How to retire without selling your small business (3/1/2008)

Mr Festa

UQ Business School MBA Samuel Festa has launched a consulting business helping small business owners restructure - so they can retire without selling up.

Festa said he had worked with his own parents to help them retire from the domestic and commercial painting business they started 35 years ago.

"They didn't really want to sell the business they were passionate about but they thought it was the only option if they wanted to retire," he said.

"Applying the skills I had developed studying for my MBA, I was able to help my parents set up systems and procedures to enable their business to run autonomously.

"It worked so well and I enjoyed it so much I began to wonder if I could do the same thing for other small business owners."

After eight months travelling post MBA, Festa returned to Brisbane committed to establishing a niche consulting firm helping small business owners free up some time by restructuring their businesses.

"Typically, the way small business owners build their businesses is by putting in longer and longer hours," he said.

"Since many people go into business for themselves to get a better work-life balance, it kind of defeats the purpose."

He said Red Circle Consulting was a way for small businesses to buy in the knowledge they needed to streamline and professionalise their operations.

"It's often only the accountant who is brought in on a regular basis to provide expert advice," he said.

"In my opinion you need more than that if you want to create a sustainable competitive advantage that will grow the value of the business.

Note: This story has been adapted from a news release issued by The University of Queensland

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