8044 Montgomery Road, Suite 450
Cincinnati, OH 45236
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Business Owner Stories

Mark (age 57) and Amy (age 47) started their fabricating business 8 years ago and had grown to over 20 employees. While they were busy growing and keeping up with new product opportunities, other plans and objectives took a back seat. They had no formal agreement between the two of them to handle premature death, disability or retirement. They paid their employees well but were concerned about adding costly benefits. In addition, Mark’s son is becoming more involved in the business, adding a layer of complexity.

We utilized our proven and defined process to develop a customized and comprehensive financial plan for their business arrangement and then for each of them personally. Mark and Joe were able to transform their verbal-only agreements into a formal written financial plan to cover these areas:

  • Explored ownership structures and established a C-Corporation
  • Written buy-sell agreement, outlining the terms of ownership transfer in case of death or disability
  • Established an acceptable business valuation formula
  • Funded the buy-sell agreement with life insurance on each of them
  • Explored the group benefits marketplace and implemented cost-effective change
  • Established a 401k and profit sharing plan
  • Explored methods of eventually transferring some ownership to Mark’s son if he decides to remain in the business long-term