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PARTNER INSIGHT: LIFE AFTER EXIT: MARTIN SPILLER
WEALTH TRANSFER GOING BACK TO SCHOOL
Business owners scale by trusting people I decided to sell out
with expertise they don’t have, whether because I wanted to
it’s their team or their advisers. When it get fit and didn’t see
comes to their personal wealth, it’s hard any real future or
for entrepreneurs to give up control even fulfilment in what I
when they know they aren’t experts. was doing. After exit,
I took a couple of
It’s not surprising then that 96% of weeks off on holiday
business owners prefer self-directed and then decided to
education about wealth planning, with go back to studying and began the three-
68% doing their own financial research, year process of becoming a barrister (to
and 51% turning to family for advice, add to my accountancy qualification).
according to a new Wealth Transfer
Report from RBC Wealth Management I started lecturing (which I really enjoy)
and Scorpio Partnership. To gauge and launch new business ventures in
attitudes to wealth planning and totally new areas as well as doing a bit
advice, RBC took an in-depth look at of consulting. I was just enjoying myself
the preparedness of 384 high net worth and doing anything and everything that I
business owners, worth US$6.4 million on thought would add something to my life
average, across Canada, the UK, and US. either personally or professionally.
“Business owners tend to be good at The good things are that I’ve had some
addressing the elements of wealth amazing experiences and I’ve met a
transfer that relate most closely to their whole range of new people which I never
businesses and, as a result, are good at would have including some real life-long
handling things like structuring the share friends. I have cycled across Europe, had
ownership of the company,” observes time to do 40 challenges in my 40th year
Rob Douglas, a Relationship Manager and learned about sectors and business
in the Business Owners & Entrepreneurs areas I never knew anything about.
team at RBC Wealth Management.
“Where they tend to be less focused is on I can only think of two negatives. I
important elements of their own personal eventually tired of the pluralist career and
affairs. This is highlighted by the fact that miss the structure and organisation of
22% of business owners have not started having one single focus. Working on lots
any wealth transfer planning and only of different things can be quite hard work
51% have a will.” and sometimes less fulfilling than building
something. The other issue is financial;
The report found that 40% plan to having capital assets rather than income
transfer wealth to their children while has resulted in a change of mind-set
they’re living. “Many business owners like (particularly post-divorce!).
the idea that their business achievements
can go on to benefit others during their A new challenge I’ve had to overcome is
lifetime,” says Rob. “Giving while living the realization that not everything you
is a growing feature of how successful touch will turn to gold. I was 28 when I
business owners approach their wealth left corporate finance and Only 4 U was
and their legacies.” phenomenally successful; growing from
nothing to £15m turnover in 5 years. In
Members of The Supper Club agree that the years since exit I have put money and
children need to be educated about time into a number of ventures and some
money as it’s often the third generation of them have failed spectacularly and
that squanders it. One member holds a that can dent your ego a little bit.
family meeting every 6 months to talk
about ‘Health, Wealth and Happiness’ Being in groups like The Supper Club and
where their children discuss what they’ve sharing experiences, both good and bad,
achieved or pitch for more money. is extremely helpful and I make sure that
each year I review what has gone well,
For more insights, read the full report what hasn’t and what I can do more of
at www.rbcwealthmanagement.com/ next year.
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