Welcome to our twelfth episode of Down to Business. In this episode, I chat with Craig Sawyer from PKF Wealth about working together with business owners to reach their personal and business objectives through careful planning. Most business owners spend a lot of time building wealth – join me as we delve into what you should focus on after you’ve built your wealth to set yourself up long-term.

My key takeaways:

  • As a business owner, you need a plan to achieve the outcome for you, your family, next generations etc. while you’ve got the opportunity. To perfect that plan, ensure you have enough time to do this with your Financial Adviser. There’s no such thing as getting advice too early but, there is a downside to seeking advice too late.
  • Make sure the Financial Adviser you are dealing with has done it themselves and is experienced (it’s great to have someone to hypothetically talk through what they would do in your situation but better to have someone tell you what they did do and their learnings). You should feel comfortable and connected with them as in order to get proper results you need to share everything;
  • The Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry was a big gamechanger, there are still actions coming out of it now – make sure that education is covered, that there’s no conflict with the people you’re dealing with and that they’re doing it for the right reason;
  • As a business owner, when liaising with a Financial Adviser there is a lot that they can cover so think specifically –  wealth creation (not just from what you do day-to-day but how it can keep working for you), asset protection and estate planning (one to think about as you get older and if you have other family members), general risk and insurances (have a view on what the risks are then you can make a call with yourself but you definitely need cover from a business point of view); and
  • Don’t get reactive when something necessarily doesn’t go to plan– financial advice and getting your outcome is a long-term game plan.
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