Some of my Growth-Accelerator clients talk about growing their businesses to enable them to retire some time in the future. They often consider what is needed for the business to sustain itself but forget about their own requirements. One of our Leadership Forum members focuses specifically on this aspect. I am pleased to introduce their guest blog on the subject.
Andrew Hall – Managing Director Sound Financial Planning Group
Time and again we meet with clients who have lost sight of what’s really important in their lives as they become more and more engrossed in their businesses. Who can blame them, it’s their baby, their vision and energy that’s got the business to where it is today and they can still see the potential just over the horizon. Often its only when people stop and realise it’s impossible to reach the horizon that they start to let go. This change in perspective can take a while to appreciate.
Often successful businesses develop much faster than we realise, partly because we over-estimate what we can achieve in 12 months, yet under-estimate what we can achieve in a lifetime. Take this test – look back over the past 5 years to see how things have changed, then do it again over say 20 years and I think you would be pleasantly surprised at the progress you’ve made both personally and professionally.
So what’s your exit strategy? Do you actually have one and has it been tested ? Our experience is that most people consider exit planning when they stop horizon chasing. Forward thinkers however have the end in mind from day one. If you are planning to sell a business who will buy it? What will they be looking for? How will all the pieces fit together? How much tax will you pay? Will you retain an ongoing interest or simply sail off into the sunset (some horizons are well worth chasing)?
The trick however is to know your “number”. How much money do you actually need to support your desired lifestyle for the rest of your life, while never running the risk of running out of money, even in a catastrophe such as serious ill-health.
So, like Andrew’s clients, do you know your “number”? When I asked Andrew about their services, he gave the following response. Sound Financial Planning Group are retirement planning specialists who help clients to develop their own personalised Financial Wealth Plan with detailed analysis of their long-term cash flow, investment and tax planning requirements. This simple process enables our clients to live their lives today, whilst planning for tomorrow with a greater degrees of certainty and peace of mind.
For more information give them a call on 01268 567567or visit their website at www.soundfp.co.uk .
Future Forum Events
The next events will be in September
The Leadership Forum, Essex, 17th September , hosted by LEPRA, topic – Secrets of Success
Join The leadership Forum
As many regular readers of my post will know, I have a rogue of a dog. When we first came back to England we needed to put a fence around our garden. In the meantime, we put him on a long rope to stop him from escaping. With fence in place, we released him from the rope to watch him lightly leap the fence or scramble through the hedge into the fields without a moment’s hesitation or backwards glance. So, he’s back on the rope. In repairing our wall the other day, James detached the rope. The following day, he put Baron on the rope which wasn’t secured to anything. Baron continued in his usual rope-range, without noticing the fact it wasn’t attached to anything. This made me reflect. How many “ropes” or limits from our pasts may be hampering our progress, even though they may, in fact, no longer exist?