Browsing the Sunday news media recently, I came across Price Waterhouse Coopers “2019 PwC Irish Family Business Report”. It has some really insightful messages and statistics. It is a must read for any Family Business owner.

 

The main statistic that jumped off the page to me as I read it was “Just 18% of Irish family businesses have a formalised succession plan. Half confirmed that they would have a management/ownership transfer in the next five years”

 

Teresa McColgan, Tax Partner & NextGen Lead, PwC Entrepreneurial and Private Business goes on to provide the following insight on the topic with her Five principles for a forward-looking legacy (below):

 

 

We have all heard of the saying “Failing to Plan is Planning to Fail”, yet only 18% of Irish family businesses have a formalised succession plan. That’s not to say that more business owners don’t have a plan (in their head). But we all know the importance of writing things down in order for them to be realised and have a greater chance of success.

 

I would say that similar stats resonate with business owners and individuals having a formal Lifestyle Financial Plan for their family’s future. A plan that should address all the important questions such as retirement, protection, kids attending college, succession planning and legacy to name just a few.

 

At Metis Ireland, we call this the Metis LifePlan. Our Metis LifePlan process touches on each of the Five Principles above for your family’s forward-looking future and legacy:

 

1. We ask the probing questions to really get you thinking about what’s important to you, your family and your business. What are your financial and lifestyle goals? What does the future hold for you and your business? What’s the money for?

2. We listen to all your hopes and dreams with a view to building you a forward-looking financial road map (your own Metis LifePlan) for the short, medium and long term giving you clarity, direction and peace of mind.

3. Your Financial Plan’s success is best handled through long term strategy to put you in the best possible position to achieve these lifestyle and financial goals and we will help you every step of the way.

4. It’s important to have an experienced financial planning advisory firm in your corner that is at the cutting edge of the financial planning industry in Ireland. A firm with broad industry perspectives and knowledge that can actually apply it to your financial plan (knowledge is everywhere but wisdom is knowing how to apply that knowledge with expertise to match your needs ‘the client’). We will tell you the truth about your money. This may sometimes mean delivering unpleasant truths as we feel comforting lies are pointless.

5. Your lifestyle financial plan should look at the most efficient and effective structures for your circumstances, your family and your business. A Lifestyle Financial Plan is a continual process such is life. Hopes, ambitions and dreams change, and your financial plan should change with you and your family.

 

Metis Ireland have been providing pure Lifestyle Financial Planning to business owners and individuals for several years. We make no secret of the fact that we use cashflow modelling software to project your future needs. It is the foundation on which a Metis LifePlan is built coupled with our financial expertise, knowledge and wisdom. The important first step is getting to know you and your family to discuss your needs in terms of your goals, hopes and dreams. The rest will follow….

 

Our goal is for everyone in Ireland to have a True Lifestyle Financial Plan. A Metis LifePlan will help you find the right balance in life sooner than you expected. Why not take a few minutes to see what some of our clients say about the Metis LifePlan and our process.

 

Client Testimonials

 

It all starts with a cup of coffee (or tea), so get in touch.

 

 

It will cost you 30 minutes of your time for a coffee.

 

Who knows it might turn out to be the most important cup of coffee you’ve ever had!!!!!

 

Keith Matthews
Private Client Manager
kmatthews@metisireland.ie

 


 

 

Disclaimer

Metis Ireland Financial Planning Ltd t/a Metis Ireland is regulated by the Central Bank of Ireland.

All content provided in these blog posts is intended for information purposes only and should not be interpreted as financial advice. You should always engage the services of a fully qualified independent financial adviser before entering any financial contract. Metis Ireland Financial Planning Ltd t/a Metis Ireland will not be held responsible for any actions taken as a result of reading these blog posts.

Disclaimer


Metis Ireland Financial Planning Ltd t/a Metis Ireland is regulated by the Central Bank of Ireland.


All content provided in these blog posts is intended for information purposes only and should not be interpreted as financial advice. You should always engage the services of a fully qualified independent financial adviser before entering any financial contract. Metis Ireland Financial Planning Ltd t/a Metis Ireland will not be held responsible for any actions taken as a result of reading these blog posts.