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Business consultancy Australia

Self-managed super – is it right for you?

Business consultancy AustraliaThe number of people establishing self-managed superannuation finds (SMSF) continues to increase.  People are enticed by the prospect of having control over their own superannuation affairs.  But in my experience, people don’t realize the full extent of what they are getting themselves into. Having control may be desirable, but being your own administrator, accountant and investment adviser is very challenging and can be a trap for many SMSF newcomers.   Although it is easy to outsource all of these knowledge gaps, the resulting cost structure can be very expensive. In many cases, people set up SMSFs without doing enough homework.  Often they fail to reach the objectives they set for themselves and could have been better off choosing an appropriate APRA-regulated fund. In my experience, people don’t understand the wide range of superannuation choice available.  Unless a member investor particularly wants to invest in direct property through superannuation, other forms of superannuation should also be considered before the decision is made to set up a SMSF. ASIC (The Australian Securities and Investments Commission) is also concerned about trustee knowledge gaps.  The corporate and financial services industry regulator has weighed in recently and, as part of its SMSF taskforce activities, has outlined a range of factors it believes are important for financial advisers to discuss with their clients. Conversely, anyone considering a SMSF should seek unbiased advice before acting.  In particular, more information should be sought and greater consideration given to:

  • the roles and responsibilities associated with being a trustee of an SMSF
  • the time, cost and resources required to run an SMSF
  • the risks associated with an SMSF structure (ie, not having access to a government compensation scheme)
  • whether the investor has the necessary skills and expertise to make investment decisions for the SMSF
  • the importance of asset diversification
  • whether the investor’s investment strategy will deliver the returns required to adequately fund their retirement; and
  • the advantages and disadvantages associated with a switch from an APRA-regulated fund

Check out the ASIC Moneysmart site to read a little more about how a SMSF works Call me for a free 1-hour overview of a SMSF where I will give you a balanced explanation of both the opportunities and responsibilities that will be placed on you and your family as trustees.  Contact me at Gary Weigh & Associates Business consultancy Australia on 0408 756 531 or

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Superannuation – will you retire on it?

Business consultancy Australia

business consultancy AustraliaMy cynical view is, “For the majority, probably not!”  Younger workers with time on their side perceive no immediate need and therefore, have little interest.  Older workers have the need and the regret of not acting sooner, but lack the time to accumulate sufficient retirement savings.

I believe that if it wasn’t for compulsory superannuation and union super funds, most workers wouldn’t have any superannuation savings at all.  Nor would they have any personal insurance protection.   To most people, superannuation is just another form to fill in when starting a new job; and to get life insurance is just another budget impost with a benefit that the life insured will never see.

It is only when it is too late that the benefits of needs-based superannuation savings and insurance protection are fully realized.   I regularly receive enquiries from people who are two years off retirement or who have been diagnosed with cancer.  As much as I feel their desperation and regret, we are planners, not magicians.

But then the phone rings and the person on the other end tells me that they have taken stock of their life and they have realised that they need to budget; address their debts; start saving for the future; and protect their family (while still healthy) in case life deals them an unfortunate blow.

These are the clients I live for – people who live for today and want to plan for tomorrow; people who look past their own mortality to the financial welfare of their spouse and children.

I again remember why I chose this profession – to help people who are willing to help themselves.

Why plan your business exit?

#1 business consultancy Australia

Business exit planning specialist

Ten (10) great reasons to plan your business exit are:

  1. To protect the most valuable asset you own
  2. To leave on your own terms
  3. To second guess the unexpected
  4. To make your business sale-ready
  5. To attract the buyer you want at the price you want
  6. To secure the sale or succession arrangements you want
  7. To be eligible for the small business CGT concessions
  8. To secure your retirement
  9. To bequeath your wealth in a fair and protected manner
  10. To keep the family business in the family until you decide otherwise

If you value the business asset that you have spent half a lifetime building, then nurture, protect it and allow it to work harder for you.

For quality business planning

Call Gary on 0408 756 531 or email

It pays to insure

#1 business consultancy Australia

When it comes time to sell a business, everyone wants a valuable and readily saleable asset to sell.  So you must care for it, nurture it and protect it if you want full value at sale time.

Your business is the sole source of your income and your family’s lifestyle.  It educates your children, and is the well-spring of all saving, spending and wealth building.

Ultimately, it becomes your superannuation nest-egg that you will finally cash out in the hope of financing a secure retirement.

A small to medium business is only as good as its owner.  You are its most important asset.  Without you it may lose its way or worse, it might not run at all.

Your business it your lifetime project and occasionally things can go wrong.  The possibilities are numerous but common causes include:

  • Ongoing health problems
  • Premature death
  • Relationship upheaval *

(*e.g. one partner divorces, business partners in dispute, one departs for a better offer)

It pays to insure and thereby minimise the financial impact of interruptions or threats that you don’t see coming.  This is just sensible risk management.

A new age in financial advice

Business consultancy Australia

MyProsperityForum is a fast convenient way to access unbiased financial advice.  If you are busy and short of time, simply subscribe at and log in at any time of the day or night.  Ask questions, see what others ask, check out the articles & FAQ.  The forum is ideal for anyone who can’t afford the time, or doesn’t want to make a business hours appointment for financial advice.

Your host is Gary Weigh, a friendly and very experienced financial planner.  He has grey hair and extensive knowledge, the result of 30 years of solving problems and giving good advice to Aussie individuals, families and businesses.

Gary will guide you through the twists and turns of superannuation, savings, investment, sensible building wealth, finance, retirement planning, estate matters and more.  If you are a business owner, he will give you advice on building your business so that you can ultimately exit on your own terms.

You can trust that MyProsperityForum provides unbiased advice and education only.  There are no products for sale in the forum, and no product push.  However, Gary will explain to you how various product types work.  He will also make complex government rules and difficult financial concepts easy for you.

If in the future you decide to purchase a financial product or need a referral to a specialist professional, then simply ask and Gary will make arrangements for you outside the forum.

In MyProsperityForum you have access to expert, unbiased advice 24/7.  Use it short term to gain financial know-how and do your own thing; or use it long term as your trustworthy financial planning companion.  So before you take the next step on your journey to prosperity, run it by Gary in the forum.

If you value good advice, subscribe now to MyProsperityForum only $49.97 per month

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Here’s another height challenged office bully

Gary Weigh

This is sent in by one of my readers. It has got to be the quote of the year from a height-challenged senior manager called Peter. “I’m firm but fair … and I’m the only short man I know who doesn’t have short man syndrome.” Yeah right! It turns out that the little fella is super sensitive about his height.

He is a real charmer (smarmy smooth) but underneath little Pete is a serial office bully of the manipulative kind who relies on undermining, power abuse and status cues to bolster his flagging insecurity. It still doesn’t seem to make him any taller but it does make the office laugh harder behind his back!

The value of training

Business consultancy Australia

You have probably heard of the SAS motto “Train hard, fight easy”.   It works for the military elite and it also works to produce elite business operators.  Does simply pulling on the uniform and picking up a rifle make you a soldier?  Absolutely not!  No more so than having a good idea and registering a business name making you a business operator.

In both cases, when the odds are against you and things look gloomy, your training and experience is all you have to rely on.   The difference between the elite and you is training – knowledge, skill, and experience.  My advice is “don’t leave home or start a business without it!”

Serious financial indigestion for a sinking food business

Top business consultancy Australia 0408 756 531

It is frustrating to sit by and watch a perfectly good business drown in debt.  That is the situation for a two-generation family food business in Queensland.  The first generation owner of the company, who has been a friend for years, would dearly like my help as I have helped many businesses in similar circumstances in the past. 

As co-founder and owner of the underlying property, there is much to lose because the real property assets secure the bank loans.  The eldest offspring is the CEO and with one residential property and a salary on the line, all help is refused.  I guess it’s the same old story of misplaced pride and family responsibility. 

Family members occupy all key positions.  None has any form of business related qualification and no experience outside the company.  They are all trying their hardest but they simply don’t know what they don’t know!   They need specialist help.

When your closest competitors are the two largest supermarket power houses in Australia, a seasoned team of retail food professionals is required. 

This business like many other family businesses is passively managed.  It is there simply to provide a living for the family members.  It follows many of the same management practices that the first generation put in place 50 years ago.

The real problems began when company over-borrowed before the GFC to fund an ambitious expansion.  The plan was to enter the wholesale food business. 

All that really happened was that their interest expense and inventory costs rose sharply.  With skinny wholesale margins, it didn’t make enough of a difference to overall sales revenue.

Since then, relentless competition, falling sales and decreasing asset values mean that the value of the debt package now exceeds the value of the business.  The business is in real trouble!

The very conveniently located retail shop / land package is being sold to reduce debt.  There goes the only bright spot on the revenue horizon.  A new retail operation will be spawned out of the company’s storage facility in the middle of an industrial area.  Wow!  That’s a big call.

I may eventually get a desperate call to help but that will be after the family implements its own strategies and it will be all too late.  If history is any guide, I will be going in mere days ahead of the receivers. 

Gary Weigh & Associates – top business consultancy Australia – no BS advice!

Diversify and lower your risk

Business consultancy Australia call Gary on 0408 756 531

Gary Weigh

At our Australian business consultancy, there is no need to take enormous risk to get a good consistent return on your investment.  There are many options.  Investing your time and money into your own business which produces a profit is one way to earn a return on your investment. 

Another option is to head for a more passive investment where you are not so ‘hands-on’ involved.  For example you can invest in shares and earn a dividend.  The regular dividends would be the return on your investment. 

It all depends on how you perceive risk!  If the share market is too volatile for you, putting your money into term deposit (for example) is another more conservative way to earn a return on your investment.

So which way should you go?  This all depends on you.  Spreading your risk by not having all your eggs in one basket is a smart thing to do.  However, you should be careful not to spread yourself too far.  You should also stick with what you know or, if you don’t know …. Start learning!

You should seek professional guidance.  There is no substitute for knowledge and understanding.

For more reading from our business consultancy Australia archive visit

Until next time!


Risk advisers have every reason to plan

Business planning consultancy Brisbane

Call Gary direct on 0408 756 531

In my last blog post I talked about the true value of risk insurance and the client-focused risk adviser.  However, this praise does not take away from the fact that the risk insurance advice business currently works on a slightly flawed business model.

The flaw is that the commission system has the potential to provide the adviser with a good income even if they don’t provide a good service.   As I have said previously, being paid by the product provider attaches the adviser to the product and a ‘client register’ but does not necessarily attach the adviser to the client over the long term. 

This creates cross subsidies among clients.  This means while all products pay the same, the adviser receives different levels of income depending on factors such as age and health risk.  Consequently, not all clients receive equal service from their adviser.

Healthy young people with low sums insured don’t produce much ongoing commission income and it would be difficult for an adviser to provide service if the same amount was received as a fee. 

It is the older unhealthy smokers with high sums insured that subsidise the service provided to the rest of the client portfolio.

The flip side of this is that the healthy young clients are the long term clients and the future of the advisory business.  The older unhealthy clients are currently profitable but are not long term prospects.

For this reason, every risk adviser and risk advisory business would benefit from some professional advice at my business planning consultancy in Brisbane. 

However, the cross subsidy issue is not the only reason to plan.  Business planning addresses a wide range of other issues as well. 

These include:

  • Building a business as opposed to building a ‘client register’
  • Distinguishing yourself from the legion of ‘look-alikes’ in the market place
  • Presenting yourself as others see you, not as you see yourself
  • Targeting particular groups of customers with specialist services
  • Developing hybrid (fee + commission) based packages
  • Devising and implementing long term client retention strategies
  • Building a valuable rollover or retirement asset for the future

For some advisers with large amorphous client bases, this may necessitate re-focusing and decreasing the client base over time rather than growing it.

#1 Business planning consultancy in Brisbane

Financial services advice you can trust !

Call Gary direct on 0408 756 531 or email