The practice has 3 sites with a steadily growing number of clients and staff. Their expertise is in looking after sick animals but they have found that as the business expanded the legislation relating to their business and the increased number of staff meant that they needed to obtain help from other professionals. Andy and Nicole were becoming concerned that they would unintentionally be in breach of a regulation and face fines. Their accountants recommended they speak to NW Brown for a review of their business.
At the first meeting NW Brown collected information about the business, including the benefits already in place for employees as well as how the business was protected in the event of the death, serious illness or retirement of any of the Directors. Andy and Nicole became aware that they needed cover to protect the business, their employees and themselves personally. Although they could not afford to implement everything at once, NW Brown helped them to prioritise and plan for the future.
NW Brown implemented a pension scheme to meet the requirements of the Workplace Pension Reforms, helping them to also plan for retirement and set up a Group Life Insurance Scheme for the benefit of their employees. This also enabled Andy and Nicole to obtain additional life insurance to cover a recent loan for new premises.
Going forwards, NW Brown provides the ongoing administration of the pension and life assurance schemes, which takes a lot of pressure off Nicole.
All of this has helped them with their future plans to sell the business on and enable them to retire earlier than they thought possible.
For reasons of client confidentiality some of the information in this case study has been changed.