For those beginning to think about the sound management of wealth, possibly around an exit from a large investment, the following outlines some questions we might ask. The questions range from the sublime – family and philanthropic goals – to the more mundane – investment, administrative and tax matters. As you revisit your life goals and begin to embrace this new undertaking, identifying those resources that can help and how to engage with them is likely to become an early priority.
In our wealth advisory practice, we work mainly with individuals and families who are first-generation wealth creators. Substantial wealth typically arises from a singular, concentrated focus. Our clients’ financial successes have followed from an intense dedication to an enterprise or career, resulting in exceptional outcomes. We address this paper to those considering the future and how to make your wealth work on your behalf.
As our new clients think of their next chapter, whether that thinking is triggered by an outright or gradual sale of their business or a shift away from their singular focus (what we refer to broadly as an “Exit”), they often face new challenges. Wealth – its application and preservation – gives rise to what, for them, is a novel set of issues. For us at Bitterroot Capital Advisors, this awareness guides our early conversations with a new or prospective client. We begin by listening, asking questions and listening some more.
For those beginning to think about life following an Exit, this paper outlines some questions we might ask you. We always attempt to adopt our clients’ mindsets and internalize their perspectives. We hope these questions may help stimulate your thinking about what you would like to accomplish.
While some of these questions are for you, others may be more suited to the various advisors with whom you look to work. We have extensive experience with these topics, so if you are in this situation, we would be pleased to discuss them with you.
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