“Despite RSM being a large company it’s great to get an individual guide me through financial navigation yet still have a huge team behind them with the best information and resources possible,”
Karl Bailey, Owner of Darlington Dental practice.
Darlington Dental case study
Established over 25 years ago, Darlington Dental provides patients with both regular and complex treatments catering to the needs of all ages.
Owned and operated by Karl Bailey, the practice moved to a scenic new location in the village of Darlington seven years ago when Karl bought the land with the idea of expanding the practice. Primarily catering to the surrounding village, Karl employs eight staff and prides himself on growth and innovation.The property in Darlington was purchased through Karl’s superannuation fund and during this process he felt he was not receiving the advice he needed from his previous accountant to ensure his business was operating at its peak efficiency. “I felt I was a small fish among their client base so I had a recommendation to try RSM”. Karl met with Tom Hüberli of RSM’s Fremantle office and was drawn to the one-on-one personal approach RSM takes towards their clients, assisting them every step of the way.
Working with RSM
It was during this initial meeting that RSM provided Karl with a detailed business structure review and introduced him to the superannuation team. After reviewing both the business and the superannuation fund, the team at RSM helped Karl understand the best way that the two vehicles should function and interact with one another.
Superannuation can be a viable option within which to purchase business premises however there are many hurdles to consider before doing it as well as the need for ongoing support in ensuring rules are abided by and the fund is utilised to the best of its potential. RSM walked Karl through the complexities associated with this asset and also advised him on the tax opportunities around other assets associated to the building but sitting outside of the fund, assisting Karl’s business cash flow significantly. Assistance on refinancing the assets was also provided to Karl by RSM.
“RSM have provided me with advice with how best to finance assets which has helped with my business cashflow and consequently both entities now work together providing me with the best possible outcome, ” says Karl.
What RSM can offer
With the success of Darlington Dental at the forefront of key decision making, planning for the future was an essential discussion. RSM consulted Karl on the future restructure of his business for asset protection, with specific guidance on the opportunities and limitations for health care practitioners. Both the business advisory and superannuation teams collaborated closely to give Karl a personalised and tailored solution to meet the needs of his growing business.
“Despite RSM being a large company it’s great to get an individual guide me through financial navigation yet still have a huge team behind them with the best information and resources possible,” says Karl.