Turning the tide FOR AN ENTREPRENEUR

After several decades of running his own company, Dave was ready to trade long days at the office for leisurely days offshore fishing. With much of his personal wealth tied up in his business, he needed guidance on how to make the most of his life’s work and asked us to design an exit plan that would fit his needs and desires.

Getting to work, we coordinated the efforts of various professions, including his CPA, attorney and actuary. Starting with business valuation, we discussed various ways to structure the sale, based on what was most important to him. He told us his goal was a succession plan that was not only seamless for him, but also his employees. The next step was addressing tax implications of the sale. We spent weeks refining various options, including creating a family foundation, forward funding a donor-advised fund and alternative investments to extend tax deferral. The final step was presenting an investment proposal and timeline for the proceeds of the transaction.

With all business transition decisions made and the pressure of running a business behind him, Dave was able to focus on his retirement and the exciting possibilities on the horizon. In our experience, the transition to retirement can be very difficult for highly successful people. By listening carefully and being thoughtful in our approach, we were able to give Dave the confidence to move forward and find a newer, more relaxed pace of life.

The hypothetical example above is for illustrative purposes and is not representative of any actual experience. Individual results will vary.