They work on it for a lifetime. They just sold it. Now what?
Steven had run his family's automotive import business for 27 years. After a successful sale, Steven wasn't sure what to do with the proceeds. Learn how we helped him find a new direction.
66% of high-net-worth individuals who derive their wealth from entrepreneurship agree with the statement: "I have full confidence in my bank/financial advisor, so I don't have to worry about preserving my assets1.."
The challenge
If you've had your heart set on a company all your life, saying goodbye to that company raises a lot of questions. At 58 years old, Steven was exactly at this point. After the sale was complete, he wasn't sure what to do next or what to do with the proceeds from the sale.
The solution
Steven's uncle, who is already a long-time customer of ours, suggested that he reach out to us. We have already accompanied many entrepreneurs on their way to growing and selling a company, so we were able to reassure Steven about the next steps.
We have recommended three approaches:
First, to invest the proceeds from the sale safely.
Next, we advised him to get a better overview of the family's total assets.
Finally, we helped him create a plan for the future while maintaining his lifestyle.
Wealth planning is most effective when you have a complete overview of your family's assets. We helped Steven create this picture and take stock of his net worth. Based on this, we were able to advise Steven on how to invest his wealth in a way that supports his lifestyle while taking into account his desire to pass the wealth on to the next generation.
Now Steven is confident about the future and has a clear plan for himself and his family.
Read the full report, produced in partnership with The Economist, here.
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- Based on research conducted by Ipsos UK on behalf of Quintet Private Bank and BlackRock between 19th August and 27th September 2024.
- Source: Bloomberg, October 2024.
- As at the end of September 2024.