Business Owner Case Study

Joe is 55 years old and owns his own business. After starting his business at 27 years old, he spent much of his life building his business and running its day-to-day operations. Through the years, he saved well but much of his revenue was reinvested back into his business. He recently began thinking about his
next decade and eventual retirement.

In his initial meeting with the Oakwood Wealth Partners team, Joe expressed some of his concerns. Firstly, his daughter works in the business and will eventually take over the company. He has other children, so he wants to make sure the business value is eventually distributed evenly through proper estate planning. Secondly, he does not have a formal business succession plan in place and he is concerned that the business would not be able to operate in the event that he were to pass away. Joe was not familiar with estate taxes and mitigation strategies. Lastly, he did not have a retirement income plan in place to address his income needs when he eventually stops working.

The Oakwood Wealth Partners team developed a plan to address Joe’s concerns and implemented various strategies to strengthen Joe’s financial situation.

This case study is for illustrative and educational purposes only.