I have a lot of my net worth tied up in one company. I need a plan to keep my family safe and still have the opportunity to grow my wealth.
We understand wealth management needs of business owners are unique and require a different approach. The wealth of a business owner is often locked up inside their businesses, so a clear strategy for transitioning this wealth into financial freedom is important.
At the heart of any good wealth management plan is an understanding of your goals. What are you aiming to achieve with your wealth? Once we have identified these goals along with you, we can work with you to create a plan that will help you achieve them.
If you are a business owner looking for advice on how to manage your wealth, contact us today. We would be happy to discuss your specific needs and get started as your wealth advisor.
We have been helping business owners and executives since 1986 and our team has more than 100 years of experience combined.
Managing people, controlling taxes, and dealing with government regulations and red tape top the list of some of the challenges faced by business owners today. Transferring this knowledge to the next generation can be difficult.
Percentage of business owners who say this is their single most important challenge. Source: SBA.gov and CEGWorldwide.
In the old way of doing business, a business owner had to communicate with a CPA, CFP, attorney, banker, etc. Then share that info with another person on the team. A lot of work!
With our new way of wealth management, we follow a process that facilitates communication between experts. This way, a business owner can focus on steering the ship instead of being an expert at everything “under the hood.”
Our 5½-step process helps a business owner maximize their financial return, minimize their tax liability, plan for contingencies, and successfully transfer their business.
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Our processes let you unwind your concentrated equity position, choosing when and how much you want to pay in taxes.
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Edward is an executive whose technology company went public. He has stock options, restricted stock units and owns stock outright in his ESPP (Employee Stock Purchase Plan). He has 100% confidence in his company’s ability to grow faster than other companies and wants to maximize his returns. But he also wants to protect his family’s financial security and not put them at risk by keeping too much with his employer. He has college to plan for, a new mountain vacation home to finish and to furnish, and charities, including his church, he would love to support. We:
Created a list of action items
Established a “safety first” financial plan
Prioritized and minimized tax and other costs with the various concentrated equity positions
Calculated how much equity he could keep with his employer, giving him the chance for substantially even more wealth while keeping his family safe.
Ongoing investment management
Edward says, “You are a great listener and make it easy for me to understand my options.” His successful outcome is more than financial, it is an emotional win for him and his family. Plus, he has the freedom to pursue his passion for the outdoors.
Sheryl loves the business she built but she is ready for a change. Sheryl carved out a unique niche and owns valuable intellectual property rights. She has several loyal employees she wants to make sure are protected. Her adult children have no desire to run the business. Her elderly mother needs more care. Sheryl would like to be there for her, and also for her grandchildren. We:
Helped Sheryl through the 7-step exit planning process
Introduced her to our expert network team who
Did a valuation of her business
Listed and sold the business
Planned for the taxes and hidden retirement costs
Created an investment management plan
“Thank goodness I found you,” Sheryl says. “Anytime I need something, I know who to call!” Sheryl finds time for personal pursuits and has since rekindled relationships that went on the sidelines while she was a busy professional. She is ecstatic!
A year ago, Bob had a stroke. As a partner in a successful law firm and he felt he had no one he could trust. His wife, Susan, had no interest in financial affairs, completely trusting “her Bob.” He was worried about his health and his family’s wealth. His daughter was financially irresponsible, and his son had drug dependency issues. Bob wanted to make sure his family did not fritter away all his money. We:
Created a financial plan
Prioritized the estate plan, protecting Susan just in case something happens to Bob
Created trusts to care for the kids
Empowered Susan by speaking in terms she could understand
Helped Bob with the transition of his business to another partner
Delivered ongoing investment management
“Money is a powerful influence,” says Bob. “My financial advisor keeps me informed and my family safe.” In his new role, Bob has improved health and happiness.
Dave was preparing his business for sale when we first met. He had been solicited directly by a potential buyer and did not know whether the value was fair, or not. It was a large amount of money and he was worried about the tax liability. Additionally, he did not trust the out of state buyers would be able to pay and had questions about their ability to run the business.
Started with an exit plan
Assembled our usual expert team
Discovered that Dave could use a little-known tax advantage called Qualified Small Business Stock
Approached the buyer with the expert team, and renegotiated the deal in Dave’s terms
Implemented a wealth management plan
Ongoing investment management for Dave’s company and his family
“I’m happy as long as I have enough money to buy gas and groceries and go fishing,” says Dave. His success came years after the initial engagement. The original buyer faded away when they realized they could not take advantage of him. The expert team found a new buyer, who gave Dave more than he thought he would ever get. Now Dave has time to go fishing all over the world.
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