Business Planning
with Horizon Wealth Advisory
Business Planning
At Horizon Wealth Advisory, we offer a number of business and financial planning services to help protect your investments and maximise your earning potential. Implementing a financial plan ensures you are prepared well in advance for any changing circumstances in both your personal and business life. With the right business financial planner, along with a business and financial planning strategy that’s tailored to you, you won’t have to worry about any unforeseen circumstances.
Below are some common small business financial planning services we recommend to business owners who co-own a business with multiple partners.
For general information regarding business and financial planning, contact our friendly team on 1300 351 716 for expert advice.
Buy/sell agreements
For many businesses with more than one owner, a buy/sell agreement can provide protection to each of the owners. If a business partner were to pass away, become permanently incapacitated or other specific events a buy/sell agreement can be triggered to protect the remaining business owners as well as the exiting owner or their estate.
Financial Planning for Business Owners
Key person insurance
Key person insurance aims to protect a business if a key person dies or is unable to effectively perform work duties. A key person is described as someone crucial to the success of a business, and whose loss could potentially result in a significant hit to the business. Key person insurance can work similarly to life insurance policies, except the insurance is taken out by the business. It can cover everything from trauma and critical illness insurance to total and permanent disability to death.
Payable via a lump sum or in the form of monthly instalments, the insurance will cover the costs lost due to the key person leaving. This can also include recruiting and training a replacement, paying off debts and loss of revenue. A business financial planner will be able to assist in calculating the amount of key person insurance that is needed, however, this takes into consideration the remuneration of each key person.
Creating a financial plan
As a business owner, your business is your passion - you focus your time, energy and resources towards managing and growing your business. But it is important to also ensure you are looking after your personal finances and don’t only rely on your business for financial security.
Financial planning for business owners is tailored to balancing the growth of your business with your own finances, and putting in place a plan to achieve financial freedom. As well as the growth of your business, this includes growing a diversified investment portfolio, building your super / self-managed super (SMSF), and ensuring you and your family are financially protected through the right insurances.
We work with business owners across various sectors and our business financial planners will tailor the strategy to your specific circumstances.
Need help with business and financial planning? Book an appointment with Horizon Wealth Advisory today or email us at info@horizonwa.com.au for some expert advice about implementing structures to protect your business.
Safeguarding your financial future…
Our Approach to Financial Planning
Understand Your Goals
Financial planning is not a one size fits all approach. Before developing a plan, we first want to understand your situation, what is important to you and what you are hoping to achieve.
You may be looking for a plan to wind back work, purchase the dream family home, or pay for your children’s education. Whatever your aspirations may be, it is important that your financial strategy is tailored towards your specific circumstances and goals.
Educate and Explore Options
Once we understand what you are hoping to achieve, we will educate you on your options so you can make informed financial decisions. We believe that financial planning should be a collaborative process and through awareness and understanding of your options, you will feel confident and in control of your finances.
Develop Personalised Plan
We can now develop your personalised plan which will provide a blueprint for growing wealth and achieving your financial goals. Our approach will start with strategy first, and within the recommended strategy identify the right products for your circumstances. We will then model out your current plan vs the recommended strategy, providing a benchmark to track future progress against.
We believe in a holistic approach to planning and the advice may cover a range of areas including cash flow / budgeting advice, personal investments, superannuation / SMSFs, tax planning and risk management.
Implement Strategy
Having the right strategy is one component, but execution of the plan is equally important. We coordinate putting in place each component of the advice to ensure all recommendations are implemented correctly.
Review & Refine
We understand life is not linear and that circumstances, priorities and goals change over time. We take a proactive approach to planning and make sure the plan is fully reviewed at least every 12 months to reflect your changing circumstances, and also measure progress regularly to keep accountability for all parties.