A Gathering of Minds: The Inaugural BANDwidth Event

At the end of October, we kicked off our first BANDwidth event at our Farringdon office. It was an afternoon with insightful discussions, all about the pivotal topic of retirement and succession planning.

Though architects and interior designers were in the spotlight, the seminar offered gems of wisdom relevant to anyone pondering the future of their business. And this is the essence of BANDwidth events: uniting business owners to exchange narratives and gather expertise from key industry figures.

A Panel of Experts
Our line-up of esteemed panellists included Andrew Kidd, a principal at Clintons with a keen eye for wills, trusts, and estate planning. Alongside him was Roy McLoughlin, a director from boutique wealth management firm Cavendish Ware. Rounding off the panel was Bryony Balmforth, the director and co-founder of BAND.

The Real Deal on Cash Flow and More
Roy McLoughlin brought to the table the intriguing concept of cash flow modelling, shining a light on setting feasible financial goals. He discussed how cash flow modelling could be the reality check business owners need against their valuation expectations. Roy also touched upon Key Person Insurance, a safeguard for businesses against the loss of indispensable team members.

Exploring Exit Strategies
Bryony Balmforth delved into the intricacies of exit planning, exploring avenues like trade sales, management buyouts, and employee ownership trusts. Each option was laid out with its potential implications, providing attendees with a map of possible future exit paths.

Legal Wisdom for Legacy Planning
From the legal corner, Andrew Kidd emphasised the importance of inheritance planning and the crucial role of lasting power of attorney. Andrew’s mission? To save you from the costly and emotionally draining process of will disputes. He stands by the ‘Golden Rule’, advocating for a consultant psychiatrist to be present for significant will signings, ensuring soundness of mind and intention.

The Dialogue Continues
The event wrapped up with an engaging Q&A. And we emerged with valuable takeaways:

• Plan Ahead for Peace of Mind: Start plotting your succession and retirement roadmap early to avoid last-minute crunches.
• Don’t Delay: It’s highly challenging to reach an agreement on succession and retirement when key stakeholders are at a point of conflict, especially if one is feeling burnt out and ready to exit.
• Prevention is Better than Cure: Start thinking about these issues well before you are in a difficult position. Plan ahead to maintain control over the exit process and ensure the best possible outcome.

See you in January
Our next BANDwidth event on January 24^th promises to be a haven for agency owners. We’ll be peeling back the layers on various exit strategies, offering guidance on crafting a robust plan to heighten your agency’s worth. Stay tuned for updates by following us on LinkedIn.