16
HIRE AND RENTAL NEWS • AUGUST 2014
INDUSTRY in FOCUS
According to PwC Australia, more than 1.4
million business owners will retire in the
next decade. Are you one of these owners?
Do you work for or with one of these
owners? If so, perhaps that’s good reason
to consider succession planning early.
The earlier you define your succession
planning the better.
Many events could trigger the need for
business succession to take place – a
partner could go through an acrimonious
divorce, declare bankruptcy, pass away, go
to jail, become ill and be unable to work
or decide to retire. We’ve also seen a few
recent trends in reasons cited for a change
to business ownership:
Will your business retire when you do?
By OAMPs Insurance
The majority of business owners have put their heart and soul to build their business for
many years. Thinking about the future without you running the business is not easy.
• I’m not enjoying this challenge
anymore; it’s become too administrative
- running a business can become more
administrative than managerial. After
years of running a business, some
owners may prefer returning to a client
facing role to do what they love best.
• The legislation is becoming
burdensome – many industries have
their fair share of regulation and before
you know it, it can become almost a full
time job to make sure your business is
compliant!
• No one in my family is ready to run the
business - most of business owners
wish the next generation would
continue to run the business. But when
it’s certain no members of the family are
interested in running the business, it is
time to start planning your exit.
• Health issues – you don’t want to begin
discussions about the future of your
business when you should be looking
after your health.
• Planning allows you to work out a
thorough contingency plan that will
benefit yourself, your business and your
business partners. Having a cohesive,
structured and comprehensive
approach ensures a smooth transition
of the business and protects
everyone involved, regardless of the
“All this has an overhead irrespective of
the registration fees set by the PPSA.”
According to John, notwithstanding,
the risk for business interpreting the
legislation that is by no means simple. “If
you get it wrong it could mean expensive
equipment lost to a customer’s business
demise.
“There have been stories in the industry
of hire businesses not registering
expensive plant to customers who have
subsequently entered into liquidation and
that equipment sold off to settle creditors’
claims. Despite efforts made in recovering
equipment it boils down to having the
equipment registered properly with the
PPSR.
“Equally good news stories of business
having registered the equipment and
in a similar circumstance retried their
property without fuss or delay,” he said.
Elev8 Australia has introduced Insphire
Hire and Sales Software with PPSA
Automation.
“InspHire users now have access to
seamless registering and de-registering of
PPSR for Insphire hire and rental software
New governmental legislation forcing hire and rental companies to be diligent in registering
and deregistering plant and equipment on each hire contract, has meant more compliance
for business in the industry, John Marshall, Managing Director Elev8 Australia said.
plant and equipment as the
hire contract is placed on or
off hire automatically from
within InspHire's Hire and
Sales Software,” John said.
“InspHire believes it is the
first hire and rental software
to provide this functionality
for its customers, a claim not
made lightly. Leading PPSA
consulting firms in Australia
that have seen the software
have made this statement.
“To be more specific, there
is no double handling of hire transactions
involved unlike many other software
offerings. InspHire's PPSR module
provides an automated or optional manual
registration process the instant the hire
equipment deemed to be subject to PPSR
with the government provided PPSR web
portal. Confirmation from the portal is sent
to InspHire in the form of both a token ID
and an email from the PPSA web portal.
“The reverse of this occurs during a de-
registration process. The handling of all
PPSR is automatic or can
be made to provide a
manual decision process
just prior to the actual
web portal registration/
deregistration.
“The whole aim is to
minimise the resources
needed to manage the
PPSR for InspHire users.
“InspHire are committed
to continually update
the PPSR module as
and when the PPSA
legislation changes. This has been the
case leading up to the initial ‘live’ release
of the PPSR and since.
“The module provides a simple and
transparent but effective means for
InspHire's users when hiring expensive
assets to customers. It’s just another
feature of what is becoming a product
of choice among rental businesses in
Australia and New Zealand.”
Contact: 1300 763 707 or visit:
John Marshall
