Case Studies

Case Study: Professionals Planning for Retirement and Business Succession

November 30, 2023
Professionals Planning for Retirement and Business Succession

Kevin and Michelle, both in their 50s, are self-employed professionals who have dedicated decades to their successful careers. Kevin is a respected architect, and Michelle is a well-established solicitor. Their diligent work has not only provided them with financial stability but has also allowed them to build a comfortable life for their family. As they approach retirement age, they are keen to secure their future and create a smooth transition for their children who are interested in continuing their respective businesses.

Their Challenges

1. Retirement Planning: Kevin and Michelle needed a comprehensive retirement plan to ensure they can retire comfortably while maintaining their desired lifestyle.

2. Succession Planning: Thankfully their children have followed their parents into the same professions and have expressed an interest in taking over their businesses. Kevin and Michelle want to develop a clear succession plan to ensure a seamless transition that preserves the legacy of their professions.

Balancing Multiple Objectives

We conducted a thorough financial assessment to understand Kevin and Michelle's current financial situation, including assets, investments, and retirement savings. We then created a retirement plan that aligns with their retirement goals, taking into account their desired retirement age and lifestyle.

The team developed an investment strategy that aligns with their retirement and succession goals, ensuring their assets are appropriately diversified to manage risk and maximize returns.

Working with Michelle we developed an estate plan that addressed their wishes for the distribution of assets, minimising tax implications, and ensuring their children receive a fair and equitable share of their wealth.

For both the architecture and law firms, we facilitated a business valuation to determine their current market value. This step is crucial for accurately assessing the financial aspects of the succession plan.

We worked with both Kevin and Michelle to create a detailed succession plan for their businesses. This included identifying and preparing potential successors within the family, defining roles and responsibilities, and setting a timeline for the transition.

Our advisers reviewed their insurance coverage, including life insurance and liability insurance, to ensure they have adequate protection in place should the unexpected occur.

A Clear Road Ahead

Kevin and Michelle now have a clear roadmap for their retirement, allowing them to retire comfortably while safeguarding their wealth and legacy. Their children will be well-prepared to take over their businesses, ensuring a smooth transition and the continued success of the firms.

1The family will have peace of mind knowing that their financial future is secure and that their wealth will be passed down efficiently to the next generation.

By working with our expert financial advisers, Kevin and Michelle can navigate the complexities of retirement and succession planning with confidence and peace of mind.

Are you facing similar challenges as Kevin & Michelle?

Our team of experts is here to help you navigate the complexities of wealth management, retirement planning & succession planning. Let us help you achieve your goals and protect your legacy. Contact us today to get started.



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