Challenge: Generational Wealth Transfer

He started his journey with a beat up truck and a vision to create a commercial construction firm. He hustled in good times and weathered downturns. Not all his ventures worked out but he managed to never make the big mistake. His humble direction, his true north, was always forward with faith.

Over time he diversified his net worth into land, commercial real estate and a basket of equities that was co-managed by a broker he met through a long standing banking relationship.

However, he had a hard go with getting the pulse of equities and their roll in large estate. He was used to operating what he invested in and like most found the ups and downs of the markets frustrating. Gradually, the portfolio became a collection of poorly allocated, tax inefficient investments with lots of hidden fees.

Opportunity: Converting to an Equities-based Plan

Luckily, his wife and children were all happy and healthy. However, there would be no second generation taking over his businesses. His daughter’s MBA took her down an international business track while his son’s passions led him into medicine. 

He needed to unlock the value of his operating companies and transfer the wealth to more flexible, passive wealth creation platform that didn’t require employees, inventory, etc. But, after being in charge of the companies he built, it was hard for him to relinquish control.  Intellectually, he knew long term investment in the markets was the correct path. But, he needed to recalibrate a perspective that was often caught up in the noise and emotions that comes with being invested in them.

The Outcome: Creating Legacy

Coming to the truth of what you want your life to mean beyond you does not come easy for most people. Being a humble man, he understood that he needed an objective partner in creating the future his money could make possible. A future that would impact his heirs and he and his wife’s philanthropic interests.

His lawyer and CPA of several decades were both retiring so new professional services team was needed. We introduced him to two highly vetted and seasoned service providers to fill those rolls.

Conversations about discipline and patience led to customized strategies designed to meet long term goals. In particular, financial planning sessions were critical in building his confidence that those goals could be met. The client became more focused on quality time with family and making an impact beyond him.