Whether things have been hard or the business is flying, peace of mind is difficult to find for many business owners. We help business owners achieve clarity on their personal finances, so they can focus on what they do best.
We provide advice to a wide range of business owners and their families. Whilst individual circumstances need consideration, there are five key issues that occur time and time again:
1, How much is enough? – Whether it is capital or income, it is important to address how much is enough. Planning with business owners means being clear on what the end goal is. What does life look like after the business?
2, I Don’t want to lose my capital – Wealth preservation can mean several different things, but often a significant capital sum will be the result of significant hard work and in the case of business owners, an element of risk taking. This means protection of capital is likely to be a high priority. Protecting capital, whilst making money work hard, is not as straightforward as one might think.
3, I want my money to work hard – Business owners work hard hard for their money, so it needs to work hard for them. This means more than just achieving the maximum return. It means an appropriate asset allocation strategy, performance and risk monitoring, rebalancing along with managing tax liabilities.
4, I want to look after my Family – If someone is in business, it is likely that the success of that business forms a core part of their long term plan. Withdrawing profit tax efficiently to protect against harder times can be very sensible. Focus should also be placed on preparing for retirement or a business sale, no matter how far out that may seem.
5, I don’t want the stress – Running a business can be stressful and time consuming. A business owner is likely to be expert in a wide range of disciplines, but that may not extend to personal financial planning. A financial plan, created by an experienced financial planner, will help eliminate the stress of uncertainty. Careful creation of a plan, which is regularly tested, will ensure peace of mind.
Financial planning for business owners
We understand that personal and professional lives are often intertwined, so we deliver a cohesive strategy that incorporates all aspects. We work with owners whose needs may be complex as well as those starting out on their business and wealth creation journey.
Learn more in our guide below