Creating a Strategic Plan

What is Legacy Growth Services? It starts with building a strategic plan. The key to building this plan is being able to dedicate a significant amount of time to sit down, write everything out, and then step away.

That’s why having a coach or a mentor can help you realize all the various aspects of your plan and how many moving parts are involved. Once you step away and come back to the plan, it becomes easier to see the things you missed the first time, make adjustments, and start to create a living, working blueprint.

Let’s take a quick walk through a short example of a situation without an excessive number of variables and moving parts. This example is about my buddy Patrick.

Patrick is an avid outdoors man and has spent most of his life focused on everything outdoors. After working in the outdoor industry for years, Pat saw an opportunity to create his own brand of flies for fly fishing. He was already making his own flies; stonefly, mayflay, trout flys and more! All his buddies were buying his creations, and word spread throughout New England that if you wanted to land big fish, you need to use his flies!

Fast forward 15 years and Patrick’s little company became a big fishing equipment business and was purchased by a much larger retailer for a tidy sum. Over the years, Patrick acquired a fishing camp in Idaho, along with his property in Maine and a small place in Vermont near the corporate office.

Patrick created a unique legacy for him, his family, and generations to come but his complex situation had a lot of unique challenges. Hence the reason we decided to create a strategy tailored to his family and their needs. Asset management is only one part of his plan, but there were so many other important variables that we needed to address and many people overlook them.

Actually sitting down to discuss, explore and write all these variables down was seemingly daunting. It looked a little like this;

Asset Management – Assets including multiple accounts, investment accounts, bank accounts, safe deposit boxes, precious metals, retirement accounts, trust accounts, and reviewing the effectiveness of current asset allocation strategy/fee structure

Physical Assets – Homes, jewelry, boats, personal effects, art, toys, aircraft, wine, movement and location of assets, value and adequate insurance coverage for all assets, and even other investments ( restaurants, land, etc.)

Operations – Budgets, spending, credit cards, small staff, home/s maintenance, payroll, family operations (travel, vacation, college, etc.), insurance, umbrella polices, life insurance, annuity, safety/security

Planning – Contingency planning (disaster recovery) and continuity, safety and security, data security, goals and plans to achieve the goals, charitable giving plan

Health and Welfare – Family physical health and well being, diet and exercise, nutrition, alcohol or tobacco use, mental health and well being, stress, quality of life, plan for extending life to a comfortable age

Business – Ongoing operations and involvement, liquidity plan, key man insurance, exit strategy and many more

As you can see, this was just the starting point for sitting down and addressing the most obvious variables and moving parts. Putting a plan together for Patrick was a dynamic process which evolved over a period of months, and we know monitor it on a quarterly basis, making adjustments when needed.

We literally filled the white boards in the conference room, adding different pieces in various colors of dry erase marker. It was a brainstorming session which helped us visualize all the important aspects of Patrick’s life.

If you think it’s time to sit down to discuss your situation and evaluate your strategy, reach out to me!

-DTL, West Palm Beach, March 2020

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