Bucket Case No. 2: Business owner who wanted out
Michael Confused owned his own business, but quite frankly he had had enough. Work was no longer enjoyable and Linda, his wife, was about to retire, so he wanted to know if he could too.
The trouble was that although he had various investments and pensions, as well as a business to sell, he didn’t know if it was going to be enough for him and his wife to lead the kind of retirement they always envisaged.
Essentially what he wanted to know was how big his bucket needed to be.
Michael and Linda had accumulated various assets during their lifetime. They owned their own home (value of £350,000), had investments and pension funds of about £400,000 plus they also had Michael’s share of the business (the value of which they weren’t sure about).
To be honest they were confused and needed help.
First of all we got Michael and Linda to think about the kind of lifestyle they wanted for now and into their retirement. It turned out that each had a passion for travel, so using powerful financial planning software we developed our BettrPlan with them. This helped calculate how much they would needed in their bucket for Michael to retire and be able to live the life of their dreams without the fear of running out of money.
More importantly, Brett Investment was able to calculate how much Michael would need to sell his share of the business for (after costs and taxes) to have enough money. It turns out it was less than Michael thought but it also turns out that now that Michael knows his number he has greater certainty and confidence about his future and has now began to enjoy work again.
Michael and Linda are now well on course to achieving their plan. They meet annually with us, so that real progress can be made and their dreams become reality.
"Like many people, I spend the majority of my time planning for my business, but pay little or no attention to my own finances.
Brett Investment has developed a personal plan for me that allows me to take much greater control of my financial affairs, and plan for the future.
Everything now makes much more sense, and I only wish I had got in touch with Brett Investment sooner!"
Gordon Brown - Managing Director, GB Telecom