By LIA SPENCER
AOUT 30 business people from across the City of Casey met last week to learn about succession planning and the State Budget’s economic impact on small business.
The event was hosted by the Narre Warren Region Business Group and held at Westpac Bank Fountain Gate Shopping Centre on Wednesday, 15 May.
Westpac Bank Manager Peter Watts invited guests to have a “behind the scenes” look at the branch before and after guests speakers Rodney Wuong from BT Financial Group and Gembrook MP Brad Battin.
Mr Quong spoke about the importance of succession planning, which he described as a formal process enabling business owners to evaluate the business and personal circumstances in light of current and future exit options, and to develop a course of action while still in a position of control.
Mr Quong said the smallest businesses did not have a formal succession plan and only a small proportion of small businesses transition smoothly.
“The billion dollar question is how and when do you exit your business,” Mr Quong asked.
“Business partnerships will end due to health, lifestyle or disagreement.”
Mr Quong advised business owners to look at agreements, their partnership acts and to negotiate.
He said succession planning was not easy and encouraged business owners to speak to Westpac for help.
Mr Battin also spoke at the event and said that, when combined, small business was Victoria’s largest employer “bar none.”
He gave a brief run-through of the recent State Budget and discussed how it affected small business. He covered relevant effects of State Tax Reform, trade and investment, education and training and economic management to small business.
Following Mr Battin, City of Casey councillor Sam Aziz spoke about his recent trip to China in a bid to get investors for major projects in the City of Casey. Guests spent the remainder of the evening networking.
For more information on the Narre Warren region Business Group, visit www.narrewarrenbusiness.com.au.
