From an early time we decided to give my two sons shares in the business. Although this wasn’t part of a serious succession strategy, one of the advantages of having a good process like this in place is that when I step down and retire (and I don’t intend to any time soon) they have the option of running the business alongside my fellow director Neil Emburey.
Mike is director of Cube Financial. He has worked in finance since 1978 and been a financial adviser since 1989 working with firms with a strong City bias. In 1999, Mike realised a desire to set up his own financial planning business, FS3 Ltd, so that he could stay close to his clients. He set up Cube in 2010.
Mike Godfrey of Cube Financial Planning gives his top tips on how to successfully work with family members which could become a developing trend as advisers contemplate their succession strategy.
Both my sons work with me at Cube Financial Planning although the idea of bringing them into my business was mainly triggered by them rather than me.