Advisory Services

Business Valuations

It's important to know what a business is worth, either as a buyer or seller, particularly in the negotiation process of settling on a price. At Con Galvin & Associates, we have access to industry-based formulae and guidelines which are accepted Australia-wide in properly valuing businesses. We also prepare business valuations in family law matters, deceased estates, and share valuations for private companies that are in business.

Succession Planning

Trying to decide what to do with the business when you want to retire can be daunting. Do I sell it, pass it on to a family member or trusted employee, or close it down? These are all questions you, as a business owner, will be confronted with at some stage. Succession planning takes time to develop and nurture to get the best outcome for you. Con Galvin & Associates can help guide you through this process and take the uncertainty out of the decisions you have to make.

Business Start-up

You have a new business venture or idea but don't know what to do next. That's where Con Galvin & Associates can help:

  • Decide what trading structure is best for you Sole trader, partnership, company or trust.
  • Review your financing requirements to acquire business and/or plant and equipment.
  • Register for an Australian Business Number with the Australian Business Register.
  • Complete ASIC Registration (if necessary).
  • Register for GST and PAYG withholding registration with the ATO.
  • Assist and advise in establishing proper accounting records.

Selling a Business

Having made the decision to sell the business you, as the business owner, will want to not only set the best price for the sale but have the sale process go as smoothly as possible.

It is absolutely essential to have your accountant involved in the process from the start.There are always adjustments in selling businesses such as stocktake valuations, employee obligations, and apportionments.

Furthermore, there are Capital Gains Tax Concessions for small business owners which will reduce or eliminate CGT from the sale. Con Galvin & Associates have had many years' experience with clients selling businesses and know the pitfalls.

Business Restructuring

The type of structure you began business with may not be the most appropriate structure going forward. There are many reasons why businesses change structures. It may be that the current structure does not allow the owners to minimize tax or that the risk profile of the business has increased such that the owners wish to protect their personal assets from litigation.

It can also be appropriate to change the business structure to allow new partners to buy into the business. Business restructures can be complex and, if not handled correctly, can be expensive and messy to unravel. Let the team at Con Galvin & Associates guide you through the process and take out the uncertainty in business restructuring.

Medical Entities

The ATO takes a special interest in medical practitioners, perhaps because they consider this group to be high income earners and receptive to income tax minimization strategies.

There is no problem in minimizing one's tax, however it is important to do so within the tax rules as outlined by the ATO and the Courts. At Con Galvin & Associates, we are familiar with all of the special tax rules which are aimed at medicos and can advise you the best path to take.

Primary Producers

Primary Producers receive special tax treatment from the ATO but the rules can be quite confusing and complicated. With Con Galvin & Associates, you will be in safe hands to obtain the best possible outcome with over 30 years' experience in primary production tax advising.

Buying a Business

Apart from buying the family home, purchasing a business can be one of the biggest investment decisions you will ever make. Doing your due diligence on the business prospect is crucial to ensuring a successful and rewarding purchase. At Con Galvin & Associates, we have the necessary tools and know-how to assess the value of the business (to make sure you don't pay too much for the business) and advice on whether a business is viable.