Running the Business
About the Client’s Situation
Alex (57) owned a successful construction management firm with nine employees, and his annual income had been in excess of $500,000 for several years. He and his wife, Linda, were empty nesters with two grown sons. One son worked in data management at a large corporation and the other had been working with Alex for the last five years.
As they prepared for retirement, Alex felt he needed to make up for lost time and looked forward to traveling, spending time with their young grandchildren, and fishing on his boat. Alex and Linda also wanted to assist with their grandkid's education and give back to their alma-mater. Overall, they wanted the ability to enjoy life and feel secure about their financial future.
Our Process
Alex and Linda had four primary concerns:
- Not understanding how to monetize Alex’s successful business.
- Knowing where they wanted to go, but not knowing where to begin.
- Being concerned about their son working in the business receiving more wealth than their other son as the business grew.
- Feeling unsure if they had the means to scale back at work and what the ramifications would be to the business.
Overcoming Concerns with a Long-Term Plan
Once we began working with Alex and Linda, we helped clarify their long-term vision for the business, estate, and personal income needs. We showed them how we’d be able to pivot with their changing goals over time. Then we showed them what it would take to become financially independent.
We held joint meetings with their accountant to discuss potential exit strategies from the business so Alex could be rewarded for his hard work. Alex and Linda appreciate the confidence we have been able to give them by having a strategy to get them where they want to be.
“The article above summarizes a hypothetical scenario developed to illustrate the kind of people we help and the problems we solve. Client names and details are not representative of any particular client or group of clients.”
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