Most people start a business to create financial independence for themselves and their families, often to find that the day-to-day issues take priority.
Whether your business is in its infancy, in the growth stage or you are looking at exit and succession planning, important points to consider include:
• Maximising the tax efficient returns on your cash assets in your business
• Extracting remuneration and profits from your business in a tax efficient manner
• Helping to establish an effective exit or succession strategy
• Putting in place adequate insurance and liaising with professionals to obtain legal agreements* to protect the future ownership of your business
• Identifying and mitigating the liabilities that could be created by the loss of a key person
By fully understanding the needs and challenges facing business owners, we can work with you to help you plan for these eventualities, freeing you up to do what you do best – run your business:
Starting a business can be one of the most exciting life decisions that anyone can make.
Getting the right advice from the right people at the right time can make a significant difference to the success or failure of a new business and help to significantly reduce the costly mistakes than can damage or even cause the failure of a new business.
We at HawkinsThomas have been working with business owners for over forty years and our own financial planning experience – combined with the knowledge and experience of our network of highly trusted and carefully selected specialists – could help you get your business off to the right start from the start.
Remembering the reason why we’re in business in the first place is so important otherwise, far from being a business owner, we end up working in a business we happen to own.
The growing business faces different challenges to the start-up business. The old adage of, “Turnover is vanity, profit is sanity, cash is king” is so true.
We work closely with you to create a long-term, lifestyle-focused financial plan, meaning that you can focus on the “end game”. We will help you to clarify what it is that you need to achieve to live the lifestyle you want without the fear of running out of money. This enables you to focus on building the business that gives you the very outcome that makes all of the sacrifices and pain worthwhile.
Our business growth services can help with:
- What your business will look like when it’s “done”
- Designing your Lifestyle
- Building your long term plan
- Financial Dependence vs. Financial Independence
- Putting the plan into action
- Tax planning
Whether it’s paying excessive tax, getting a poor return on your cash, or suffering the consequences of the death or serious illness of a key person within your business, we recognise and respect the price that has been nearly always been paid by the successful business owner.
Our business protection specialists can help you to protect your business in the following ways:
- Protecting your profits against the loss of a key person
- Protecting against excessive tax
- Planning and Protecting the future ownership of your business*: Share Ownership Protection, Partnership Protection, Bloodline Preservation Trust Planning
- Complying with Workplace Pensions legislation
Exiting your business can be done profitably and with minimum disruption if you have the right exit plan in place. The right plan can help you to maximise the value of your business and ensure that you keep as much of the proceeds as possible.
We have found that, when selling a business, there are two “numbers” that matter: what the value could be, and what the value needs to be. Knowing how much you need to sell your business for in order to maintain your lifestyle for the rest of your life puts you in the driver’s seat. This may mean that you could afford to sell your business sooner, easier or quicker than you may have thought.
We will work closely with you to:
- Help you to design your exit strategy
- Help you to plan the sale of your business for the price that is right for you
- Employ the right professionals to guide you through the sale process
- Help you to sell your business in a tax-efficient way
- Invest the proceeds of your business so that you can enjoy the lifestyle you desire, free from financial worry
*Please note that advice in this area will involve the referral to services that are separate and distinct to those offered by St. James's Place.
The value of an investment with St. James's Place will be directly linked to the performance of the funds selected and may fall as well as rise. You may get back less than the amount invested. An investment in equities will not provide the security of capital associated with a deposit account with a bank or building society.
The levels and bases of taxation and reliefs from taxation can change at any time and are dependent on individual circumstances.