Friday, October 6th, 2006

Tasmanian manufacturing and tourism businesses facing the question of who will buy or carry on their business now have help through a joint government and private enterprise initiative.
Launceston business TOTAL Organisational Performance (trading as TOTAL Business Consultants) has obtained $330,000 of federal government assistance for Tasmanian manufacturing and tourism businesses wanting to plan for the orderly transition of their business as they approach retirement.
The initiative comes with one in three Tasmanian business owners facing imminent retirement or succession.
Participants will be assisted specifically in the areas of passing the business to the next generation, merger, trade sale, employee buy-out and public flotations.
Assistance will be provided through The Succession Planning Element of the Building Entrepreneurship Program, which offers competitive grants to assist small businesses who are seeking to exit their business in the next few years, gain the necessary succession planning skills and support required to maintain business continuity.
Working with peak bodies in government and the manufacturing and tourism sectors, TOTAL Organisational Performance will help business owners and managers prepare and start the implementation of a detailed succession plan. Funding for the project is coming from the Australia Government.
The 2003 Australian Bureau of Statistics data indicates that 1 in 3 Tasmanian business owners (35% of all SMEs) are over the age of 50, thus facing imminent retirement or succession. This phenomenon is the latest impact of the Baby Boom, with Baby Boomers now fast approaching retirement. Many see their business as their superannuation and hence, the successful sale of their business is essential for them to enjoy a comfortable retirement.
However, with one in every three businesses likely to be placed on the market in the next 5 or more years, too many businesses will be seeking too few buyers. Those owners who have prepared their business for sale or transition will be best positioned to achieve a profitable sale. Those who are less prepared face having to continue working in the business, having to sell at a lower than adequate price, or, in the worst cases, having to walk away from a lifetime of hard work for no return.
Using their proven Profit and Growth process, TOTAL Organisational Performance will help businesses both individually or in groups to review their business, set retirement and business improvement goals, develop Action Plans for a successful business transition and prepare budgets that will guide their move to a prosperous succession and retirement. Once plans are completed, support will be provided over three months to assist with putting the plans into action.
Free luncheon or after-work events are being conducted to introduce the opportunity, explain the process, the government funds available and "what's in it for you".
Burnie 10th October 12. noon - 1.30 pm or 5 -6.30 pm Burnie Civic Centre
Launceston 11th October 12. noon - 1.30 pm or 5 -6.30 pm Launceston Tram Shed
Hobart 12th October 12. noon - 1.30 pm or 5 -6.30 pm Old Woolstore Hotel
Whether a business owner is 40, 50 or 60 years of age, the Profit and Growth Succession Plan provides a proven means of maximising the rewards they get from the effort they have put into building their business.
Places can be reserved at the free functions by calling Anna on 03 6334 0306 or via [email protected]
For more information call Owen Tilbury, Principal of TOTAL Business Consultants on 0407 501 287 or 03 6334 0306

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Mr Owen Tilbury, Principal

P: 03 6334 3036
M: 0407 501 287


No worries about future retirement or succession for Tasmanian business


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