A business owners most important decision is setting the price of their product or service

In this episode, Stuart and Mena unravel the intricacies of minimising land tax, a looming concern expected to rise in the foreseeable future. They demystify the concept of land tax, emphasizing its assessment based on property holdings as of December 31st. The hosts advise listeners to scrutinise notices carefully upon receipt, underlining the significance of proactive examination.

The discussion delves into the financial barriers of changing ownership due to stamp duty and Capital Gains Tax (CGT), prompting consideration of alternative strategies such as grouping and discretionary trusts. Stuart and Mena explore actionable tactics to reduce land tax burdens and the feasibility of justifying associated costs against anticipated investment returns. Moreover, they ponder the viability of investing interstate as a means to mitigate land tax exposure.

This episode serves as a strategic guide for property owners and investors, offering practical insights into navigating the complexities of land tax while optimising financial outcomes in a shifting regulatory landscape.

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If this episode resonated with you, I'd love to hear your thoughts! Sharing your feedback on your favourite podcast platform helps me expand my reach and connect with more incredible listeners like you. Thank you deeply for being a part of this journey!

To subscribe to our weekly email: https://www.prosolution.com.au/stay-connected/

SPECIAL OFFER: Buy a one of Stuart's books for ONLY $20 including delivery.
Use the discount code blog here: https://prosolution.com.au/books.

Work with Stuart & Mena's team: At ProSolution Private Clients we encourage clients to adopt a holistic and evidence-based approach when making financial decisions. To accomplish this, our multidisciplinary team of experts collaborate extensively on behalf of our clients, ensuring thorough exploration of all potential opportunities. This collaborative method enhances the value we deliver to our clients. Visit: https://prosolution.com.au.

Follow us on socials:
Stuart: Twitter/X: https://twitter.com/StuartWemyss and LinkedIn: https://www.linkedin.com/in/stuartwemyss/
Mena: LinkedIn: ...

In this episode, Stuart and Mena dive into a critical question: Should you own a car through your business? 
Building on a previous discussion from March 2023 (S03-E09), they dissect the pros and cons of business ownership versus personal purchase. The episode delves into pivotal considerations like whether to register the car under your business name, exploring complexities such as GST implications and the potential for losses or gains upon sale. 
Additionally, they unravel the intricacies of Fringe Benefits Tax (FBT) and weigh the merits of different vehicle types, from utes to electric vehicles to conventional cars. The discussion extends to financial strategies, weighing the benefits of borrowing against leasing or mortgage loans while factoring in borrowing capacity considerations. 
This episode offers a comprehensive examination of a crucial decision many entrepreneurs face, providing invaluable insights to guide listeners towards informed choices regarding their business vehicle ownership.

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If this episode resonated with you, I'd love to hear your thoughts! Sharing your feedback on your favourite podcast platform helps me expand my reach and connect with more incredible listeners like you. Thank you deeply for being a part of this journey!

To subscribe to our weekly email: https://www.prosolution.com.au/stay-connected/

SPECIAL OFFER: Buy a one of Stuart's books for ONLY $20 including delivery.
Use the discount code blog here: https://prosolution.com.au/books.

Work with Stuart & Mena's team: At ProSolution Private Clients we encourage clients to adopt a holistic and evidence-based approach when making financial decisions. To accomplish this, our multidisciplinary team of experts collaborate extensively on behalf of our clients, ensuring thorough exploration of all potential opportunities. This collaborative method enhances the value we deliver to our clients. Visit: https://prosolution.com.au.

Follow us on socials:
Stuart: Twitter/X: https://twitter.com/StuartWemyss and LinkedIn: https://www.linkedin.com/in/stuartwemyss/
Mena: LinkedIn: ...

Embark on a strategic journey to business excellence with Stuart and Mena in this enlightening episode, where they unravel the intricacies of understanding and enhancing your business model. Offering a comprehensive breakdown of the nine vital components, the hosts provide a roadmap for entrepreneurs keen on refining their business structure. From crafting a compelling value proposition to navigating distribution channels and revenue streams, this episode serves as a practical guide for entrepreneurs at any stage. Stuart and Mena delve into the key factors that contribute to a robust business model, emphasising elements such as a strong value proposition, sustainable revenue streams, scalability, and adaptability to market changes. The hosts introduce the 3 P's—Product, Process, and People—as crucial benchmarks for evaluating the strength of your business model, offering actionable insights that resonate with both seasoned entrepreneurs and startup enthusiasts. This episode becomes a reflective space, encouraging entrepreneurs to assess the effectiveness of their current business model and explore avenues for improvement. Through thought-provoking questions like "How strong is your business model?" and "How can you make it stronger?" the hosts empower listeners to adopt a proactive approach to business strategy. Tune in for a harmonious blend of theoretical wisdom and practical considerations as Stuart and Mena demystify the complexities of business modeling. Whether you're navigating the startup landscape or steering an established enterprise, this episode provides invaluable advice to fortify your business foundation and guide you through the dynamic terrain of entrepreneurship. Don't miss the chance to gain insights that could redefine the trajectory of your business journey! 

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If this episode resonated with you, I'd love to hear your thoughts! Sharing your feedback on your favourite podcast platform helps me expand my reach and connect with more incredible listeners like you. Thank you deeply for being a part of this journey!

To subscribe to our weekly email: https://www.prosolution.com.au/stay-connected/

SPECIAL OFFER: Buy a one of Stuart's books for ONLY $20 including delivery.
Use the discount code blog here: https://prosolution.com.au/books.

Work with Stuart & Mena's team: At ProSolution Private Clients we encourage clients to adopt a holistic and evidence-based approach when making financial decisions. To accomplish this, our multidisciplinary team of experts collaborate extensively on behalf of our clients, ensuring thorough exploration of all potential opportunities. This collaborative method enhances the value we deliver to our clients. Visit: https://prosolution.com.au.

Follow us on socials:
Stuart: Twitter/X: https://twitter.com/StuartWemyss and LinkedIn: https://www.linkedin.com/in/stuartwemyss/
Mena: LinkedIn: ...

Dive into the intricacies of business success with Stuart and Mena in this illuminating episode, where they unravel the importance of understanding and improving your business model. The hosts break down the business model into nine essential components, providing a comprehensive framework that outlines how a company creates, delivers, and captures value. From defining the value proposition and identifying target customer segments to outlining distribution channels, customer relationships, and revenue streams, this episode serves as a roadmap for entrepreneurs seeking clarity on their business structure. Moreover, Stuart and Mena explore the factors that contribute to a robust business model, emphasizing the significance of a strong value proposition, sustainable revenue streams, scalability, healthy profit margins, and adaptability to market changes. Listeners are encouraged to consider the 3 P's—Product, Process, and People—as essential pillars for assessing the strength of their business model. The episode offers a reflective journey, prompting entrepreneurs to ponder the effectiveness of their current business model and explore avenues for enhancement. By posing questions like "How strong is your business model?" and "How can you make it stronger?" the hosts empower listeners to take a proactive approach to business strategy. Tune in for a blend of theoretical insights and practical considerations, as Stuart and Mena demystify the complexities of business modeling. Whether you're a seasoned entrepreneur or a startup enthusiast, this episode provides actionable advice to fortify your business foundation and navigate the dynamic landscape of entrepreneurship successfully. Don't miss out on the wisdom that could reshape the trajectory of your business!

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If this episode resonated with you, I'd love to hear your thoughts! Sharing your feedback on your favourite podcast platform helps me expand my reach and connect with more incredible listeners like you. Thank you deeply for being a part of this journey!

To subscribe to our weekly email: https://www.prosolution.com.au/stay-connected/

SPECIAL OFFER: Buy a one of Stuart's books for ONLY $20 including delivery.
Use the discount code blog here: https://prosolution.com.au/books.

Work with Stuart & Mena's team: At ProSolution Private Clients we encourage clients to adopt a holistic and evidence-based approach when making financial decisions. To accomplish this, our multidisciplinary team of experts collaborate extensively on behalf of our clients, ensuring thorough exploration of all potential opportunities. This collaborative method enhances the value we deliver to our clients. Visit: https://prosolution.com.au.

Follow us on socials:
Stuart: Twitter/X: https://twitter.com/StuartWemyss and LinkedIn: https://www.linkedin.com/in/stuartwemyss/
Mena: LinkedIn: ...

Join Stuart and Mena in this episode as they unravel the crucial considerations for business owners contemplating retirement. With a treasure trove of insights, the hosts guide listeners through the key factors that shape the decision-making process when determining the fate of your business post-retirement. 

The episode explores three primary options: 

• retaining the business as a passive income stream
• selling it in full to maximize value
• selling to staff to realize some value while maintaining a connection to the business

Listeners are encouraged to introspect on their role within the business - are they a key person, or can the business operate seamlessly without their direct input? 

Financial considerations take center stage as Stuart and Mena prompt reflection on whether the business owner needs the sale proceeds to fund their retirement. The potential buyer is also a crucial consideration, ranging from employees to larger businesses or even a listed entity. The hosts delve into the intricacies of maximizing value, offering strategic insights such as selling immediately, committing to work within the business for a specified period, or implementing a management team to scale operations. Timing becomes a critical element, prompting business owners to consider when they want to retire and whether a full or semi-retirement aligns with their vision. 

This episode is a comprehensive guide for business owners at a crossroads, providing actionable advice and thought-provoking questions to help navigate the complex terrain of retirement decisions. Whether you're looking for a seamless exit or envision continued involvement, this episode is your compass for making informed choices and securing the legacy of your business. Don't miss out on the wisdom that could redefine your retirement strategy!

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If this episode resonated with you, I'd love to hear your thoughts! Sharing your feedback on your favourite podcast platform helps me expand my reach and connect with more incredible listeners like you. Thank you deeply for being a part of this journey!

To subscribe to our weekly email: https://www.prosolution.com.au/stay-connected/

SPECIAL OFFER: Buy a one of Stuart's books for ONLY $20 including delivery.
Use the discount code blog here: https://prosolution.com.au/books.

Work with Stuart & Mena's team: At ProSolution Private Clients we encourage clients to adopt a holistic and evidence-based approach when making financial decisions. To accomplish this, our multidisciplinary team of experts collaborate extensively on behalf of our clients, ensuring thorough exploration of all potential opportunities. This collaborative method enhances the value we deliver to our clients. Visit: https://prosolution.com.au.

Follow us on socials:
Stuart: Twitter/X: https://twitter.com/StuartWemyss and LinkedIn: https://www.linkedin.com/in/stuartwemyss/
Mena: LinkedIn: ...

In this episode, join Stuart and Mena as they unravel the key strategies for optimising business profitability by streamlining your product suite. The duo delves into the crucial importance of focusing on your customer, emphasising that trying to cater to everyone results in catering to no one. They advocate for identifying a clear target customer to enhance product resonance. The episode further explores the art of maximising profitability and return on investment by strategically concentrating efforts on the most lucrative products or services. Listeners will gain insights into leveraging data for decision-making, including assessing margins, and inventory turnover, and conducting thorough market and competitor analyses. Moreover, the hosts share valuable tips on enhancing sales conversion rates and streamlining the sales process by avoiding overwhelming choices for customers. Whether you're in the product or service business, the episode offers actionable advice, encouraging service businesses to assertively define the scope of their offerings to maximise value delivery. Tune in for a concise yet comprehensive guide to rationalising your product suite and unlocking the full potential of your business profitability.

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If this episode resonated with you, I'd love to hear your thoughts! Sharing your feedback on your favourite podcast platform helps me expand my reach and connect with more incredible listeners like you. Thank you deeply for being a part of this journey!

To subscribe to our weekly email: https://www.prosolution.com.au/stay-connected/

SPECIAL OFFER: Buy a one of Stuart's books for ONLY $20 including delivery.
Use the discount code blog here: https://prosolution.com.au/books.

Work with Stuart & Mena's team: At ProSolution Private Clients we encourage clients to adopt a holistic and evidence-based approach when making financial decisions. To accomplish this, our multidisciplinary team of experts collaborate extensively on behalf of our clients, ensuring thorough exploration of all potential opportunities. This collaborative method enhances the value we deliver to our clients. Visit: https://prosolution.com.au.

Follow us on socials:
Stuart: Twitter/X: https://twitter.com/StuartWemyss and LinkedIn: https://www.linkedin.com/in/stuartwemyss/
Mena: LinkedIn: ...

In this episode, Stuart and Mena discuss strategies to sub-divide land and common traps that people fall into, including:

• Revenue v. capital account – you need to establish what your intention is from the onset.
• Double duty – ensure planning is started after a nomination to avoid double duty
• Partition agreements – if you’re going into partnership/JV, ensure the title is set up correctly to allow each respective party to take their agreed-upon share without incurring duty.
• Use of the margin scheme – what is the margin scheme and how it operates? 

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If this episode resonated with you, I'd love to hear your thoughts! Sharing your feedback on your favourite podcast platform helps me expand my reach and connect with more incredible listeners like you. Thank you deeply for being a part of this journey!

To subscribe to our weekly email: https://www.prosolution.com.au/stay-connected/

SPECIAL OFFER: Buy a one of Stuart's books for ONLY $20 including delivery.
Use the discount code blog here: https://prosolution.com.au/books.

Work with Stuart & Mena's team: At ProSolution Private Clients we encourage clients to adopt a holistic and evidence-based approach when making financial decisions. To accomplish this, our multidisciplinary team of experts collaborate extensively on behalf of our clients, ensuring thorough exploration of all potential opportunities. This collaborative method enhances the value we deliver to our clients. Visit: https://prosolution.com.au.

Follow us on socials:
Stuart: Twitter/X: https://twitter.com/StuartWemyss and LinkedIn: https://www.linkedin.com/in/stuartwemyss/
Mena: LinkedIn: ...

In this episode, Stuart and Mena discuss strategies that can optimise your sale proceeds and the marketability of your business, including:

• Financials – this is the first component that any prospective purchaser assesses. 
• Operations – businesses that are reliant on the current owner or their respective reputation are less desirable to purchase than those who have the Goodwill associated with the brand. 
• Get rid of dead weight – stock and staff
• Customers – purchasers are weary if your customer base is heavily weighted to a small group
• Structuring – Michael Tselepis's example
• CGT concessions

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If this episode resonated with you, I'd love to hear your thoughts! Sharing your feedback on your favourite podcast platform helps me expand my reach and connect with more incredible listeners like you. Thank you deeply for being a part of this journey!

To subscribe to our weekly email: https://www.prosolution.com.au/stay-connected/

SPECIAL OFFER: Buy a one of Stuart's books for ONLY $20 including delivery.
Use the discount code blog here: https://prosolution.com.au/books.

Work with Stuart & Mena's team: At ProSolution Private Clients we encourage clients to adopt a holistic and evidence-based approach when making financial decisions. To accomplish this, our multidisciplinary team of experts collaborate extensively on behalf of our clients, ensuring thorough exploration of all potential opportunities. This collaborative method enhances the value we deliver to our clients. Visit: https://prosolution.com.au.

Follow us on socials:
Stuart: Twitter/X: https://twitter.com/StuartWemyss and LinkedIn: https://www.linkedin.com/in/stuartwemyss/
Mena: LinkedIn: ...

In this episode, Stuart and Mena discuss strategies that optimise your ability to repay your home loan, including:

• Everyone's situation is different. 
• If you earn business income and you encounter an unexpected tax liability. 
• Borrow to invest in shares. 
• Div 7A loan from the corporate beneficiary. 
• Distribution to family members and they deposit cash in your offset account.
• Business restructure. 

----------------------
If this episode resonated with you, I'd love to hear your thoughts! Sharing your feedback on your favourite podcast platform helps me expand my reach and connect with more incredible listeners like you. Thank you deeply for being a part of this journey!

To subscribe to our weekly email: https://www.prosolution.com.au/stay-connected/

SPECIAL OFFER: Buy a one of Stuart's books for ONLY $20 including delivery.
Use the discount code blog here: https://prosolution.com.au/books.

Work with Stuart & Mena's team: At ProSolution Private Clients we encourage clients to adopt a holistic and evidence-based approach when making financial decisions. To accomplish this, our multidisciplinary team of experts collaborate extensively on behalf of our clients, ensuring thorough exploration of all potential opportunities. This collaborative method enhances the value we deliver to our clients. Visit: https://prosolution.com.au.

Follow us on socials:
Stuart: Twitter/X: https://twitter.com/StuartWemyss and LinkedIn: https://www.linkedin.com/in/stuartwemyss/
Mena: LinkedIn: ...

In this episode, Stuart and Mena discuss tax-related matters that apply to inheritance, including

• Australia doesn’t have an inheritance tax like other countries.
• Main residence exemption. 
• Pre-CGT assets. 
• Super benefits. 
• Benefits of using a testamentary trust. 
• Restructure business prior to death.
• Jointly held property doesn’t hit the estate. 
• Entities won’t create tax consequences. 

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If this episode resonated with you, I'd love to hear your thoughts! Sharing your feedback on your favourite podcast platform helps me expand my reach and connect with more incredible listeners like you. Thank you deeply for being a part of this journey!

To subscribe to our weekly email: https://www.prosolution.com.au/stay-connected/

SPECIAL OFFER: Buy a one of Stuart's books for ONLY $20 including delivery.
Use the discount code blog here: https://prosolution.com.au/books.

Work with Stuart & Mena's team: At ProSolution Private Clients we encourage clients to adopt a holistic and evidence-based approach when making financial decisions. To accomplish this, our multidisciplinary team of experts collaborate extensively on behalf of our clients, ensuring thorough exploration of all potential opportunities. This collaborative method enhances the value we deliver to our clients. Visit: https://prosolution.com.au.

Follow us on socials:
Stuart: Twitter/X: https://twitter.com/StuartWemyss and LinkedIn: https://www.linkedin.com/in/stuartwemyss/
Mena: LinkedIn: ...