Entry of New Business Partners/Owners - CapitalQ

Entry of New Business Partners/Owners

Having business partners is difficult, don’t let anyone ever tell you differently. One might say it’s like a marriage but without the good bits after dark!

So first things first, think long and hard about why you need a new business partner. Being mates is not a good reason. Nor, arguably, is because they have ‘done the time’.

But, if there is a real synergy, then by all means.

(It is probably important at this moment to clarify a little, given my apparent negativity about business partnerships. I have seen way more business partnerships fail, or at the least cause substantial heartache for all involved, then I have seen ones that worked. That is an unfortunate reality. And the other reality is that this occurs firstly, because they joined forces for the wrong reasons, not good business reasons, and secondly because when money is involved and as the amount of money grows, everyone becomes self-interested (naturally) and this is when tension arises.

Having said that, in my new business venture in the Early Learning and Child Care space, I have gone into business with two other partners. And, thus far, it is working absolutely fantastically well. Sure we still have our disagreements, but so far we have been able to work through them in a measured approach. The reason we can do this is that we complement each other so well, and we all know each brings their very own, unique skills and experience and expertise to the table, skills the others don’t have. And we know that as a collective we are more valuable together than separated.

So business partnership can and do absolutely work! Just make sure you enter into one for the right reasons. Duncan)

Having considered our warnings you decide to proceed with the entry of a new business partner, congrats and good luck. Now how is that achieved, and how is it achieved without incurring unnecessary and substantial tax consequences nor administrative headaches.

That’s where we come in.

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What our customers say

Logo for Michael Gray
Duncan Melbin’s firm first became the business accountants for Exploration Data Services, and my Family, when he was still a Graduate Accountant some 16 years ago. Myself and my late business partner have followed him ever since!

In the early days Duncan was very proactive in regards to fine tuning our business structure and the benefits of getting the structure right early are still flowing today.

Throughout my time working with Duncan he has played a key role in ensuring our tax affairs have always been in order and our tax obligations have always been minimised and well managed.

Duncan has also played a key role in ensuring my Family and I have adequate wealth protection in place and that we have maximised our wealth creation including through a regular superannuation contribution strategy and the use of a self-managed super fund that keeps us engaged, in control and to a large extent free from the perils of the GFC.

More recently we took the opportunity to outsource our entire back office accounting function to CapitalQ including switching our accounting and invoicing to Xero. I now spend barely any time at all on my monthly accounting and Activity Statement lodgements, as CapitalQ have it all in hand. This allows me to focus on running my business better, and frankly to have more time to enjoy the spoils of a life in business.

I work closely with Kapil Bhasin, our Client Manager, and Peter Melbin, our outsourced Bookkeeper, and they are clearly very valuable assets for CapitalQ.

Working with Duncan, Kapil and Peter is very easy, they respond promptly to any queries I have and most importantly I have complete trust in the advice they give me and that my business affairs are being well looked after. I would recommend CapitalQ to any potential client without reservation.

So if you own a small business or are looking to grow your wealth I highly recommend you speak to the CapitalQ Team. They will give you good advice, and ensure you are on track for a sound business and financial future (and outsourcing your back office accounting process to them, and switching to Xero, will be two of the best business decisions you will make).

Michael Gray

Director - Exploration Data Services (Perth)

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