Estate Planning 101

06/05/19 • 43 min

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This week on Get to the Contest Small Business Podcast, we have Fiona Wicks from Aubrey Brown Lawyers. We talked about all thing estate planning. There is a lot of nuggets of wisdom in this episode so be sure to have a listen.
Key Learning from this episode:

1. When it comes to estate planning, have a chat with a professional.

Do not underestimate a good lawyer when it comes to estate planning. Get the uncomfortable discussions out in the open and all laid out on the table. A really good professional will sit down with you, help stop you from being intimidated, and guide you through the planning process so that you are comfortable asking the uncomfortable questions.

2. Estate planning is not just about having a will.

A will incorporates your personally held assets, but good estate planning will cover things like your power of attorney and guardianship. Various business related matters such as Superannuations are not covered in wills so make sure that your estate plan addresses what will happen to such. Business succession after a death is also a very important matter that needs to be sorted in an estate planning.

3. Don’t be selfish.

Death and wills are not the best topic to discuss but these are facts of life. Death is as certain as living. Don’t leave a problem to your loved ones just because you’ve put your head in the sand and refuse to deal with the topic. Don’t be selfish and step up otherwise you’ll be turning in your grave.

4. Give the full story.

When dealing with professionals such as your accountant, lawyers, financial planners, and even your doctors, be completely honest and give them the full story. Truth can sometimes be embarrassing and uncomfortable but being transparent in planning your will and estate is very crucial. If these professionals are going to advise you on how to best structure your affairs, they need to know everything.

5. If you think it, ask it

Get comfortable. Don't try to be someone you're not just to impress. You have to be comfortable asking sometimes uncomfortable questions and understanding the outcome especially when dealing with professionals. It is important to be on the same page with your advisor so clear communication is truly important.

1. When it comes to estate planning, have a chat with a professional.

2. Estate planning is not just about having a will.

3. Don’t be selfish.

4. Give the full story.

5. If you think it, ask it

Previous Episode

How to Avoid the “Dumb Things” in Business

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“I lost my shirt, I pawned my rings

I've done all the dumb things

I melted wax to fix my wings

I've done all the dumb things” - Paul Kelly - DUMB THINGS

In this week’s episode of Get to the Contest Small Business podcast, I talk about a topic that was inspired by a chat I was having with my guitar coach Jake Dobson. We were talking about the songs I was hoping to learn over the next month & the classic song “Dumb Things” by Paul Kelly came up.

In the song, Paul Kelly sings about all the mistakes he has made in life, and how he now recognises all the “Dumb Things” he has done.

It got me thinking about some of the mistakes I have made in business - or have seen others make, and what to do about it. And this is what this episode is all about.

Here are some of the “dumb things” that we as small business owners can often are guilty of.

Listen to this episode as I discuss each of these & give strategies that you can use to eliminate these in your business:

1. Not knowing your margin

2. Not knowing your break-even point

3. Having a poorly structured finance

4. Not having your financials up-to-date

5. Not speaking or consulting with an accountant which can result to poorly structured financials

6. Having high-value team members doing low-value tasks.

7. Ignoring technology

8. Chasing the bright shiny objects

9. Making it hard to do business for your clients

10. Taking on any customer

11. Starting with the end in mind

12. No documentation

13. No clear roles and responsibilities for team members

14. Not making the business about the client

15. Not having a mentor

16. Focusing only on the business and not having an outlet outside of it

Next Episode

How a Karate Dojo Uses Great Customer Experience to Grow Its Business

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On this special episode of Get to the Contest Small Business Podcast, we are going out of our studio to interview Sensei Pauline and Sensei Adrian from Black Belt Martial Arts, a karate school in Mingara. This is one small business I really admire, from the customer amazing experience that I’ve experienced first-hand to how they utilize simple but very clever marketing techniques in their business. There’s some real gold here that I’m sure you can apply in your respective businesses so make sure to have a listen.

Here are some of the key learning from this episode:
1. Listen to your customers and identify a potential new market

Sensei Pauline and Sensei Adrian made the smart move to do some market research early on in their business. From there, they recognized the specific programs that they need to target their main clientele and maximize the use of their gym by offering other programs for their secondary market. This move also shows that they listened to their customers and provided the demand just by being strategic in their offerings and programs.
2. Simple, effective marketing is low cost with high returns

By creating simple marketing programs such as reward coupons, your business will have the opportunity to entice potential target audience members. It's really easy, effective and measurable. If we were to think about our own respective businesses, I'm sure there's something similar that we can bring in.
3. Keep the parent involved

For a kid-centric business such as Black Belt Martial Arts, it is very important to get the parents involved. Make sure they are comfortable with the program so they’re getting enjoyment out of it, too.
4. Connect with the clients once they are in

If you’ve built a good relationship with your clients, you can make sure that the retention of their business will be great. Not only that, they will be encouraged to recommend your business to their colleagues and friends. A high level of customer service and care via good communication is the secret to a successful business.
5. Resilience is a skill

Business can be a struggle sometimes. But taking from a lesson from Sensei Pauline and Sensei Adrian, “A black belt is just a white belt who never quits”, they teach that resilience is a skill. It must be practiced and learned. Keep pushing and focus because you’ll eventually get there. Nothing great is easy and if you can show that absolute focus around pushing towards your goal and pushing beyond what you think is possible, eventually, great things will happen.