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Relying on your small business for your retirement can be a foolish strategy. Many family Business Owners fear they could become the sinking ship. That is, the one who brings the business [and eventually] their family down.

Many of the Business Owners that we see have a passion for their business, they deal with a number of challenges and have a never ending a zest for their company! However, when it comes to their personal finances, there is little if any zest remaining for adequate planning.


There’s one thing you can be certain of – uncertainty!

Our experience with Business Owners reveals that you cannot rely on your business to maintain your lifestyle. You need to create a Plan B.

EVERY business can be effected by factors that are out of the Business Owner’s control. These include, external market forces, business partnerships turning sour, illness and sickness. These and many other external factors can force your business to fail. If this happens, the lifestyle you have and hoped to maintain – is gone.

While you’re working on your business, your family and children are hanging on for dear life, hoping that the business success continues – forever! Wouldn’t it be reassuring to have a Plan B so your family can continue to enjoy their lifestyle – without having to rely on the fortunes of your business?

A sound financial plan, should detail strategies which are researched, technically accurate, based upon your goals and assists in protecting you from the many external forces you face as a business owner. A sound financial plan places you helps you make more astute decisions with the money you extract from the business and be in a better position to maintain the lifestyle you have earned and desired.


How does a wise Business Owner ensure security?

Plan for your family separately from your business. Develop a Plan B for your family (which excludes your business). Your Plan B should include:

  • Business succession planning: If something happened and your business partner could no longer work in the business – could you run everything yourself, work with their partner, or a total stranger as their replacement? Death and disablement of a business partner is often overlooked – and the results, can be devastating for your business, your lifestyle and your family.
  • Superannuation: It’s one of the best ways to diversify your retirement plans away from your business and help protect your family from bankruptcy, add to your nest egg and minimise tax.
  • Cash flow and debt planning: The financial needs of both your business and family rarely change in tandem. Is the business restricting your family’s freedom – is your daily focus too much on the success of your business? Lack of retirement planning, declining motivation and debt stress can be the consequence of not having a balanced approach [or plan] to your cash flow management.
  • Risk management and personal insurances: What is your back-stop to protect yourself and your family in the event of an unforeseen incident?
  • Taxation Planning: Financial planners have many strategies to address the tax consequences of running a highly profitable business. These may include negative gearing strategies, Superannuation advice and/or structured investments so you can continue to gain wealth in a tax friendly environment.
  • Wealth transfer and estate planning: The consequences of not reviewing your estate plan [including business exit and succession plans] can lead to many more issues. We’ll review your situation and analyse the appropriate ways to pass on your legacy to your children of family.

With a Financial Planner, it’s possible to get the balance right. That is, to understand your families vision then to understand what sort of savings will be needed to achieve this vision.

Business Owners understand “the power of the present”. This means, planning ahead is best value to you when it’s completed as soon as possible. Make a start on the possibility today – here.

To download our independent report “Leading a family, leaving a Legacy” simply visit this page in our website – and click the “download” link.

Joe Stephan

Independent Financial Advisor

Joe Stephan graduated in 2002 with a Bachelor of Business (Fin Plan) under the tutelage of his father (Program Leader of Financial Planning at RMIT University).
You will hear Joe bandy about the idea of “pure financial advice”, which is given objectively and focused around the needs of individual and not the internal needs of the business providing advice.

Joe is realising his vision every day through his Independent Advice Firm which he owns and operates with his brother James. Joe also spends a portion of his time teaching tomorrow’s Financial Planners at various Melbourne Universities including RMIT & LA Trobe.

  • Enjoy the fruits of working life Joe & James were able to provide me with the impetus to take the next step into retirement which could have been delayed without quality financial advice. Dr. Kevin Adams Self Funded Retiree
  • Professional practice to be admired Joe & James' professional practice is to be admired. They are always there for his clients when needed. They freely pass on their expert knowledge without hard product selling techniques. Dr. Elspeth Mckay Associate Professor
  • Personal advice for complex lives Stephan Independent Advisory took the time to understand our situation & tailor their advice & solutions to our specific needs which, being a business owner, can be quite complex. Paul Marsh - Principal P2 Group - Business Owner
  • Family centered advice We have moved our investments from being a private client with a major bank to Stephan Independent Advisory in 2018. Since this move, we have been surprised at the depth of understanding encountered from Joe and James about our future plans and their ability to comprehend exactly what we wish to achieve. Mr Graham and Mrs Judith McKnight Self Funded Retirees
  • Values aligning with our own Clear, timely and direct responses in all areas of communications are outstanding. Meetings are planned and run efficiently to deliver on all our expectations. The firm’s values align to our own so that trust is readily established. Mr John and Dr Kim Watty Self Funded Retirees

It’s Never About Money

Whether you have significant financial resources and question the meaning of success or if you’re wondering whether being that little bit wealthier will make you happier this is the podcast for you.


Stephan Independent Advisory
Private Wealth Management
Suite 506, 1 Princess Street, Kew VIC 3101