The Road to Semi-Retirement: Setting Up a Business For Successful Sale

Case Study: Business Mentoring & Tax and Compliance

 

A couple with a background in education and sports coaching saw an opportunity to purchase a guest house whilst living overseas. To assist in their transition to business owners, the two sought expert guidance in how to successfully set-up and operate a business. This allowed five years of comfortable affluence before they negotiated a sale that financed their semi-retirement.

 

Craig and Kathy Hogan are a dynamic duo who enjoy taking on new challenges. With a history in physical education and coaching, the two had no prior experience as business owners. However, when Alpine Aspects, a guesthouse in the tourist region of Bright, came up for sale the two jumped at the opportunity to pivot their careers and lifestyle.

Despite their positivity for taking on this potentially illustrious opportunity, the couple knew that enthusiasm wouldn’t be enough to get them reaching success, and decided to enlist the help of a business advisor. They wanted their business set-up correctly from the beginning, so that they could reap benefits in the future.

“We knew that Bright was a busy place all year round having holidayed and loved it there, so we knew the area pretty well. But when it came to owning a guesthouse, we didn’t have a clue what we were doing. Luckily we had Patrick Rorke (Cumulus) looking after us on the day to day details” 

More than just business advisors and accountants, Cumulus gently guided and educated Craig and Kathy on how to develop the foundations, structures and strategies they needed to run a successful guesthouse business.

This included help with tasks like:

  • Financial compliance
  • Record keeping and tax regulations
  • Business structure
  • Marketing plans

 

Along with the big-picture assistance, the Cumulus team helped set-up processes for the duo that would make managing their guesthouse easier. For instance, they recommended digital accounting service Xero, to streamline record keeping and reduce paperwork. They also assisted in the launch of a new website that the couple linked with holiday booking sites to increase promotional reach.

Cumulus managing our personal tax, our business tax and helping run our business was a massive help. It was very smooth sailing with direction from Cumulus on where to go and what to do.

As a result of Craig and Kathy’s hard-work and use of expert advice, the two oversaw five prosperous years owning and operating Alpine Aspects until the decision was made to sell their much-loved business in order to enjoy semi-retirement.

After working with Cumulus on their business foundations and on-going management, the couple once again turned to Cumulus to guide them through the selling process, including the essential tax planning they would need.

Alpine Aspects successfully changed ownership soon after, with Craig and Kathy negotiating their ideal price for the business sale. 

The couple’s journey from ownership to sale to semi-retirement highlights the benefits of stepping out of one’s comfort zone and taking on new challenges. Their reliance on professional expertise underscores the value of seeking the right advice when setting up and running a business, allowing a readiness to embrace new opportunities when they arise.

As Craig explains;

“Owning a business was a really positive experience thanks to Cumulus. We enjoy doing different things and now look forward to finding our next opportunity”

You may only sell one business in your life, so it’s sensible to get advice from experts who see many transactions unfold.

Speak with Cumulus for advice on your business.
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