Brendan Ainscough

WHY FINANCIAL PLANNING IS ESSENTIAL WHEN BUSINESS PROFITS BECOME PERSONAL WEALTH

EXITING a successfully run business is a major step and one that requires extensive planning – not just how the company’s assets are disposed of but, on a more personal level, how the fruits of that labour are invested for the future.

When Brendan Ainscough, one of three brothers who built up the UK’s biggest crane provider, found himself in this position, he turned to Chartered Financial Planners Fraser Wealth Management for help.

Liverpool-based Fraser have experience of working alongside the accountants and solicitors more commonly associated with business exit strategies, helping the individuals involved to plan, manage and protect their own personal wealth.

Paul Bocking, one of the founding directors of Fraser Wealth Management – the first firm of independent financial planners in Liverpool to be awarded chartered status by the Chartered Insurance Institute (CII) – said: “It’s vital for outgoing business owners to consider all of the tax implications of their new-found personal wealth, including making sure they’ve set aside the money for their Capital Gains Tax liability and considered their Inheritance Tax position. They also need to think ahead about the lifestyle they wish to lead and how they will fund it, including any capital expenditure they want to make.
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“The proceeds from the sale must be invested wisely to create the most tax efficient stream of income, whilst also growing the money with inflation to preserve their wealth. These are all areas in which financial planners like ourselves can help.”

Among those who’ve benefited from Fraser’s carefully planned approach is Brendan Ainscough, part of the family that built up and then sold the successful Ainscough Crane Hire business, based near Wigan.

The company employed 1,000 people in 25 UK depots and had a fleet of 500 mobile cranes when subject to a management buy out in 2007. Brendan was keen to maximise his share of a business the three brothers had spent 30 years building up.

He explained: “We all felt we’d reached the pinnacle of where we could take the business and the time was right to move on. We had PricewaterhouseCoopers and Hammonds on board as accountants and legal advisers for the sale of the business, but I had dealt with Paul Bocking personally over 12 years for various investment and pension advice and trusted him and Fraser to take care of me at this important juncture.

“Paul and his business partner Kevin were with me every step of the way throughout the whole process, attending every meeting and advising me on all aspects of the deal, from making sure I received my share of the proceeds in the most tax efficient way to devising a long term investment plan.

“They take a very personal approach but it’s also very analytical. We had a ‘game plan’ and we followed it, making sure that my investments were evenly spread risk-wise to protect me in a downturn – very sensible given the current credit crunch – but also making sure some cash was readily accessible for lifestyle purchases such as an overseas property, new cars and some fantastic holidays.

“I’ve also involved them in every major purchase since, tapping into their knowledge and experience to make sure I’m doing the right thing. We have an excellent working relationship and I’ve introduced them to other members of my family and colleagues.”
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Since leaving Ainscough Crane Hire, Brendan, now 54, has kept an involvement in other family run businesses specialising in machinery installation and removal and construction related training, whilst also spending more time with his wife and three children, in their teens and early twenties.

“Selling up a successful business was a massive decision but we planned and executed it well, with the right professional advice and now, with Fraser Wealth Management’s help, my family can continue to benefit from that success,” said Brendan.

Based in Liverpool, as well as having offices in London, Fraser Wealth Management offers expert advice in a range of areas, with particular expertise in retirement, investment and inheritance tax planning. Further information: www.fraserwm.co.uk or call 0845 456 4404. 

Liverpool Office

52 Tithebarn Street
Liverpool
Merseyside
L2 2SR

Tel: 0845 456 4404
Fax: 0845 456 4405
(location map)
 

London Office

1 Cornhill
London
EC3V 3ND

Tel: 0207 743 6558
Fax: 0207 743 6559
(location map)