Case Study #4

Business Owner in Transition – Jerry and Millie – Late Life Business Owners

The Problem
Jerry owns a small local plumbing company. He manages a crew of plumbers and handles the service side of the business while Millie runs the front office and handles the paperwork. This past year Millie was diagnosed with breast cancer. While treatable, it has made them realize that there are many things they want to do in their life together, and running a plumbing business is not one of them. Because of the demands of the business, they have never been able to travel extensively. Now they want to spend most of their time on trips. They want to scale back or sell the business, but don’t know where to start.

The Solution
HCO Private Wealth engaged with Jerry and Millie to help create a transition path and get the business ready for sale.

  • HCO obtained a business valuation to determine a listing price for the business and facilitated an introduction to a business broker in the HCO Professional network.
  • Introduced Jerry to a business consultant in the HCO Professional Network that helped implement a plan to help Jerry get the business ready for sale.
  • Prepared a comprehensive financial plan to ensure that the proceeds from the sale of the business would be enough to cover their retirement expenses
  • Worked with their CPA to run tax forecasts on the capital gains associated on the sale and set up an HCO Tax Escrow account to set aside the funds.
  • Worked with an Estate Attorney that was a member of the HCO Professional Network to create an estate plan that protects the family and gives Jerry and Millie the peace of mind of knowing that their affairs are in order.
  • Automated Jerry and Millie’s household cash flow by running all their bills and taxes through an HCO Escrow account and setting everything up on autopilot thereby enabling Jerry and Millie to travel without worry.

Jerry and Millie were able to sell the company for a higher-than-expected price and successfully retire and travel while HCO handles their investment and tax matters in close coordination with the members of the HCO Professional Network.

< Return to Case Studies on Home Page