Business Owner Case Study

Mark, 59 | Primary Goals: reduce taxes, retire, and create a succession plan for Mark’s local restaurant.

The Challenge:

Mark owns one of the most popular restaurants in town. He has a full kitchen staff and several servers that keep the place running. Mark loves his restaurant, but feels it's time for him to retire (removing himself from the business) and focus on spending more time with their grandkids.

The challenge? They weren’t sure how to preserve their money during retirement and were nervous about the succession of their business. Plus, they wanted to make sure they had enough money to leave a lasting legacy to their children and donate to the local animal shelter Deb loved to volunteer at.

The Approach:

Mark was referred to Grabow Wealth Management through a friend, and vetted them online before setting up an initial call. Mark was pleased to find that lead planner Dallas Grabow was CFP® certified and had experience helping other local business owners.

A comprehensive plan was put together to address all of their needs:

• An income distribution plan that would allow them to maintain their standard of living
• Management of tax liabilities through charitable & insurance strategies.
• A written business succession plan that detailed key employees & splitting of responsibilities, an introduction to a business valuation specialist, and a longevity plan to ensure his employees stick around even when Mark retires.

The Value:

Mark and Deb are now happily retired; they enjoy spending more time with their grandkids and less time worrying about managing the business. Mark still comes in from time to time to connect with his team and loves to see that his restaurant is still popular even after his retirement. 

Both Mark and Deb still work with Grabow Wealth Management, who now focus on their comprehensive financial plan, including planning for long-term care and estate planning to keep their wealth in the family.

Disclosures: This is a hypothetical situation based on real life examples. Names and circumstances have been changed. The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. To determine which investments or strategies may be appropriate for you, consult your advisor prior to investing.

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