Making It Work for Everyone

Maybe you’re like Mr. and Mrs. Engel. They’ve been working long hours in their clothing and manufacturer’s rep business for almost 40 years and were ready to move on. Before they made the transition, though, they would spend three years collaborating with their son and daughter-in-law to make sure taking over the business was something the children wanted to do. Then they hit a wall.

The challenge, they realized, was not whether the kids could run the business but how they could structure it in a way that would maintain their lifestyle while also providing for the next generation. So, the family asked their advisors, “How can we set up the transfer of our business so that we’re all happy, healthy and getting along?” None had a workable solution, though they had a feeling that we might. Granite Financial Partners brought to bear its hallmark problem-solving ability to uncover a three-part approach:

Part 1 – Determine exactly what Mr. & Mrs. Engel wanted for the next phase of their lives, and what they needed to feel secure enough to retire.
Part 2 – Be certain that their son and daughter-in-law really saw themselves in the business and get clear about their career goals.
Part 3 – Uniquely structure the sale of the business to ensure appropriate use of capital so the deal could go through.