Case Study #1 - Bill

Bill is a successful business owner who is the primary wage earner for his family. He remembers the hard work it took to build his business and realizes it would be difficult for him to repeat his past success. He desires to add security so his family can maintain their current lifestyle when he exits his business.

Bill sought out our advice because although he has a good understanding of how to run his business, he wants a better understanding of his full financial future. He wants to reduce risks to his family if his business hits hard times and he wants to consider succession planning for his business once he is ready to transition out of the business.

At TriCord Advisors, we put together a comprehensive financial plan for Bill’s family’s future. This included analyzing the cost of his family’s lifestyle after he exits his business, his existing retirement accounts, his investment accounts, the value of his business with a succession plan in place, the value of his home, the value of the commercial property he owns in which his business operates.

Once Bill had a clear view, we were able to rebalance his investments, complete a solid estate plan, obtain appropriate life insurance, and put a succession plan in place to provide Bill an opportunity to access the value the business he built and exit the business on his terms. Our actions helped ensure his family’s living standards would not be depend on future success of the business and gave Bill the peace of mind to start imagining his next adventure.

Please Note: The above client situation is hypothetical-not involving actual TriCord Advisors, Inc. None of the client situations should be construed by a client or prospective client as a guarantee that he or she will experience the same or a certain level of results or satisfaction if TriCord Advisors, Inc. is engaged, or continues to be engaged, to provide financial planning or investment advisory services.