Client Profiles
Our clients come from many industries and every single one requires a unique approach.
Aardent Dental Centre
Over the years, GeersSullivan has assisted Dr Richard Williams to become full owner of Aardent Dental Centre, purchase its premises within a self-managed super fund and restructure the business entities to be more tax-effective.
It has been very rewarding to help Richard achieve his goals.
Background
Established over 30 years ago, Aardent Dental Centre is based in Victoria Park. The name comes from the word ‘ardent’, signifying the team’s passion for helping to improve the oral health of people in their community.
Having previously worked with Director Chris Grieve, GeersSullivan was approached by owner Richard in 2013. His mentor and business partner was retiring and Richard wanted to buy the remaining half of Aardent Dental Centre. It was in his best interest to engage a separate accountant and we have been Richard’s accountant ever since.
Our Approach
As well as acquiring the outgoing partner’s 50% ownership of Aardent Dental Centre, the transaction also involved purchasing the commercial property that Aardent Dental Centre operates out of, which Richard’s business partner solely owned.
GeersSullivan helped Richard to set up a self-managed super fund to purchase the property while also simplifying the business’ accounting structure by rolling the two partnerships into a single entity; transferring employee contracts and entitlements and so on. We also transferred Aardent Dental Centre across to Xero’s cloud-based accounting software in conjunction with his internal bookkeeper.
With many years of experience helping in the purchase of sale and businesses, GeersSullivan really understands the logistical details and can advise on what needs to happen – everything from transferring the trading name to dividing up assets and even printing new business cards.
GeersSullivan continues assisting Aardent Dental Centre with their ongoing bookkeeping, superannuation and GST compliance, end-of-year financials, taxation planning and generally being responsive to the issues that arise from time to time with any small business.
Additionally, GeersSullivan has helped Richard to restructure the entities that Aardent Dental Centre operates out of, with the long-term view of accessing previously unutilised deductions and improving the overall tax position of the business and the family trust.
Outcomes
Since 2013 we have helped Richard and Aardent Dental Centre to:
- Smoothly transition business ownership while simplifying the business structure
- Purchase the Aardent Dental Centre premises within the self-managed super fund, which represents a good financial investment and more favourable tax environment
- Reduce Richard’s tax liability by restructuring the business entities more effectively
- Transfer to Xero’s cloud-based accounting software, which offers greater, real-time financial insight
- Proactively plan towards further wealth creation and Richard’s long-term retirement
“GeersSullivan has helped to refocus what needs to be done on the financial side of things. We work really well together and Chris and the team are always so contactable. GeersSullivan really know the rules and regulations and are prepared to think outside the box to figure out effective solutions. I feel really supported.” – Dr Richard Williams
Acton Rockingham and Baldivis
We’ve been right alongside the owners as they’ve grown their real estate business from a two person partnership to a 25-strong team.
When the daily commute to Rockingham became too much for Scott, we helped him transition out of the business and begin working on new projects.
Background
Roger and Scott initially approached Chris in 2005 to do a valuation and due dilligence on a local real estate agency they were considering buying. The numbers made sense and they went ahead, with Chris handling the ASIC secretarial work to move the transfer along without a hitch. In 2006 the Perth property boom hit, enabling Roger and Scott to grow the business rapidly. All throughout this process, Chris provided periodic reporting and analysis and discussion of business metrics, managing the expansion and looking at what effects the commitments in leasing and staff numbers had on the business. This level of collaboration meant the partners could pursue their goals without stretching themselves too far.
In time, Scott decided he wanted to pursue other projects and together we began working on a succession plan that would provide a fair outcome for both owners.
Our Approach
Chris’ longtime relationship and regular communication with Roger and Scott meant that the conversation around succession happened naturally and in the course of their meetings. This allowed Chris to develop a plan more efficiently than if they had been a brand new client without the benefit of history and assured compliance.
Outcome
A considered and carefully structured succession plan allowed Roger to buy out Scott’s share of the company and Scott to exit with a handsome return on his investment—with minimal tax implications for both. Roger took over the reins with his wife Melinda, continuing to grow the business and establishing a second office in Baldivis in 2013. They now have over 25 staff and Chris continues to work closely with the business.
“My decision to work with Chris was the best business decision I ever made” Roger Moorhouse
RM Surveys
We developed a tailored strategy to allow the company founders to exit through a gradual management buyout.
Background
Our relationship with RM Surveys began as an independent company accountant. (Both owners have their own personal accountants.) In addition to handling the company’s Tax Compliance, we would meet quarterly to look at their results, define KPIs and talk about where the business was going. A couple of years ago the conversation turned to succession and both owners were looking to exit the business with slightly different timeframes.
Our Approach
There were a number of good young people in the business who the owners wanted to develop into a strong management team and give them the opportunity to take over the business gradually. Along with the owners, we created a bespoke funding model for each individual to show how they could generate funding and buy into the business over time—something that made everybody happy.
Outcome
As the company accountant, our role is to ensure continuity and the best result for all shareholders of the company. Three people from the management team bought in a year ago and are now looking at their next buy-in. The owners now have a succession model in place timed over 7 years to allow them to phase out their involvement and sell their equity in the business.