Business Owner

Brett Travee sold his Pest Control Business for $6.3 million, wanted to retire early but overwhelmed on how to get there confidently.

Brett’s 52 and was the dedicated and successful owner of a self-made pest control company. While putting in 17 years building his business, Brett’s role as CEO constantly pulled at him, requiring him to wear many hats. As you can imagine, given all of his responsibilities, the last thing Brett had time for was proper DIY financial planning (on his and his family’s behalf). We remember it vividly (at Paradigm) when Brett first contacted us. Brett turned 50, and we received his call seeking guidance and help. He explained how he was aware of the need for professional investment management and retirement planning. He explained and even shared potential regret his was facing due to all the missed family time he’d experienced over the years while growing the business. Most important to him going forward was getting a financial plan in place so he could sell the business and step back, aiming to retire by 55 and spend more time with his family and loved ones.

Challenges

Despite his business success, Brett’s financial situation included some challenges: 

  • Retirement Planning: He had nothing in place that would allow him to confidently stop working within three years (his goal of 55).  
  • Succession Planning: Brett knew the business was successful and was worth a substantial amount, but he didn’t have any real plan to sell the business; To who, when, for how much? 
  • Savings: How much would Brett need to save between now and his targeted retirement age.  
  • Professional Guidance: Brett was overwhelmed and needed help putting all of this together, a team that could map out for him all of the next steps; Account management, account allocations, investment management, taxes, estate planning, etc.  

Solution

We worked with Brett to build a comprehensive solution tailored to his unique needs and goals: 

  • EOS Operating System and Coach: Introduced Brett to the Entrepreneurial Operating System (EOS) and an EOS Certified Coach provided him with a second set of eyes to help run the business and guide its positioning for sale. 
  • Retirement Savings Plans: Implementing a 401(k) and Cash Balance Plan allowed Brett to maximize his retirement savings over the next four years. 
  • Estate Planning: Partnering with an estate planning attorney, updated estate planning documents were drafted, and trusts were set up for Brett's two children. 
  • 1 Page Wealth Plan: A clear, concise wealth plan was developed, outlining Brett and his wife's financial strategy as they approached retirement, including a detailed retirement income plan. 

Implementation

  • Clear Path to Retirement: With a detailed plan in place, Brett is on track to retire at 55. 
  • Business Transition: The EOS Operating System and coach have streamlined operations and positioned the business for a smooth transition. 
  • Maximized Savings: The 401(k) and Cash Balance Plan have significantly increased his retirement savings. 
  • Family Protection: Updated estate planning documents and trusts ensure his family’s financial security. 
  • Financial Clarity: The 1 Page Wealth Plan provides a clear roadmap for Brett and his wife as they enter early retirement. 

Note:These are hypothetical situations based on real life examples and are not actual clients. The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. To determine which investments or strategies may be appropriate for you, consult your advisor prior to investing.