[EP 101] First Rule of the Game, Stay in the Game – your COVID action plan
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The outbreak of the coronavirus is causing a global economic slowdown. Trade, investment, growth, and employment are all affected but what can a business do to stay in the game?
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* The situation for SMEs amidst the coronavirus outbreak
* Managing your emotions
* How soft will revenues get and why?
* Business risk assessment
* Time is your enemy and speed is your asset
* Make necessary calls on your debtors
* Insolvency safe harbour
* Keep hold of humanity
* Proactive steps to take
In this episode, we discuss the first rule of the game, which is to stay in the game!
We speak to Michael McGrath the founder and CEO of Oasis M&A Sydney, who advises shareholders of private companies on succession and exit strategies. Michael together with host Joanna Oakey, reflect on the current troubling situation and the approach that businesses can be taking. We give our listeners pointers for how a business can take proactive steps to ensure that they are staying in the game and we walk through what owners of businesses should do when they feel threatened. We look into some of the practical steps that businesses can take, and discuss the benefit of creating an action plan for a business even at this uncertain time.
Note: This has been automatically transcribed so will be full of errors! We are not providing it to you as a word-perfect version of the podcast but just as an easy way to provide you with a different way to be able to see or scan what kind of information that might be relevant to you if you are the kind of person that likes a transcript.
Joanna: Hi, it's Joanna Oakey here, and welcome back to Talking Law, a podcast proudly brought to by our commercial legal practice Aspect Legal. Now, today, we are sitting in the middle of the coronavirus epidemic in an extremely unsettling time. And today's podcast is all about the first rule of the game is staying in the game. And the idea of this podcast is to give you, our listeners, a whole heap of pointers for how you and your businesses right now can be taking proactive steps to ensure that you are staying in the game.
And in order to talk about this topic, I have on the show, Michael McGrath from Oasis M&A. Michael has been in business since the age of 23. Spending more than 25 years starting building, buying and selling a range of private companies, including food manufacturing, recruitment, publishing, retail and distribution. He's now the founder and CEO of Oasis M&A Sydney that advises shareholders and private companies around succession and exit strategies. And today, Michael and I reflect on what is happening in these current times, reflect on the approaches that many of our clients are taking that can lead to different results and take a...