Business Owner Model™ This is a hypothetical example and is not representative of any specific situation. Mike and Laura run a small chain of grocery stores together.They’ve been married thirty years and have raised a son whom they want to take over the family business when they retire. The son, who is single and in his late twenties, has never worked at the stores. However the manager of the first store has been with the grocery for over a decade, and has asked about buying an equity stake in the business.Since there are so many moving parts at play, Mike sees the need for specialized guidance. When they come to IFP, we deliver a Business Owner model that helps them make informed decisions. IFP doesn’t run their business for them. We strive to help them run their business better.Even business owners ought to review the basics. Financial planning will show Mike and Laura how a profitable business is an asset that can help them pursue their lifelong goals. Reassessing employee benefits might show them how to boost staff morale, retain talent and improve profitability over the long-term. Contingency planning could show the couple how to protect what matters most if the worst-case scenario happens to befall them or their business.With those necessities taken care of, Mike and Laura can focus on how their business impacts their legacy. Succession planning might reveal that the manager of their first grocery would make a better owner than their son. Prudent wealth transfer strategies could direct assets to their son in ways that minimize estate taxes. And retirement planning will show when the couple can stop running their business and start enjoying the lifestyle of leisure they’ve worked so hard to attain.At the end of the process, Mike and Laura will have an action plan that’s worthy of their business. This is a hypothetical example and is not representative of any specific situation. Your results will vary. Please contact a financial professional for your specific situation.