Brewin Dolphin Wales Business Owner Survey finds:

  • 63% have begun to think of a business exit strategy
  • 51% don’t know how they’ll exit their business
  • 40% don’t have plans in place to support their family if they cannot work
  • Nearly 50% of business owners don’t know how much wealth they need for retirement

A recent survey by Brewin Dolphin highlights some interesting statistics on how business owners in Wales view their business, their financial situation and their future. The participants also expressed their views on succession planning for when they decide to exit their business.

Out of those who responded to the survey, 63% had begun to think about their exit strategy but 51% did not know how they would exit their business. Only 54% of the business owners understood how to plan their business exit strategy and a further 48% were unsure how much wealth they needed in order to have the lifestyle they want in the future. The survey also found that just over half (55%) of respondents thought they had the right team in place to ensure their business continued to thrive, even in their absence, indicating a skills gap.

Why it is important to get financial advice early 

As well as ascertaining business owners’ views about their business, the survey also asked them how they plan their personal finances. The results showed that only 20% of respondents are receiving advice from a financial planner. This indicates that the value of seeking expert financial advice to help with planning for various life stages is not being availed.

The survey also found that only 32% of respondents are receiving advice in a business or personal capacity from an accountant, 18% from a solicitor, 18% from fellow business owners and 8% from corporate advisers (those who aid in selling a business), highlighting a key need for these professional services in Wales to engage more with business owners.

You might also like

Imperial Chartered is the trading name for Imperial Wealth International Ltd. Imperial Wealth International Ltd is a registered company in England & Wales, registration number 10740028. Imperial Wealth International Ltd is authorised and regulated by the Financial Conduct Authority, registration number 823943.’

0292 166 0670

*Please Note

“The value of your investments can go down as well as up, so you could get back less than invested”, “A pension is a long term investment. The fund value may fluctuate and can go down” and “Your eventual income may depend on the size of fund when accessed, interest rates and legislation”.

“The Financial Conduct Authority do not regulate tax planning advice”.

*External Links Disclaimer 

Imperial Chartered cannot be held responsible for the content of external websites.

© 2019 Imperial Chartered. Financial Wealth Management & Retirement Planning. 
1st Floor, Suite A, Unit E, Copse Walk, Cardiff Gate Business Park CF23 8RB
Website crafted by Marzipan Media 

Imperial Chartered