By Zach Whitchurch
President | Wealth Advisor
Certified Private Wealth Advisor®
CFP®
When you’ve spent years building and growing a family business, the decision to sell is never an easy one. When you have experienced wealth advisors by your side helping you analyze the possibilities, it makes it easier to have confidence in whatever decision you make. We helped one family through the uncertainties of selling their business and established a plan for what their life would look like following the sale.
The Client
This was a highly successful family from multiple perspectives. They dedicated years to building a thriving business that had grown significantly over time. They also had multiple children who had developed a deep connection to the business.
This young family was in the process of deciding what the next phase of their life should look like. A pressing question for them was whether they would continue to own the business or sell it.
Their Challenges
There were several challenges and scenarios with which this family was grappling. They firmly believed their kids would continue working hard after watching their parents build a successful business from the ground up.
However, they weren’t sure how that work ethic would be passed down to future generations who didn’t witness the creation and struggle behind building the business. Selling the business became an option that had more questions than answers. Questions like:
- If they sold their business, what would they do with their time?
- How would selling affect the parents as well as the children once the sale is announced?
- Should they even sell the business since it’s earning so much cash flow?
- How would they earn income if they chose to sell?
- What would their lives look like after selling the business?
With such a complex decision, this family needed someone to counsel them through these pressing questions.
How Solidarity Helped Them
The team at Solidarity took a multifaceted approach to address their questions and help this family reach a resolution. It began with dedicating hours to discussing the potential solutions and possibilities of what their lives could look like with the sale of their business. We also talked through what the next stage of their life would entail and how that would affect their daily activities.
Next, we spent time getting to know the entire family and helped them build a family mission statement that provides a guiding set of principles. We took this opportunity to educate both the parents and the children on how to embody the entrepreneurial spirit and how to be financially responsible.
We worked closely with the parents throughout their transition, from selling the business to conquering their second mountain in life. These discussions and guidance took months for our clients to get comfortable with this monumental life change. It also took time for them to disconnect from the business they built together and move into their next adventure.
To help them continue living life on their terms, we determined where their cash flow would come from and even built out an allocation for how they could continue investing in entrepreneurship and other types of angel businesses.
The Outcome
After developing and implementing a plan to sell their business, this family is doing very well! The parents are participating in their philanthropic interests alongside investing in various other businesses. Their children were able to benefit from the created wealth and have launched their own enjoyable entrepreneurship endeavors and are writing their own stories. Overall, this family was able to disconnect from their business over time and create a new life for themselves and their children.
How Solidarity Can Help You
If you’re looking for highly skilled wealth advisors who can guide you through life’s most complex decisions, Solidarity Wealth is here for you. If you’re ready to see what wealth management can do for you and your business, reach out to us at info@solidaritywealth.com or call 385-374-1665 to schedule a discovery call.
About Zach
Zach Whitchurch is the President and a wealth advisor at Solidarity Wealth, a privately held, independent wealth management firm that serves as a multi-family office to some of the Mountain West’s most successful families, technology entrepreneurs, and executives. Zach works with clients to develop both “Wealthy Financial Habits” and “Healthy Financial Habits” and thrives on helping them understand their finances by simplifying the complex. He uses his broad knowledge on a wide variety of topics to implement creative strategies for clients as he helps them feel both seen and heard, and supports them along the path to their dreams.
Prior to co-founding Solidarity Wealth, Zach was a financial advisor and a senior vice president of investments at Wells Fargo. He has a bachelor’s degree in accounting and a master’s degree in finance from the University of Utah and holds the CERTIFIED FINANCIAL PLANNER™ and Certified Private Wealth Advisor® designations. He is also a Managing Partner of Solidarity Capital. Outside of work, Zach enjoys spending time with his wife and four children and being active in both indoor and outdoor sports. He is also involved with coaching youth sports, and loves to read and learn about how the world works on a deeper level. To learn more about Zach, connect with him on LinkedIn.
Solidarity Wealth is a registered investment adviser. This material is solely for informational purposes. Advisory services are only offered to clients or prospective clients where Solidarity Wealth and its representatives are properly licensed or exempt from licensure. Past performance is no guarantee of future returns. Investing involves risk and possible loss of principal capital. No advice may be rendered by Solidarity Wealth unless a client service agreement is in place.