Business Owners – Mark, the goals oriented CEO

With twenty-eight years of experience in the healthcare industry, Mark successfully launched his own company and was enjoying his fifth year of double-digit earnings growth. Mark sought out Rockwood because he was displeased with his former advisor’s lack of proactivity, poor grasp of advanced planning for business owners, and the absence of a comprehensive view of his financial picture. Mark knew that if his advisor did not understand his unique needs, then the advisor would be of limited value in helping him achieve his long-term goals.

During the Mutual Discovery Meeting, Mark outlined his concerns about his retirement trajectory, upcoming college expenses, the increased complexity of his tax return, the lack of coordination in his asset protection program, his stalled business succession plan, and his desire for the conservation of his estate. Mark was missing crucial opportunities to optimize his financial resources and lacking clarity and advisory partnership needed to transition his business to the next generation while fueling it for the next stage of growth.

Now in a productive advisory relationship, Mark has established a business succession plan with appropriate buy/sell life insurance provisions, opened a Donor Advised Fund to improve the tax efficiency of his charitable giving, modernized Estate Planning documents to provide for thoughtful trusts for his daughters. He has also implemented an improved profit sharing retirement plan for his business, optimized his compensation structure to take advantage of the Qualified Business Income deduction, and established recurring contributions to 529 college savings accounts to ensure his daughters’ education expenses are met in a tax-efficient manner.

The process of working with Rockwood to develop and continuously update his comprehensive wealth management plan has offered Mark a renewed confidence in the attainment of his goals and has reinvigorated his businesses.