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Say hello to Jake and Beth

The Business Owner / Executive Couple

Jake Smith is a 45-year-old small business owner in Columbus, Ohio. Jake is married to Beth, age 42, a human resource director at Cardinal Health. They have two children, ages four and seven.

Jake started his business, G&S Construction, five years ago and is looking for financial guidance. G&S Construction has $3 million in annual revenue, ten employees, is a sole proprietorship, and offers no benefits to its employees.

Jake and Beth have multiple opportunities and problems to solve.

Does this sound like you?

  • Preparing to sell your business
  • Would love to help using accounting software
  • Seeking new business tax strategies
  • Always looking to improve employee benefits package
  • Need guidance on how to structure future inheritance
  • Want to save more for children’s college

Schedule a complimentary conversation

While Jake and Beth have a CPA that prepares their tax returns, the CPA does not offer any accounting, consulting, or planning advice. They do not believe they have a good sense of how the business is doing through the year. In addition, the company is having difficulty finding and retaining good employees. Jake suspects they are paying too much in taxes. Jake would like to utilize an accounting software, so he has a better sense of his financial position throughout the year. The software would also help him track in which city his employees are working. He would like a trusted partner with whom to discuss tax savings strategies. He wants assistance with required business and payroll filings during the year and would like to consider adding his children to payroll. In addition, Jake would like to analyze the cost of offering retirement and health insurance benefits to his employees, which could create a stronger and more loyal workforce.

In addition to the business, which is one of their primary (but still illiquid) assets, the couple also has several 401(k) and IRA accounts that they would like to consolidate, as well as an inheritance that they would like to invest. They are ready to be serious about planning for the succession of the business, putting their children through college, and retirement.

As a couple, Jake and Beth need guidance on financial management of their existing retirement accounts and the inheritance they are expecting to receive. The need to ensure they are maximizing benefits offered by Beth’s position at Cardinal Health and want to understand how much income should be invested and saved. They need to begin saving for college for their two children, discuss estate planning, and prepare to sell the business (or pass down to their children) and retire in about 20 years.

Sound familiar?

If you are experiencing similar concerns and want to work with a professional team to bring all your hopes, dreams and resources together, Buckingham Advisors would be pleased to schedule a confidential, complimentary conversation with you.