The price of financial freedom
When we first met Dr Mark Pimble and his partner Sue Mitchell they were in the midst of renovating a house together and Mark was feeling the pinch of financial insecurity as he was approaching retirement with little idea of where he stood financially.
Over the course of his 40+ year career as a dentist Mark had always been cautious with his money, but he had recently gone through a divorce and had bought his ex-business partner out to become the sole owner of his practice Lander, based in Truro, Cornwall.
Originally a general nurse, Sue had had a career change in her 30s and started working in events, eventually setting up her own agency developing content strategies and working with corporate leadership teams across various industries from banking to cosmetic and luxury. She had a lot of experience and insight into business strategy and so, after deciding she wanted to build a future with Mark, sold her own business and came on board at Lander to help him grow the practice with a view to selling it.
With two financial portfolios coming together and some big life decisions on the table, as well as the escalating costs of their renovations, they felt nervous about their financial future.
Both Mark and Sue had previously had bad experiences with financial planners, so they were initially sceptical about how we could help.
After finding out what Mark and Sue’s aspirations were, it was time for them to get down to the numbers, what their assets were, what their earnings were, what their spending was - the whole picture. This then enabled us to give them a mapped-out plan of their financial future showing them different options and scenarios that gave them control, choices and flexibility.
With a clearer idea of what their financial picture looked like, the couple felt confident to start looking towards their retirement plans. They wanted to begin to wind down their careers and enjoy the fruits of their labour. So, in November 2019, they sold their practice to corporate firm Portman, agreeing to a four-year earnout period.
“One of the things I always wanted to be in a situation to do, was to get towards the end of my career and be able to choose whether I worked or not. And that's what I'm doing”, says Mark. “As you get older, you suddenly realise that it's not money, it's time that's important. And freeing up your time is really what this is all about.”
For Mark and Sue, the most important thing has been the relationship and trust they have developed with our founder Thomas Dickson and the Wealthwide team, giving them the confidence to enjoy their final years in the business and look forward to their future.
“The personal relationship that we have with Thomas is extremely valuable to us", says Mark. "I trust him implicitly, and I don't think I've ever met a financial advisor who I can say that about before."
“He actually cares about the people he advises", Sue adds. "He knows about us, our life, our family, what we stand for, and what is important to us. He's that nice, quiet, confident, reassuring person who is always there in the background, and I think that's why we trust him and believe him."
Mark Pimble is the principal dentist at Lander Dentistry in Truro, Cornwall and partner Sue Mitchell is the practice business development and marketing manager. They sold the practice in 2019 to Portman.
Sue and Mark’s complete journey to financial freedom is shared in the September issue of The Dentist.