How did JD Carpentry SA put the appropriate business planning in place that would improve efficiency in the operations and provide support and protection for the family when any curveballs emerged?
The Challenge
Jason and Rachel from JD Carpentry SA were looking for an advisory service that comprehensively understood the challenges of running a family-owned business and could assist in developing a stream-lined plan for effective and efficient business and family financial planning.
On approaching dmca advisory for assistance with this, the company was a sole-trader operated carpentry business that had grown and developed over time. The last couple of years have presented added complexities relating to the COVID-19 pandemic.
The Solution
dmca adviser, Ricardo Neves, assisted the couple to develop a business strategy that considered the growth of the carpentry business as well as contingency planning, tax and compliance considerations, business insurance and personal financial planning.
As JD Carpentry expanded it was important to reduce risk, as well as manage compliance within a more tax-effective structure.
To optimise efficiency, dmca advisory helped the business evolve from its sole trader status into a company with an associated trust structure. This ensured the owners had additional legal protections, while providing improved tax-effective business structures.
Contingency planning was required when a major injury occurred within the company. dmca advisory had already established the necessary insurance policies for this unexpected event. Workplace support claims were then quickly processed, ensuring income security and peace of mind at a critical time.
The Result.
JD Carpentry SA continues to benefit from the fully integrated expert team at dmca advisory, including utilising stream-lined financial planning, insurance, wealth and estate management and planning, tax and accounting services. Family, personal and asset-based insurance policies have been established to protect the company and family.
Using the full range of specialist small business expertise to help steer the growing operation has been invaluable to the company. After transitioning seamlessly into the company structure, the owners can now manage tax and financial obligations in a more effective manner whilst providing better protection for vital family assets and limiting personal liability.
“The personalised approach of the dmca advisory team has reassured us of our financial plans for the future, and we feel encouraged to seek clarification if uncertain. We feel safe and secure knowing that all options have been considered and have enormous confidence in the skills and guidance of the team.”