Have you attended one of our Business Owners Breakfasts?
Some years ago, we identified an opportunity to grow our involvement in advising business owners across all sectors about areas within the personal finance world that it would benefit them to be aware of or have a greater understanding of; and – importantly – to set time aside to implement. Many business owners are too focussed on the day-to-day – particularly over the last couple of years – which means that they put off some decisions that would materially benefit them, their families and even the smooth running of their businesses; and that’s well before entering into planning for an exit, be that a sale or management buy in.
At the Breakfast we usually host 10 business owners, all from differing sectors. Their diverse sector experience and knowledge are important, as during the general introductions at the beginning of the session, the business owners discuss their experiences of COVID-19, current trading and order books as well as current and future issues. There are always common themes such as recruitment and retention or energy bills; and despite these, there is a general optimism about the future. One very interesting by-product is the number of meetings that follow (separate from BRI), where business owners arrange to meet up to discuss working together.
For our part, we lead various discussions around, for example, directors’ remuneration (salary, dividends/pension contributions – exploring which are most attractive and tax-efficient), life cover, shareholder and key person protection. We devote time to explaining the considerable benefits that pensions can bring – which we often find is an area that is not fully understood or appreciated.
The Q&A section is always interesting, as having taken time out from running their businesses, the participants have a chance to focus on their own or their family’s needs, which often leads to an initial meeting which we are always happy to organise.
If you would like to attend a forthcoming Business Owners Breakfast or would like to have further information, then please contact Vince Hopkins email@example.com