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.
Cash-Flow Planning
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.
Tax Coordination
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.
Estate Planning
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.
Philanthropy
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.
Lending
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.
Investment Management
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.
What’s Next?
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.
Take Action
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 [email protected] or 503-446-6450.
