The scenario

Selling a business

Michael has just married his life partner, Craig, and they are in the process of selling their catering business that has consumed their lives for the past ten years or so for £1.75m. Michael has just turned sixty and Craig is in his early fifties. In the early days of the business they lived very much hand to mouth and even when the business was successful, they were not particularly extravagant.

Their goals:

Once the business has sold, Michael and Craig have lots of exciting plans. They want to travel to the Far East, Asia and South America to sample the different cuisines and to make a video diary so that they can look back on their travels in later life. They want to move to the coast and would like a house with enough potential for them to build a spectacular kitchen and entertaining space.

How we can help?

We enjoyed listening to Michael and Craig’s amazing plans and we began putting together a financial plan which looked at their income needs in retirement as well as the capital value of their house move and far flung travel plans. We took into account Michael and Craig’s current flat which would be sold as well as their existing pensions and some savings plans. We were able to demonstrate that the capital that Michael and Craig would receive from the sale of their company, once all taxes and expenses had been taken into account, was sufficient for them to achieve their lifestyle goals. We also consolidated their pension policies and put in place an investment strategy designed to meet their income needs as well as being sufficiently flexible to also meet their capital needs.

Ongoing support

The financial plan and investment strategy will be reviewed each year and we can’t wait to hear all about Michael and Craig’s amazing travels.   

Disclaimer – this is a hypothetical client example and does not constitute a formal recommendation.

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