The Obstacle:
Debbie and Rob started a consulting business 30 years ago helping small business owners as an outsourced CFO option. After a few successful client interactions, they hired an assistant and the next thing they knew, they employed 8 people and had grown to over 50 clients. They have decided to move on to another phase in life but are hesitant to pull the trigger until they gain clarity on the next steps.
WSF Guidance & Results:
They were looking for a financial team to help evaluate complex options and guide their financial journey so they could maximize their exit strategy and set their assets up to provide for them and their family in the future. They wanted to ensure that:
They could get the most value for their business and do so in a tax efficient manner
They could still leave a legacy for their children even though they were going to sell their business
They minimized taxes now with the business sale and positioned the proceeds for tax efficient income
The business proceeds, other savings and risk strategy were fine tuned to fit their new life. They worked with WSF to build a comprehensive plan that addressed their goals and helped them sell the business and implement their new income and risk strategies.
The Plan:
Implement risk management strategies for business proceeds, other savings and other assets
Have annual planning meeting in coordination with CPA to determine the most tax efficient way to provide income and other tax savings strategies
Maximize use of tax-efficient investments to provide sufficient income and help ensure a legacy will be left
Ensure proper insurance coverages for catastrophic events
Have annual meeting to review financial plan to ensure their life and plan still are aligned
Review and update Estate Planning documents to provide for future goals and family legacy