Jim & Stacy

Family Business Owners

Jim and Stacy were excellent at farming and even more capable when it came to expanding into a vertically integrated food processing operation, but they struggled with a nagging sense of financial insecurity. It seems no matter how much they grew the business and increased revenues, they couldn’t outwork the feeling of instability.

Beyond farmland and growing equity in the business, their financial assets consisted of some mutual funds and an old cash value life insurance policy. But they knew there had to be more to it…

Jim and Stacy wanted a comprehensive wealth management and succession planning strategy. They wanted a plan to provide for their family’s financial security and the continuation of their business in retirement.

That’s when they contacted Kevin Spafford, CFP®, a wealth manager and succession planning specialist. Spafford focuses on the client’s goals and acts as a fiduciary; he puts the client’s needs ahead of his own and utilizes a well-defined planning process.

Jim and Stacy told Kevin they wanted a plan to:

  1. Ensure their financial security through retirement.
  2. Invest outside the business to accumulate wealth beyond equity.
  3. Create a smooth ownership transition for their daughter, who is active in the business.
  4. Provide for equitable distributions for all of their children.
  5. Minimize the estate tax and protect their dependents in case of death.

Following a thorough discovery process, Spafford designed and helped them implement a comprehensive and coordinated wealth management and succession planning strategy. He worked diligently to ensure his recommendations were tax efficient, legally expedient, and financially effective.

Though they desperately wanted help, every appointment with a ‘professional advisor’ concluded with the same tired recommendations; Jim and Stacy simply needed more of whatever that advisor was selling.

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