Mike started his successful IT company from his Furness home in the 1980’s. Over the years the business has expanded and his daughter and a colleague are now co-directors. They are as crucial to the business as he is!
Mike had had some financial advice years ago when he left employment and set up a personal pension, but he had never thought about asking for business advice. However, he received some bad news that a friend, also self employed, had contracted a terminal illness and it made him think about the impact it would have on the business if the worst should happen to any of the directors.
When Mike sought advice from FMB we were able to talk to him about the different types of business protection available. In this situation we were able to find appropriate Key Person Protection to ensure that should any of the core members of the business be unable to work, money would be released into the business to provide support. Mike could then decide to employ additional staff to assist or in the worst case use the money to recruit and train somebody new.
Mike took the opportunity to look at the business as a whole and take advice on setting up a group pension scheme for his expanding staff before the compulsion deadline. We also talked about some of the ways to reward and retain staff through other benefits such as personal health cover and death in service schemes.
According to Mike the plans he has put in place with FMB won’t stop the worst happening, but he can sleep a bit easier at night knowing everything that can be done has been done.