At-a-Glance
Ages: Bob (62), Susan (60)
Top Priorities:
Balancing business growth and personal financial goals
Preparing for business succession
Supporting employees’ financial well-being
Key Financial Goals:
Developing a comprehensive business succession and retirement plan
Providing employee benefits and ensuring a smooth leadership transition
Where They Are Now: Bob and Susan Bennett have solidified both their business and personal financial future, creating a clear path for a smooth transition to the next generation.
Overview
Bob Bennett, founder and CEO of Bennett Manufacturing, launched his company in the early 1990s with a vision to build a business that would provide not only for his family, but also offer his employees a sense of security, stability, and a fulfilling career.
His wife, Susan, played a vital role as office manager, focusing on client relations and employee engagement to create a welcoming and supportive environment. They raised four children: David, who recently joined the business, and Emily, Michael, and Rachel , who chose to pursue their own careers outside the company.
Understanding the importance of aligning business strategies with personal financial goals, Bob partnered with HT|TC early on. With the help of HT|TC’s workplace savings and retirement services team, in-house trust company, comprehensive wealth management services, and collaborative network of business owner services professionals, Bob aimed to guide both his business and his family through every stage of growth and transition.
Challenges and HT|TC Solutions
Laying the Groundwork for Financial Security
When Bob started Bennett Manufacturing, he knew that building a strong financial foundation was essential for both the growth of his business and his personal goals. From the outset, Bob recognized that his family’s financial well-being was deeply intertwined with the success of his company.
He turned to HT|TC to develop a thorough financial plan to address cash flow management, investments, retirement planning, and risk mitigation, allowing him to focus on strategic growth and expanding his business with confidence.
HT|TC’s experienced team advised on a range of insurance solutions, including key person insurance and business continuity policies, to protect both his business and personal assets against unexpected events that could disrupt operations or impact his family’s financial security. They also helped implement an integrated tax strategy to optimize income from both business earnings and other investments, aligning with his long-term objectives.
HT|TC was there to guide Bob through decisions about reinvesting profits into the company versus allocating funds for personal investments, helping ensure a balanced approach that supported both business growth and his family’s financial future. Regular check-ins kept his plan flexible, adapting to his evolving needs and ambitions.
Supporting Employees and Strengthening the Team
Bob saw his employees as more than just members of his workforce. His leadership style was rooted in his desire to help those who worked for him to feel secure and valued, and he wanted to create a company culture where they could thrive both professionally and personally.
Bob’s approach combined his strong business acumen with genuine care for his employees, fostering a culture of loyalty and mutual respect.
He worked with HT|TC’s workplace savings and retirement services team to design a fully bundled 401(k) plan that provided significant tax advantages and retirement savings opportunities for his team. The plan became a cornerstone of Bennett Manufacturing’s benefits strategy, reflecting Bob’s commitment to his workforce’s well-being. HT|TC organized and conducted quarterly lunch-and-learn meetings where his employees could learn about retirement planning and financial management, helping them feel more engaged and informed about their financial future.
HT|TC’s ongoing guidance and support helped ensure that the 401(k) plan remained competitive and aligned with the evolving needs of both the business and plan participants, further reinforcing Bob’s dedication to his team’s long-term success.
Navigating Growth While Preparing for the Future
As Bennett Manufacturing expanded, Bob faced increasingly complex decisions about his company’s future. He leaned on HT|TC and its trusted network of professionals to help him navigate these challenges, from exploring new markets and investing in technology to managing cash flow and optimizing the company’s financial health.
HT|TC’s wealth management and business owner services teams worked together to provide a comprehensive view of Bennett Manufacturing’s financial picture, conducting regular business valuations that helped Bob understand the evolving value of his company.
This collaboration enabled him to make informed strategic decisions about growth and restructuring in alignment with his long-term vision. When the business opened a second location in another state, HT|TC also guided Bob and Susan through adjusting their risk management strategies and estate plan to include the new assets.
Transitioning Leadership and Securing the Family’s Legacy
As Bob began to consider stepping back from day-to-day operations and his son David began taking on more responsibilities, HT|TC leveraged their wide range of experience and specialization in both business and personal financial planning to help Bob and Susan explore a range of scenarios for their future involvement in the company, providing insight into how different retirement or semi-retirement scenarios could impact the business.
The HT|TC team helped set the stage for a smooth leadership transition, facilitating thoughtful discussions on how to transfer ownership to David, while also preparing for the possibility of an external sale.
Because Bob needed to consider how to manage proceeds from a potential future sale, HT|TC worked closely with him to evaluate the financial and tax implications of selling the company, incorporating potential proceeds into a comprehensive financial and estate plan. HT|TC’s in-house trust company was also pivotal in this process, offering tailored trust services and collaborating with the wealth management team to structure Bob’s estate plan in a way that reflected the family’s values and minimized tax burdens.
Recognizing the complexities in dividing business assets or sale proceeds among four children, HT|TC provided customized strategies on structuring trusts and wills, helping develop a fair and strategic distribution plan that aligned with the Bennetts’ long-term goals. This integrated approach allowed Bob and Susan to plan their future roles thoughtfully while helping ensure continued business growth.
Continuing Wealth Management and a Fulfilling Retirement
As Bob and Susan moved into retirement, they continued to rely on HT|TC for comprehensive wealth management and estate planning. HT|TC’s team assisted them in managing their investments, optimizing tax strategies, and planning for future needs — such as spending time at their second home, helping their grandchildren save for college, traveling, and supporting local community initiatives.
When they were out of state, virtual consultations allowed the Bennetts to stay engaged with their financial plan and team of advisors, helping ensure their wealth remained aligned with their evolving goals and priorities.
With HT|TC’s support, Bob and Susan felt comfort about their financial future and legacy, which freed them up to focus on what matters most — enjoying their retirement, mentoring David, and spending quality time with family.
This comprehensive approach to financial planning gave the family the security of knowing that they were financially prepared for whatever the future may bring.
Outcome
With confidence and foresight, Bob’s partnership with HT|TC allowed him to grow Bennett Manufacturing into a thriving business that reflects his deep commitment to both his employees and his family. By aligning his business success with his personal financial goals, he was able to build a strong foundation for the future.
Bob’s paternalistic approach to leadership, which combined strong business sense with sincere care for his team, created a supportive and productive workplace where employees felt valued and secure. The fully bundled 401(k) plan, handled by HT|TC's workplace savings and retirement services team and in-house trust company, not only helped provide financial security for his team but also strengthened loyalty and built a culture of trust.
Thoughtful, comprehensive succession planning helped ensure a smooth transition to the next generation, keeping the company’s values intact.
With HT|TC’s continued guidance and the collaborative efforts of their trust and financial teams alongside a network of experienced professionals, Bob and Susan are now enjoying a fulfilling retirement, knowing that the business they nurtured and the values they instilled will endure for years to come. Their vision of stewardship, care, and dedication to both family and employees remains a cornerstone of Bennett Manufacturing’s ongoing success.
* Although this story is representative of the work HT|TC does to support the clients we serve, all individuals are fictional and do not represent actual clients.
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