Picking a partner with the right professional connections.
Selling a business is as much about how you structure your finances when preparing to sell, as it is about how you invest the proceeds from the sale.
Speaking to a financial planner well in advance of putting the sale in motion gives you time to make sure you are making the most of tax planning measures that will reduce your overall tax burden.
Following the sale of a co-owned recycling waste management business and an environmental consultancy business, Sid Lambert wanted to find the right type of investments for supporting his and his family’s short, medium, and long term financial needs. It was also important that the firm he chose had the right professional connections for his ongoing business ventures. His accountant, already a client of Colmore Partners, recommended he speak to the team here. Sid describes, below, in his own words his experience of working with Colmore Partners.
Sid L.
After the sale of my first business, which I co-owned with a previous business partner, the cash proceeds of the sale were sitting in the bank while I decided how and where to invest it. The bank was just intended as a safe short-term home during a cooling off period until I could decide what to do with the sale proceeds in the longer term. In that time, the bank put me onto their wealth advisers. But they weren’t really giving me the sort of advice I was looking for. It all seemed a bit impersonal really. Also, they kept trying to sell me services that I really wasn't interested in.
I was looking for something more tailored to both me and my family’s specific needs, and my accountant was aware of that and said ‘try these guys’. I had an initial meeting and could see that we were all singing off the same hymn sheet. We really got on well. And the relationships developed from there.
I have now since recommended Colmore to my former business partner. And Wendy and the team now also advise him and my family.
I've been chased since by what I would call larger corporate wealth advisers, but it’s always felt quite impersonal. Colmore Partners is the right size for me , they are nimble enough to react very quickly to the markets and my needs and Wendy is always on the end of the phone if we want sound advice or we want to change direction on any issue - I like that about them. They have also got strong links and professional contacts to recommend and point you in the right direction on legal and accountancy matters.
Sid L., Business owner and father to two sons.
We support you with a process that covers every aspect of your finances – from your assets to tax liabilities. This is what that looks like in practice.
Create ‘Grand Plan’
We meet you and listen carefully to your ideas, hopes, and aspirations. We ask pertinent questions and take copious notes. Then we build a plan that’s right for your individual circumstances. It will have clear objectives, it will be strong enough to last a lifetime and it will be flexible enough to bend with the changes life throws at you.
Structure for maximum efficiency
The Grand Plan works when it’s structured for maximum efficiency. This means paying the least amount of tax, identifying who should own the assets, and how best to use all your available tax reliefs. Efficiency also means managing your fees appropriately – so more of your money goes to you and your loved ones.
Invest
Everyone feels different about risk. We take great pains to understand how you feel about it – and then we marry it up with the levels of risk required to meet your hopes and aspirations. This enables us to select the most suitable investment style that will help you achieve your objectives.
Review
Life has a habit of throwing a curve ball or two. From changes in your personal circumstances to the introduction of new laws and taxes – as well as stock market ups and downs. We talk with you regularly about these, the ways in which they may affect your objectives – and therefore the Grand Plan – and agree any changes that may be needed sensibly and rationally. It’s all designed to give your wealth the best chance of doing its best for you.
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Simon Hoult
Simon is a Chartered Financial Planner with over 25 years’ experience in the financial services sector. He advises a range of clients with complex financial planning needs.
Katrania Lowers
Kat brings over a decade of experience in financial services to working up tailored, holistic financial plans for her clients.
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