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Meet Jim and CATHY, The BUSINESS OWNERS

When Jim came to us over fifteen years ago, he was running a very profitable IT business with 30 employees. He was experiencing common issues many successful business owners endure; high income, high taxes, and most of his net worth was tied up in the business. Both he and his wife were feeling overwhelmed with Jim working 50-60 hours per week and Cathy taking care of their busy household of three school-aged children. Although Jim and Cathy were happy to have a thriving company, they knew they were neglecting their finances.

We first helped them set some personal goals and envision a path to achieve what they truly wanted out of life. From there, we created a customized financial plan and investment strategy that considered the many needs and circumstances that comes with being business owners.

As part of their strategy, we jump-started their savings and retirement goal with a combination 401k and cash balance plan to maximize contributions for both. Considering the concentration risk of so much value in their business, we funneled as much as we could into other types of investments such as a globally diversified stock and bond portfolio and real estate. 

To help maximize their after-tax cash flow, we utilized a multitude of tax strategies such as splitting their operations into multiple business entities to get their effective tax rate as low as possible.

We also helped Jim and Cathy ensure that they and their company were set up for the uncertainties of life. Some of the adjustments we made included: implementing a buy-sell agreement in case of early death or disability of either owner, setting up an estate plan to pass their wealth onto the next generation, and creating an asset protection plan to mitigate as many risks as possible.

Today, after successfully selling their business to a Fortune 500 company Jim and Cathy are thrilled to finally have the time to spend with their children and grandchildren.


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