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Financial Planning for Business Owners

Connecting your business success with your personal financial future

Connecting your business success with your personal financial future

For many business owners, the business is their largest asset, their main source of income and a central part of their retirement plan.

That can make it difficult to separate business decisions from personal financial decisions. Money may be retained within the company while personal pensions or investments receive less attention. Plans to retire may also depend on a future sale whose timing and value remain uncertain.

We help you bring your business and personal finances together in one coordinated plan.

Building wealth outside the business

A successful business can create substantial value, but relying too heavily on one company may leave your personal financial future concentrated in a single asset.

We can help you consider:

  • how much personal wealth you need to accumulate;
  • the balance between salary, dividends and pension contributions;
  • investing surplus company cash where appropriate;
  • building pensions and investments outside the business;
  • protecting personal and family finances; and
  • when the business could cease to be essential to your financial security.

The right strategy will depend on the company’s cash requirements, your personal objectives and advice from your accountant.

Elderly couple discussing pensions with a financial adviser in an office

Pension planning for business owners

Pensions may provide a tax-efficient way for a company to fund an owner’s retirement, although contributions need to be considered within the wider plan.

We can advise on:

  • employer pension contributions;
  • personal and company contribution planning;
  • consolidating existing pensions;
  • investment strategy;
  • retirement income; and
  • more specialist pension arrangements where appropriate.

We consider the amount placed into pensions alongside the need to retain accessible personal and business capital.

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Protecting the business and the people who depend on it

The illness or death of an owner or other central person could affect the company, its employees and the owner’s family.

Depending on the circumstances, planning may include:

  • shareholder protection;
  • key person cover;
  • relevant life cover;
  • income protection;
  • business loan protection; and
  • reviewing ownership and succession arrangements.

We can work with the company’s accountant, solicitor and insurance specialists to coordinate the advice.

Planning for succession or sale

A business sale may be expected to fund retirement, but the eventual proceeds, tax treatment and timing can be uncertain.

Planning before a sale may help you consider:

  • how much you need to receive;
  • whether you could afford to retire without achieving the hoped-for valuation;
  • the personal tax and investment implications;
  • how sale proceeds might be invested;
  • how much risk is appropriate after the sale; and
  • how to structure your estate and family wealth.

Starting early provides more time to build assets outside the business and reduces dependence on a single future event.

Business owner reviewing notes at home while planning retirement or a major financial decision

From business owner to financially independent

We use lifetime cashflow planning to connect the value and income of the business with your pensions, investments, property and personal expenditure.

This can help answer questions such as:

  • When could I afford to step back?
  • How much do I need to sell the business for?
  • Could I retain the company and appoint others to run it?
  • How much can I take from the business without weakening it?
  • Can I support my family while retaining enough for retirement?
  • How should I invest after a sale?
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Working with your professional advisers

Business-owner planning often involves financial, commercial, accounting, tax and legal considerations.

We work alongside your existing accountant and solicitor so that the financial plan reflects the company’s position and the specialist advice you receive.

Speak to a Chartered Financial Planner

Wingate is an independent firm of Chartered Financial Planners based in Caterham, Surrey.

Contact us to arrange an initial conversation about your business and personal financial plans.

The Financial Conduct Authority does not regulate taxation advice, estate planning, trusts or Will writing.

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