I initially wrote this article in 2013, it’s scary how the time can creep up on you, especially when you are past the official retirement and are planning to sell your business. So what’s different and how am I addressing this challenge. A few thoughts to consider.If you are in business and are nearing retirement did you, • Buy your business with the plan to build it and then to sell it? • Or did you buy it to keep it and for a better life style? • Or have you brought it and now only have a JOB = Just On broke • Or are you thinking of retiring or in the age group that is nearing retirement?
If you are, then I suggest you read the following as there are a number of considerations you may need to think about for the sale of your business.
Statistic show that there could be as many as 10 -15000 or more baby boomer businesses due to hit the market in the next few years. Unfortunately, many of these will run smack into what he terms the “baby boomer bulge” where there will be many businesses for sale in competition with them. You only have to visit a business sales magazine to see the coffee shops and trade companies for sale.
A point of concern is that many husband and wife teams who have worked in their business for 20-30 plus years in preparation for retirement. Many may have a greater expectation of value of their business than what may actually be realized.Too many people wait until they have to sell, rather than exiting their business when they want to. If you fall into this demographic, are you prepared or are you waiting for the day when you want to sell and hope for the best, unfortunately it may be too late.If this triggers a call to action before it is too late then what is needed it to take stock of what you have.The effectiveness of any business is not just about the annual balance sheet, although this will be one of the contributing factors in your business sale. The assets of your business are also the risk management processes, its documented business systems, its people, sales processes, clients, and its intellectual property, never discount these as intangible assets.Another key consideration is the ability for future growth of the business for a potential buyer. A switched on experienced business advisor will be able to assist you with this.Be prepared to swallow your pride and don’t take offence at the awkward questions, be very honest as it’s an important if you want to capitalize on all your years of hard work and sacrifice, you are not alone in this.A word of warning. Don’t get hooked up with the warm fuzzy speak of a business advisor or business sales broker.
Why do I know this, we are now going through the very same process and have bitten the bullet to make what we have worked for 25 years work for us and for our future.
Our plan of action
Entering a third ageSo you have sold your business now what, mow the lawns, paint the house, hit the road and live the good life, these are one of the many questions you will have to consider.But what about the other investment that you may not have considered?The bank of accumulated life, trade or professional knowledge that is just sitting there to be reused.Have you ever considered that you may be entering your third age where you can capitalize on this and help others to succeed instead of retiring completely and to wait meet your maker?We may be grey, we may be silver but as they say, you are only as old as you feel.Age is only a number and the difference is the attitude what lays between ones ears.Health is a big factor and this may be an inhibitor for some things but there are other options.What we baby boomers have and banked over the years without realizing it, is all that experience and wisdom, now are you ready to spend it?
So how will you spend it, that’s the challenge when you should also be considering when you get ready to sell your business?
From the MSCNewsWire reporters desk by Gordon Anderson - Friday 2 September 2016
A Marlborough resident has called for a high temperature furnace to be built so chemically treated posts used in vineyards can be disposed of without damaging the environment.
Nuplex Industries confirmed its takeover by Allnex Belguim SA had received antitrust clearance from the European Commission, paving the way for its transfer into the hands of the private-equity backed Belgian company.
It seems like 3D printing has taken root at the University of Canterbury in New Zealand. Just last month, the university’s archeological faculty announced its intentions to 3D print educational models of 3,000-year-old artefacts. Now, its biological sciences department is planning to use 3D printing to fight deforestation, with associate professor David Lueng having just been awarded a government grant to explore the development of synthetic wood through the 3D bioprinting of live plant cells. The research project aims to provide the wood industry with a sustainable alternative.
Given the global problem of deforestation, creating viable 3D printed wood would be a huge achievement. Nearly half of all original forests have already been cut down, and the global trend is not slowing down. According to some estimates, up to 13 million hectares of forest is lost every year–the equivalent of 36 football fields per minute. Deforestation is also known as a very important contributor to global carbon emissions, so all wood alternatives are very welcome.
Professor Leung might have a solution: 3D bioprinting artificial wood that can be harvested to provide a customizable alternative to the real thing. The New Zealand government believes that the plant physiology expert could be onto something, and has provided him with a NZ$255,000 grant over a three year period. If successful, he could provide the New Zealand manufacturing sector with a new, sustainable biomaterial.
A lot more is happening over in New Zealand, as Leung’s initiative was just one of 10 ambitious seed projects that received grants from the NZ$826,000 fund of the Science for Technological Innovation (SfTI) National Science Challenge (2016). The ten selected projects were recently announced by Science and Innovation Minister Steven Joyce.
Professor Leung himself is also a biotechnology expert, and his project (entitled ‘Enabling sustainable economic development with advanced additive manufacturing of wood’) is seen as having a lot of economic potential. “Although challenging, there is potential to use live cells as an advanced manufacturing material in a yet-to-be invented, new industry,” Leung said. In this application, 3D printing would become an industrial, mass-production tool.
The viability of Leung's method has already been demonstrated during a test with live green algal cells, but the associate professor is confident that the project can go further: “It is possible that other types of plant cells, such as the wood-forming cells of eucalyptus trees, could be used as bio-printing materials," Leung explained. "Hence, it is a potential, socially acceptable opportunity for sustainable economic development derived from native forests."
In particular, Leung is currently looking at live eucalyptus tree cells: “They will be physiologically primed in a 3D structure in the biotech lab at the University of Canterbury, without any genetic modification, to be capable of responding to the appropriate triggers for transformation into a principal wood cell called a tracheid,” he said. “The changes in the cells will be studied in relation to the characteristic morphological features and chemical properties of tracheids using various microscopic, histochemical staining and fluorescence techniques.”
If successful, this study could make a huge contribution to the fight against deforestation while simultaneously promoting and pushing other 3D bioprinting initiatives and even enabling the widespread implementation of 3D bioprinting on a larger scale. It’s clear that we’ll have to keep an eye on the University of Canterbury.
Judges for the 2016 NZI Sustainable Business Network Awards have announced the line-up of finalists.
CEO of the Sustainable Business Network (SBN) Rachel Brown says these organisations and individuals are leading the transformation to a more sustainable New Zealand.
“These Awards are unique. They recognise outstanding achievement in making New Zealand a more sustainable nation.
“Together we can restore New Zealand’s landscapes, oceans and waterways and we can tackle this nation’s social issues. Those leading on this are pioneering new forms of business success. In my book they all deserve to be New Zealander of the year. It can feel like swimming uphill a lot of the time, so recognising those doing the right thing is vital.
“The Awards are our way of celebrating together. They are one of the ways we recharge ourselves for the challenges to come.
“I hope New Zealanders give these people and their organisations the support they deserve. Because every time we buy something or support a cause we make a choice about the kind of country we want to live in.”
The Award winners will be announced at a black tie ceremony on 17 November at Shed 10 on Auckland’s waterfront.
The finalists for the 2016 NZI Sustainable Business Network Awards are:
Sustainability Champion AwardBarry Coates (The University of Auckland and Green Party, formerly Oxfam)Brian Cox (Bio Energy Association of NZ)Buffie Mawhinney (Ranui Community Centre)Gareth Morgan (The Morgan Foundation)Steve Ellingford (Bayfair Shopping Centre)
Cadence Communications Communicating Sustainability AwardBetter NZ TrustGreen CabsKokakoPackaging Forum IncThe Oversew Fashion Awards
The EcoPro Cleaning Co Community Innovation AwardChariot RidesharingCorefusion LimitedCSC Buying GroupEcotricityGood Neighbour Aotearoa TrustKiwibankLittle Yellow BirdThe New Zealand Network Charitable TrustVerisafe
Airbnb Community Impact AwardAuckland CouncilCounties Manukau HealthGood Neighbour Aotearoa TrustKai CarrierMetal ArtPackaging Forum IncSustainability TrustTerraCycle
Ricoh Mega Efficiency Innovation AwardAsaleo CareEcotricityEnergy and Technical Services LtdMethod RecyclingMy Car Your RentalTerraCycle
Auckland Council Mega Efficiency Impact AwardCapital & Coast District Health BoardCityhopFonterraFulton Hogan / Tauranga Airport AuthorityKiwi ExperienceWebstar
Renewables Innovation AwardEcotricityFlick Electric CoNZ BusScionsolarcitySpark NZ
Renewables Impact AwardAir New ZealandAuckland TransportChargeNet NZChristchurch Bike Share
Yealands Family Wines Restorative Innovation AwardAvon-Ōtākaro NetworkEkosGHDGo BambooJunk RunRaw Essentials
Restorative Impact AwardCeres OrganicsComvitaGreen CabsWe CompostZingBokashi
EECA Business Energy Management AwardFinalists from the Renewables and Mega efficiency categories are eligible to apply for the Energy Management Award. Finalists for this category will be announced in early November.
Science and Innovation Minister Steven Joyce announced today that the Science for Technological Innovation National Science Challenge will invest $826,000 in 10 ambitious new research projects to develop disruptive technology for industry.
“The pace of technology change is accelerating so it’s important that our high-tech firms have access to the right know-how to build the sorts of innovative products that will help them to succeed in highly competitive global markets,” Mr Joyce says.
“These new seed projects will create new knowledge through fundamental research that will support firms to contribute to the evolution of New Zealand’s growing high-tech economy.”
Individual projects, which range in duration from between one and three years, will receive up to $255,000 to fund research programmes, and will be undertaken across five universities, one CRI, and two independent research organisations.
Projects include:
Science for Technological Innovation is one of 11 National Science Challenges targeting specific goals that have significant, enduring benefits for New Zealand. The Challenge’s mission is to enhance New Zealand’s capacity to use physical sciences and engineering for economic growth.
The list of 2016 Science for Technological Innovation Seed Projects is available here.
The Reserve Bank says that its consistent principles and approach to banking supervision have helped create a strong, robust banking system.
“Our supervisory philosophy is to implement cost-effective regulations to mitigate market failures and thereby promote a sound and efficient financial sector for New Zealand,” said Head of Prudential Supervision Toby Fiennes in a speech today to the New Zealand Bankers’ Association.
“One market failure we focus on is externalities – the costs to wider society that financial institutions have little incentive to take account of when they make commercial decisions. An example would be a financial institution failing in a disorderly way that results in the public losing access to funds that they rely on to do basic transactions,” he said.
“The other market failure we focus on is asymmetric information – where one party to a transaction has better information than the other, and can use that to their advantage.” Our way to address these market failures is to take regulatory actions that help realign the interests of financial institutions, their customers and wider society, Mr Fiennes said.
He said that the Reserve Bank took care to ensure that its regulations didn’t absolve boards and senior managers from their responsibility to manage risks.
“Since no financial institution is guaranteed by the government, there is more market pressure on institutions to compete on safety than there would be in a system with guarantees. There is solid international evidence showing that, on balance, the absence of guarantees improves the overall stability of the financial system,” he said.
We take international standards as an important benchmark for our policy development, but don’t adopt them if they are going to be inappropriate for New Zealand.
A recent internal review of our regulatory framework confirmed that the philosophy remains broadly fit-for-purpose for New Zealand. However, the review also highlighted areas where we can better align our supervisory practices with our philosophy, such as the potential for an attestation regime and stronger disclosure requirements for insurers.
Speech text: Consistent approach to regulations and supervision has promoted robust banking system.
Air New Zealand and Singapore Airlines today announced the extension of their alliance to include travel between Wellington and Singapore.
From 21 September Air New Zealand will be able to codeshare on Singapore Airlines’ new Wellington-Singapore service and Singapore Airlines on Air New Zealand’s domestic network beyond Wellington.
The two carriers first launched an alliance in early 2015, which included the Singapore Airlines’ Singapore-Christchurch service and enabled Air New Zealand to resume operating the Auckland-Singapore route, delivering greater access to Singapore from New Zealand.
Air New Zealand Chief Strategy, Networks and Alliances Officer Stephen Jones says the airline is pleased with the inclusion of the Wellington-Singapore service into the alliance and committed to working with Singapore Airlines to ensure its success.
“The launch of our alliance with Singapore Airlines delivered capacity growth of 15 percent in its first year helping to not only grow visitor arrivals benefiting our tourism industry but also provide convenient travel options to Singapore and markets beyond. We welcome the addition of the Wellington service to our alliance and look forward to celebrating the inaugural flight in a few weeks’ time,” says Mr Jones.
Singapore Airlines General Manager, New Zealand, Mr Simon Turcotte says the extension of the alliance agreement to include the new service will deliver a greater choice to customers looking to travel to and from New Zealand.
“The addition of the new Wellington-Singapore route (via Canberra) is another example of our commitment to provide increased frequency and capacity between Singapore and New Zealand,” Mr Turcotte said.
”We have enjoyed a strong relationship with Air New Zealand since we launched our alliance agreement in 2015 and we greatly appreciate their support for the new service that will connect Wellington to the world.”
Launching on 21 September, the new Wellington-Singapore service will operate four times a week departing Wellington at 20:15 on Monday, Wednesday, Friday and Sundays, arriving in Singapore at 05:50 the next day following a short 85 minute stop-over in Canberra.
Fares for the new service under the alliance agreement will be available on a progressive basis from 1 September in New Zealand, Singapore and Europe.
Recent Rise in US Consumer Confidence suggests US could be a growing market for New Zealand exports, according to ANZ Bank.
The cheery US consumer is as likely to be toasting his or her good fortune with a glass of New Zealand sauvignon blanc as a goblet of Californian chardonnay, according to research from ANZ bank, a leading antipodean lender.
A growing taste for lamb and eating out at foreign restaurants which use less popular cuts of mutton and lamb, may also characterise the average Americans' changing tastes and habits, suggests the report, which highlights the growing popularity of New Zealand food and wine commodities in the USA.
"The rise of the US consumer has begun to catch New Zealand exporters’ eye recently. Indeed where there are established business relationships, favourable market access and less local competition (i.e. red meat and Sauvignon Blanc wine), there has already been a notable lift in exports over the past 18 months,” said the report from ANZ.
The trend is likely to continue after recent data showed US Consumer Confidence hitting an 11-month high in August, rising by 4.4 basis points to 101.1 from 96.7 previously.
Much of the increased optimism came from the high-earning, 35-54 cohort, who make between 50 -130k dollars per annum and comprise the target market for New Zealand produce.
Palace of the Alhambra, Spain
By: Charles Nathaniel Worsley (1862-1923)
From the collection of Sir Heaton Rhodes
Oil on canvas - 118cm x 162cm
Valued $12,000 - $18,000
Offers invited over $9,000
Contact: Henry Newrick – (+64 ) 27 471 2242
Mount Egmont with Lake
By: John Philemon Backhouse (1845-1908)
Oil on Sea Shell - 13cm x 14cm
Valued $2,000-$3,000
Offers invited over $1,500
Contact: Henry Newrick – (+64 ) 27 471 2242