Life stage – getting the balance right

Business is booming. You have experienced, reliable staff – and it's time to take a step back and spend more time with your family. You’ll need to let go of the reins eventually, but you want the business to continue to grow and perform.

John and Stephen fall into this category – perhaps you do too. Here’s their story:

 

Fact file
Business owners John Anderson (founding owner)
Stephen McLean (minority shareholder)
Business occupation Optometry
Business type Company
Income >$1million
Goal​ Partnership to grow the business and allow time out of practice​

John has had his optometry practice – Eyes Matter – for eight years. He’s gathered a large client base that keeps him booked solid, even with two late nights and Saturday trading. In fact, John’s business has been so successful that he recently took on a partner – Stephen, also an optometrist.

Sharing the workload with Stephen has allowed John to claw back some family time; the kids are growing fast and he wants to spend time with them before they move away from home.

Now that the business has achieved turnover of more than $1 million, John has bumped up his insurance protection. His comprehensive business package – Business Continuity – will keep the business functioning if he becomes ill or has an accident, and it will also allow him to hire a qualified locum to cover for him.

Locum Cover will give John peace of mind so he can recover while another experienced professional manages his patients when he is unable to. With Stephen and the locum looking after the patient care, John could ensure he is fully recovered before he returns to work. He's putting the plan in place now as a safeguard for the future – he's healthy and accident-free now and aims to continue that way.

The future looks good for Eyes Matter, because John has taken steps to balance risks that every business faces. 

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