Mike and Sue, now in their early 50’s, came on as clients with us about 10 years ago. When we met they were strapped for time running a Aged Care businesses whilst balancing the challenge of raising three kids.
Their main objectives was to afford to fund their children’s private school education as well as ensuring their family was adequately protected. They also wanted to continue to grow the business to be in a position to sell it and retire by age 60.
Over time we worked closely with them to ensure they stayed on track through the ups and down of running a business and raising a family. Through their hard work they have been able to put all three kids through private school and they have now just sold out of their business and realised the fruits of their labour.
Since selling the business, they have taken a year out to go on a number of travel adventures as well a purchasing their dream property on the NSW south coast. We continued to provide advice and crunch the numbers as they decided what to do next retirement was not on the cards.
They since purchased another business, which will keep them busy for a while and we continue to keep them focused while they enjoy their new business and grow their wealth to fund their retirement, when they are ready.
Some of the benefits of our advice that worked for them included:
- Funded private school education for 3 children
- Protected the family from the unexpected with appropriate insurances
- Commenced building and growing funds for retirement by salary sacrificing
- Sold out of 2 aged care businesses and netted about $4.5M
- Accessed Small Business Retirement Exemptions $1M ($500K each)
- Ceased insurance cover when no longer required
- Underwent detailed financial modelling (post the sale of their initial businesses_ to provided sound options for the next stage
- Had 12-18months off work travelling and deciding what to do next
- Purchased their dream beachfront property on the south coast of NSW. Will look to build house on property in next 1-2 years
- Purchased a new business, which they will look to run for next 5 or so years before selling off and retiring on their terms.