He was a highly successful small business owner facing a six-figure tax bill every year. She was a stay-at-home homeschooling mom who wanted a financial plan that would allow him to spend more time with family and lower his stress levels.
How We Helped:
- Correcting Financial Mistakes: During our initial review, we uncovered several significant errors made by his previous financial advisor that could have led to audits and tax penalties. We guided him through the process of correcting these mistakes, ensuring compliance and peace of mind.
- Diversifying Assets and Income: We are helping him build an additional asset and income stream using a diversified portfolio. This will reduce the risks he faces as a small business owner operating in a specific industry and region, giving him more stability.
- Utilizing Tax Credits for 401(k) Plans: We educated him on how to leverage tax credits for starting a 401(k), which created a significant tax benefit for his business while providing a valuable retirement benefit for his employees.
- Employee Financial Education: We conducted face-to-face meetings with him, his office staff, and all employees, focusing on 401(k) education and financial well-being. This helped improve financial literacy and engagement across his team.
- Creating a Business Transition and Estate Plan: We are currently assisting him in developing a comprehensive business transition plan and estate plan. This ensures protection for his family and employees against a potentially devastating financial loss, safeguarding his legacy and ensuring a smooth transition in the event of unexpected circumstances.
Why Personalized Financial Planning Matters
By providing tailored advice and hands-on education, we helped this small business owner mitigate financial risks, optimize tax strategies, and build a plan that aligned with his family’s needs. He now has a clearer path to spending more time with his loved ones without compromising his business success.
Complicating Factors: High-income earner, business owner, multiple locations.