Case Study: Meet Dave and Carol

Carol and Dave Murray

Case Study:

Meet Dave and Carol

Dave and Carol have always wished to change careers or semi retire at 55. Both are qualified Doctors working in the NHS: Dave as an anaesthetist, and Carol having worked in General Practice, psychiatric primary care and Occupational Medicine. They have lived in North Yorkshire for over 20 years and approached Manse Capital fifteen years ago to help them achieve a number of lifestyle objectives. These included ensuring their children were well educated, achieving an acceptable work-life balance, and most importantly achieve their life plan of being able to leave medical practice in the NHS and follow one of their passions, such as their love for sport and the outdoors.

Both Dave and Carol are outdoor people and their love of running and Triathlon is a major part of their lives. They have competed in both low key and major international events, including representing Great Britain in their Age Group. Over a fifteen year period we have worked with Dave and Carol to build a long-term lifestyle financial plan that has now resulted in them having the flexibility, financial security and confidence they need to be able to pursue their goal. They have now successfully set up a new Outdoor Events business which will develop over time to include Trail Running, Cycling Events and Triathlon. MaD or Moors and Dales Races can be found online: https://www.madraces.co.uk and www.facebook.com/MaDRaces

The work has involved building a long-term relationship with Dave and Carol to understand what really motivates them in life and what their priorities are. Then through the use of cash flow analysis tools, low cost evidenced based investment strategies and the correct use of tax planning, they were in a position to begin the transition from Medics to owners of their own business.  The whole strategy was then underpinned with a protection plan to ensure it could still be achieved if serious illness, accident or premature death were to occur.

Like all good lifestyle financial plans, it has not been built in a day. It has had to be constantly reviewed and updated to keep it on course. The analogy we would draw is that together we are helming a ship to a destination and every year we need a touch on the tiller to keep the plan on the right compass bearing. You can not simply set a course fifteen years out from a destination and expect to reach your goal, if you do this then you will fail and this is not Financial Planning. The winds and tides of change in personal circumstance, pension and other legislative changes, tax, volatile markets, interest rates and inflation will all conspire to drive your ship on to the rocks. It is imperative that these factors are considered on an ongoing basis and action is taken to adjust course when required. Real financial planning is not about a single piece of advice, but instead is about a long-term collaborative relationship.

"When thinking about investing and pensions, I think a lot of people ask themselves 'what is the most I can get?'. This isn't necessarily the best approach. I think the better question is 'in order to get what I want from life, how much do I need, and how do I achieve that?'. One of the most helpful aspects of Manse Capital is their financial modelling. This has allowed us to make plans for the future and understand the financial implications of different options. It has allowed us to get a work-life balance that suits us. I don’t think we would have set up MaD Races without this."

The business is in its early stages with the first race planned for September this year and a second in April 2019. The hope is that it will provide additional income having left NHS employment, and may even grow to provide a business for their daughter, who is keen to enter a career in sport.

Having lived in the beautiful Yorkshire countryside for so long, Dave and Carol’s business will offer events that take advantage of the amazing local terrain, scenery and attractions. They will offer races for all runners, from beginners through to established athletes. If you are a runner and need a goal for your fitness have a look at their website and sign up for their Falls and Castle Trail Race in the Yorkshire Dales National Park on 23rd September, for either 7 miles or 18 miles.

For any local business owners who want a marketing opportunity Dave and Carol are also looking for sponsorship for the events. Contact Carol on carol@madraces.co.uk if you are interested.

Nick Crabbe

Financial Planner & Director