Resourceful: Stories from the Site

Resources Unearthed
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Resourceful: Stories from the Site

We help executives, professionals and business owners in mining and resources to be successful both personally and professionally.

  1. 10 DEC

    Business Succession: Key Considerations After the Sale

    In today's competitive business environment, planning for business succession involves more than just transitioning ownership; it requires a detailed focus on what happens post-sale. Whether you're an ongoing owner, a seller, or a new entrant, the aftermath of a business sale presents unique challenges and opportunities. Understanding these nuances is crucial for ensuring a smooth transition and sustained success.For successful business succession, a balance between documentation and flexibility is critical. While documenting big-ticket issues is necessary, leaving room for flexibility ensures smoother operations. Aligning culturally and maintaining open, adaptable communication lays the groundwork for achieving shared business goals.The path of business succession is laden with complexities, but with careful planning and strategic alignment in legal, financial, and operational areas, businesses can successfully navigate the post-sale landscape.CHAPTER MARKERS00:35 Challenges for Continuing Owners02:00 Legal Perspectives on Post-Succession03:06 Financial Considerations for New Shareholders04:13 Managing Key Personnel and Business Performance07:07 Importance of Shareholders Agreements08:16 Buy-Sell Agreements and Insurance12:46 Post-Transaction Reviews and Tax Implications16:20 Final Thoughts and ConclusionBrett & James: https://www.resourcesunearthed.com.au/ (https://www.resourcesunearthed.com.au/)Craig Barry: https://williambuck.com/ (https://williambuck.com/)Craig Hong: https://hillhouse.com.au/ (https://hillhouse.com.au/)

    17 min

  2. 3 DEC

    Business Succession: Legal and Tax Considerations in Selling a Business

    Business succession planning is an essential strategic move for business owners looking to transition out of ownership and into retirement or a new venture. Selling a business can often seem like a daunting process filled with complexities, but with proper planning and expert advice, it can be navigated smoothly. Understanding the legal and tax considerations at the time of sale is a crucial component of this journey, ensuring that both buyers and sellers walk away with a fair deal.Let's explore some of the key issues and considerations that come into play during the sale of a business, paying close attention to the importance of a comprehensive approach to succession planning.00:00 Introduction to Business Succession00:40 Key Issues in Selling and Purchasing01:46 Financing the Purchase03:13 Legal Considerations and Whitewashing06:47 Tax Implications10:07 Administrative and Legal Transition13:02 Due Diligence and Risk Management19:23 Final Thoughts and Recommendations21:45 Conclusion and Next StepsBrett & James: https://www.resourcesunearthed.com.au/ (https://www.resourcesunearthed.com.au/)Craig Barry: https://williambuck.com/ (https://williambuck.com/)Craig Hong: https://hillhouse.com.au/ (https://hillhouse.com.au/)

    23 min

  3. 26 NOV

    Business Succession Planning: How to Prepare Your Business For Sale

    In this episode of Resourceful, host Brett Cribb, Managing Director and Founder of Resources Unearthed, explores the complexities of business succession with three seasoned advisors: Craig Barry from William Buck Queensland, Craig Hong from Hill House Legal Partners, and James Marshall from Stratus Financial Group. Throughout this discussion, they explore various aspects of business succession, including tax minimisation, structuring for the future, employee share schemes, and the delicate balance of family transitions. This first part of a special series offers invaluable advice for business owners looking to secure a smooth and prosperous transition.00:00 Introduction00:22 Meet the Expert Advisors01:00 Common Business Succession Questions01:29 Understanding Business Succession Stages02:25 Financial Planning in Business Succession03:27 Small Business CGT Concessions06:13 Ownership Structures and Succession Planning11:26 Preparing for a Business Sale18:19 Internal Succession and Family Businesses21:02 Practical Issues in Succession Planning21:18 Internal vs External Talent Pool21:38 Cultural Fit and Internal Expectations22:25 Financial Considerations for Internal and External Candidates22:54 Due Diligence and Risk Management23:45 Family Dynamics in Business Succession26:13 Tax Considerations in Succession Planning30:20 Valuation and Business Worth32:56 Adapting to Business Growth35:18 ConclusionBrett & James: https://www.resourcesunearthed.com.au/ (https://www.resourcesunearthed.com.au/)Craig Barry: https://williambuck.com/ (https://williambuck.com/)Craig Hong: https://hillhouse.com.au/ (https://hillhouse.com.au/)

    37 min

  4. 12 NOV

    Navigating the Complexities of Living and Working Overseas for Executives

    As the world increasingly becomes interconnected, the opportunities for executives to live and work internationally have expanded significantly. However, alongside these opportunities come various tax and legal intricacies that must be addressed carefully. Brett Cribb, Managing Director and Founder of Resources Unearthed, recently sat down with with experts Craig Barry from William Buck Queensland, James Marshall from Stratus Financial Group, and Rob Lamb from Hill House Legal Partners to talk through these intricacies in detail. Together, they explore the multifaceted considerations executives must manage when relocating overseas for work.00:00 Introduction to Resourceful Stories00:23 Meet the Experts01:06 Key Considerations Before Moving Overseas01:26 Tax Residency and Financial Planning05:08 Managing Trusts and Super Funds07:18 Double Taxation and Tax Treaties09:20 Estate Planning and Legal Considerations12:42 Living and Working Overseas39:43 Returning to Australia: Opportunities and Challenges41:47 Conclusion and Contact InformationBrett & James: https://www.resourcesunearthed.com.au/ (https://www.resourcesunearthed.com.au/)Craig Barry: https://williambuck.com/ (https://williambuck.com/)Craig Hong: https://hillhouse.com.au/ (https://hillhouse.com.au/)Robert Lamb: https://hillhouse.com.au/ (https://hillhouse.com.au/)

    44 min

  5. 29 OCT

    What Are Family Offices: A Guide to Wealth Management for Families

    n this episode, Brett Cribb, Managing Director and Founder of Resources Unearthed hosts Craig Barry from William Buck and Rob Lamb from Hill House Legal Partners. They discuss the intricacies of family offices, looking at what they are, their types, and their benefits. The conversation also covers how virtual family offices can assist families with substantial wealth, addressing intergenerational transfers, and the importance of managing family dynamics. The episode concludes with insights into creating a family charter, estate planning, and common legal considerations in family succession.00:00 Introduction00:22 Understanding Family Offices00:29 Meet the Experts: Craig Barry and Rob Lamb01:29 Types of Family Offices03:39 Virtual Family Office Services05:44 Family Dynamics and Intergenerational Transfers07:44 Legal Considerations and Family Charters12:34 Common Issues and Solutions17:01 Conclusion and Contact InformationBrett & James: https://www.resourcesunearthed.com.au/ (https://www.resourcesunearthed.com.au/)Craig Barry: https://williambuck.com/ (https://williambuck.com/)Craig Hong: https://hillhouse.com.au/ (https://hillhouse.com.au/)

    18 min

  6. 19/04/2023

    The evolution of mining methods in Mount Isa with Leigh Neindorf

    My guest today is Leigh Neindorf, who has spent almost four decades working in the mining and resources industry in various positions across Mount Isa. Throughout his extensive career, Leigh has witnessed a significant evolution in mining methods at Mount Isa and today he shares his stories and experiences on site from the last 40 years. For the last 17 years, Leigh Neindorf has held the position of Mine Projects Manager at Xstrata Zinc, managing feasibility studies for both underground and surface mines. In this episode, Leigh reflects on his beginnings in the industry and how he progressed through various roles over the course of his career. As a new graduate, Leigh gained first hand experience working on underground mining contracts and was then offered positions in research engineering, copper mine production, construction, supervision and forming work, drilling and blasting and mine planning.Leigh talks about the practical and technical experiences that gave him the skills and exposure to many different types of people. He shares how there was always a new challenge and something to learn in each role, and how this gave him a firm basis for his managerial career. We discuss how a manager must always ensure that good procedures are established and ensure that people understand them, utilise them and know the potential risks if they’re not followed. Leigh shares the tragic story of two underground fatalities, both of which could have been avoided if procedures were followed. Leigh also reflects on the changes he has witnessed in the Mt Isa community and what he perceives to be the most significant contributions to the success of the area. You’ll also hear Leigh’s biggest learnings and challenges over his impressive career and his technical and financial advice to people getting started in the industry.LINKS:LinkedIn: https://www.linkedin.com/in/leighneindorf/?originalSubdomain=au (https://www.linkedin.com/in/leighneindorf/?originalSubdomain=au)

    22 min

  7. 18/01/2023

    RECAST - Digging with Accountants - End of Financial Year Tax Planning for Mining

    This episode is a recast from the Queensland Business Hub discussing tax planning strategies for business owners in the mining and resources industry and what to consider for your business before 30 June. Most successful businesses in mining and resources begin their tax planning in July at the very beginning of the financial year. But with a number of months left until the end of the financial year, you still have time to implement tax-effective actions that can significantly improve your tax outcomes.In this episode, Craig Barry and Scott Lindeblad explain the different aspects involved in tax planning and why early identification of issues can help to avoid you paying unnecessary tax, ease cashflow and make the most of deductions and concessions available to you.Scott outlines 10 areas your advisor should be discussing with you in order to take advantage of the tax-effective outcomes available. He discusses income and expenditure strategies, writing off bad debt, depreciation and temporary full expensing. He goes into detail about reviewing staff entitlements and superannuation, declaring dividends, trust resolutions, end of year tax administration and extracting wealth from your trading entities. Toward the end of the episode, Craig discusses tax distribution minutes and the ATO’s new approach to s100A and family trust distributions to children. He also discusses implications for Div 7A, distributing profits from a trust structure or money taken out during the year by shareholders and associates.LINKS:Queensland Business Hub - Digging With Accountants Podcast (https://podcasts.apple.com/ie/podcast/queensland-business-hub/id1567151898)

    37 min

  8. 04/01/2023

    RECAST - Digging with Accountants - Tax Issues for Mining Consultants

    This episode is a recast from the Queensland Business Hub discussing tax issues that mining consultants should consider. A common career pathway that many mining professionals contemplate is setting up a consultancy.  This could be for a variety of different reasons but it is important to understand some of the key tax issues that may apply in this scenario. In this episode, Craig Barry and Scott Lindeblad discuss two important tax issues - setting up a structure to trade through and the different tax issues and opportunities that might apply. One of the first considerations for anyone looking to start a new consultancy is whether to set up a trust or company, or whether to trade as a sole trader. Craig and Scott discuss a number of items to evaluate when making a decision about structure, including cost, purpose and commercial reasons. They discuss different structure types and the importance of working with an experienced accountant, lawyer or business advisor throughout the process. A lot of the decision making around structuring centres around the current circumstances, but also understanding future plans and expectations. There are a variety of issues to consider, including splitting income, paying yourself a salary and superannuation, company cars, and personal expenses to name a few. Craig and Scott go through a case study about a husband and wife in the 50’s who both work in the mining industry. They discuss details regarding their financial position and current circumstances and the advice they received on the best way to structure their consultancy. LINKS:Queensland Business Hub - Digging With Accountants Podcast (https://podcasts.apple.com/ie/podcast/queensland-business-hub/id1567151898)

    47 min
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About

We help executives, professionals and business owners in mining and resources to be successful both personally and professionally.

Information

  • Creator
    Resources Unearthed
  • Years Active
    2019 - 2024
  • Episodes
    31
  • Rating
    Clean
  • Copyright
    © Copyright 2024 Resourceful: Stories from the Site

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