As Wyke Business Protection celebrates its first anniversary, the firm is continuing to build on a successful year, with enquiries, client cases and professional introducer relationships all showing steady growth across Northamptonshire and the surrounding region.
Over the first year of trading, the firm has built a reputation for clear, consultative advice and a genuine focus on understanding each business before recommending a solution. That approach is increasingly resonating with SME owners who are taking a more considered view of risk in the current economic climate.
As businesses continue to navigate rising costs, tighter margins and ongoing economic uncertainty, many owners are beginning to look beyond day-to-day operations and consider what would happen if circumstances changed unexpectedly. Questions around ownership, succession planning, key individuals and business continuity are becoming increasingly common.
Gareth Smith, Director of Business Protection said that these conversations are often happening much earlier than they did in the past.
“We’re seeing a noticeable shift in mindset. Historically, business protection was something many owners planned to look at later. Today, more people are recognising the importance of understanding potential risks before they become problems. The conversations we’re having are less about insurance and more about protecting businesses, employees, families and everything they’ve worked hard to build.”
The firm’s growth has also been supported by an expanding network of accountants, solicitors and professional advisers who recognise the value of joined-up planning when supporting their own clients.
A recent example illustrates the kind of impact the team is having. A growing firm approached Wyke Business Protection after a routine conversation with their accountant flagged a gap in their planning. The two founding directors had a shareholder agreement in place but no financial protection behind it.
Working closely with the client’s accountant and solicitor, the Wyke Business Protection team structured a bespoke shareholder protection arrangement, ensuring that if either director were to die or become critically ill, the remaining owner would have the funds to buy back shares at fair value without placing the business under financial strain.
“It’s a situation we see more often than people expect,” said Gareth. “The legal side was already in good shape. What was missing was the financial backing to make sure the agreement could actually be followed through if it was ever needed. Once we’d explained the gap, it was a fairly quick decision for them.”
Many businesses already have elements of protection or succession planning in place, but those arrangements are not always fully aligned. Often, the framework exists, but the financial mechanisms required to support it have never been considered.
Strength across the group
This growth comes at a significant time for the Wyke Group. The group recently welcomed Wyke Wills & Trusts, a dedicated estate planning service sitting alongside Wyke Financial and Wyke Business Protection, further strengthening the breadth of advice available to clients across the region.
This allows the group to support clients across a wider range of personal and business planning needs, creating a more joined- up approach for business owners who often require support in multiple areas.
“Bringing Wyke Wills & Trusts into the group was about completing the picture for our clients,” said Daniel Wyke, Managing Director. “Business Protection continues to be a key part of that picture, and the relationships the team has built with business owners, accountants and solicitors across Northamptonshire remain central to what we do.”
With strong momentum behind it, Wyke Business Protection is continuing to expand its work with professional introducers and is seeing growing recognition of the importance of properly structured, financially backed protection for SMEs.
It plans to continue investing in adviser relationships, educational content and local business engagement, helping more business owners understand where potential vulnerabilities exist and how they can be addressed.
Wyke Business Protection offers free consultations and personalised guidance to business owners seeking clarity in their protection strategy, to find out more visit their website.
