Alan ran a successful chain of wine bars in the city. He initially approached me to review his various investment plans which were achieving variable returns. They were taking up so much of his time that he was considering selling them and putting the money into his business.
However, after some discussion, he realised that what he really wanted was more control over his time. The success of his business actually left him feeling trapped; he kept thinking “Just another 15 years or so, then I can slow down and focus on what I want to do”.
The reality was that he had lost his original passion for the business; he was bored and frustrated. And each day was like Groundhog Day.
How did we help Alan?
We discussed Alan’s goals, aspirations, and dreams. Together, we identified that what Alan actually needed was more time for himself and his family. We also built him a bucket list of things that he wanted to do.
Rather than sell Alan’s investments, we reviewed them and agreed to consolidate them into one place. This immediately saved Alan a lot of time and led to a significant reduction in management fees too.
I helped Alan to build a solid financial plan which included putting more money into well-diversified investments, rather than into the business. As a result of this, Alan could become financially independent, rather than dependent on his business.
Like many business owners, Alan had got into the habit of paying himself last as he was too scared to take money out of the business. I gave him the confidence to draw more money out and spend some of it on his bucket list.
Alan also recruited an Operations Director, expanded his team, and let go of some control. As a result, he has no more sleepless nights, he has more energy to have fun and he can relax, knowing that he has a roadmap for his life.