{"id":491,"date":"2024-01-10T04:27:09","date_gmt":"2024-01-10T04:27:09","guid":{"rendered":"https:\/\/growyourwealth.ca\/?p=491"},"modified":"2024-02-24T03:17:17","modified_gmt":"2024-02-24T03:17:17","slug":"case-2-millennial-business-owners","status":"publish","type":"post","link":"https:\/\/growyourwealth.ca\/case-2-millennial-business-owners\/","title":{"rendered":"Case 2: Millennial Business Owners"},"content":{"rendered":"<p>[et_pb_section fb_built=&#8221;1&#8243; _builder_version=&#8221;4.23.4&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_row _builder_version=&#8221;4.23.4&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_column type=&#8221;4_4&#8243; _builder_version=&#8221;4.23.4&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_text _builder_version=&#8221;4.23.4&#8243; _module_preset=&#8221;default&#8221; header_2_text_color=&#8221;#4DC5AC&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<h2><span style=\"font-weight: 400;\">Background<\/span><\/h2>\n<p>[\/et_pb_text][et_pb_divider color=&#8221;#F1C40F&#8221; _builder_version=&#8221;4.23.4&#8243; _module_preset=&#8221;default&#8221; width=&#8221;25%&#8221; global_colors_info=&#8221;{}&#8221;][\/et_pb_divider][et_pb_text _builder_version=&#8221;4.23.4&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\">Millennial Sales Manager-Owner at Chemical company &amp; Spouse<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\">Faced with a sudden transition to business ownership and immense corporate and financial complexity<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\">They were looking for someone to simplify, educate and provide decision-making guidance<\/li>\n<\/ul>\n<p>[\/et_pb_text][et_pb_text _builder_version=&#8221;4.23.4&#8243; _module_preset=&#8221;default&#8221; header_2_text_color=&#8221;#4DC5AC&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<h2><span style=\"font-weight: 400;\">Process<\/span><\/h2>\n<p>[\/et_pb_text][et_pb_divider color=&#8221;#F1C40F&#8221; _builder_version=&#8221;4.23.4&#8243; _module_preset=&#8221;default&#8221; width=&#8221;25%&#8221; global_colors_info=&#8221;{}&#8221;][\/et_pb_divider][et_pb_text _builder_version=&#8221;4.23.4&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<ol>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Discussed personal values, financial attitudes and goals. Gathered all the corporate and personal financial and legal history and documents<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Professional analysis from our corporate reorg planning partner revealed a simpler corporate structure and family trust opportunity for estate planning. Worked with their accountant and lawyer to implement.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Cash flow planning was done to ensure a comfortable transition while they built their dream home and transitioned their current home to a rental property.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Wealth accumulation plan put in place within their holding company to optimize tax and maximize cash flow available for investments in new business acquisitions, real estate, and stocks.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Pre-scheduled, &#8220;&#8221;no-stone-left-unturned&#8221;&#8221; planning check-ins put in place 3 times a year to make continuous progress and improvements.&#8221;<\/span><\/li>\n<\/ol>\n<p>[\/et_pb_text][et_pb_text _builder_version=&#8221;4.23.4&#8243; _module_preset=&#8221;default&#8221; header_2_text_color=&#8221;#4DC5AC&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<h2><span style=\"font-weight: 400;\">Results<\/span><\/h2>\n<p>[\/et_pb_text][et_pb_divider color=&#8221;#F1C40F&#8221; _builder_version=&#8221;4.23.4&#8243; _module_preset=&#8221;default&#8221; width=&#8221;25%&#8221; global_colors_info=&#8221;{}&#8221;][\/et_pb_divider][et_pb_text _builder_version=&#8221;4.23.4&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<ol>\n<li><span style=\"font-weight: 400;\">Ensured that over $2M (and growing) does not become immediately taxable in case of the couple&#8217;s death through the use of a family trust.\u00a0<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Negotiated with insurance carriers to ensure that the buy-sell agreements were funded with the proper amounts of life insurance.\u00a0<\/span><\/li>\n<li><span style=\"font-weight: 400;\">A plan to build their dream home.<\/span><\/li>\n<li><span style=\"font-weight: 400;\">A clear plan for wealth accumulation and protection for the over half a million of dividend income they were suddenly positioned to receive.<\/span><\/li>\n<\/ol>\n<p>[\/et_pb_text][et_pb_text _builder_version=&#8221;4.23.4&#8243; _module_preset=&#8221;default&#8221; header_2_text_color=&#8221;#4DC5AC&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<h2><span style=\"font-weight: 400;\">Outcome<\/span><\/h2>\n<p>[\/et_pb_text][et_pb_divider color=&#8221;#F1C40F&#8221; _builder_version=&#8221;4.23.4&#8243; _module_preset=&#8221;default&#8221; width=&#8221;25%&#8221; global_colors_info=&#8221;{}&#8221;][\/et_pb_divider][et_pb_text _builder_version=&#8221;4.23.4&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\">Peace of mind knowing that there&#8217;s a plan in place, options are constantly being evaluated and having one person who sees the big picture and is helping coordinate all the moving parts so everything is always in-sync<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p>[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section]<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Background Millennial Sales Manager-Owner at Chemical company &amp; Spouse Faced with a sudden transition to business ownership and immense corporate and financial complexity They were looking for someone to simplify, educate and provide decision-making guidance Process Discussed personal values, financial attitudes and goals. Gathered all the corporate and personal financial and legal history and documents [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":737,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"on","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[14,11],"tags":[10],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Case 2: Millennial Business Owners - Grow Your Wealth Financial Planning Ltd.<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/growyourwealth.ca\/case-2-millennial-business-owners\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Case 2: Millennial Business Owners - 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