The Business Owner
Overview:
Bill (63) and Susan Smith (61) are a dynamic duo who turned their passion for food into a thriving business empire with four brand-name fast food franchises in New Jersey.
Their journey began over 35 years ago, starting from the ground up in the same restaurant chain. Today, with two adult children building their lives in North Carolina and Florida, Bill and Susan are looking ahead.
They plan to sell their franchises within the next two years, believing their hard work and dedication have culminated in a business worth around $7 million to the right buyer. Their vision extends beyond the sale, with aspirations for a comfortable life split between New Jersey and a second home in Florida while leaving a meaningful legacy for their family and cherished nonprofit institutions.
Biggest Concerns:
At the forefront of Bill and Susan’s minds is selecting a skilled team of professionals who can craft a comprehensive financial strategy that will take them from the present day and well into the future once they sell their business and retire.
This strategy must safeguard their assets, minimize tax liabilities, ensure investment returns keep pace with distributions and inflation, and enhance the legacy they leave behind.
Equally important is securing their financial future, especially regarding their healthcare needs, to prevent undue strain on the estate meant for their children and grandchildren.
Unique Client Situation:
Their dual focus on ensuring a smooth business transition while maintaining a forward-looking approach to their personal and philanthropic goals set Bill and Susan apart. Their situation required a nuanced understanding of business exit strategies and private wealth management.
Integra Wealth Solutions’ Services:
Integra Wealth stepped in as the financial quarterback for Bill and Susan, acknowledging their busy lives and the need for professional oversight. Our services encompassed:
- Comprehensive planning
- Developing robust retirement and estate plans
- Tax strategies to protect themselves, their heirs, and beneficiaries using customized strategies like a charitable trust for tax-efficient property sales
- Long-term care insurance options
Integra’s Approach:
As Bill and Susan’s qualified partner, Integra Wealth took charge of the intricate details of wealth management, allowing them to focus on preparing their business for sale and spending time with their family.
By closely coordinating with their CPA, we prepared for the business sale with tax strategies tailored to their immediate and future needs. Our approach was holistic, establishing trust and estate plans, introducing bespoke portfolio management, and connecting them with competitive investment opportunities suited for high-net-worth individuals.
At Integra, we pride ourselves on understanding our client’s unique aspirations. We continuously work alongside them to adjust and maintain a plan that fulfills their vision for the future.
