There are times in the lives of most senior executives when they take stock and consider what next.
Typically this is triggered by a major life event: a job loss; a serious health scare, the children finally leaving home or a break down in their significant personal relationship.
At this point the key considerations are around the question:
“What life do I want to create that will give me personal satisfaction and enjoyment?”
Claire Hopkins* faced exactly that situation when at the age of 52 she was diagnosed with terminal cancer and given 24 months to live.
Given that prognosis she wanted to resign her job as the high performing CEO of a large private company and devote her energy to working with Emerge Support: a domestic violence charity about which she felt very strongly.
She was also minded that as the principal income earner and with two older children she still wanted to provide for the long term financial well-being of her family
The question she asked Rob was simple:
“Can I afford to resign my job?”
This is where her well-considered long term financial plans really paid off. Having planned for her financial independence from her company she was able to vest her share options over a 12 month period and incurred minimal tax. Furthermore her personal insurances afforded a greater level of cover than the company provided and paid for her medical expenses and a considerable portion of her previous income.
With sufficient liquidity and flexibility in her financial structures and strong income producing assets she was able to pursue her passion and know that her family were well provided for after her death.