This case study from one of our clients shows how consulting a holistic business advisor, instead of a regular accountant, can help you take control of your business finances & make the most out of your position.
A few years ago, we received a call from a small family-owned manufacturing business. When this SME first called us, they were already doing well. In fact, they’d been doing well steadily for four years. The business was run by a husband-and-wife team, and they’d had an accountant on board since day one. So why did they call us?
They were feeling stuck in a rut.
The owner explained to me that they’d been working hard for years, and business seemed to be going well. Yet it also seemed like they were still in the same place in their lives. They were definitely making money, but they felt like it wasn’t being managed properly. There was a sense that they were missing the opportunity to capitalise on their position and really get ahead.
The problem was that their accountant was thinking too small. Of course, he was a perfectly fine accountant, who kept accurate records. But his approach and his advice was too narrow. For those four years, he was only focused on settling the numbers and managing client tax compliance. There was no big thinking being offered, no structural planning or advice for the future.
So when the business owners finally decided to speak to us, they were feeling frustrated and stuck.
We took a holistic approach.
We sat down with the business owners to understand where they were at. We got to know them first – we talked about how they’d built their business to support their family, and the short term goals they could achieve to help safeguard that future.
Then, we took a holistic look at their business & family wealth. We assessed everything from their financing & debt structuring, to their overall business structure, to the management of their personal assets – including who owned what and why it was set up that way. Working with our preferred partners at Discover Financial, we were also able to provide advice around consolidating superannuation.
Throughout this process, it became clear that their existing business structure had a lot of room for improvement. In fact, almost 80% of the significant wealth they’d accumulated was sitting in their business account, doing nothing. We helped them take advantage of their position and use this capital effectively. This included setting up an investment trust to better secure their assets and grow their future wealth.
Alongside this, we also gave advice on other holistic improvements that could be made, helping them restructure their business to become significantly more tax-effective, more streamlined, and easier to scale up in the future.
It made a big difference.
After our first tax meeting wrapped up, the business owners were both delighted. They could see clearly how much their situation had improved after choosing to take us on as business advisors.
Don’t believe us? Take their word for it instead, with this testimonial they’ve provided – “Since joining Rees Group as a client, we’ve experienced a more professional approach with a personal touch. Rees Group provides a whole approach outlook – including other income avenues and future financial stability – not just the standard number-crunching that we were receiving from our previous accountant.
Our estimation shows that since the first contact, we’ve saved this business $40,000 a year. Now, things aren’t just chugging along for the couple anymore – they’re growing. And since that first meeting, their lives have only improved. Their business is moving from strength to strength, and they’ve recently been able to purchase their first investment property.
By taking a truly holistic look at how all of their different financial matters fit together, and by providing business structural advice that looks to the future, we were able to take their family & business above and beyond what the average accountant could’ve done for them.
It’s just as exciting for us to see our clients succeed – we get a real kick out of leveraging our financial expertise to help families live better, more secure lives. If you’d like to find out more about how we can help your SME develop innovative solutions that fit your business needs, then get in touch with us today for a free & confidential chat. We know that every business has unique concerns – that’s why we’re experts at finding multiple ways to work through your issues and help your business grow.
Disclaimer: This advice is general in nature and does not take into account your personal objectives, financial situation or needs. You should consider whether this advice is suitable for you and your personal circumstances before acting on it.
