The first of a series of free business events was held by four of the top professional services companies in North Wales.
Williams Denton Accountants, Edward Hughes Solicitors, Bowden Financial Planning, and Knox Commercial & Insolvency Solicitors hosted the inaugural Business Four North Wales Event at Porth Eirias restaurant in Colwyn Bay.
Those in attendance were given four presentations on the theme of exit planning, from ‘business divorce’ to wills and probate advice, guidance and the pitfalls of failing to address your financial affairs ahead of retirement or a possible commercial split.
With 81.6% of the UK workforce employed by SMEs, John Bowden, director of Bowden Financial Planning in Colwyn Bay, said it is vital business owners look after themselves, not just commercially but mentally and physically.
“Perhaps it’s human nature, but it’s incredible how many people will insure equipment or machinery but not themselves,” said John.
“We often overlook our health, and nobody wants to consider their own mortality, but in doing so we can be better prepared and avoid the financial risks if something were to happen.
“You can rebuild a building or buy a new van if something happens to it, but with people it’s not that simple.”
Andrea Knox, director of Knox Commercial & Insolvency Solicitors based in Anglesey and Colwyn Bay, spoke about ‘business divorce’ and how partners can plan for an eventual parting of the ways without conflict.
“It is poor preparation to go into a commercial partnership and not have a ‘business pre-nuptial agreement’, or at least have discussed your values and viewpoints so you know you can work together,” she added.
“Anything from personality clashes to what car you’re driving or how many holidays are being taken can cause a divide between business owners, and these are non-legal issues, but it makes sense to eliminate potential blame and justification with proper planning, and resolve disputes with expert help to avoid heavy costs.”
Also speaking on the day was Phil Davies, a client manager at Williams Denton in Llandudno, who discussed succession planning and the valuation of a company based on goodwill, brand and reputation, not just assets and revenue.
And David Jones, a partner in Rhyl and Colwyn Bay-based Edward Hughes Solicitors, highlighted the importance of writing and reviewing a will on a regular basis, and powers of attorney.
“It was a great morning and we thank everyone for coming,” said Phil.
“There were a wide range of angles on this theme, and from the feedback we’ve had the session and information given afterwards was of interest and useful for those in attendance.”
“We will be holding another event in May and again later in the year on a different topic which will appeal to businesses and individuals, as well as offering free advice and support.”
The next Business Four North Wales event will be held at M-SParc in Gaerwen, Anglesey, on Tuesday, May 12.