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  • #988175
    gwu2
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    • Total posts: 5
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    Hi, we are running a small business for many years, but struggle to move on the next level and get things organised. Even though we started to employ extra staffs, but we both still have to work 6 days a week while raise 4 kids. We felt that we did not manage to balance work and family, less attention on kids which made us felt bad even the business is profitable now. Back to the business decision now, we want to address the concern before we move on.

    1. Move the company structure under the trust, the accountant advised us to use trust as shareholder, have corporate trustee. It would be less structure change, the business as usual. However, we don’t like the idea of franking credit as it can not accumulated. Compare to move all business assets to trust, corporate trustee; but have to change ABN, bank account and Tax file no. Then, all customers will notice business change; the title on the invoice change. After 3 meetings and discussion, it already cost us $1650 before any actions taken. I don’t know if it is worthwhile even some works include contact other parties and gather information. Which structure is better choice? we could not make up our mind.

    2. Change the trading name. We did not notice much until we start to advertising and found out others fit well with the logo, we plan to change or get a trading name for promotion purpose. How do we evaluate the possible name?

    3. Employ more staffs. We found that is not easy to find the right staffs, we have to learn to manage the conflict between staffs as well.

    4. Balance work and life.
    Because husband and wife working in the same place, that means we bring in family problems to work place and have difference at work back to home again. I really want to keep my wife at home for kids, but she is more keen to stay in business than stay home. I always look for the big picture, and she always have attention to detail. It supposed to be a good combination but always have different opinions on which direction business should go. I want to make the process more systematic and everyone can follow; but she prefer to personalize the product and made it more complicate to sell, also require more expertise to sell (also advantage). Therefore, she is only one at work knows all different products for different clients. I find that is hard for her compromise and make it easy for others to follow.

    Many more ………

    We are struggle with time, family and work; any advise are welcome!

    #1165998
    Anonymous
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    • Total posts: 11,464
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    Hi gwu2,

    Welcome to the forum, and sorry that your first post got stuck in our moderation queue for a while there.

    It sounds like you’ve got a lot on your plate.

    To help you get the best advise possible, I suggest splitting out your questions into separate threads. For example, the one about the business structure will probably fit best in the Money Matters section of the forum (where our resident accountants are most likely to see it and be able to offer advice), and the one about work life balance is probably best in the Working Smarter section.

    I hope that helps, and that you pick up some useful ideas here.

    Nice to meet you,
    Jayne

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