Financial advice is crucial for entrepreneurs, says IFA James Corcoran, as it helps them successfully navigate their company’s life cycle.
James Corcoran, a chartered financial planner at Lumin Wealth, identifies four stages in a small business’s life cycle: building wealth, extracting wealth, planning for retirement, and exiting the business. He asserts that effective financial planning is essential for success in each of these stages.
“Most business owners work with an accountant and many with a solicitor, yet surprisingly few engage a financial planner,” Corcoran observes. “This is a significant issue because financial planners offer a comprehensive skill set and perspective, uniquely positioning them to help small business owners achieve financial success beyond the tax planning capabilities of an accountant.”
“Financial planners possess a comprehensive understanding of various financial areas, assisting business owners both within and outside their businesses. These areas include investment management, tax planning, risk management, and retirement planning. This holistic approach ensures that all aspects of a business owner’s financial situation are considered,” Corcoran explains.
