'Handling wealth with wisdom...'
Bruce and Beverly Teal have just sold their internet recruiting business to a major participant in the industry for $50 million. At ages 53 and 51, respectively, it is a well deserved reward for almost 15 years of hard work. A condition of the sale contract is that they remain with the business, as consultants, for 12 months, and there is a 3 year non-compete clause.
Bruce and Beverly have no experience with such a large amount of money. For the first five years of the business they battled just to pay the bills and feed and clothe their young family. The next five years saw rising profitability, but most was re-invested to ensure growth could be maintained. It has only been in the past 5 years that they have been able to extract a good quality living, allowing them to purchase a nice home (but with a large mortgage) and afford to send their two children to private schools.
However, they are not about to let their new found wealth change their desire to continue to learn and do something that they see as worthwhile with their lives. In fact, Bruce has been tinkering with ideas for another unrelated internet business, while Beverly wants to go back to university to complete a masters degree in psychology and, then, perhaps, a doctorate.
The Teal’s wealth is now well beyond that required to meet their ongoing needs. They are concerned that the surplus is applied in a purposeful way, but they do not want to be consumed or distracted by it. They want to use it to help their children, but not to spoil them. They would also like to give back to the community but, typically, in a strategic, well considered manner.
Major issues the Teals wish to have considered and managed therefore include:
The Teals feel like they have won the lottery, except they appropriately credit their “good fortune” to hard work, rather than good luck. They are smart people who want to use their wealth to enhance theirs and others’ lives in a considered way, rather than make drastic, out of character lifestyle changes. They appreciate the benefit of being able to share their “predicament” with a trusted third party.
