Good Advice Saves the Day, and the Future

Brandon came to Illumination Wealth just as his business was beginning to yield substantial profits. He was in his mid-30s, and didn’t know what to do with his excess income. He was also considering the sale of his business but was concerned that the profits he had never found their way into profitable investments. He wanted a plan for his money that could provide him with financial freedom at an early age. But Brandon had no idea how to efficiently sell his business, how much money financial independence would require, or how to save and invest the money he had.

Goals

Sell business in a tax efficient manner
Achieve early financial freedom
Vet future business ventures and investment opportunities
Reinvest proceeds from sale of business

Challenges

Lack of understanding of the substantial tax consequences of the business sale structure
Poor direction from prior financial advisors, and constant pitching for new business from multiple insurance product salesmen
Lack of awareness about how much money would be required for financial independence

Strategy

Brought in expert tax advisors for structuring the business transaction tax-efficiently
Quantified his ideal lifestyle and developed S.M.A.R.T. goals for financial freedom
Designed a customized, holistic wealth plan
Developed a multi-faceted investment strategy capitalizing on Brandon’s skill sets and values including active business ownership, real estate investment and a traditional investment portfolio
Examined all business and personal income tax returns to identify errors and missed opportunities
Provided a financial dashboard that provides real-time information on all financial accounts

Results

Minimized taxes on the sale of his business
Improved his financial decision making capacity
Brandon has an annual savings goal that matches his timeframe for financial freedom
He possesses an investment plan built around his needs, skills, and interests
Has purchased a new home from business sale proceeds
Has embarked on a new business venture funded with proceeds from sale of his past business
Saved money avoiding costly investment and insurance products

Tim & Lisa, Young Family

Mike, Tech Executive