Business Planning

Dobbrick Financial Services can tailor a financial plan and put in place strategies that will help protect your business.

Business owners are often so busy running their business and dealing with customers, suppliers and employees there’s often no time to sit back and asses how financially ‘healthy’ their business really is.

When you consider the pressures and demands of running a successful small business today, it’s no surprise that many become overwhelmed when they spend what little spare time they have looking at the financial planning side of their business.

Turn your business ideas into reality!

Dobbrick Financial Services offers tailored Business Succession planning for small to medium businesses. A strong Business Succession plan will provide business continuity with minimum disruption in the event one or more owners need to exit at short notice.

  • Every chance of survival for the business.
  • The terminating owner (or their estate) receives true value after tax.
  • An orderly transition of ownership, rather than forcing a fire sale.
  • Retention of key employees.

Revenue Protection

The sudden loss of a key person to the business has inevitable costs and will often hit the top line. Revenue Protection ensures the business receives an injection of funds to safeguard its survival until a suitable replacement is found.

Ownership Protection

Following a business partners’ death or total and permanent disablement, their estate may demand a payout of a size that will force your business to be sold, or the heirs may insist on direct involvement in your business’ operations (even though they may lack the necessary skills).

Business Succession planning will ensure business ownership is transferred to the right party, at the right price, with the funding provided.

Debt Protection

Following the death or total and permanent disablement of a business partner, debt obligations immediately pass on to their estate. This means that all of their personal assets are at call by the bank if the debt is defaulted – including the family home.

  • Business Expense Insurance – Business expenses insurance reimburses the owner of a small, self-employed business for ongoing, fixed business expenses that continue to accrue while the owner is unable to work because of an illness or injury.
  • Buy/Sell Insurance – Buy/Sell Insurance provides a funding mechanism for the continuing owners of a business to purchase the share of an exiting business owner due to death or disability. This type of insurance is used in conjunction with a buy sell agreement.
  • Key Person Insurance – Key Person Insurance provides a lump sum payment to a business in the event of the death or disablement of an employee whose knowledge, work or overall contribution is considered uniquely valuable to the company.

“Consider your situation

I own and operate a medium-sized online manufacturing business along with one business partner. While my partner takes care of marketing, I provide the professional knowledge of the products we sell. Without my expertise, the business would soon fold.

My wife and I have two children and, after purchasing our family home last year, I knew we had reached a point where we needed to protect our family in the event that something should happen to me, and ultimately the business.

At first, I thought that insurance and estate planning were optional and I was looking for someone to talk to. I was referred to Dobbrick Financial Services by a friend and have been very happy with their service. They were happy to discuss alternatives and to offer suggestions regarding our situation.

Plan for the worst

After my first meeting with Ryan, I was certain that we needed a business succession plan as soon as possible. The way my business is set up and runs, if I were to become permanently incapacitated or if I were to pass away, it would be a very stressful situation for both my business partner and my family. It would necessarily result in a fire sale-type arrangement, which would also be very costly for all involved. There is no possibility that my business would have survived if something were to happen to me, and I hate to think where that would leave my family.

Implementing the business succession plan was easy. After a few face-to-face meetings, all of the work was handled by DFS.

Find someone you can trust

If you are a business owner, you should consider business succession planning, or at least talk to someone about your options. I would definitely refer DFS to family and friends to guide them through this process”

Online manufacturer – Brisbane, Queensland

Dobbrick Financial Services - Business Planning

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