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  • 30-Apr-2024 10:53 | Cassidy Lau (Administrator)

    By Paul Copeland

    As a practice owner, it can be hard to know when to sell your practice. The reality is that there may never actually be a ‘perfect’ time to sell. As such, waiting for that optimal point may just be holding you back from the next phase of your life. Having been involved with many practice sales, we have developed a process to maximise your outcome as a seller and ensure a smooth transition for your practice, staff and patients.

    This process includes the following steps:

    • Plan early and understand the process of a sale
    • Understand what you want and the outcome you are seeking
    • Know the value of your practice
    • Identify your potential and preferred buyers
    • Approach the buyers or appoint a marketing agent
    • Negotiate the sale
    • Sell and settle, and
    • Post sale.

    In this article, the second in our series on succession planning, we look at planning an exit from ownership.

    Your Practice

    Planning for a sale varies for different types of practices.

    An owner of a small general practice or sole specialist practice may find the process of selling or even passing on their practice to another practitioner difficult. According to the RACGP’s ‘Health of the Nation’ report, released in late 2023, 29% of GPs plan to retire within the next five years. This and the fact that there are a decreasing number of graduates opting for a career in general practice might mean it is sometimes more challenging to find a buyer for a practice. As such, planning for succession may take considerably more time than you first expected.

    If you are an owner or part owner of a larger general practice, dental practice or specialist group practice, your ownership interest may be easier to pass on. Dental practices and larger general practices are highly sought after by both practitioners and investors. Specialist group practices, unless being sold as a whole, tend to see a sale made to an incoming practitioner in the same field.

    Consider who your buyer might be

    When talking to clients about selling their practice, one of the first questions we ask is ‘Who do you think your practice would appeal to?’ A common first answer is ‘Anyone that wants to buy it!’ However, considering who you’d like to sell your practice to can help with shaping the transaction and ensuring your legacy with the practice.

    An example of this is:

    We worked with Dr Jim, the owner of a large general practice with over 15 doctors working from the premises. He knew the practice had assumed the practice was too big for a doctor to purchase and therefore had resigned himself to the idea of selling to a larger corporate player in the market. Numerous corporate medical centre operators approached him but he was never comfortable with their ownership models or the terms and conditions in their sale agreements.

    On the flip side, there were three younger doctors in his practice interested in ownership but uncertain of the large financial commitment and the unknown nature of operating a practice from a business perspective.

    We proposed a model of a full sale and buyback to Dr Jim that would allow him to offer staged equity to the three younger doctors in the practice.

    This model gave the younger doctors time to learn the ropes of operating a practice and pool the financial risk. It also allowed Dr Jim to sell to three younger doctors, with the comfort of knowing his practice and patients would be in good hands.

    We chose this approach because it delivered a good financial outcome for the practice owner and importantly for them, a level of comfort that the sale of the practice was to the buyer they saw as the best fit for their patients and staff.

    While this may not be the process for everyone, this example highlights that there are many options available to owners when considering a sale.

    Stepping back from practice ownership is a process that needs to be managed effectively and planned well.

    In this series, we also cover how you can take on a partner in your medical practice.

    Contact your local William Buck Advisor in Australia or New Zealand to learn more about the advantages of succession planning and how it can benefit your business.

    Find out more




  • 30-Apr-2024 10:46 | Cassidy Lau (Administrator)


    You’re invited to join William Buck’s tax experts as they unpack the 2024-25 Federal Budget and its implications for middle-market businesses and individuals.

    The government has already announced that this budget will include incentives for investment in the renewable energy sector and the addition of superannuation on paid parental leave.

    What additional measures will Treasurer Jim Chalmers introduce for middle-market business owners, C-suite executives and working Australians?

    Tax specialists Raffi Tenenbaum and Danielle Constantine will provide an insightful analysis of the Federal Budget the morning after it is handed down.

    Our webinar will provide more than just a breakdown, helping you take practical steps to benefit from budget measures and prepare for any implications that may affect you or your business.

    Register here



  • 30-Apr-2024 10:42 | Cassidy Lau (Administrator)

    Have you caught yourself thinking about the recruitment market recently? Where are the candidates, what are their motivators and how can I best retain my staff? Look no further, Rarekind are giving you an inside look at the market.

    Tech and IT

    The world of tech is fast paced and forever changing. Candidates are becoming more readily available, looking to upskill, grow and develop in a new organisation. More experienced candidates are on the market. A lot of contracts haven’t been extended recently, so there’s more people searching, for permanent roles too. We recently advertised for an ICT Service Delivery Manager and received over 250 quality applications. We have an abundance of candidates, so, if you’re ready to make the move as a business in finding your next superstar, reach out.

    Engineering

    The engineering market is steady. We’re seeing a tighten in the candidate market due to large scale government, commercial and infrastructure projects. This is pushing up salaries and increasing demand for Engineers with experience across the energy and utilities sector.

    We are seeing an influx of candidates across the FMCG industry. Skills shortages, lack of tradespeople and infrastructure projects are facilitating this demand and we continue to see this driving expectations across multi disciplines.

    Corporate and Executive

    The Corporate and Executive world is constantly changing.

    We’ve seen an influx of Marketing candidates enter the market, from juniors to Marketing Managers and Executives. With their creative flair, they’re ready to transform businesses.

    As we edge closer to end of financial year seeing an increase in Finance opportunities.

    Naturally, with changes to IR laws in 2024, specialised HR, particularly WHS and risk management has been a hot topic and growth area for businesses.

    A general downturn in Admin roles due to automation and outsourcing, however there has been an increase in specialised admin support and customer facing admin roles.

    Recently we advertised a Customer Service role within 5 days we had over 400 applications. Look no further for your next professional Customer Service Officer.

    Supply Chain, Industrial and Trades

    The Candidate market in Western Sydney has changed significantly, particularly for trade-qualified individuals. Candidates who hold their trade qualifications now prefer permanent positions over temporary ones. Candidates are also more driven towards job security and culture over remuneration.


  • 30-Apr-2024 10:34 | Cassidy Lau (Administrator)

    Get MOVE-ing this August and sign your workplace up to the Jeans for Genes workplace health and wellness challenge and be the top MOVE-ers in the Western Sydney Business Connection.

    MOVE this August and challenge your team to be superheroes for the 1 in 20 kids who have cancer or other genetic diseases.


    What is MOVE? You and your colleagues will commit to MOVE your own way, get active for 20 minutes a day and log your progress via the Jeans for Genes portal to compete with your colleagues to be the top MOVE-er!

    The team at Novartis loved being superheroes for sick kids last year and Customer Operations Manager, Alex Sharpe, says: “We loved being able to get behind this very worthwhile cause and are already wondering how we can upscale for this year.”

    The MOVE challenge focuses on educating your team on developing positive workplace health and wellness practices. Plus, research shows that regular exercise and self-care not only boosts productivity but also transforms workplace dynamics, increasing employee satisfaction and fostering a more engaged team. Moving can mean anything from going for a walk with colleagues, swimming, running, Pilates and yoga, to meditation and stretching. It’s up to your team how they MOVE 20 minutes per day throughout August.

    Jeans for Genes provides everything to make this easy for your workplace to sign up! We provide interactive content, videos, collateral and resources promoting health and wellness in the workplace. We’ve thought of everything to make this fun and engaging for your team and will do the heavy lifting for you!

    There are plenty of other ways to be a part of Jeans for Genes in your workplace. From baking, wearing jeans and skipping, contact our team and we will make it happen.

    There are so many ways you can make a difference and we’re here to create, support and drive an amazing experience for your workplace this Jeans for Genes.

    So please get in touch by filling out the expression of interest form or email us directly at partnerships@cmri.org.au

    Jeans for Genes Day is 2 August. Find out more on our website.



  • 30-Apr-2024 10:13 | Cassidy Lau (Administrator)

    Powerhouse Castle Hill welcomed thousands of visitors through its doors when it was officially opened by NSW Minister for Arts and Tourism John Graham on Saturday 23 March, 2024.


    Image Credit: Sahlan Hayes

    The two-day opening program included family-friendly workshops, artist talks, architectural tours and performances by musicians, DJs and dancers including First Nations group Jannawi Dance Clan, Western Sydney Youth Orchestra and one of Australia’s oldest lion and dragon dancing troupes, Jin Wu Koon.

    Delivered in partnership with Create NSW and SW Public Works, Powerhouse Castle Hill is the new $44m state-of-the-art facility that is home to the storage, conservation and display of the Powerhouse Collection which includes more than 500,000 objects.


    Image Credit: Rory Gardiner

    Designed by Lahznimmo Architects and built by Taylor Construction, Powerhouse Castle Hill has been constructed to international museum standards and features a visible store, allowing public viewing into the 3,000 sqm Large Object storage area that stores the museum’s transport collection.

    At more than 8,000 sqm, Powerhouse Castle Hill will house one of the southern hemisphere's largest photographic cycloramas that can carry objects up to 4 tonnes and will enable the ongoing digitisation of the collection.

    It is the first time in the museum’s 140-year history that the collection will be stored in one location and co-located alongside conservation, curatorial and collection management staff.

    The new building will provide public access for education programs, workshops, talks, exhibitions and other public events as well as working spaces for academic researchers, scientists and industry partners. The design of Powerhouse Castle Hill has already earned Lahznimmo Architects a nomination in the Australian Institute of Architects 2024 New South Wales Architecture Awards in the category of Public Architecture.

    The new Powerhouse Castle Hill building sits alongside the Museums Discovery Centre, and both are open and free to the public every weekend. The expansion of Castle Hill is an integral piece of the $1.2 billion renewal of the Powerhouse which includes Powerhouse Parramatta, currently under construction, and the heritage revitalisation of the Powerhouse Museum in Ultimo.



  • 30-Apr-2024 10:07 | Cassidy Lau (Administrator)

    Peter Ritchie, AO, is highly respected as the man who brought the McDonald's Empire to Australia. He started as an employee of McDonald's and rose to the position of CEO/Chairman for 32 years.

    You're invited to join us for a delicious 3-course lunch, where Peter will take questions, and share business insights from his new book, ‘The Magic of McDonald’s: Bring it to Your Business’.

    With a limit of 80 tickets, this intimate event offers exclusive access to Peter, a valuable networking opportunity with business peers, and the chance to learn from the wisdom and success of this iconic business for your organisation. You will have the opportunity to submit your questions before the event, and they will be addressed in the Q&A segment of the event.

    Twenty exclusive VIP tickets are available, which include pre-drinks with Peter and an opportunity to raise your questions and business pain points directly with him and receive his tailored advice. (Please note that this will be held before the event, at 11am).

    To RSVP, please reply directly, or contact events.gws@rmhc.org.au if you wish to be invoiced. Alternatively, you can purchase your tickets directly online here. RSVP date will close 16th May.

    Details are as follows:

    Date

    Thursday 23rd May 2024

    Venue

    MISC. Parramatta

    Byrnes Avenue, Parramatta Park 2150

    Pricing

    Individual Ticket $350

    VIP Ticket $450




  • 30-Apr-2024 09:59 | Cassidy Lau (Administrator)


  • 30-Apr-2024 09:46 | Cassidy Lau (Administrator)


    Celebrate women and girls in ICT with us at the Institute of Applied Technology's special event!

    This event will be held at the IATD campus at Meadowbank. 

    We are thrilled to feature Corien Vermaak, a leading figure in cybersecurity and data privacy, who will take centre stage to share her inspiring journey and invaluable expertise.

    In addition to Corien's engaging presentation, Bronte Cincotta from LinkedIn will provide expert insights on optimizing your LinkedIn profile for maximum professional impact.


    Join us for an exclusive tour of the Institute of Applied Technology and its renowned Cyber Range, followed by a networking lunch. This is your chance to expand your knowledge, forge meaningful connections with industry leaders, and discover the latest advancements in cybersecurity technology.

    https://www.iat.nsw.edu.au/contact-us

    Don't miss out on this unique opportunity to celebrate and empower women and girls in ICT while gaining invaluable insights into the exciting world of cybersecurity.

    Lunch will be provided. Please RSVP to secure your spot. We can't wait to see you there!



  • 30-Apr-2024 09:39 | Cassidy Lau (Administrator)

    Construction is complete and cancer care provider, GenesisCare, is now treating patients at the new integrated cancer centre and research hub.


    The facility, which has the capacity to deliver more than 13,000 cancer treatments annually, will mean cancer patients in Campbelltown, South Western Sydney and the Southern Highlands will now have access to the latest advancements and treatments in radiation oncology, medical oncology and global clinical trials.

    The world class facility is a result of a partnership between Campbelltown City Council, Australia's leading integrated cancer care provide – GensisCare, and Northwest Healthcare. The facility, which has a 5 Star Green Star sustainability rating, is the first stage of a three-stage health precinct on the 2.8 hectare site in Campbelltown. Stage 2, incorporating a day surgical hospital, specialist consult suites, health and wellbeing related uses and a cafe, is anticipated to begin construction in late 2024.

    Further details on the new centre are available on the GenesisCare website.

    Find our more here



  • 26-Mar-2024 14:08 | Cassidy Lau (Administrator)

    Welcome To Our New Members

    The Connection would like to welcome our newest Gold Member:

    Pullman, Novotel & ibis Sydney Olympic Park With over 430 hectares of natural beauty throughout the parklands and world-class venues, Sydney Olympic Park is truly built for events and a place for everyone. Located just over 30 minutes from the Sydney CBD and 16 minutes from the airport, it is easily accessible by rail, coach, ferry, or car. Accor Sydney Olympic Park Hotel offers options at the Pullman, Novotel, and Ibis with 545 accommodation rooms and over 1700m² of space across 19 meeting and event rooms. It is the perfect place for people to meet, focus and create moments of impact to achieve successful outcomes.

    The Connection would like to welcome our newest Silver Members:

    Bartier Perry Lawyers Bartier Perry, with over 80 years of experience, offers personalised legal services without big firm overheads. Our core values of trust, quality, and innovation shape our culture, fostering collaboration and continuous improvement. We prioritise direct lawyer-client communication and adhere to rigorous service standards. Our legal advice is concise, client-focused, and transparent in cost. As a member of World Link for Law, we provide access to a global network. We strive for legal excellence as a standard and aim to make a difference in service delivery.

    Institute of Applied Technology The Institutes of Applied Technology are a collaboration between TAFE NSW, industry, universities and supported by the Department of Education. There are two Institutes:

    The Institute of Applied Technology Digital (IATD) is a technology focused institute at TAFE NSW Meadowbank. Working in collaboration with TAFE NSW, Microsoft, Macquarie University, and the University of Technology Sydney, the Institute of Applied Technology Digital designs and delivers market leading training that rapidly adapts to industry needs.

    The Institute of Applied Technology Construction (IATC) is focused on future innovations and leadership in Construction and will be located at TAFE NSW Nepean (Kingswood) from early 2024. Working in collaboration with TAFE NSW, Western Sydney University, and CPB Contractors, the Institute of Applied Technology Construction designs and delivers market-leading training that rapidly adapts to industry needs.

    Killara Services Killara Services is one of the fastest immerging Indigenous businesses in Australia. We are leading the way in creating sustainable employment opportunities for Indigenous Australians within the Cleaning & Soft Services Industry.

    Our clients range from Australia's largest Integrated Facility Management firms like BGIS, JLL, Honeywell and CBRE to direct contacts engagement with Shell Australia, BAE Systems, Canva & Coates. Our Indigenous engagement outcomes are the best in the entire Facilities Industry.

    The Media Park The Media Park is a full-service marketing and advertising agency based in Sydney, Central Coast, and Newcastle. We assist local and national businesses with comprehensive marketing strategies, including media planning, buying, social media management, digital marketing, graphic and brand design, website development, production, and more. Our agency prioritises client satisfaction, offering unbiased, cost-effective, and holistic marketing solutions from conception to execution. With a nationally recognised team, our experience speaks volumes. We are dedicated to our clients' needs, goals, and growth.

    University of Sydney As the first university to be established in Australasia, the University of Sydney consistently ranks as one of Australia’s top universities. We aim to create and sustain a university that will, for the benefit of both Australia and the wider world, maximise the potential of the brightest researchers and most promising students, whatever their social or cultural background.

    Waratah Group Services - Waratah Group Services provide Landscape Maintenance, Arboriculture Services, Landscape Construction & Cleaning Services to public, commercial and private sites the whole of Sydney. We work closely with our clients to give back to the community and achieve social and community outcomes. Regardless of the size of the job, WGS will work to your brief and budget, adding value to your property and creating a space you’ll love.

    WEXPO - WEXPO has evolved in a short time as a go-to business event series for the region. WEXPO is the umbrella brand for a series of expo-style events held at popular venues in Western Sydney. W denoting Western Sydney. WEXPO is where business and community gather in one place on one day to connect, learn, and grow. WEXPO is an informative and entertaining visitor experience for residents and businesses.

    The Connection would like to welcome our newest Bronze Members:

    Brick Studios We’re a collective of filmmakers who love to excite, engage, and create the stories that are important to you. Based in South West Sydney, we have a massive pool of creative talent to draw from, all specialists in their fields, with the flexibility to expand or contract the team depending on the scale of your video project. Our vision is to be a cultural hub for clients to collaborate with us as a trusted partner for their brand, and to strengthen pathways for both emerging and established artists across commercial and creative projects.

    Castle Hill Country Club Castle Hill Country Club is one of Sydney’s leading private golf clubs and home to a superb 18-hole championship course ranked in Australia's Top 100 courses. The Club has a proud reputation for hosting major amateur and professional tournaments. The modern clubhouse building is impressive both inside and out – with delightful gardens and alfresco areas in which to enjoy a drink or a meal, and a spacious and wonderfully-appointed indoor space with a magnificent covered balcony.

    JLW Interiors JLW Interiors is a privately owned commercial interior and office fitout company. Located in Emu Plains, New South Wales, our services are backed by years of fitout industry experience throughout NSW, and even other parts of Australia.

    Our Directors, including our Managing Director, John L Williams, also work within the company, thereby ensuring an active interest in getting things right and done in the most efficient way. We all about delivering a quality solution, every time!

    Navarra Venues Navarra is a collection of five extraordinary venues, offering 50 event spaces in Sydney. These venues include Curzon Hall, a 19th Century Castle surrounded by picturesque gardens and underground cellars; Oatlands Estate, a charming 19th Century Manor surrounded by vineyards and gardens; Montage, a stunning waterfront event venue in Lilyfield with uniquely contemporary event spaces; Conca D’oro, a newly refurbished event venue boasting elegance and class; and Villa Navarra, an esteemed estate nestled in the picturesque Southern Highlands. Situated on an expansive 116-acre property, Villa Navarra offers a splendid setting for both accommodation and events.

    Westgate Executive Search Westgate Executive Search, located in Parramatta, brings a fresh perspective to senior leadership recruitment within Australia and globally. Our team of former industry executives leverage their vast experience to match motivated talent with complex organisational requirements. Westgate’s services include talent acquisition for a wide range of leadership roles, including C-suite, executive, and board positions, as well as psychometric testing and strategic onboarding support. With a vast international network, we support businesses in Australia and abroad, ensuring a seamless recruitment process aligned with our clients' unique needs.

    The Connection would like to welcome our newest Small Business Members:

    Agile Energy Agile Energy is a developer, financier, owner and operator of commercial solar systems across Australia. Traditionally, to acquire solar assets, companies are required to invest upfront capital. Agile Energy disrupts the markets with its funding partners and provides ‘behind the meter’ Power Purchase Agreement (PPA) solution to companies.

    Under our solution, we fund, install and maintain the solar asset over the term, whilst our customers simply pay for the energy generated at a reduced rate.

    Amplify HR We are HR consultants who specialise in helping service based businesses of under 100 employees who need to scale up and grow. We do this through providing a dedicated HR partner to deliver on-demand HR support, and build your workplace culture using our Find Grow Keep methodology.

    Concept HR Services Concept HR Services helps small and medium businesses set up and maintain effective HR practices and processes to attract, manage, develop and retain great employees. Personalised HR solutions and day-to-day HR advice with support tailored to meet the specific needs of your business, your workplace and organisational culture.

    Narellan Smash Repairs With over 30 years of industry experience our focus is on high quality smash repairs and accident related services delivered with the highest standard of customer service. We keep up to date with the changing ways in which all vehicles are being designed and built, including new technology, materials, techniques and skills to keep delivering high quality repairs to our customers.

    NGNU We provide property, construction and government organisations with project management services that meet unflinching standards and deliver unparalleled outcomes. From the early stages of project conception through to close out and finalisation – it doesn’t matter whether you need help collaborating with architects, engineers, builders, or other essential consultants, we have the expertise to guide you through the process and deliver success, value and results every step of the way.

    Samartha Information System Samartha Information Systems Pty. Ltd. is an ISO 9001:2015 quality-certified company, adhering to internationally accepted standards for quality management. We specialise in Development and Software Integration, providing superior solutions for Software, Web, and mobile platforms. Our innovative approach stems from the collective experience of our team, enabling us to understand clients' needs, propose effective IT strategies, and deliver high-quality, scalable solutions using cutting-edge technologies.

    Simplly Fin Wiz With over 33 years of experience in Banking, Financial services, and Mortgage broking, Simplly Fin Wiz specializes in offering competitive Home and Business Loans accompanied by expert advice. As a full MFAA member affiliated with over 30 financial institutes, we provide objective assessments and assist in long-term financial planning, ensuring a seamless customer experience. Whether you're seeking a new loan or assessing existing ones, our team offers tailored solutions to meet your needs efficiently.

    Tiny Mobile - Tiny Mobile pioneers innovative tiny homes on wheels, boasting over 140 builds and recognised for excellence with awards like "Best Build Under 100k." Committed to quality and creativity, we redefine compact living, exploring expansion into mobile medical and dental sectors. With a passion for transformative design, Tiny Mobile is set to lead the market, driven by a genuine goal to address societal challenges.


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