Too Busy with the Business

When I first met Gerald*, a successful, middle aged business owner, I could tell that his life was consumed by his work, or "too busy with the business," as he used to say. Like many business owners, Gerald was so busy working in his business that he couldn't find the time to work ON his business. Sure, he had accumulated some savings and investments over time, but he was never able to get a good handle on whether he was doing well. It was easy for me to see that his money could be working so much harder for him with strategic financial planning and coordinating with his accountant. As Gerald began to trust me, he took me up on my offer to get in touch with his accountant to discuss strategies, and he added, "as long as I don't have to be part of any meetings or conference calls."

Once I started collaborating with Gerald's tax advisor, we quickly began taking specific actions, such as moving excess capital from his operating company to his holding company, determining the best amount of dividends to pay himself, and changing the placement of certain investments between his personal and corporate accounts to take advantage of tax saving opportunities. As Gerald expected, his investments were selected to provide a balance of safety and the potential for growth, supporting his family’s long term financial goals. But what he didn’t expect was that by allowing me to coordinate communication within his team of experts, including his lawyer, Gerald felt more in control of how to spend time on the business and also with his family.

These days, our meetings are relaxed and brief now that we have established such strong collaboration. As the years have gone by, Gerald has become more confident about his financial progress, beyond the day-to-day operation of the business. The synergy among his team of advisors has really helped him to feel like he is getting ahead.

_{*My client’s name and details have been changed to protect his privacy.}