Melbourne quantum physicists invented the only self fitting hearing aid on the market Now their two families are helping the start up grow to the next stage by Alan Kohler 7 10am December 05 1 comment The mother of all family business wisdom Statistics show only 10 per cent of family businesses are owned by women But senior females play an an integral role in family matters and a new study shows they may want very different things by Leon Gettler 7 05am December 05 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 NAB SPONSORED CONTENT Online retail sales index Indepth and special report 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 by NAB 9 41am December 02 How to avoid weekend penalties have lots of kids The Colosimos became one of Australia s biggest hotel and brewing families by leaning on their six sons Now they all own and run the business and have eyes on the international beer market by Alan Kohler 7 22am November 28 5 comments Family culture keeps Jalna churning Despite tensions with supermarkets and the odd spot of workplace drama Victorian yoghurtmaker Jalna has thrived

    Original URL path: http://www.businessspectator.com.au/industries/family-business?destination=taxonomy/term/121536 (2014-01-13)
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  • New bank rules help small lenders | Business Spectator
    markets Energy markets Renewable energy Resources Solar energy Wind power CleanTech Science Environment Green Deals Policy Politics Smart Energy Latest stories Goldman s coal shoulder The investment bank giant has sold its stake in what would be the largest coal terminal on the US west coast in the wake of its report outlining the fall of coal globally The nuclear renaissance is stone cold dead There is no nuclear recovery with the industry last year flailing to stay above water in key markets and its share of global electricity continuing a seemingly inexorable decline Industries Advertising and Marketing 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 New bank rules help small lenders 8 Jan 9 58 AM 1 Industries Financial Services Reserve capital reforms could see small players chip away at big four s dominance 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 New rules that will require large banks and home loan lenders to keep additional reserve capital could benefit smaller financial institutions The Australian Financial Review reports According to the newspaper the changes which financial regulators confirmed late last year take sharp aim at the big four lenders ANZ Banking Group Ltd Commonwealth Bank of Australia Ltd National Australia Bank Ltd and Westpac Banking Corporation Ltd The advantage for them is that they have not been included as part of financial institutions that need to hold more capital Nomura analyst Victor German said of the benefits the new rules will bring forth for smaller lenders The AFR reports the changes exclude regional lenders such as Bank of Queensland and Bendigo and Adelaide Bank as well as smaller institutions eyeing a move into the home loan market including Macquarie Group Print this page Related articles 13 Jan Bank dividends risk cutbacks 13 Jan Not all regulation is bad 13 Jan Morgan to join financial inquiry 10 Jan NAB could consider MLC split report 07 Jan Planners to have strong 2014 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 Don Gilbert Wed 2014 01 08 14 12 I have a client locked into a 10 0

    Original URL path: http://www.businessspectator.com.au/news/2014/1/8/financial-services/new-bank-rules-help-small-lenders (2014-01-13)
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  • Planners to have strong 2014 | Business Spectator
    venture Jelly Enterprises But the just launched app will have to quickly shift into something of real value if it s to become a mainstream success Climate Carbon markets Energy markets Renewable energy Resources Solar energy Wind power CleanTech Science Environment Green Deals Policy Politics Smart Energy Latest stories Goldman s coal shoulder The investment bank giant has sold its stake in what would be the largest coal terminal on the US west coast in the wake of its report outlining the fall of coal globally The nuclear renaissance is stone cold dead There is no nuclear recovery with the industry last year flailing to stay above water in key markets and its share of global electricity continuing a seemingly inexorable decline Industries Advertising and Marketing 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 Planners to have strong 2014 7 Jan 11 43 AM 1 Industries Financial Services Turnaround in demand for financial planners expected this year report 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 Years of dwindling demand for financial planners should be reversed in 2014 as investor confidence swells according to The Australian Financial Review An Investment Trends survey has reportedly found 2 6 million Australians intend to seek out advice over the next two years up from 2 4 million in 2012 but still well below the three million mark hit in 2009 Investor confidence has been higher in 2013 than it had been the preceding 18 months and their sharemarket return expectations have increased to match this Investment Trends senior analyst Recep Peker said according to the AFR A number of scandals have beset the sector over recent years which combined with soft investor confidence has seen the financial planning industry take a hit But double digit growth on the Australian Securities Exchange ASX last year appears to have calmed the investing fears of many Australians Print this page Related articles 13 Jan Bank dividends risk cutbacks 13 Jan Not all regulation is bad 13 Jan Morgan to join financial inquiry 10 Jan NAB could consider MLC split report 08 Jan New bank rules help small lenders More from Business Spectator Technology Adapt or die Commercial The Future of Energy Family Business Alan Kohler s Family Business China China Spectator

    Original URL path: http://www.businessspectator.com.au/news/2014/1/7/financial-services/planners-have-strong-2014 (2014-01-13)
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