Client Story

Nick & Jayne

Having sold a successful business that they had owned and led for 36 years, Nick and Jayne turned to FPC to guide them through the next stage of their financial planning...

FPC's involvement has been fundamental in our transition from owning a business to retiring on the proceeds of a successful business sale. Without Moira and the FPC team we dread to think what a mess we could have made of the results of 36 years of hard work.The team are caring, patient and very knowledgeable and have an ability to simplify a host of financial issues so that even the most challenged can understand!

With hindsight we probably should have approached them  5 years earlier in order to achieve the maximum gain from the sale of the business.   

 

Setting the Scene

Nick and Jayne owned and led a successful office furniture business for 36 years.  Following an approach from a competitor they decided that the time was right to sell up and retire.

Nick and his wife Jayne were looking for someone to address all of their financial concerns.  In short, they wanted someone to take control of the whole financial planning process.

FPC was recommended by a trusted friend who Nick had known since he was 18.Their previous dealings had left them deeply mistrusting of professional advisors in general so any company they approached would have to break down those barriers first.  

It was important to Nick and Jayne that they visited FPC at their premises in order to ascertain that the company was a professional outfit.  Following a meeting at their home and subsequently at the offices in Ainsdale with FPC Partner, Moira and the team, they appointed the firm to undertake an initial review of their situation.  

 

How did FPC help?

  • Financial planning review - FPC looked at everything and set out a clear path ahead so that Nick and Jayne had a complete understanding of their position.  
  • Lifetime cash flow modelling helped to inform their decision making throughout and gave them a helpful visual context to their planning. 
  • Estate planning - the business sale changed the nature of the estate so a review of Wills and general estate planning was required for the whole family, all co-ordinated by FPC.  Advice on gifting strategies and the use of Trusts followed and a review of the role of pensions which are also an important estate planning tool. 
  • Investment planning - once everything else was in order, attention could be given to building a solid investment backstop with a focus on tax efficient income delivery and capital preservation.

 

What next?

Nick and Jayne can now relax in the knowledge that their financial planning is in safe hands.  

They have a clear plan for the future and know everything will be regularly reviewed and that FPC are on call for them whenever they need advice or support. 

Nick is currently recovering from knee replacements but once he’s back on his feet he’s looking forward to returning to hill walking to make the most of his new-found freedom.

 

Reflection

We understand the practical and psychological challenges a business owner faces in planning for succession or an exit. Early planning can not only help to ensure the maximum value is secured but it can also reduce that emotional stress that goes with a decision to exit. We recognise that a life’s work is at stake and that needs to be respected.