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Illustrative Profile

A Business Owner Nearing Retirement

Primary Goal:

John wants to devise a clear plan for a future after business, so he can spend time enjoying his retirement.

A business owner approaching retirement case study

This is a hypothetical, fictional example of a potential client issue. This is not a real person but, this situation is used to provide clarity on potential issues others may be experiencing.

The Background

John, 55, has built a law practice with 20 employees after starting out as a sole practitioner. His annual income is around $1 million. He and his wife are empty nesters, as their two children are young professionals on their own.

John wants to get prepared for retirement, during which he wants to travel with his wife; spend time with their grandchildren; and enjoy hobbies such as boating, golf, fishing, and tennis. He also wants to help fund their grandkids’ education, as well as give back to their church and several charitable organizations. In general, he wants to relax, enjoy life more, and know that everything will be okay.

The Challenge

Our Solution

During our thorough F.L.O.W. discovery process, John was able to crystallize his vision. This motivated him and his family. We helped him identify where he was financially and uncovered areas to be improved. We developed a plan to guide him on what we needed to do along the way to help him achieve his goals. As those goals change or the environment changes, we change with it. Keeping him on track. We don’t just set up the plan and “wake up” 10 years later; we adjust as life moves on — tweaking with the goal of improving our chances of success.

We ask a lot of questions. If he’s giving to charity or funding educational expenses, is he using the proper vehicles? Are the insurance policies he has designed for this stage of his life? Is his tax planning on point? Do we need to look at enhanced retirement plan funding or 401(k) investment optimization? What about spousal income protection strategies? Basically, we serve as John’s financial concierge — taking care of him so he can live his best possible life — working in conjunction with his CPA and attorney as necessary.

We brought in business management consultants to discuss the options for his practice. He decided to sell to a strategic third party to maximize value and ensure that his employees were taken care of. We worked with his CPA to structure the sale to be tax efficient, so he and his family could retain as much of the proceeds as possible for their next stage of life.

We addressed risk management, key employee, and insurance coverage guidance. We analysed his practice to design the proper retirement plan that addressed his family and his employee’s needs. 

Our Summary

We gave clarity to John’s vision, identifying where he is now and developing a plan to guide him on what we need to do along the way to help achieve his goals. As those goals change, or the environment changes, we change with it. We don’t just set up the plan and “wake up” 10 years later; we adjust as life moves on — tweaking with the goal of improving our chances of success.

We ask a lot of questions. If he’s giving to charity or funding educational expenses, is he using the proper vehicles? Are the insurance policies he has designed for this stage of his life? Is his tax planning on point? Do we need to look at enhanced retirement plan funding or 401(k) investment optimization? What about spousal income protection strategies? Basically, we serve as John’s financial concierge — taking care of him so he can live his best possible life — working in conjunction with his CPA and attorney as necessary.

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