Round table: Your business isn’t your pension – plan ahead

Business owners shouldn’t rely on their businesses to be their pension, according to one prominent East Midlands wealth management specialist.

Speaking at a round table event in Nottingham, David Ryley of Ryley Wealth Management, warned against bad fiscal planning.

He said: “Business owners need to get the right advice. It’s not good to rely on the business being your pension as when something goes wrong it can leave both the individual and business badly exposed. While a business is making money, business owners should make sure they extract money into a pension or investment fund. Leaving too much excess cash in a business can cause problems.”

Serial entrepreneur Andrew Springhall said there were many pitfalls when growing a business.

He added: “It’s a very fine balancing act. If you want to grow a business, using your own funds are the cheapest to reinvest. When you’re at the coalface of starting own business you do think that is going to be your nest egg.”

A full transcript of the discussion will appear on TheBusinessDesk.com next week. Many thanks to Tank PR for hosting the event.