THE GUIDE TO... Think early about your exit
Even if retirement feels a long way off, knowing your end goal helps you plan better. How much would you need from a sale to live the life you want? That’s your ‘magic number’.
Questa’s expert financial planner can help you work out if the numbers stack up – and whether pensions, savings and business proceeds will cover it. Passing your business to family? You might qualify for business relief, cutting inheritance tax on company shares.
Don’t put everything in one place
MANAGING WEALTH
5 STEPS TO SECURE THE FINANCIAL FUTURE YOUR HARD WORK DESERVES
Running a business can feel like spinning plates – your customers, staff, stock, marketing – there’s always something demanding your attention. So it’s no surprise that your own financial planning often ends up at the bottom of your list.
But here’s the thing – if your business is thriving, your finances should be too. You didn’t put in all those 14-hour days just to scrape by later in life.
A bit of forward planning now could help turn today’s efforts into tomorrow’s freedom.
Don’t rely on your business as your pension
Many business owners think they’ll sell up and use the proceeds to retire. But what if the timing’s wrong or the sale falls through?
Building a pension alongside your business gives you more security, and it’s tax-efficient too.
You can make personal contributions and also pay in through your company, reducing your corporation tax. A good accountant will help you make the most of all the available allowances.
Protect your most valuable asset – you
You’ve probably insured your premises or stock. But what if something happened to you? If illness or worse meant you couldn’t work, your business could take a serious hit. Life and critical illness cover could keep things ticking over.
Think about protection for other key people too and consider legal advice on cross-option agreements if you have shareholders. And yes – you’ve heard this before – write that Will.
If all your money’s in your business, you’re taking on more risk than you need to. Investing across different assets – shares, bonds, cash – gives you a cushion in our uncertain times.
Depending on your business’s cash flow, you might also consider investing surplus profits for long-term growth. A good adviser will help shape a plan that fits your goals and appetite for risk.
Surround yourself with the right people
You can’t do it all. The best business owners have a solid team – an accountant, a solicitor, and – of course – a trusted financial planner! The right team will keep you on track and help you review your plans regularly. Life moves on, and your financial plans should too.
You’ve worked hard to build a brilliant business. Now’s the time to make sure your business works just as hard for you.
As we say at Questa: Plan today. Prosper tomorrow.
By Anthony Hoskisson, Managing director, Questa Financial Planning
Download our free retirement guide for Lancashire Business View readers
www.questachartered.co.uk/lbv/
Plan Today. Prosper Tomorrow. Financial Planning Investments Pensions Mortgages Protection
www.questachartered.co.uk | 01253 83 00 50
Questa House, Croft Court, Plumpton Close, Whitehills Business Park, Blackpool. FY4 5PR
Questa Chartered is a trading style of Questa Financial Services Limited, which is authorised and regulated by the Financial Conduct Authority No. 459631. Registered in England No. 02910617. The Financial Conduct Authority does not regulate tax planning or trusts.
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