Business owner – Dan


Dan was a successful business owner who was married with two young children. He had ambitious plans and a fairly expensive lifestyle, including private school for his children and regular holidays. He also wanted to help his children in the future with weddings and property purchases.

Dan wanted to ensure his family’s lifestyle could be sustained for the future. Business-wise, he ultimately wanted to exit the business and possibly hand things over to the next generation.

Dan had a main residence, but also two Buy-to-Let properties. He was also planning to move into a bigger property and spend money renovating it. He always saw property as his pension but wanted to gift one of his properties to his children at some point in the future.

What did we do?

We identified a major shortfall in Dan’s finances; him and his wife had little retirement provision, were extremely vulnerable to death and ill-health and didn’t have a structured plan in place to be able to purchase the desired property.

We recommended that Dan use company pension contributions at the maximum level possible, as well as secure life insurance via the business. We also recommended he put personal income protection and critical illness cover in place.

In order to allow the family to move into a bigger house, we recommended personal investments were secured to build a deposit for the new purchase, as well as to fund the work they planned to do.

Finally, we recommended that Dan secure wills, trusts and a cross-option agreement for the business in order to ensure that, upon death, assets were ringfenced for the family.

The outcome

Dan and his family are now on track to secure their dream home. They are excited to renovate it to their own style and standard.

They are now able to continue living their current lifestyle, provided that the business continues to flourish as expected: they now know what to do in the business to achieve their goals. They can now relax, knowing that the future is taken care of.