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Waves and Squalls&
Tides and CurrentsNavigating to Your
Number
Joseph R. Birkofer, CFP®
PrincipalLegacy Asset Management, Inc.
www.legacyasset.com
Waves
Tides
Squalls
5
Couple(Both Age 65)
FemaleAge 65
MaleAge 65
85 92
50% chance ofliving to 85
25% chance of living to 92
88 94
50% chance ofliving to 88
25% chance of living to 94
92 97At least one person has a 25% chance
of living to 9750% chance of
living to 92
Currents
SalesSuppliesHuman ResourcesCompetitionRegulationRisk management
Business Owners Focus:Waves and Squalls
High Tide Low TideSellers market Buyers market
Competitive advantage No barriers to entry
Strong staff Disengaged employees
Loyal customers Commodity customers
Exit strategy One day at a time
Boomer Business Owners
A rising tide raises all boats. A falling tide shows who is
swimming naked!
A Falling Tide of Demographics
Your “Number” is not a dollar amount
Your “Number” is the Location you are trying to get to
What does all of this nautical terminology have to do with your
“Number” ?
The “Number” is Latitude and Longitude
Ten million?Twenty million?One Hundred million?Five million?That’s not where people live
Conventional Thinking
Plan the route
Talk to scouts, traders, trappers & guides
Setting the Course
What will you do when you get there? Family Fun Philanthropy Work Consulting All of It
Destination Planning
How are you going to eat?How will you stay sheltered?How will you stay healthy?How will you manage illness?How are you going to enjoy Life?How will you leave a Legacy?
Provision Planning
Assess strength & quality of your Vessel
business model
capital needs
competitive advantages
Outfitting
Assess strength & quality of the crew
Who is second in command
Improve the crew
Mutiny conditions
Outfitting
Secure the linesProductsServicesCustomersSalesPatents
True up the measurements
Outfitting
Secure provisions Retirement Plans
Mitigate risk
Plenty of tradesmen to help:CPA’sInvestment BankersLawyers & StrategistsHR ConsultantsFinancial PlannersInsurance & Risk Management
Outfitting
With the Course planned out,
With the Costs of provisioning known,
With the Vessel shipshape and the crew at the ready:
Paying for the Journey
Calculating the cost for the journey becomes a pretty straight forward exercise
Finding the right “Sponsor” becomes a function of “when”, not “hope.”
Paying for the Journey
There will still be waves and squalls to contend with but there will a plan, and pilots, to guide you.
Paying for the Journey
Thank You!
Joseph R. Birkofer, CFPPrincipal
Legacy Asset Management, Inc.713-355-7171
Questions & Comments
Matt RegisterInvestment
Banking
Don KellyStrategic Planning
Gary Cooper, CPA
Succession Planning Director
Patrick MurphyAttorney
Darrell HailRisk
Management
Carlos LopezAuditing
Joseph BirkoferWealth
Management
Devin HunterHuman
Resources
www.forwardresults.com
