Background

Meet Sarah, a successful business owner who has built a thriving company over the past 15 years. She is now looking to ensure that her business and personal finances are in order for her future. As a business owner, she faces unique challenges such as providing a workplace retirement plan, insurance protection, and planning for the exit of her business.

Challenge

Sarah's business has grown significantly over the past 15 years, and she is now looking to plan for her future. One of her main concerns is providing a retirement plan for her employees, as well as ensuring that she has a plan in place for her own retirement. Additionally, as a business owner, she is also responsible for ensuring that her business is protected with the right insurance coverage.

Another challenge Sarah faces is the exit of her business. She is not sure how to plan for the sale of her business and how to ensure that she receives the best return on her investment.

As an owner, Sarah felt like she was being pulled in opposite directions. On one side was her personal financial future, on the other was the long-term success of her business and her employees well after she was gone.  

Approach

The first step was to sit down and truly understand her goals and concerns.

Documenting her goals, values, and priorities made it possible to create separate wealth strategies for herself and her business that worked together

Results

When Sarah hired a wealth management firm, she realized quickly that it was so much more than investment strategies. They wanted to help with achieving her financial goals while making her feel more comfortable.

Together, they put together a comprehensive plan for her and her business. This included:

• setting up a 401(k) plan and identifying the best investment options for her employees as well as providing ongoing financial education to her employees.
• To address her concerns about insurance, the first step was to review her current coverage and ensure she had adequate coverage to protect her business. They also helped her to create a business continuity plan to ensure that her business could continue to operate in the event of an unexpected event.
• Lastly, the firm helped Sarah to develop a plan for the eventual sale of her business. This included identifying potential buyers, valuating her business, and negotiating the best terms for the sale.

The solutions implemented by Sarah's wealth management firm helped her in many ways. She was able to provide a retirement plan for her employees and also had a plan in place for her own retirement. She also had peace of mind knowing that her business was protected with the right insurance coverage. Additionally, she was able to receive a good return on her investment when she eventually sold her business. Today, Sarah is able to focus on growing her business and enjoying the fruits of her labor. Her financial plan is reviewed regularly to ensure that she is taking advantage of any opportunities available to her and to make any necessary adjustments. She feels confident that when she decides to sell her business and step away, that not only will her financial well being be taken care of, but so will her business and employees. 

The above case study is hypothetical and does not involve an actual Theorem Wealth Management client. No portion of the content should be construed by a client or prospective client as a guarantee that he/she will experience the same or certain level of results or satisfaction if Theorem Wealth Management is engaged to provide investment advisory services.

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