After 25 years building a successful manufacturing business, Tom, 59, was ready to consider retirement. However, he felt uncertain about how to start the process of selling his business.
He was concerned about the tax implications, wanted to ensure his employees would be cared for, and needed to confirm the value at sale would support the retirement lifestyle he envisioned.
Challenge
Tom faced the daunting task of planning his business exit with multiple priorities in mind. He needed a roadmap to navigate the tax complexities of the sale, preserve his employees’ futures, and fund his own retirement goals.
The Solution
We began by clarifying Tom’s goals for both his retirement and the sale of his business. Together, we put structures around his ideal outcomes, including the ability to support his retirement lifestyle, minimize tax impacts, and support his employees’ transition.
With that vision in hand, our team then conducted a comprehensive analysis, covering tax strategies, investment planning, and income projections post-sale, and crafted a step-by-step exit plan tailored to Tom’s priorities.
The Outcome
With our guidance, Tom completed the sale of his business to a key employee inside the business, knowing he could control the tax impacts and support his employees post-transition.
Now, Tom’s enjoying his retirement, devoting most of his time to golf, travel, and occasionally consulting on projects to support his old team. He’s happy to be able to delegate the behind-the-scenes work to his own Chief Retirement Officer.
Hypothetical scenario disclosure: All content is for information purposes only. It is not intended to provide any tax or legal advice or provide the basis for any financial decisions. Nor is it intended to be a projection of current or future performance or indication or future results. The information provided is not based on actual current or past clients. All situations are unique, and results will differ depending on individual situation.
