Retiring from business
When Randy sold the business he’d built for 28 years, he and his wife Terri were ready for a new chapter in life. However, getting the details right to replace their active income was keeping them up at night…
Goals
Randy and Terri needed to ensure that the proceeds from the business sale would sustain them with a lifetime of income after they quit working. They also wanted to give back, with a focus on their three young adult daughters and local community.
Challenges
Randi and Terri were conservative investors with limited investing experience.
But now, they faced investing their exit proceeds for retirement income, efficient tax minimization, supporting their daughters, and crafting a prudent estate structure.
Randi had also poured his life into his work, and grappled emotionally with leaving his business career behind.
Approach
On the recommendation of a close friend, Randy and Terri turned to Derek for guidance. He took the time to understand not just their financial situation, but their values, fears, and hopes for the future.
Derek worked closely with their attorneys and CPAs to craft a comprehensive plan that included
- Investing the cash for sustainable retirement income
- Reducing immediate tax liability through contributions to Randy’s newly-established non-profit organization
- Keeping wealth accessible to support their daughters’ lives when needed
- Aligning the couple emotionally and financially
- Coordinating estate planning for legacy protection
- Implementing tax-aware investing strategies
Results
Through their work with Derek, Randy and Terri are emotionally at peace with their money. They’re confident they can support themselves, loved ones, and continue to serve their community throughout their retirement.
Derek has even met independently with their daughters to provide personalized financial guidance as they start families, buy homes, and get married.
Randy launched his next chapter in life by starting a nonprofit to support people with disabilities. Derek helped him structure it financially. He also connected him with key partners to ensure that the process was smooth and reflected his intentions.
As Randy and Terri’s attention shifted toward a legacy for their children and grandchildren, Derek worked with an attorney to create an estate plan that reflects their values and will ensure their family is cared for.
Randy and Terri are enthusiastic for this new chapter of life, and are currently enjoying their family, community, and personal wellbeing.
Looking to ditch the guesswork and map out your own best steps forward?
Disclaimer: The above hypothetical example story is for illustrative purposes only and should not be construed as a recommendation. It does not involve an actual client and may not be representative of your experience.
