A successful multi-generational family owned business owner, he faced high income tax burdens, employee retention and the challenge of passing the business to the next generation. To address these issues, a Cash Balance Plan was implemented to reduce current taxable income and provide retirement benefits for both the owners and employees. A group benefits plan was designed to improve employee retention, offering health, life, and retirement benefits. Finally, a succession plan was established, incorporating gradual ownership transfer using installment sale to tax efficiently with the goal of ensuring the business was passed down smoothly and efficiently.

Two dental partners, who owned multiple locations, approached us with the goal of retiring early. They desired more freedom, wanted to work less, and still maintain their current lifestyle without the stress of managing their businesses. Several private equity firms had already approached them with various buyout offers. We worked closely with the partners, taking into account their individual financial situations, and developed a tailored roadmap that included a partial business sale. Additionally, we implemented multiple tax-efficient strategies to minimize the capital gains from the sale, aiming to ensure they could pursue their retirement goals while preserving their wealth and lifestyle.