Tag Archive for: Business protection

What is your job role?

Financial Planner

What did you want to be when you were younger?

Football or a cricket manager.

What is your favourite food?

Definitely curry, ideally the Railway Lamb from Dabbawals!

What is the most embarrassing injury you’ve received?

I broke my ankle when being run over by my best friend. I hobbled home to watch Match of the Day and only later realised it was broken in several places.

What is your greatest inspiration?

My faith in Jesus. I love Easter where we celebrate his sacrifice for us on the cross.

What three items would you take with you to a deserted island?

Other than my family (there are four of them so it would be tricky to know which one to leave behind!), I would bring my bible, hockey stick and a ball.

What do you enjoy most about your job?

I love helping clients understand their financial situation better and their relief when they know they are going to be okay. I also feel we add real value when we help people enjoy spending their hard earned capital rather than feeling guilty when using it. We have three choices with our money – spend it now, spend it later or give it away. Our job is to help people make wise decisions about what they want to do combined with what they can afford to do.

What is something you find challenging about your work?

Paperwork. Remembering there are people at the end of the paper definitely helps, but this is certainly a “work in progress”.

What is your job role?

Financial Planner and Director of Co-Navigate

Who is your favourite author?

If I’m reading to switch off then I love a Lee Child or Michael Connelly book. I have just recently read Power of Geography and Prisoners of Geography by Tim Marshall which are fascinating books, especially in light of current events in Ukraine.

If you could only eat one meal for the rest of your life, what would it be?

I don’t like this question at all, as I’m such a foodie and I love variety! My favourite meal of the year though is Christmas dinner with all of the trimmings, so let’s say that. I don’t think I’d ever get bored of pigs in blankets.

Apart from your own jokes, what makes you laugh the most?

A good comedian. I love attending live stand-up shows and have been fortunate to see Billy Connelly twice, and he is the godfather of comedy.

What is your favourite family tradition?

Going for a family walk on a Sunday morning in the countryside. We have an elderly neighbour who has a border collie that we started walking at the beginning of lockdown to help him out. We’ve kept on doing that and it’s a great excuse to get the kids out of the house in the morning and get some fresh air.

What is your proudest accomplishment?

Definitely starting Co-Navigate. There were some real hurdles we had to jump over initially, but to see where we are today and to look back and see how far we’ve come is phenomenal. I get really excited when we discuss where we want the business to go and how we’re going to achieve it, so there’s still lots of hard work ahead.

What do you enjoy most about your job?

This is going to sound like a cliché, but helping clients achieve their life goals. When someone initially comes to us for advice they are generally expecting help with pensions and investments, but through a process of discovery and ongoing meetings we discover what they really want out of life and ensure their pensions and investments are aligned to those outcomes. To be able to put a plan into place that helps to get them there is literally life changing for them; how can I not enjoy that?

What is something you find challenging about your work?

Technology. I absolutely love tech when it works and helps our clients and Co-Navigate operate more efficiently, and as such I’m always on the lookout for new developments. However, no one piece of software can solve all of the problems, so you end up with different suppliers of tech doing different things, and getting them to talk to each other seamlessly is a constant frustration. It’s like an impossible jigsaw at times.

It’s hard work starting a business from scratch. Sometimes you feel that you’re taking two steps forwards before something knocks you three steps back again. 

Whether it’s staff, business rates, global pandemics, you name it… there will always be something trying to get in your way.

What makes you a successful business owner is down to how you deal with it. You get back up, brush yourself off and go again. Because you have to, there is no other way! If it was easy everyone would do it, right?

Imagine, however, that you wake up to a call one morning from your business partner’s spouse or partner informing you that they had died? It’s not inconceivable, everyone dies sometime! You’d be in shock and, no doubt, go through a period of grief. But you’d still have a business to run, one that has to function no matter what is thrown in front of you.

However, when the dust settles, you realise that you are now be in business with your business partner’s spouse. They now own x% of the shares and have x% of the dividends. Although they won’t automatically be a director of your business, and therefore have any say in the day to day management, they will be a stakeholder. As a result, they have an interest in any future sale or offer. If you really don’t get on with them, they might be able to sell their shares to your local competition.

I love both of my business partners’ spouses, I really do. But I still wouldn’t want to go into business with either of them. They have their own careers and could never care about Co-Navigate the way I do.

I’m painting a doomsday scenario here, I know. But it does happen. The solution is so simple as well. A life insurance policy is put in place for each shareholder for the value of the shares, and ensures there is enough money paid to the surviving shareholder(s) via a business trust. A legal cross-option agreement then allows either the surviving shareholder or the deceased shareholder’s representatives to trigger an automatic swap. You get full control of your business back and the widow gets the benefit of a lump sum representing the value of their shareholding. That’s a win-win.

Don’t fall into the business ownership trap! To speak to us about protecting your business please contact enquiries@co-navigate.co.uk, call 0191 228 6130 or fill in our form.