Case study: How a Lifestyle Financial Planner helped Bob to retire at 55

Happy couple standing on top of rocks enjoying life

Let me introduce you to Bob (not his real name for confidentiality purposes). Bob was an astute businessman in his fifties who worked long hours in his own company. It wasn’t uncommon for Bob to work 7 days a week, only occasionally taking a Sunday afternoon off to see his family. Bob and his wife had not had a holiday in 10 years as the business always came first. However, Bob had a dream to sell the business and hopefully have enough money to be able to learn to fly, buy a plane and enjoy some much-needed time with his family.

Bob had his business valued, and he was delighted when his accountant informed him that it was worth £5 million. Bob and his wife thought that their dream was finally going to become a reality and instructed their accountant to go ahead and sell the company.

When Bob walked into our offices, his company had been on the market for over 2 years, and he had not had one offer. He was still working long hours in the business and was starting to lose heart about the situation he found himself in. One of our Lifestyle Financial Planners spent time with Bob and his wife and learnt all about their dreams and ambitions for life. They listened as Bob explained his predicament and reassured him that they would be able to help.

Our Lifestyle Financial Planner took the time to look at what had been happening with the sale of the business and liaised with the accountant on Bob’s behalf. That was when they discovered that Bob had received an offer to purchase his company after all. Some time ago an interested party had offered £2 million to buy the company – why hadn’t Bob mentioned this before?

It seemed that Bob’s accountant had turned down the offer on his behalf and failed to disclose the information. But hang on, wasn’t the business worth £5 million? Surely Bob would have turned down that offer anyway.

Working with the Lifestyle Financial Planner, Bob discovered that he didn’t need £5 million to achieve his ideal lifestyle. He could do everything he wanted with the original offer they’d received. It was also the only offer Bob had received, he considered that it may not be worth holding out for more money, especially if that money never materialised with another buyer. So, Bob instructed the Lifestyle Financial Planner to contact the interested party to find out if they would still be interested in purchasing the business.

Our Lifestyle Financial Planner negotiated a deal on Bob’s behalf for the previous buyer to purchase the business. Once the sale of the business went through, our Lifestyle Financial Planner assisted Bob in finding the right flying lessons, helped him to purchase his new plane and downsize to a beautiful new home. After understanding what Bob and his wife needed to fund their lifestyle, the Lifestyle financial Planner also assisted them in finding the right investments to allow them to have a fully funded retirement at age 55.

Today Bob is happily flying regularly with his wife by his side, enjoying the retirement he always dreamed of.