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If you are anything like many of my director and business owner clients, chances are that financial independence, financial security or peace of mind is what you want from life.

Financial INdependence is a really important concept and one which can often be misunderstood.

Business owners often say that ‘I don’t need a pension, I’ve got property‘ or ‘my business is my pension’.  So that means they are financial DEpendent.  Dependent on the future success of the business; dependent on the future of the sector; dependent on the economy; dependent on those who might provide finance to help the business grow; dependent on customers to continue to use the products or services of the business.

There are many things one can do to influence these variables, but in reality many of them cannot be controlled and so it is not wise to build your financial and retirement planning on this foundation.

Recently a client of mine lost a major client, one that accounted for around 20% of turnover.  This wasn’t down to service or quality; it wasn’t down to anything the business could control.  The company was taken over and the new owners had their contacts in his field.

Immediately he had to react, by looking for new clients and new markets.

He was financiallly DEpendent on his customers and recognised the need to diversify and spread his risk.

Fortunately it worked out well.  He took on new customers and then was taken on again by the company who{{cta(‘c3bf81d7-6e70-42a3-8eb2-b4af6f81d61e’,’justifyright’)}} had gone elsewhere, as they realsied the quality of the product he had been providing exceed their own contacts.  But, he is still DEpendent.

Financial INdependence means you can wake up on your 55th birthday, look out of the window and think “WOW! What a lovely day!  I’d rather be …………………..(you fill in the blank)  BUT INSTEAD, I’ve got to go to the office/work/ business/job!  BOTHER (or something stronger)  It’s killing me, I’m more stresssed now than ever before, I’m going to have to work harder or longer just to keep it all together, damn!

BUT WAIT I forgot, I’m FINANCIALLY INDEPENDENT!  I don’t need to go to work today.  In fact, I’m not going to work tomorrow, or next week, or next month, in fact NEVER AGAIN!

You see, I’m FINANCIALLY INDEPENDENT and IF I ever do work again it will be because I want to.  NOT because I have to!  The kids/ staff can have the business.  I don’t need it or want it!  I’m not dependent on it.  Whatever I get for it will be the ‘icing on the cake’ money, that I can spend however I choose.

That’s what we call Financial INdependence.  That’s what we deliver for our clients – Financial Independence, Financial Security and Peace of Mind.  So, if the stakes are so high why not take the time to put in place a financial plan that works for you?  Why do so many business owners fail to plan for their future?

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