Craig West

Digital toolkit Capitaliz, created by Succession Plus to help advisers deliver succession planning to SMEs, has been selected to participate in two high-profile NSW Government-funded export development programs, providing access to international markets and a source for future growth.

The NSW Going Global Tech to Singapore and Fintech to the UK programs are run by Investment NSW as part of the NSW Going Global Export Program, which aims to assist technology, fintech and data economy businesses to grow internationally.

The program partners fast growth entrepreneurial businesses with highly experienced international venture capital and advisory consultants to help them prepare for commercialisation and capitalisation.

More than 275 businesses have applied for the 2021-22 NSW Going Global Export Program to date, with Capitaliz, under Succession Plus, one of the businesses to win a place in both the Tech to Singapore and Fintech to the UK programs.

Minister for Enterprise Investment and Trade Stuart Ayres said Going Global was designed to help achieve the goals of the NSW Trade Statement.

“We are committed to doubling the value of NSW exports by 2031 and to do that we need to help business large and small expand into overseas markets, including in the tech space,” Mr Ayres said.

“It’s great to see companies leveraging NSW Government programs like Going Global to explore the fantastic opportunities that exist offshore, supported by our expanding network of Investment NSW offices in key markets around the world.”

According to Capitaliz Founder Craig West, the programs provide further momentum to the business, enabling it to not only reach new customers in international markets, but to explore new business opportunities not yet identified.

“We are undertaking a capital raising in 2022 to fund our next phase of International growth and these highly valuable government programs have already provided extraordinary insight and connections to that next stage of our commercialisation,” Mr West said.

Over a four-month period, Capitaliz will be mentored by Venture Capital Partners R3I in the Going Global Tech to Singapore program where a strategic plan will be developed for product export and distribution growth in Asia. For the Going Global Fintech to the UK program, Capitaliz will be mentored by Think and Grow and will focus on further consolidation of its presence in the UK exit advisory market.

“The NSW Going Global Export Program provides tangible benefits that are significantly helpful to entrepreneurial businesses such as Capitaliz because it positions the business to really get the most out of this mentored and navigated sprint for capitalisation, commercialisation and business expansion in our target markets,” Mr West said.

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Craig West

Australasia’s largest succession and exit planning advisory firm, Succession Plus is building its international presence with Capitaliz, a digital tool designed to service the baby-boomer generation seeking to unlock value in their businesses prior to retirement.

Capitaliz was launched in September 2021 following a 2020 capital raise by Succession Plus capital. The launch of Capitaliz converted the 21-step business succession and exit planning process and Business Insights Report, into a real time online platform for unlisted mid-market businesses.

Now distributing to the US and Canadian markets, Capitaliz has already achieved rapid commercial success, signing a major 12-month project representing more than US$1.4 million in revenue and accrediting 12 North American based advisers.

Capitaliz has also entered international partnerships with the Exit Planning Institute and the International Business Brokers Association, which both represent significant adviser constituencies. Capitaliz Founder Craig West will present at their annual conferences in USA in May and the tool will be promoted to their audiences via digital marketing, webinars and member training programs.

Further, the valuation model used by the Capitaliz platform has been verified for use in the USA market by the National Association of Certified Valuators and Analysts. Capitaliz has also been chosen to participate in the NSW Going Global export programs for Singapore and the UK which will provide access to international markets and a source for future growth.

According to Succession Plus Founder Craig West, Capitaliz’s success in the US and Canada aligns with the broader demographic trend sweeping the world as baby-boomers sell their businesses and plan for retirement, generating a major inter-generational transfer of wealth. He said the OECD predicts in the US and Canada alone, more than 12 million SME’s are owned by baby-boomers, with their businesses estimated to be valued at greater than US$10 trillion.

“Most baby boomers who have grown their own businesses face the overwhelming reality that they are unprepared to unlock the value held in their privately-owned business assets and without a plan, the value of their business will retire as soon as they do,” said West.

Competitive advantages of Capitaliz include the provision of consistent valuations, benchmarking and non-financial metrics to make like for like comparisons while the quarterly Value Potential Index tracks key metrics which influence SME valuations.

To use Capitaliz, advisers must become accredited through the Capitaliz Academy, which includes eight core units of theory and practice and is an estimated 20 hour time commitment. This accreditation strengthens the consistent valuation method delivered by Capitaliz and ensures a quality client experience.

“Investing time in business succession and exit planning is one of the most important financial decisions a business owner will ever make,” said West. “For business owners, a large proportion of their wealth is tied up in the business and related assets and the extraction of that wealth is a key component to adequately funding their retirement.”

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Craig West

Sentry Group CEO and Chairman Murray Hills and Succession Plus founder Craig West have announced that the national licensee group and leading business succession and exit planning specialist have teamed together to assist the rapidly escalating need by SMEs for assistance with their retirement and exit objectives.

Recent surveys and studies by Swinburne University of Technology Melbourne, Melbourne University and Succession Plus have confirmed that succession planning continues to be a major challenge and concern for Australian SMEs, especially Baby Boomer business owners.

“The depth of challenges facing Baby Boomers seeking to retire in the coming years is enormous with the greatest being trying to sell a business in a buyers’ market”, said Murray Hills.

“For many of these business owners, their retirement nest egg is tied up in the enterprise and if they are unable to maximise the value and then extract it on sale will face the prospect of a very gloomy existence in their twilight years”.

Adding his voice, Craig West said that it basically comes down to poor preparation on the part of business owners who fail to commence the retirement journey while time is still on their side.

“As a result, business owners are walking into retirement with far less than they could have – and in the worst case scenarios simply switching off the lights and entering into retirement with nothing from years of hard work, dedication and exertion in their businesses”.

Commenting on the alliance with Succession Plus, Sentry Executive Director and Head of Business Solutions, David Newman said the purpose was to support the licensee group’s advisers assist their small business clients to effectively deal with protecting the value of their enterprises and extracting value upon exit.

Succession Plus has developed an extensive program for Sentry advisers that comprise workshops, training and development, visits and consulting with adviser SME clients. The first program to be rolled out as part of the Sentry Succession Plus alliance focuses on Employee Share Ownership Plans (ESOPs).

Craig West continued, “For the hardworking business owner who has dedicated many years to his / her business and seeks to exit and retire, ESOPs can be the answer with benefits including a succession solution for the proprietor and certainty for the employees, customers and suppliers.

“The thought of a business being sold, merged or closed often fuels disquiet among employees with disgruntlement, insecurity and potential for key employees to jump ship heightened”.

“ESOPs allow for an orderly transition of ownership, the owner can scale back his / her involvement whilst employees are motivated to go the extra mile through increased morale that increases productivity, performance and engagement”.

Last week Craig West embarked on a national roadshow event that is sponsored and supported by Sentry and promotes ESOP as business succession and exit planning solution.

The roadshow will visit all mainland capital cities with the program divided to accommodate maximum participation:

• Part A – for business owners will delve into ESOPs, their benefits and why they should be considered as an exit and succession option
• Part B – for financial planners and professional advisers (accountants, lawyers, etc.) of the legal and taxation considerations for the effective implementation of ESOPs

“We are proud to support and sponsor the Succession Plus ESOP national roadshow and confident that the event will be of immense benefit to SMEs and advice practitioner attendees”.

“In addition, we are excited about the long term prospects the alliance with Succession Plus will provide as the Sentry advisers that focus on servicing the needs of the SME sector will benefit with increased clients and enhanced relationships with accountants, lawyers, finance/mortgage brokers etc.”, concluded David Newman.

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Craig West

Succession Plus CEO Craig West was honoured as the recipient of the Peter Christman Exit Planner of the Year award by the Exit Planning Institute (EPI), at the organisation’s 2014 International Conference that brought together practitioners and experts from across the globe to Fort Worth, Texas earlier this month.

EPI International President Christopher M Snider, said the highlight of the Conference is the acknowledgement and presentation of the prestigious Exit Planner of the Year Award that is awarded in honour of the EPI’s Founder, Peter Christman who is widely considered to be the pioneer of the exit planning profession and the original exit planning coach.

In congratulating Craig West on his success, Christopher Snider said “Craig West is acknowledged as the world’s leading expert in succession and exit planning and he is to be commended for highlighting and promoting the importance of succession planning for business owners that seek to maximise the value of their life’s work when it is time to retire or transition their enterprise to the next generation of entrepreneurs”.

Craig West started Succession Plus in 2004 after taking a year off to write three books.  In 2010, he joined the EPI and became a Certified Exit Planning Adviser (CEPA) and returned to Australia to not only elevate his practice but to launch EPI Australia.

With four critically acclaimed books and six offices across Australia, Succession Plus has become one of the country’s leading strategic advisory firms and together with his team of advisers, Craig West has assisted countless business owners to address their succession and exit planning goals.

Furthermore, Craig West travels the world conducting seminars, workshops and delivering keynote presentations.  He is also currently undertaking a PhD in Business Succession and Exit Planning.

Commenting on receiving the Peter Christman Exit Planner of the Year award Craig West said, “This is a true honour as Peter Christman has been a mentor and inspiration in my professional career ever since I met him back in 2010 at the CEPA Program, it really changed my practice”.

“To now hold an award with his name on it is quite a significant milestone in my personal and professional journey as an exit and succession planning professional.”

At the Excellence in Exit Planning Awards event, three professional advisers were also honoured with the following accolades –

• Volunteer of the Year – Mark Kravietz, Managing Director at Hightower MK Wealth Management in New York City, New York
• Volunteer of the Year – Chris Cooper, Program Coordinator at the Ohio Employee Ownership Center in Kent, Ohio
• Leader of the Year – Scott Miller, President of Enterprises Services Inc. in Delafield, WI

Christopher Snider concluded, “The EPI international conference provides our experienced practitioners with a platform to come together and create awareness, participate in innovative learning, continuing education, defining methodology, research, thought leadership, practice development, networking and sharing of experiences, challenges and successes”.

“Most importantly, it brings us together to acknowledge our premier advisers and I again congratulate Craig West for his outstanding leadership and dedication to the profession and his craft as a role model committed to addressing the Business Succession and Exit planning aspirations of all business owners”.

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In welcoming Trevor Folsom to the SMEA Board Craig West said, “I have been very fortunate to work with Trevor previously and he is exactly the kind of energetic advocate small business owners need.  Trevor’s experience in owning, starting, selling, buying and running SMEs will be invaluable to our members and Board”.

Trevor Folsom has an extensive business background and experience and he is acknowledged for his ability to engage, invest and advise growth companies, particularly in the technology sector.  He is a successful entrepreneur in his own right, developing Blueprint Management with $10K start-up capital, which grew to over 950 staff, with more than 10 subsidiaries and sold 10 years later successfully to a private equity firm.

Most recently, he is a Director of Elevation Capital, formed by a group of successful entrepreneurs who have co-invested in order to pool together their capital and experience.

In addition, Trevor has been the Chairman of the Salvation Army Red Shield Appeal for the past six years, a charity he is very passionate about.

“The SMEA continues to evolve with the times and the new Board is a dynamic strong team with clear objectives and a strong commitment to the Australian SME sector”, concluded Craig West.

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Craig West

As stock markets and economic indicators locally and across the globe continue to improve and whispers are getting louder that things are getting better, now is the time for SMEs to plan for the year ahead and especially, for baby boomer business owners to revisit their succession prospects and exit aspirations said Succession Plus CEO Craig West.

One of the interesting things observed by West has been the dramatic increase in mergers and acquisitions, capital raising and IPOs for Australia’s major corporates (largely listed companies).  “The level of activity has increased quite dramatically over the last six months and if you read any of the financial press regularly it is not unusual to find a story about a private equity firm making an acquisition, a new listing being announced, a merger between two major businesses or other corporate activity”.

“This kind of activity has not been seen in the market at anywhere near this level for several years (and probably not since the GFC)”.

This is significant as the private capital markets (corporate activity, acquisitions, et cetera with Succession Plus’s typical clients) will generally lag approximately 12 to 18 months behind the ‘big end of town’.

“Whilst in our sector of the market we have already seen an improvement in activity (partly led by the increased availability of capital), we can expect this increased activity to really peak in approximately 12 months”, continued West.

“This area, like nearly all other investment classes is cyclical and business owners should be doing everything they can to take advantage of this predicted increase in activity.  Contrary to the doom and gloom associated with the oversupply of baby boomer owned businesses in the market and the downward force that will apply on prices – this is simply not our experience, but that comment needs to be qualified by saying that good, well – prepared & successful businesses will always sell (in any market)”.

The opportunity here is to ensure your business is all of those things and therefore attractive to as prospective buyer as the market upswing continues.

West concluded, “Ultimately, the best advice for any business owner at any stage of the business life cycle is to take time and carefully assess all factors in relation to either their business growth or exit objectives.  For those seeking to sell, assess all pertinent data and then develop the strategy to sell the enterprise to the right buyer – at the right time – for the best price”.

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Craig West

SME Association of Australia (SMEA) Chairman Craig West yesterday released the findings of an extensive survey conducted by the Association.  The report confirmed that although SMEs are generally upbeat about future prospects they still have concerns regarding many economic and bureaucratic ‘anchors’ that are holding back both the sector and economy.

The McNair Ingenuity Research and Stable Research survey was a high level priority of the Association’s Board that was restructured in February with West appointed as Chairman.

Commenting on the survey West said, “The majority of SMEs surveyed expect both the Australian economy and prospects for revenue growth to improve over the next year.

A positive for the country is that over a quarter of the respondents expect to employ more people in the coming 12 months.

West continued, “An interesting observation is that the majority of this employment growth will be from businesses that were established post GFC when global economic uncertainty prevailed”.

“Only 12% of SMEs said they would employ fewer people in the year ahead”.

Although optimistic about Australia’s economic outlook and prospects for employment growth SMEs considered the main issues making business difficult are:

• General economic conditions 71%
• Compliance & bureaucratic issues 62%
• Cash flow 53%

When reflecting on the past 12 months, three quarters of respondents pointed to their utility costs having an impact on their business activities with 37% saying they had increased significantly.

Other noticeable increases were:

• Insurance and workers compensation costs (55% had increased)
• Technology costs (53% had increased)
• Employee wages (51% had increased)

In contrast, 63% of SMEs said the high Australian dollar had no or little impact on their businesses.  5% said it actually made their situations better.  But for 31% of SMEs the high Australian dollar continued to make their lives difficult.

The survey also identified globalisation as the key emerging trend that will impact on the Australian marketplace in the next five years:

• Globalisation 18%
• Offshore manufacturing 17%
• Competitiveness of business through technology 14%
• Growth in online & e-commerce 13%

Another emerging trend is the intention of small business to invest in technology–

• Technology hardware (57%)
• Software (51%)

SMEs that have been in business for longer (6 or more years) are more likely to invest in technology than those that have been operating less than 5 years.

More than half the respondents (51%) had recently invested in mobile devices including tablets for their businesses.

The survey also confirmed that the majority of SMEs use their own savings to start their businesses and additional funds that are required to underpin growth and development will be sourced from their savings (46%) or a bank (43%).

West concluded, “As the main driver of Australia’s economic growth and prosperity, the SME sector has endured the worst effects of the GFC and looks to the future with cautious optimism”.

“In addition, the SMEA survey has confirmed that the Australian SMEs if anything are resilient and have an eye on the future utilising the latest advances in technology to position their enterprises for future long term financial success”.

“However, if the economic benefits that will be generated by the SME sector are to be realised, especially employment growth, and the capacity for Australian business owners to compete internationally, then government at all levels needs to cut loose the ‘anchors’ of bureaucracy, red tape and related costs/charges”.

“As the peak body committed to being the leading voice of Australia’s SMEs with over 18,500 members, the Association will continue its vital role representing the sector.  Most importantly, the findings of this survey will provide a comprehensive roadmap for the Association’s future programs, initiatives and activities”.

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Craig West

SME Association of Australia (SMEA) Chairman Craig West met with the Federal Minister for Small Business the Hon Bruce Billson MP at Parliament House Canberra last week to provide him with a personal insight into the results of a soon to be released survey conducted by the Association into the small business sector.

West also presented a detailed overview of the SMEA’s future aspirations to expand its services and facilities that will assist SMEs improve their operational efficiency and capitalize on commercial opportunities in local and overseas marketplaces.

The McNair Ingenuity Research and Stable Research survey was a high level priority of the Association’s Board that was restructured in February with West appointed as Chairman.

The extensive survey was conducted online to ascertain the SMEs business outlook for the future, areas that could improve efficiencies and productivity and to identify primary concerns, issues and ideas to be relayed to government.

Although optimistic about the future and revenue performance, SMEs considered the main issues making business difficult are –

1. General economic conditions 71%
2. Compliance & bureaucratic issues 62%
3. Cash flow 53%

The survey also identified globalisation as the key emerging trend that will impact on the Australian marketplace in the next five years:

1. Globalisation 18%
2. Offshore manufacturing 17%
3. Competitiveness of business through technology 14%
4. Growth in online & e-commerce 13%

West confirmed that the results of the McNair Ingenuity Research and Stable Research Small & Medium Enterprises Research survey would be released next week.

Commenting on the SMEA’s survey, Minister Billson said it provided a useful insight into the current and future needs of the engine-room of the Australian economy.

“The research shows a need for a renaissance in enterprise if we are to grow our economy and to provide more jobs into the future,” the Minister added.

West confirmed that he will continue to meet regularly with the Minister and work together in partnership to advance the SME sector as it is the primary driver of Australia’s economic growth and prosperity.

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Commenting further on the CEO appointment, Craig West said that Greg Kay brings substantial experience and leadership insight to the role gained through more than 25 years of executive management in the professional services sector.

During his professional career, Greg has also successfully worked in partnership with many SME businesses (which have spanned a wide range of industries), to introduce specific / customised and sustainable business improvement plans together with the development and implementation of growth strategies for businesses.

“The board was particularly impressed with Greg’s executive leadership abilities, reputation as a sought after key strategic adviser and for his hands on experience in assisting SME owners to position their businesses for growth,” added Craig West.

“Furthermore, Greg also has expertise in undertaking various change management roles, is acknowledged for addressing challenging projects with passion and for being a positive influence through the development of excellent personal relationships with business owners.

The SMEA board was pleased that the Association’s founding CEO Dr Caroline Hong had accepted the invitation remain with the organisation in a newly created role of International Ambassador.

An Asia-Australia SME expert, Caroline Hong is recognized as an entrepreneur, business owner, international business authority, Asian Century engagement consultant and as an ambassador and advocate for SMEs.

Commenting on the role, Craig West said that it reflected SMEA’s commitment to building and maintaining linkages internationally, in particular with the rapidly growing economies of ASEAN.

Since its restructure and confirmation of Craig West as Chairman in February, the new look board has quickly set about implementing a number of key strategic initiatives and programs that will position SMEA as the peak body and leading voice of SMEs in Australia.

Earlier this week, the SMEA announced award winning business owner, broadcaster and City of Sydney Councillor Ms Angela Vithoulkas had joined the Association’s board as a director.

The addition of Angela Vithoulkas was seen as an important achievement as the board sought to ensure that it was comprised of small business owners with personal experience and understanding of the real life issues and challenges addressed everyday by Australia’s SME sector

“The appointment of the CEO was a further crucial objective for the board and we look forward to working closely with Greg as he leads SMEA into an exciting new phase and builds value for our members in the coming years,” concluded Craig West.

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Since the new look board was established under the Chairmanship of Craig West in late February, it has moved quickly to implement a number of key strategic initiatives and programs that will position SMEAA as the peak body and leading voice of SMEs in Australia.

Ensuring the Board had a comprehensive balance of skills and expertise – but most importantly was comprised of small business owners with personal experience and affinity with the SME sector – was a primary goal for the group.

In welcoming Angela Vithoulkas to the Association board, Craig West acknowledged her extensive contribution to the small business sector over many years which, has been recognised through numerous prestigious awards and accolades.

Angela has built a successful career as a small business owner, entrepreneur and key note speaker.  In September 2012, she was elected to the City of Sydney Council and is recognised for managing an inner city business group Vivo Cafe’, including the establishment of Australia’s first online radio station, Eagle Waves Radio aimed at small business.

In addition, Angela’s contribution to business has been recognised by her many awards that include the City of Sydney Business of the Year and NSW Entrepreneur of the Year, as well as 2007 Telstra Women’s Business Owner of the Year.

“This is a truly exciting time for the SMEAA and I am proud to be part of such an energetic and dedicated board, committed to supporting and acknowledging the efforts and contribution the sector provides the Australian economy”, said Angela Vithoulkas.

The SMEAA was established in late 2011 to represent the vast number of SMEs throughout the country to government, large businesses and the Australian public.

Today, the peak body is the leading voice of Australia’s SMEs with over 18,500 members and is committed to its vital role representing Australia’s small business sector.

The SMEAA board’s next priority is the launch of an online survey to gather feedback, comments and opinions from the Australian SME community as the results will provide the board a solid view of the primary concerns, issues and ideas that can then be relayed to government on behalf of the Association and its members

West also confirmed that the appointment of SMEAA’s new CEO would be announced in the coming week.

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