Transforming by choice


As we fast approach the end of this financial year (yes, it is that close!), we are seeing a largely upbeat business environment, encouraged by the momentum gathered over the last six months or so. What a 180 from this time last year when the nation was almost at a standstill, facing the unknown and reactively adapting.

Of course, we acknowledge that some businesses and industries such as hospitality and tourism are still doing it tough. Hopefully as the vaccine rollout continues throughout the year those industries will start to find their upward swing.

But as the commercial space gathers momentum and confidence, businesses are jumping back into action. We are seeing our clients move past their reactive circumstances towards solid planning and determined steps forwards. We’re enjoying seeing businesses continue to transform, but this time by choice.

There are infinite ways you may choose to proactively transform your business, but here are a few thoughts from our team.

Transition out

Over the course of 2020 many businesses were forced to adapt, restructure or consolidate. Now, with the majority of government support winding up, you might be facing one of the biggest decisions in any business owners’ life – is it time to opt out?

Exiting your business doesn’t have to be a negative experience. Associate Director and one of our business succession experts, Emily O’Brien, often helps business owners transition out of their businesses to follow new passions or opportunities:

“Sometimes a business or the idea behind it has naturally run its course and the healthiest decision for the business and the business owner is to wind it up. Often there are components of a business that are valuable (i.e., intellectual property or a client base), so sometimes the best approach is to transfer what you need and start afresh in a new venture.”

Check out our previous presentation that ends with seven steps for anyone looking to exit or transition out of their business.

Buy in

One person’s exit might be your chance to make a grand entrance. As many business owners make the decision to exit their enterprises, there is the potential for you to snap up a deal to grow yours. From specific assets to entire businesses, we are seeing more and more acquisition opportunities hit the table this year. Consolidation and aggregation are the usual drivers behind this strategy.

Just don’t be too hasty on this one – make sure you’ve done thorough due diligence so you don’t end up with a compromised acquisition. Take a look at some of these tips when buying a business.

Glow up

What better way to shake off the spiders’ webs of the past year than to give your business a refreshed look and enjoy the boost of energy that flows from it? A glow up is all about positive transformation – physical, mental and emotional (I’ll admit it’s not a regular phrase in my vocabulary, but it encapsulates everything we’re talking about here).

While a visual glow up is exhilarating, there’s a practical aspect to keep in mind, too. Associate Director Zachary Pagliano heads up our trade marks practice, and is quick to remind business owners of the importance of keeping your trade mark portfolio intact.

“As a business grows, new product lines emerge, new imagery is employed and a new tagline may evolve. Every time key elements of a brand change, there is a need to audit the changes and register trade marks to retain the protections and avoid infringing on other businesses.”

Let’s get it done

However you may be looking to change things up this year, my word of advice is not to go through it alone. We had enough alone time, and enough stress, last year. Find like-minded people who can inspire, challenge and add value to your journey, then let them do what they’re great at to support your transformation. I always find we’re stronger when we work together and play to our strengths.

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