At Penguin we are on a constant quest to promote the incredible benefits of ensuring that each part of what you do is joined up. In simple terms this means making sure you align your plans in each of the compartments of your life.
For example, in today’s modern world, many people – more than ever before – are ‘in business’. This can mean many different things, from being a self-employed sole trader to an owner/manager of a company and just about everything in between. But whatever your position if you are in business we would encourage you to think about your finances and planning in a way that joins up the personal and business aspects.
If you are looking to buy into a business, in whatever form, then please plan this carefully because the way you do this, how you fund this, how you structure ‘the deal’ can have profound long term Financial Planning implications.
It’s not so much that people who compartmentalise make mistakes it is they do not ‘max out’ on opportunities, by approaching the business needs in tandem with the personal needs, the best financial plans are formed.
Many examples can be cited, but often advisers construct deals which are tax efficient – short term, without considering how they look long term; so if you are involved with a business transaction, such as a buyout or buy-in, we would urge you to think about how this will work long term for you personally and the opportunities that exist to structure how you do this both short and longer term.
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