Business

Family Business

Most big city accountants have no idea the kitchen table plays such an important and diverse role in many family-owned provincial businesses. And yet those same family owned and operated businesses are the backbone of the New Zealand economy. 

We've worked closely alongside a significant number of local family owned businesses and helped them to outgrow (but some still occasionally use) their kitchen tables. A number have become some of the wealthiest and highest profile brands in the region. 

Two key challenges family owned businesses face that most other commercial businesses don't need to grapple with are the complications of close family relationships and the impact of family dynamics. Our Directors and Client Service Managers work with family business clients to help simplify these potential complications and to support future growth through a range of tailored services in the following areas:

Effective Governance

We can help you create effective governance in your family business and to gain the support and alignment of other family members. We will also help you put the right governance structures in place to ensure everyone in the family is clear about their role, as well as their rights and responsibilities.

Management Reporting

We also understand family businesses are still commercial businesses and that financial performance is paramount for family alignment and prosperity. Our Management Reporting Suite helps keep you focussed on the commercial drivers of success and to plan ahead to build an even more successful future. 

Internal And External Succession Planning

Fair doesn't always mean equal. You need a plan the whole family will buy into and support. Our proven processes will create clarity for you and your family, and will help ensure your business can continue to grow and develop well into the future, 

Effective Governance

We can help you create effective governance in your family business and to gain the support and alignment of other family members. We will also help you put the right governance structures in place to ensure everyone in the family is clear about their role, as well as their rights and responsibilities.

Management Reporting

We also understand family businesses are still commercial businesses and that financial performance is paramount for family alignment and prosperity. Our Management Reporting Suite helps keep you focussed on the commercial drivers of success and to plan ahead to build an even more successful future. 

Internal And External Succession Planning

Fair doesn't always mean equal. You need a plan the whole family will buy into and support. Our proven processes will create clarity for you and your family, and will help ensure your business can continue to grow and develop well into the future, 

Small Business

It doesn't take hair gel, a trim latte and two flat whites to be able to serve New Zealand's diverse range of small and rural businesses well. It takes a breadth of knowledge, experience and understanding that larger city-based accountancy firms and many small provincial firms simply can't deliver. No matter how good their barista.

 We've had almost 100 years' experience working with small and rural businesses based in provincial cities and towns, as well as in the countryside. We know what it's like, and we've seen and done it all before. 

Over those ten decades of experience, we've developed products and services that can help ensure you can focus on your customers and not get bogged down in the red tape and low value work at the back end of your business. Here are some of the areas where we might be able to help your business to perform better:


Freeing Up Your Time

We know one of the biggest issues facing owners of small businesses is simply having enough time to focus on the things that will make the business more successful. With that in mind we've created a number of low cost services – from bookkeeping to GST and PAYE calculations and returns – that are specifically tailored for small and rural businesses. These cost effective services won't break the bank but they will ensure your administration remains up-to-date and in order, and you have way more time to work on the things that really drive your business forward. They include:

Benchmarking

We have access to the largest business benchmarking database in New Zealand and are able to help identify areas where your business should be performing better. Our Business Benchmarking service can provide you with insight as to where you might need to focus your effort or resources to deliver enhanced growth and performance. 

Profit Optimiser

Our Profit Optimiser service will highlight areas where your business might be leaking profits or failing to secure additional profits. It can be a game changing experience for many small and rural business owners. 

High Growth Business

Most high growth provincial businesses have to deal with an assortment of risks and challenges that city-based corporates and their accountants may never be exposed to. Devastating weather events, fluctuating commodity prices, migrant workers, unfavourable forex rates, biosecurity costs and risks, and the challenge of managing seasonal cash flows. We know the potential impacts all too well. 

No surprise then that in many high growth businesses there's little if any time for managing with a strategic or forward-looking perspective. But that's where we can make life a lot simpler and your time way more productive. Our Directors and Client Service Managers will take a partnering approach to help you work on your business, ensuring you have the right information, tools and disciplines in place to manage and guide your growth. These might include:

Cash Flow Planning And Profit Management

It's no secret that growth creates a massive drain on cash reserves in most provincial businesses. That’s why we’ve developed a number of tried and true services to specifically to support our high growth provincial clients.

Strategic And Operational Planning And Advisory Boards

No one person can come up with all the good ideas. Having a trusted advisor to challenge your thinking and help keep you focused on your goals and objectives is the number one ingredient to sustainable success in a high growth business. Whether you need support to create a plan or simply to keep you focused on what's important, we've got the knowledge, products and services to help get your business really humming.

MAnagement Reporting

Access to timely and reliable data will enable you to keep your finger on the pulse and make well-informed decisions, which is crucial in all aspects of managing and developing a high growth business. Our Management Reporting Suite will keep you focussed on what's important.

Cash Flow Planning And Profit Management

It's no secret that growth creates a massive drain on cash reserves in most provincial businesses. That's why we've developed a number of tried and true, products and services, like our Profit Optimiser and Cash Planning tools. They've been developed specifically to help support our high growth provincial clients.

Strategic And Operational Planning And Advisory Boards

No one person can come up with all the good ideas. Having a trusted advisor to challenge your thinking and help keep you focused on your goals and objectives is the number one ingredient to sustainable success in a high growth business. Whether you need support to create a plan or simply to keep you focused on what's important, we've got the knowledge, products and services to help get your business really humming.

MAnagement Reporting

Access to timely and reliable data will enable you to keep your finger on the pulse and make well-informed decisions, which is crucial in all aspects of managing and developing a high growth business. Our Management Reporting Suite will keep you focussed on what's important.

Trusts

A significant number of family and other trusts characterise the provincial business landscape. While trusts aren't for everyone, in the provincial community they play a vital role in wealth and inheritance protection. That's why we've placed so much emphasis on ensuring our trust-based expertise is right where it needs to be, so we can give our clients the very best of advice. 

Trusts can be complicated vehicles to understand, and the legislative framework they operate within is currently changing and evolving at a rapid pace. So, whether you have existing structures in place or not, it's important to understand the impact your current situation has on your wealth or potential inheritance. In light of new legislation coming into force in January 2021, all Trusts should be reviewed over the coming months. 

There are four key benefits from having the right trust structures in place:


Asset Protection

The right trust structure will ensure your assets are protected from unwarranted claims, broken relationships or partnerships, or business failures.

Asset & Means Testing

The right trust structure and correct administration can maximise your efficiency around asset and means testing.

Inheritance Protection

A well designed trust will ensure assets acquired across a lifetime are protected for the future generations of your family and not put at risk from subsequent matrimonial and business dealings.

Tax Benefits

There are many ways a well structured trust can create tax benefits.

Asset Protection

The right trust structure will ensure your assets are protected from unwarranted claims, broken relationships or partnerships, or business failures.

Asset & Means Testing

The right trust structure and correct administration can maximise your efficiency around asset and means testing.

Inheritance Protection

A well designed trust will ensure assets acquired across a lifetime are protected for the future generations of your family and not put at risk from subsequent matrimonial and business dealings.

Tax Benefits

There are many ways a well structured trust can create tax benefits.
There are also two main dangers with existing trusts:

A Sham Trust

This is where it is proven the trust was structured or utilised for an illegitimate reason, or the structure has not been set up correctly.

PErsonal Liability

Trustees can be held personally liable for the debts of the Trust if it is designed incorrectly, or be liable for a failure to discharge their duties as a trustee.
Our Trust Review Service will help assess your position, your current trust, and your role as a trustee. We can also advise if you should consider establishing a trust for the future.

24-Hour Help Desk

0800 883 718

Email

help@ct.co.nz

Address

Level 2, Campbell Tyson
Business Centre
1 Wesley Street Pukekohe