Have you thought about how an Advisor can help you start your business?

A client who recently went through a significant life event was determined to start a business he was passionate for. He came to us with the general outlines for his business, but wanted to know how this change would impact his life financially and the appropriate steps to take to ensure he was set up for success.

Working alongside our client, we created a customized financial plan to see if the expected cost of starting the business would pay off financially down the road and determined the best source of capital to fund those costs.  We stress tested several different scenarios and reviewed them together to make sure he had the confidence in moving forward with a thoughtful analysis of his options. Based on the duration of the cash needs for funding the business, we determined it was more cost effective to not recognize the long-term gains in his investment portfolio, but to open a Pledged Asset Line at a rate we negotiated on his behalf.

Our Advisors, look at their client’s wealth holistically. Our client’s new business opportunity allowed us to collaborate with other trusted partners in the community to offer legal, accounting, and insurance advice. We believe it is important to make sure our client had the legal framework to start his business successfully from the start. We provided a recommendation to a corporate attorney that specializes in business formation. The attorney drafted the necessary contracts and legal formation documents and will plan to act as his General Counsel on an as-needed basis going forward.

We worked with his CPA to make sure the business was set up in the appropriate structure on both a tax and growth standpoint. We were also able to connect our client with insurance brokers who were able to protect him against future liabilities. Freestone was able act as the liaison between these trusted advisors to make sure the entire process was cohesive and comprehensive.  

Through the coordination with our partners in the community we were able to set our client up with a strong business framework and the confidence he needed to follow his passion. 

Location

Seattle, WA

Service(s)
  • Client Goal

    Start a business

  • Years with Freestone

    6

  • Actual

    Successfully started a business with confidence

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