How strategic financial advice supported a family business through crisis

When life throws unexpected challenges, the right financial advice can make the difference between hardship and security. This was the reality for one of our clients, a couple running a successful family business, who faced a life-changing health crisis that threatened not only their livelihood but also their financial future. 

The challenge 

Our clients were a married couple with two young children. They owned their business premises, valued at $2 million with a $1 million debt attached, and lived in their own home. Like many small business owners, their retirement plan relied heavily on selling their business and the premises. However, they had minimal superannuation and were heavily dependent on their ability to generate income. 

Recognising their vulnerability, the couple engaged us for insurance advice to safeguard their family’s financial security. 

Building the right protections 

Over several years, we worked closely with them to ensure their personal insurance portfolio remained both adequate and comprehensive. We secured the right mix of Life, TPD (Total and Permanent Disability), and Income Protection cover for both partners, designed to protect their business and family’s future should the unthinkable happen. 

A health crisis 

The unthinkable did happen. The husband was diagnosed with cancer. While treatment cured the illness, it left him with long-term chronic fatigue, making it nearly impossible to run the business. His wife stepped in, working 60–70 hour weeks to keep things afloat, but the financial pressure and health challenges weighed heavily on the entire family. 

Our role 

This was when the real value of advice came to life. We worked tirelessly on their behalf, managing complex insurance claims that delivered essential financial relief: 

• A permanent income protection benefit providing regular cashflow. 
• A TPD claim payment of $1.2 million delivered at a critical time. 

With this support in place, we were able to design a full financial strategy that included: 

• A complex super contribution plan. 
• Commencing a pension from super assets. 
• Estate planning tailored to their family goals. 
• Collaboration with their accountant to maximise small business CGT concessions. 
  
  

The outcome: From stress to stability 

With these measures in place, the couple is now approximately $3.2 million better off than they would have been without advice. Importantly, they also gained the freedom to step back from the gruelling work hours, reclaim time with their children, and enjoy financial peace of mind. 

What could have been a devastating financial story has turned into one of security, strength, and the ability to support not just their immediate family, but their wider family as well. 

Key takeaways for business owners 

• Don’t wait for a crisis, set up the right protections early. 
• Comprehensive insurance, reviewed regularly, provides a vital safety net. 
• Skilled advisers can add value well beyond claims by mapping strategies around tax, super, and succession planning. 
• The right advice doesn’t just protect wealth, it protects families and their futures. 
  
  

This case is a powerful reminder that proactive financial advice is about more than numbers - it’s about protecting families, creating stability, and ensuring that even in the toughest times, there are options. 

If you work with business owners or individuals who could benefit from this kind of forward-thinking advice around insurance and wealth protection, our team is here to help. Your client can request a call back here.  

 

This material contains information that is general in nature. It does not take into account the objectives, financial situation or needs of any particular person. You need to consider your financial situation and needs before making any decisions based on this information. Authorised Representative of Partners Wealth Group Financial Advice Pty Ltd AFS Licence No. 558563 | ABN 33 662 748 496.