Planning ServicesIncome & Asset Modeling Scope Of Planning
Just imagine you’re going on a trip…let’s pick a summer holiday to France. You’ve been thinking about this trip for some time (it’s been on your wish list of destination places since you were a teenager). Now, would you leave everything to chance and not pre-book your flights or hotel? If you wanted to see France’s countryside at your own pace, would you take the chance that a car rental would be available when you showed up? What kind of traveler are you? Some people like to travel without pre-booking every hotel as they embrace an adventurous, come-what-may style. Others feel comforted by planning everything down to the last detail, perhaps even enlisting the help of a travel agent or concierge. Most people fall somewhere in between. It comes down to personal preference and what people love to do.
WE LOVE TO PLAN
It’s what we do best.
Once upon a time, our team, led by Bernie, planned a bike ride that would take mountain bikers 245 km from Brookmere to Kelowna on the old Kettle Valley Railroad rail bed. The goal: to complete the ride in less than 24 hours, arriving in Kelowna at 2:30 AM. This meant bikers would start the ride at 4:30AM and ride all day and all night continuously for 22 hours (no big deal, right?).
Despite facing some major obstacles along the way, all but one rider completed the route. The planning that went into this ride was immense. Bernie and his team had route charts predicting arrivals and departures at various check points along the way that were incredibly accurate. There was a support vehicle to arrange, meals to plan, routes to map, weather to account for (blistering heat during the day, freezing cold temperatures at night), medical issues to anticipate (hello blisters!), clothing requirements to account for, hydration needs to meet, and many other pre-trip organization and transportation details to finalize.
We did all of this planning without actually riding the trail.
It was a challenge, both from a planning perspective and in its execution. But we did it. And we did it well. All because someone had an idea, and we wanted to make it happen. To quote Yvon Chouinard, Conquerors of the useless, that’s what we were.
We thrive on planning for every eventuality.
There is an exhilaration that comes from trying to imagine every possible eventuality and planning for the “just in case.”
Say a client comes to us, asking for a plan to sell their business within fifteen years for a certain price. We would look at that scenario, while also planning for such possibilities as:
- owner is diagnosed with a critical illness
- dying family member
- the business fundamentals change dramatically, reducing or increasing its anticipated value
Do you know what you would do if:
- You wish for a family member to take over your business, but your children or siblings aren’t interested or don’t have the skills to do so?
- Your property or business sells for millions less than what you’d planned for?
- Family dynamics throw a wrench into the smooth running of your business machine and things go south, messing with your happily-ever-after vision?
- Shareholder disagreements threaten to paralyze your business?
- Your key person dies and there is no key person insurance (sometimes called key man insurance) in place. Will creditors call your loans?
- Your business grows to become worth much more than anyone ever dreamed? (This may seem like a good problem to have, but consider the impact on children who begin to think they are entitled or the immense tax liability at death that no one anticipated. Without a plan to deal with these potential issues, assets may have to be sold unexpectedly, triggering additional tax or your family may become entangled in the negative aspects of inheriting sudden wealth).
There are certain inevitable events that cannot be escaped.
That won’t happen to me! We hear this over and over; yet, sure enough it can…and it often does.
People know they are going to die someday, but there is no magic spell that puts you in a position to deal with the issues that arise without any planning at all.
You need to plan.
If you’re not the planning type, we can help. Not only do we love to plan, but we also have an incredible depth of knowledge and experience. We have learned from the successes and failures of others.
Now, you may not be looking to plan a multi-stage adventure race, but what about the continuity of your income and assets during your life time and over to the next generation?
The only guarantee about life is that it will be unpredictable and downright messy without any kind of plan.
We can create a good contingency plan for you.
When things get rough, having a Plan B (or even Plan C) can help ease stress. We might not be the perfect people to plan that trip to France for you (although Bernie could definitely map out your next adventure race), but we can help create a continuity plan that works for you, your family, and your business.
Give us a call today to talk about your plan.