In this question-and-answer episode of The Australian Business Podcast, your co-hosts Jordan Kidis and Danil Goloubev tell you what to look for when purchasing a business, when and how you should start paying yourself from your side hustle and some tips and tricks on expanding your business.
In this episode of The Australian Business Podcast, I Jordan Kidis sat down with my co-host Danil Goloubev of Grey Space Advisory to answer your questions.
Here is the list of Australian Business Podcast questions we answered this week:
Crafty Critter asks:
I am looking to buy a papercraft business. They have a structure where the company is a trustee of a family trust.Ā They are not looking to sell the company, just the business and 3 relevant business names. Can you explain the process of buying the business and not the company? Also I am wondering what to look for in the financials as they have (logically) been minimising profit, but how do I find the red flags?
BitMoreThanSideHustle wants to know if its possible to pay themselves and their partner from the business.
I have a side-business that makes $50k/yr that I donāt take any income from as Iām in the 32.5% income bracket. My partner takes dividends from it as sheās currently on maternity leave. Should I be claiming company expenses (e.g. food on business trips) on my own personal tax return to get a 34.5% reimbursement rather than paying from the company card?
Heaps Handy is a little stuck and was keen to find out some tips on growth.
I am currently running a small handy man business and am struggling to expand, do you have any tips?
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