Business Legacy: Navigating Succession and Retirement for the Wagners
Current State of Finances
Mr. and Mrs. Wagner have spent decades building a successful construction business, generating substantial wealth through ownership in the company, related ventures, rental properties, and land acquisitions. Now in their early 60s, they are beginning to look ahead to what life after business might look like.
Their business is in the midst of a potential succession plan involving current partners, though it remains unclear whether those partners can afford to buy them out. The Wagners are unsure how to structure the exit in a way that is financially viable for everyone involved. At the same time, their holdings outside the company are significant but complex: approximately $6 million in personal assets, with an additional $5–10 million in business value. These assets are spread across various ownership structures, including family partnerships, individually held properties, and vacant land with uncertain liquidity.
The couple is unsure whether they even need to sell the business in order to retire comfortably. They also wonder what retirement would actually look like—can they travel, enjoy more free time, and still remain intellectually engaged? For Mr. Wagner, stepping away from the business raises a deeper concern: without something to build or manage, will he lose his sense of purpose?
Family legacy is another priority. They want to ensure their children get a strong financial start but worry about how to do that responsibly. They’re thinking about college funding for grandchildren and are beginning to consider how to introduce the next generation to financial stewardship without overwhelming them.
Financial Advisor Insights: What are we thinking about?
Succession Planning and Exit Strategy
The Wagners’ situation requires a carefully structured business succession plan. We’re evaluating whether the business must be sold to support their retirement goals or if existing personal wealth is sufficient. If a sale is necessary, we need to assess the partners’ financial readiness, explore phased buyouts or seller financing, and determine how to value the business accurately despite uncertain cash flows. Structuring the sale to reduce tax burden and provide reliable income is essential.
Organizational Clarity
Over time, the Wagners have accumulated a wide range of assets, many with complex ownership structures involving family members. Before we can make long-term plans, we need to catalog and simplify. That includes identifying which assets are truly income-producing, which can be sold, and which hold emotional or strategic value. Bringing clarity to the portfolio gives them the power to make informed decisions about what to keep, what to pass on, and what to unwind.
Lifestyle Planning
A core question is how much they can spend without relying on business proceeds. We’re modeling retirement scenarios that test the impact of selling vs. holding the company, and how that affects travel, giving, and long-term security. For Mr. Wagner in particular, we’re exploring ideas for staying mentally engaged—perhaps through advisory roles, investing in new ventures, or pursuing structured philanthropic projects.
Family Education and Inheritance Planning
As the Wagners think about legacy, we’re helping them explore gradual gifting strategies and ways to introduce their children to financial responsibility. This includes setting up college funds for grandchildren, opening conversations around inherited wealth, and designing a structure that promotes stewardship rather than dependency.
Peace of Mind Through Structure
The Wagners spent a lifetime focused on their business, and wealth came as a byproduct of that success. Now, without a clear plan, the wealth feels abstract and overwhelming. Our goal is to bring that wealth into focus, create a coordinated strategy across all holdings, and replace uncertainty with confidence. With a thoughtful plan in place, the Wagners can make decisions not just about money—but about how they want to live the next chapter of their lives.
What’s Next?
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