Addressing mental health and wellbeing

Our client had a vehicle repair business and was referred to RBS by The Salvation Army.

Due to COVID, the business was not going well and the financial pressure was increasing. The client didn’t use accounting software, so he didn’t have an accurate financial position. Poor cash flow was an issue that needed addressing.

The client explained that he suffered from depression and required time away from the business to assist in his treatment and recovery. During that time business decreased significantly due to his absence, and this further exacerbated his mental health position.

We conducted a holistic assessment to better understand the situation and assist the client to identify his potential options. He acknowledged that he felt much better after talking through the issues with somebody who listened to him.

One option considered was to sell the business. Together we determined that to do this, the client needed to understand his financial position, place a value on the plant and equipment, and get some legal advice around the sale process.

As part of the planning process, it was decided to utilise the RBS Professional Services Fund to provide external advice for those areas of expertise identified.

This enabled the client to look at various personal options, including what would occur if he chose to sell the business and would he be able to do some part-time work during the transition to the new owner.

The client decided to sell and was relieved that we were able to assist in the process. He believed he wouldn’t have had the energy, motivation or knowledge to address his mental wellbeing and progress with the sale of the business.

This support improved his health and he overcame his initial fears about the future. With a more positive outcome, he is now able to focus on his recovery.