Creating FINANCIAL INDEPENDENCE EXIT STRATEGY AND WEALTH PLANNING PARTNERS IN MANAGING YOUR WEALTH PARTNERS IN MANAGING YOUR WEALTH

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1 Creating FINANCIAL INDEPENDENCE EXIT STRATEGY AND WEALTH PLANNING 1

2 Contents 3 Creating financial independence 4 Why you should choose St. James s Place 4 Our approach 7 Creating your wealth plan 9 Planning your exit carefully 11 Selling your business 13 The typical exit process 14 Creating a wealth plan that delivers your financial independence 17 Creating a safety net 18 Working in partnership 18 Our guarantee 2

3 Creating fi nancial independence As a successful business owner you have a detailed understanding of what is required to make your business succeed. You, your employees and business advisers are focused on ensuring your business continues to create value for your customers, maintain your competitive advantage and exploit market and competitor opportunities. However, in our experience, successful business owners tend to focus their time and energies on their business at the expense of their personal needs and requirements. As a wealth management fi rm that specialises in helping business owners we believe you could be missing an opportunity to maximise the return on your fi nancial assets. Your fi nance director, accountant and business advisers are skilled in ensuring you make the most of your business assets. We will be working with you to do exactly the same for your personal assets. We believe you should plan for your fi nancial security as rigorously as you plan for your business success. To achieve this you need an adviser that understands you and your business and will work with you to ensure you obtain the maximum benefit from all your hard work. 3

4 Why you should choose St. James s Place The St. James s Place Partnership is made up of some of the most experienced, able and highly regarded professionals working in wealth management today. Our Partners so called because of their common purpose and shared values have an average of 17 years experience in fi nancial services. The St. James s Place Partnership is part of the St. James s Place Wealth Management Group a provider of a growing range of services of outstanding quality that are available exclusively through the Partnership. With funds amounting to 29.1 billion under management, St. James s Place is one of the UK s leading wealth management organisations. We believe in making it easier and simpler for our clients to manage their wealth. That is why we place a great emphasis on providing trusted, face to face advice something of particular relevance and importance in these unprecedented times. Our approach As a successful business owner you will have clear business objectives and goals and a business plan that explains how you will achieve them. You will not be surprised that we work with you in the same way. So, how could this work? In our experience, one of the key challenges facing any business owner is how you convert your enterprise into wealth, or to put it another way, how you can extract the rewards for the many years of hard work and personal sacrifices that have been made in building your business and to create fi nancial independence for yourself and your family. To explore what this means for you we will ask you three key questions: Question 1: Have you placed a value on fi nancial independence? Question 2: Is your business an occupation or a source of private wealth? Question 3: Can your business create sufficient wealth to provide you and your family with fi nancial independence? 4

5 1. Placing a value on financial independence How do you place a value on fi nancial independence? We believe that the best plans are those that are simple to produce and act upon and so we have designed a simple way of placing a value on fi nancial independence. It involves a three step process as follows: Step one - Calculate the net annual income you would require at the point you stop working that will enable you to have the lifestyle that you have worked so hard to enjoy. (Make sure you allow for infl ation between now and then.) Step two Take the annual income you have calculated under step one and multiply this number by 25, this is the capital sum you will require, when you fi nally stop work, to create the fi nancial independence identified in step one. Step three Take a view of the future value of your business and non-business assets. How close are you to achieving this capital sum? 2. Is your business an occupation or a source of private wealth? We believe that every business falls into one of two categories: It is an occupation that happens to mean self employment; or It is a potential source of private wealth for you and your family. If it is an occupation that is you are carrying on a trade or profession that traditionally has meant self employment - then this means it is very much like any other occupation. Profits provide you with an income, but if your business does not have, and is unlikely to ever have, any intrinsic value that could be traded for cash in the future, then we will create a plan that will enable you to build a capital lump sum in a tax efficient manner that you can convert to income in your retirement to secure fi nancial independence. If you have a business that has an intrinsic value now, or could be developed to ensure that it does in the future, then it could prove to be a source of private wealth and form part of the planning towards your fi nancial independence. Taking time to consider which of these two categories your business falls into is absolutely crucial in determining your wealth objectives. 3. Can your business create sufficient wealth to provide you and your family with financial independence? If you believe that your business can be a source of private wealth, then planning is essential to ensure that it can generate sufficient capital to reach your objectives. This will be achieved through a mixture of investing both the profi ts you extract from the business over the years and the proceeds of your eventual exit, and you will need to consider the investment and taxation consequences of any actions taken. 5

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7 Creating your wealth plan We all recognise that we are far more likely to achieve our objectives if we have put a plan in place fi rst. Preparing for the future is no different and, having established the capital sum you will need to fund your fi nancial independence, it is now time to put in place a plan of action to ensure that you can achieve it. Your St. James s Place Partner will work with you, together with other professional advisers, to create your wealth plan. Your plan will focus on three areas: Planning your exit carefully to ensure that you maximise the value of your business. Exploring the wealth management opportunities that exist to help you invest both the profits you extract from your business over time as well as the proceeds of your exit. Creating a safety net to protect the value of your planning in the event of ill health or death. 7

8 Planning your exit carefully The guidance provided in this section is inevitably general in nature. However, using this as a starting point, you can tailor your exit plans for your unique circumstances and take advice from appropriate professionals. Maximising value There are a number of value drivers which might impact on the ultimate price buyers will be prepared to pay for your business. The following characteristics represent some of the aspects of a business that most prudent purchasers will study. Look at these value drivers and consider how well your business is performing against them. Where are the areas that you could focus your energies in improving the potential future value of your business? Profits Does your company have a history of strong growing profits? And do you have an expectation that these profits will continue to grow in the future? Any business with a strong growth track record and one that has the potential for future growth will clearly be of greater value. Expense Control Do you know your numbers? Do you know where your expenses are being incurred and how you can work to reduce them? Can you demonstrate a successful track record of expense control? Your Management Team One of the common mistakes made by businesses seeking to maximise the value of their exit is failure to recruit talented individuals in all the key management positions. For you to maximise the value of your exit, your business must be able to stand alone without your involvement. This will mean you recruiting a strong management team to whom you can delegate the running of the business. 8

9 Your Product and Services Are your products and services scaleable and could you react quickly to changes in market demands? Are you a market leader in your field and would you attract the attention of potential purchasers? How do your products and services compare to your competition. And what are the unique selling points of your business, compared to your competitors? Your Client Base How strong is your client base and what measures have you put in place to protect it? Do you have long term contacts in place with your key clients and have you worked to reduce any dependence upon one or two key business partners? Your Balance Sheet How strong is your balance sheet and specifically, what assets do you have that could be of value to you during the future? These might include commercial properties and other fi xed assets. How high are your levels of debt? How easy have you found it to secure new, or re-fi nance existing debt? This is not meant to be exhaustive. There will be other aspects that will affect the value of your business. For example, a purchaser may want to know about any onerous contracts that exist, are there any claims against you, etc? However, in summary your plan should include a close examination of your business to understand its qualities as well as the areas where you could improve operations to increase the value you can achieve. 9

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11 Selling your business Set out below are some of the ways that businesses can improve their profitability in the approach to exit. This is vital because many business valuations are made on a multiple of profits. In fi nalising your exit plans, you will be able to tailor these and other ideas to fit the unique circumstances of your business. You may be able to expand your sales efforts. This could include the introduction of new profitable products or services, or the employment of additional sales people for the acquisition of another business. You may be able to sell more to your existing customers through improved customer management techniques. A careful review of your productivity and the way in which you manage your direct costs may create improvements in your gross margins. You may wish to review, or renegotiate arrangements with your existing suppliers to reduce the cost of your sales. In presenting fi nancial information to potential purchasers you should exclude costs which would not be required following the sale. These might include costs which purely relate to you and your family. You could also consider investing in a good quality management reporting system, which gives you a detailed understanding of the fi nancial dynamics of your business on a day to day basis. As a result, you will be able to measure actual performance in comparison with plans and budgets and avoid unwelcome surprises in fi nancial performance as you approach your exit. 11

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13 The typical exit process As your exit planning progresses you will reach a point where you wish to commence the process of approaching potential purchasers and fi nalising the arrangements for your exit. Whilst all businesses are unique and every exit is different there are some generic similarities and therefore you might fi nd it helpful to obtain an understanding of the typical exit process. Outline of key actions 1. Produce an information memorandum. This is a document which presents the business in a positive manner and invites offers for the business. It will usually contain details of the basis for sale, an executive summary emphasising the positive features of your business and factual information on your key customers, suppliers, your business infrastructure, and historical and forecast fi nancial performance. 2. Confi rm your shortlist of potential purchasers including contact details of the person at the purchaser to receive the information memorandum. 3. Contact potential purchasers that you have identified as a result of your research to confi rm their initial interest and obtain a signed confidentiality letter. This is vital and prevents your competitors from using an interest in purchasing your business as an excuse to learn more about you. 4. Distribute the information memorandum to the potential purchasers. 5. Hold off site meetings with potential purchasers to present the business, negotiate and obtain initial offers. 6. Compare the offers received, evaluate their merits and select a preferred purchaser. 7. Confi rm the heads of agreement with preferred purchasers, this will include the key terms of the deal such as price, deal structure, period of exclusivity and timetable. 8. Deal with the purchasers due diligence requirements including commercial, tax and legal issues. 9. Complete legal documentation based on advice and guidance from your lawyers. 10. Finalise the exit including the detailed conditions for completion and the practical aspects of handover such as disclosure of the changes to staff and customers together with separation of your personal affairs from those of the company. You will deal with much of this work with input and advice from your professional advisers who will have in-depth experience and who should add substantial value to the process. Timescales This is clearly a lengthy process; the exact length will vary from business to business. However, as a general rule, you should allow at least six months from the point that you have identified a potential buyer to beginning legal completion. 13

14 Creating a wealth plan that delivers your fi nancial independence Wealth Management is about taking care of all of your fi nancial needs and those of your family, but the reality is that very few of us manage our fi nances as best we might. This is hardly surprising the fi nancial world is complex and fast changing, with a myriad of choices available. Your St. James s Place Partner will guide you through the ways in which you can invest for the future to achieve fi nancial independence so that your planning extends seamlessly from your business interests to your personal fi nances. Your personal situation is unique and so the core of our approach to wealth management is a personal service and an interest in building a long term relationship with you, whilst providing comprehensive and holistic advice. Investing for the Future You will want to invest the profits you are able to extract from your business carefully to help build towards fi nancial independence. When building capital the management of risk is crucial. Managing risk can be summed up in one word diversifi cation both by asset class and by investment manager. You will have a number of options including pensions and other investments. You will want to ensure that you are making the most of available tax reliefs and achieving diversification by building capital outside of your business. 14 PARTNERS RS IN MANAGING NG YOUR WEALTH

15 Investing your exit proceeds The decisions you make immediately before and after you exit your business will be crucial in determining the success of your wealth plan. You will need to consider the taxation consequences of the various options open to you. You will also want to understand how you can invest the proceeds of so many years of hard work to achieve the objectives you have set. When you choose someone to manage your money, no matter how successful they have been in the past, you can never be sure that you have made the right choice. And even if you have, it may not continue to be the right choice over the years to come. The St. James s Place Wealth Management Group adopts a radical and effective solution to this problem. Recognising that no single investment house has a monopoly of investment expertise we do not employ any in-house investment managers. Instead we carefully select a number of external managers of outstanding ability to manage our range of funds. St. James s Place offer a range of investment funds, covering an array of asset classes and geographical sectors. It also offers a choice of successful specialist investment managers who are subject to our monitoring discipline. This has a number of advantages: It gives us freedom to select fi rst-class managers from the whole market to manage our various funds. It enables us to change any of those managers at short notice if we have lost confidence in them, without any charge or inconvenience to our clients. It offers our clients the opportunity to spread their money between funds managed by different investment fi rms to give real diversification of risk. The cornerstone of the St. James s Place approach is the Investment Committee. The Committee s role, very simply, is to manage the fund managers on behalf of our clients. It selects, monitors and if necessary changes the managers. With thousands of investment managers to choose from this is a huge task. To advise the Committee we retain an independent consulting fi rm, Stamford Associates. This sophisticated service is not available to private clients elsewhere, but as a major corporate client we can access their skills and, in turn, make them available to our clients. 15

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17 Creating a safety net Your planning needs to include a safety net that will protect your business from the risk that you suffer ill health, or even death, before you have been able to create fi nancial independence for yourself and your family. Your St. James s Place Partner will be able to work with you to identify the potential risks to you achieving fi nancial independence and more importantly how to mitigate these. Liability Assessment The Business Liability Assessment is a structured process for assessing the fi nancial risks that an owner-managed business could suffer on the death or serious illness of a key person one whose fi nancial contribution to the business is strong and identifi able. Business Intestacy It is accepted that we should all have an up to date Will* that defi nes how we want our assets treated on our death, or we run the risk of dieing intestate where our estate may not go to our desired beneficiaries. Consideration should be given for a similar process for your business. Far too many businesses have no provision for succession which could result in a business intestacy. Business Property Relief Provided you have owned a share of a business for at least two years then, broadly speaking, your qualifying interest in the business will be free from Inheritance Tax on your death. This is known as Business Property Relief. However, it is easy to inadvertently disqualify yourself from this relief and your St. James s Place Partner can help you to ensure that you qualify for this valuable benefit. * This service will be separate and distinct to those offered by St. James s Place and is an area that is not regulated by the Financial Services Authority. 17

18 Working in partnership We believe that creating fi nancial independence is the most significant wealth management issue facing business owners today. What is clear is that success is dependent upon careful planning towards an agreed objective. As an expert in wealth management, your St. James s Place Partner can talk you through the full range of investment, retirement planning and protection options and will work with your professional advisers in building your wealth plan. If you need to appoint specialist advisers they will be able to introduce you to fi rms that we have carefully selected. For further information, please contact your St. James s Place Partner or call St. James s Place Wealth Management on Alternatively visit Our guarantee The St. James s Place Wealth Management Group guarantees the advice given by its representatives, when recommending any of the products or services offered by companies in the Group. Please be aware that Exit Strategies may include products and services that are separate and distinct to those offered by St. James s Place 18

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20 UK members of the St. James s Place Wealth Management Group are authorised and regulated by the Financial Services Authority. The St. James s Place Partnership and the titles Partner and Partner Practice are marketing terms used to describe St. James s Place representatives. 20 St. James s Place Wealth Management Group plc Registered Office: St. James s Place House, 1 Tetbury Road, Cirencester, Gloucestershire, GL7 1FP, United Kingdom. Registered in England Number SJP3174-VR3 (09/11)

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