Business Owners working with Financial Advisors

Business Owners

Build a strong retirement plan for yourself and your employees.

John (64) is a successful business owner for 30 years who is getting ready to sell to a larger firm.  He is married to Cindy (62), who is a homemaker and stayed at home to raise their three daughters. Their daughters are grown now and building their own lives and careers. John and Cindy have one granddaughter (so far), and they love spending time with her when work permits.

John is an avid golfer and has also started a budding pickleball career.  Cindy plays tennis and loves to cook. They recently purchased an RV with plans to travel the United States once the business is sold. The goal is to take three or four major RV trips per year.

Up until now, John has been managing their investments but as they prepare to sell the company, he’s realized that he needs a much more sophisticated approach to managing their money, along with a tax planning strategy, especially with the impending tax changes that will impact his income.

He wants to ensure that he has a trusted team of wealth professionals helping him and Cindy build and sustain financial independence.  Cindy has an IRA that they have been contributing to for many years but they haven’t looked at asset allocation for some time.  John has a 401K plan through his business that he will need to roll over once the sale is completed.

Lake Hills can help John and Cindy:

  • Deploy a very specific tax plan to ensure they can keep as much of the proceeds from the sale of the business
  • Decide whether John should delay the start of social security for a few more years
  • Determine when Cindy should start taking social security
  • Understand the impact on their income and tax situation if John were to do consulting work part-time
  • Ensure they don’t outlive their retirement savings given they are both very healthy
  • Work with a team that will help guide them when there is a substantial change in circumstances (market downturn, health issue, loss of spouse)
  • Determine the most efficient strategy for converting their retirement savings to retirement income
  • Continue to grow their investments so they can leave a substantial amount behind for their kids
  • Determine whether long-term care insurance is an appropriate choice for them
  • Providing guidance on their current investment allocations and strategies
  • Help them save money to take their entire family on a yearly trip to Hawaii
  • Determine if they should do a lump-sum payoff after financing their RV.