Business Owner Case Study
Business Owner Case Study Profile
Paul Harris (age 66)
Occupation
Owner, Harris Tire & Auto Center
Residence
Boonton, NJ
Family
3 children (two married; one in college)
Liquid Net Worth
$1.1M
Total Net Worth
$3.2M
Situation For more than 20 years, Paul has owned Harris Tire & Auto Center, a local auto repair and tire shop with a loyal client following. Recently, a national chain approached him about selling and he has been working with his accountant to evaluate the deal. While the decision to sell has not been easy, Paul feels he is ready to stop working and the sale will create a windfall to support him financially. He is seeking a Financial Advisor to help him invest the proceeds wisely and guide him toward retirement. Challenge Am I ready to give up my role “in the driver seat”?
GenWealth Solution Serve as “financial quarterback” helping Paul transition from his role as a business owner to retiree Communicate frequently with Paul about his investment plan to establish comfort and level of trust
Do I have enough to retire?
The GenWealth Group, Inc. A Registered Investment Advisor 6 Inwood Place Maplewood, NJ 07040 Phone (973) 761-0400 www.thegenwealthgroup.com
What should I do with my existing 401k plan ? How will I be affected by new Estate Tax laws ?
Prepare “retirement readiness” projections based on current asset levels/future spending Advise Paul on timeline to retirement Develop financial plan that seeks to protect and grow assets from sale of business Structure monthly distributions for tax-free income in retirement Rollover Paul’s current 401k to an IRA Invest in diversified portfolio Discuss various Estate Planning techniques to reduce taxes and maximize legacy gifting Refer to Estate Planning Attorney for specialized advice and council
These are hypothetical cases and are not meant to demonstrate any specific client situation or outcome. Investments in securities markets involve risk, including loss of principal. No strategy assures success or protects against loss. Your results will vary. Case studies presented should not be interpreted as a guarantee of future performance or success. Securities offered through LPL Financial. Member FINRA/SIPC. 1/13 LPL Tracking #1-128901
Paul Harris (age 66)
Occupation
Owner, Harris Tire & Auto Center
Residence
Boonton, NJ
Family
3 children (two married; one in college)
Liquid Net Worth
$1.1M
Total Net Worth
$3.2M
Situation For more than 20 years, Paul has owned Harris Tire & Auto Center, a local auto repair and tire shop with a loyal client following. Recently, a national chain approached him about selling and he has been working with his accountant to evaluate the deal. While the decision to sell has not been easy, Paul feels he is ready to stop working and the sale will create a windfall to support him financially. He is seeking a Financial Advisor to help him invest the proceeds wisely and guide him toward retirement. Challenge Am I ready to give up my role “in the driver seat”?
GenWealth Solution Serve as “financial quarterback” helping Paul transition from his role as a business owner to retiree Communicate frequently with Paul about his investment plan to establish comfort and level of trust
Do I have enough to retire?
The GenWealth Group, Inc. A Registered Investment Advisor 6 Inwood Place Maplewood, NJ 07040 Phone (973) 761-0400 www.thegenwealthgroup.com
What should I do with my existing 401k plan ? How will I be affected by new Estate Tax laws ?
Prepare “retirement readiness” projections based on current asset levels/future spending Advise Paul on timeline to retirement Develop financial plan that seeks to protect and grow assets from sale of business Structure monthly distributions for tax-free income in retirement Rollover Paul’s current 401k to an IRA Invest in diversified portfolio Discuss various Estate Planning techniques to reduce taxes and maximize legacy gifting Refer to Estate Planning Attorney for specialized advice and council
These are hypothetical cases and are not meant to demonstrate any specific client situation or outcome. Investments in securities markets involve risk, including loss of principal. No strategy assures success or protects against loss. Your results will vary. Case studies presented should not be interpreted as a guarantee of future performance or success. Securities offered through LPL Financial. Member FINRA/SIPC. 1/13 LPL Tracking #1-128901
