Lessons From The Olympics

If your work place was anything like ours it would have been abuzz with talk about the Olympics during the two weeks that the 2012 games were held in London.

Watching New Zealand’s Olympic athletes compete and succeed against the best in the world got me thinking about what makes them successful and do the attributes needed to succeed in sport apply to being successful in business? In many cases I think the answer is yes.

Listed below are some of the attributes of our Olympic athletes which I believe equally apply to running a successful business.

1. Goal Setting

Even the most skilled athlete needs to set goals to make it on to the Olympic stage. They do not leave it to chance. Goals, once set, help drive all future actions. In the case of our athletes they determine the training regime, diet, equipment, support staff and so on – everything needed to meet their goal.

To help ensure that a goal is met it will often be broken down into its short, medium and long term components.

2. Dedication and Perseverance

It is difficult to achieve anything worthwhile without having the qualities of

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Buying A Business

We are often approached by prospective and existing clients to advise them on buying a business.  Books have been written on this topic but the following provides an overview of some of the key points that need to be considered when purchasing a business.

The Starting Point

Like a house owner, business owners often have an over-inflated view of what their business is worth.  That can result in emotional issues intruding into negotiations.

The Investment Decision

The critical decision is evaluating the business and whether it’s a good deal.  Over paying for a business means the seller has taken value off the purchaser’s balance sheet.  The ultimate decision for a business buyer is “does the investment produce an adequate return” when assessing the business nature and its risk.  It is important the buyer is clear about his/her objectives.  Is the intention to “buy a job” or is it to make a serious investment with a focus on making a good income and significant capital gain.

Keep in mind, a high percentage of small businesses fail or cease within the first 5 years and remember once you own a business your capital is at risk.

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Taxing Matters

Taxing matters provides a summary of topical tax and business information relating to individuals and business. Trust Documentation While it is not longer necessary to  file gifting statements with the IRD (from 1 October 2011) a Deed of Acknowledgment of Debt and Deed of Forgiveness of Debt should still be maintained as part of standard…

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Staff News

UHY Haines Norton is pleased to welcome Lalita Robertson to the practise. Lalita is a qualified Chartered Accountant and has joined our Business Advisory Services team as a senior accountant. In his spare time UHY Haines Norton staff member Andrew Clarke can be found on the football fields around Auckland coaching his under 8 side…

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