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Case Study - Paul & Jacob - Builders

BACKGROUND

Small business owners Paul and Jacob* were both builders who, several years ago, were referred to us by their accountant for a life insurance policy. As apprentices, Paul and Jacob had worked together and later decided to secure finance to buy the business from their employer.

When we first met the pair, they had been business partners for around seven years. Paul and Jacob were both married with school-aged children. Their business was booming, they’d employed close to a dozen staff and they were paying down their business debt.

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Case Study - Peter the Mechanic

BACKGROUND

Peter, a mechanic, owned and operated a small, regional mechanical repair business. He had one employee – an apprentice – and was enjoying the independence of running his own business.

In general terms, Peter had no major financial commitments. He was single and didn’t have a mortgage, just the day to day costs of running his business.

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Case Study - Tom’s Super: Industry Super v Managed Super

BACKGROUND

Our client had previously owned and operated a small business over 17 years ago, during which time he contributed to a retail superannuation fund. However, not long after the fund was established he and his wife parted ways and the business was sold.

Tom* initially moved between various jobs, finally settling into a long term position at a large local business. During this time we lost contact with him and we were no longer managing his super contributions. Tom made no further contributions to this fund.

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Case Study - Buy/Sell Agreement For Local Realtors

BACKGROUND

One of our long-term clients Phil*, a real estate agent, was approaching retirement and came to us seeking some assistance transitioning from full-time employment to accessing and managing his superannuation entitlements.

Phil had formerly been in partnership with three other real estate agents. When it came time for him to relinquish his shareholding, Phil’s three partners bought out his interests for a figure based on what could only be described as a ‘gentlemen’s agreement’. Phil was fortunate that, despite the deal being done over a handshake and without any legal documentation, all parties were satisfied with the agreement. However, not all buy-outs end so amicably.

Upon his departure from the real estate agency, Phil urged his three former business partners to put in place some measures to protect the business, should any of the remaining partners wish to leave either voluntarily or involuntarily. Phil was well aware that whilst his departure was relatively smooth, without any documentation in place the remaining shareholders had no assurances that they would be satisfied with the amount they, or their estates, would receive when exiting the business. Nor had they taken any measures to assure the business’s ongoing operation without one of its key players.

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Fortnum Dubbo and its advisers are Authorised Representatives of Fortnum Private Wealth Ltd ABN 54 139 889 535 AFSL 357306 trading as Fortnum Financial Advisers.

The information contained within this website does not consider your personal circumstances and is of a general nature only. You should not act on it without first obtaining professional financial advice specific to your circumstances. This website holds information for Australian Residents only.

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