PRINCIPAL / FINANCIAL ADVISOR
Creative Thinking and Planning lead to an Attractive Outcome
Ben Miller left his job working for a hospital to become an entrepreneur and create a wholesale medical sales business. A friend of Ben’s had started a similar business and mentored him when he started the company 9 years ago. Ben’s three children expressed no interest in running the business, and he had a potential buyer with an offer in hand. He came to Wealth Management Solutions initially looking for Investment guidance for the sale proceeds from an offer to purchase his business. Ben planned to pay off multiple debts and was interested in investment management with the remainder of his assets. Recognizing that the goals of the individual would be a key driver to the ultimate success, we knew that any recommendations would require some creative thinking to find the right solution.
“What Wealth Management Solutions does, is not the storyline here. Enabling Ben to be confident with his decision to sell and achieve his goals, is the ultimate headline” - David Rosenthal, WMS Principal / Owner
Strategy: Examination exposes shortfalls, and opportunities for realignment
The initial meetings focused on a thorough review of Ben’s goals and expectations of his lifestyle after owning and running a successful business. Our analysis found the following problem areas:
With a current offer that would net $10 Million for his Medical Sales business, Ben might not be able to achieve all of his goals after the sale. By either increasing the value in the business for a future sale, or rethinking the necessity of his less important goals, Ben now had additional clarity regarding the offer for his business.
Ben & Becky Miller
Net Proceeds from Sale of Business
Living Expenses ($250k/yr)
Pay off all Mortgages ($1M)
San Diego Beach House ($3M)
$2M Beach House
New Venture ($250k)
Action: A Decision to Retire Early, the Confidence to Proceed
Following the consultation, our client took the following recommendations to improve their position for the business and their future:
Investment management included portfolio design with low expense investment options that would meet his annual income needs of $250,000. Since he would no longer participate in his company’s health insurance plan, we worked with third party professionals to provide insurance coverage for Ben’s family.
Review: Outcome “Surpassed Expectations”
Wealth Management Solutions assisted Ben Miller with options to bridge the gap between an offer on the table, and his dreams of retiring at his beachside property. Ben’s initial need appeared straightforward; However, WMS found hidden opportunities that will benefit the Millers for generations.