By Will Paustian, CFP®
You spent years building your business. And then you spent a great deal of time preparing for the sale. Now that the milestone has been reached, do you know what the best next steps are? We at JGP Wealth Management can help you navigate the complexities remaining after the sale of your business, from asset management to preparing for future endeavors, and everything in between.
One of the most important factors to dig into after the sale of your business is cash-flow planning. After such a liquidity event, you want to make sure you maximize your assets. Investing in companies with strong operating cash flows that pay a growing dividend is one way to ensure you will earn dividends and/or interest to supplement your income and sustain your lifestyle. Choosing a sound investment strategy allows you to grow your wealth rather than deplete it over time.
Cash-flow planning is also key to ensuring your retirement plan is strong. As financial advisors, we are able to stress test your financial plan to find possible flaws or weak spots that can be tweaked in order to help you confidently live the life you want.
To help ensure the tax burden is minimized after a sale, it’s crucial to work with strategic partners. We work with your CPA and other tax advisors to minimize your tax liability and set you up for success long term. Thoughtful tax planning up front can be a tremendous advantage over time.
Now that you’ve sold your business, the last thing you want to think about is the unlikely event of your passing, but you should ask yourself if your wealth is safeguarded the way you want it to be. Now may be a good time to review what you have in place—from establishing a trust to starting a 529 college savings plan. We will work with your estate attorney to offer tailored advice and recommendations so everything remains intact and in line with your vision.
Charitable gifts are a great way to support your community and causes that are near and dear to you. If you have earmarked a portion of proceeds from the sale for charitable giving, remember to document and get receipts for any philanthropic endeavors since this will also have an impact at tax time.
You may also consider gifting funds. We’ll walk you through each option and strategy to help make sure your wishes are executed and your vision is brought to fruition.
Maybe you sold a business in order to start another company, or perhaps you had no intention of starting another venture, but an opportunity presents itself that you cannot pass up. Accessing credit to help finance future goals is still an important aspect of your cash management. Our team coordinates lending needs and can help you source and plan accordingly.
Deciding to invest the assets you received from a business sale can be lucrative, but where to start? There are so many investment options, such as adding funds to retirement accounts; padding emergency or health savings accounts; high-risk/high-reward endeavors. Knowing what is best for your situation is our job. Working with a seasoned financial advisor is essential to explore investment options you may not have considered.
Retirement? A new venture? Not sure? No matter what the future holds, our skilled team of advisors can work with you to review your current financial plan or create a new one. Armed with connections to strategic industry partners, we can also connect you with the right professionals to help you along the path to whatever’s next.
Our team of experienced professionals at JGP Wealth Management is here to make certain that all aspects of our clients’ financial affairs are organized and synced together. We holistically manage assets, provide cash-flow analysis, and coordinate with tax and legal professionals to minimize tax burdens.
Let’s review your business sale and work together to chart the best path forward for you. Reach out to me at firstname.lastname@example.org or 503-446-6450.
Will Paustian is a financial advisor at JGP Wealth Management, an independent, fee-based financial advisory firm in Portland, Oregon. Since joining the JGP family in 2020, Will has played an integral role in the firm by combining his knowledge of the financial world with a strong and dedicated work ethic in order to help our clients achieve their financial goals. Will is known for his commitment to walking our clients through everything they face in their financial lives, celebrating their victories along the way. He specializes in serving executives and entrepreneurs, specifically in the food and beverage industry and business owners planning to pursue an exit, tailoring his solutions to fit their unique financial challenges and opportunities.Will graduated from the University of Oregon’s Robert D. Clark Honors College with a bachelor’s degree in finance and entrepreneurship, minoring in economics and is a CERTIFIED FINANCIAL PLANNER™ professional. He was awarded the Stamps Leadership Scholarship and served as a student trustee on the University Board of Trustees. He also spent time abroad in the UK studying behavioral economics at the University of Oxford. When not in the office with clients, Will enjoys a wide variety of activities, from hiking and fishing to cycling and traveling. He, along with his family, enjoys the sights and sounds of Oregon, cheering on the Oregon Ducks and the Portland Trailblazers and exploring the unique restaurants and businesses around the Portland area. To learn more about Will, connect with him on LinkedIn.