Some business people can spend so much time making a success of their company that they may not always have time to stand back and consider its financial planning needs. This is only natural, as the day-to-day demands of managing any business can be so challenging that there is little opportunity to think of anything else.
Yet any business can benefit from undertaking a comprehensive review of its long term investment, protection and tax planning needs.
This may involve protecting the business from financial loss if a key person dies or is unable to work for an extended period as a result of an accident or illness. It might also be necessary to plan an exit strategy for the business owners to provide them with a secure and comfortable retirement.
As part of a comprehensive review, it could be that the attractions of purchasing commercial premises via a Self Invested Personal Pension Plan (SIPP) also need to be considered.