How we helped Vincent and Josephine, their family, and their company
Vincent learned his trade from the ground up, where after high school and a stint in the Army, he began working for a large, local construction company. After years of hard work and fortitude and constant learning, Vincent and Josephine made a lifetime decision. The decision was to be his own boss and start his own business. Vincent was nervous. His wife, Josephine, was really nervous, but she trusted him. They placed all they had saved on the line. Vincent had his doubts, but he knew this was something they had to do. They landed their first job, then their second, then their third. Cash flow was tight. Vincent was bidding jobs low enough to stay working while still maintaining enough margin to pay the bills. The growing pains were tough! Finding employees who wanted to work hard and show up every day was even tougher! Vincent hustled. He took some lumps when people stiffed him on jobs he completed, but he made it through.
Today, the company is growing and it is profitable. Vincent and Josephine have a business of which they are very proud. But Vincent has been around long enough to know about the boom and bust cycles in construction. Over the course of his career, it seems like they are either crazy busy or stressed because they have no backlog. And Vincent has a group of advisors: a CPA to do the taxes, an attorney for business contracts, a banker, a financial advisor, and an insurance agent or two or three. Between the health insurance rate increases and the workers' comp hassles, he wishes desperately he could be out of the insurance business! And none of these advisors really talk to one another, so it’s all on Vincent to coordinate. And it can be overwhelming.
Vincent had two domains in life that he operated in—his business life and his personal life—and there wasn’t much to separate one from the other. He focused hard on accomplishing his business goals. Vincent knows that his business is the engine that drives everything else. So, he focused on that. But he and Josephine have personal goals too: They want to educate their kids and future grandkids, keep their taxes paid, save enough to retire with lifelong security, help their children get a better start in life than they had, and buy a second home to where they can retreat from the stresses of work and relax with the people they love. That’s when they came to Fitzgerald Financial Group. Vincent and Josephine wanted a plan.
We understand how intricate Vincent and Josephine’s lives are. We helped them start with the big picture—laying out their goals for the future. We helped them identify the things that are most critical on which to focus, and also, realize the things that just aren’t all that important. Once we really got to know Vincent and Josephine, we worked with them to map out a plan.
For their business, we have:
- Analyzed their existing retirement plan, restructuring the investment menu to lessen costs and increase potential returns
- Revamped the design of their retirement plan so Vincent and Josephine could save more and receive a larger tax deduction
- Identified key employees, learned what those employees value, and built customized retention plans with competitive incentives to stay and perform long term, with non-competition agreements to protect the business
- Created accessible investment reserves, managed for growth, to provide a backstop to the booms and busts in construction and to bolster bonding capacity
- Began working to develop next-generation leadership to maximize firm value and providing an exit plan
Professionally we have:
- Collaborated with their CPA to make sure their investment, retirement, and business strategies aligned with their tax plan
- Worked with their attorney to make sure their wills, trusts, and powers of attorney aligned with their beneficiary designations and property ownership structure and that the type of business entity they utilize ensures that their wishes will be carried out in the future
- Coordinated with their insurance professionals to make sure their assets are protected
- Developed a plan for college education and a solid retirement roadmap for Vincent and Josephine
- Developed a sound investment strategy that will help Vincent and Josephine’s wealth build over time
Fitzgerald Financial Group has continued to monitor and update Vincent and Josephine’s family plan as their lives have and will change. We became partners with Vincent and Josephine. If you might have a situation similar to that of Vincent and Josephine, give us a call today!
Actual performance and results will vary. These case studies do not constitute a recommendation as to the suitability of any investment for any person or persons having circumstances similar to those portrayed, and a financial advisor should be consulted regarding your specific situation.