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Case Study: How We Helped a Couple Organize Their Finances & Expand Their Small Business

Case Study: How We Helped a Couple Organize Their Finances & Expand Their Small Business

| October 13, 2022

As a small business owner, it can be difficult to find the time to organize your finances when you are busy running the day-to-day operations of the company. With so much on your plate, it’s crucial to work with the right professionals to help you maximize your company’s potential. 

At Horizon Planning Group, we understand the unique challenges small business owners face, and we specialize in helping achieve their long-term financial goals. But don’t just take our word for it. Here is an example of just one small business owner we helped. Read on to learn more about our financial planning process and how it can be used to help you too.

The Client

In this case, our client was a married couple with a blended family. Betty and John (1) first came to work with us in 2013, when we initially started planning for Betty’s personal retirement. We eventually started working with their small business in 2016.

John owns his own plumbing company and Betty is the business manager. She also runs her own boutique art shop, which means they both had their own small businesses to worry about. Betty and John are a hardworking couple and both have put in the long hours and dedication to make their companies successful. 

When we first started working together, they owned their home outright and ran the plumbing business from their property. They had no major debt and things were going well with the business, but they knew they needed professional guidance if they wanted to achieve their long-term goals and maximize their companies’ potential. 

The Goal

With at least 10 to 15 years left before retirement, Betty and John were looking to maximize the value of their plumbing business and prepare for an eventual sale. This would involve purchasing an off-site property so they could stop running the operation from their home. 

In addition to their business goals, Betty and John had several personal goals as well. They wanted to increase and grow their investments, add a rental property, buy a vacation home, and create a long-term plan for their soon-to-be adult children.

The Outcome

With so much to accomplish, both personally and professionally, we knew we needed to start this relationship off right: with a comprehensive plan.

We approached the planning by looking at three distinct areas of focus:

  1. Personal finances: We created a financial plan to put their overall financial picture into perspective. In doing so, we determined that it made financial sense to purchase a rental property. Not only did it provide current rental income, but it also allowed them to provide a home for their son and his family who are currently renting the property from them. Eventually, the couple was able to use the rental income to purchase a vacation home, which they rent out for most of the year. They have now expanded their real estate investment portfolio and added a significant amount of passive income to their cash flow.
  2. Business finances: We conducted a full review of the business finances and helped Betty and John organize everything. Through this process, we discovered that John did not have adequate life insurance to protect Betty in the event he were to pass away unexpectedly. We promptly set up life insurance for John through the company. Additionally, through our work in maximizing value and minimizing expenses, we were able to help Betty and John purchase an off-site property for the business. It had both a shop and a warehouse, which allowed the couple to expand their operations and increase the value of the company.
  3. Small business retirement plan: One of the couple’s biggest concerns was making sure they were putting enough away for retirement while also providing benefits for their employees. We analyzed the different retirement plans available and decided to set their company up with a SIMPLE IRA. This plan allowed the couple to save for retirement and provide benefits to help retain employees. We chose this plan over other retirement plans because of its low cost and the ease of plan administration on Betty as the business manager. 

Though these accomplishments didn’t happen overnight, Betty and John were able to achieve all their financial goals in under 10 years by utilizing the road map we created together in their financial plan. 

Are You Ready to Experience the Horizon Difference?

At Horizon Planning Group, we are dedicated to helping small business owners overcome the challenges they face every day and take advantage of the opportunities available to them. If you are a small business owner looking for help organizing your finances and maximizing the value of your business, we would love to hear from you. Schedule an introductory meeting online or reach out to me at (770) 627-4157 or to get started. 

About Garrett

Garrett L. Holcombe is president at Horizon Planning Group, a full-service fiduciary financial planning firm committed to always doing what’s right for their clients. With over a decade of experience, Garrett specializes in serving small business owners, giving them a step-by-step process to help them overcome the challenges they face every day and take advantage of the opportunities available to them. His vast knowledge and dedication to his clients allows him to tailor a plan to his clients’ needs and goals, whether that’s creating a start-up plan, financing and tax strategies, employee benefits, and more—all so that his business owner clients can experience confidence in their financial future. Garrett is known for his passion for education. He takes on the role of a teacher so he can help his clients feel empowered about their decisions and understand their financial situation thoroughly. He wants his clients to know that he’s always there for them, no matter what their questions or concerns are, and is always working behind the scenes to keep your plan moving forward. 

Garrett graduated from Kennesaw State University with a bachelor’s degree in political science and is a CERTIFIED FINANCIAL PLANNER™ professional. When he’s not serving his clients, Garrett loves spending time with his wife, Amber, and their two children, Samantha and Matthew. Garrett and Amber were one of the first foster homes with Goshen Homes, a foster care agency of Goshen Valley that specializes in keeping siblings together. They adopted their children through the foster care program. Garrett is heavily involved in his community, serving as an adult leader and the safety and training officer for Sea Scout Ship Southwinds 100, and is president of the Cherokee High School Band of Warriors Booster Club. He is part of the Woodstock Business Cub and an active member of his church. In his downtime, he loves cheering for the Braves and Georgia Bulldogs and is an avid Liverpool Football Club and Atlanta United fan. To learn more about Garrett, connect with him on LinkedIn.


(1) Names have been changed to protect confidentiality