How We Help Business Owners Enter Retirement: A Case Study

By Troy Noor, CFP®, CFA®

If there’s anything the last half decade has shown us, it’s that business owners can see their best-laid plans upended by forces outside their control. But another thing we’ve seen is that with dedicated focus and creativity, it’s possible for business owners not just to restore those plans but to improve upon them.

One long-time client of Boulevard Wealth Management had done everything right: they’d built a successful company and had a clear vision for their retirement. But when their business was affected by outside circumstances, they needed to find a new answer. Here’s how we helped them adjust and elevate their retirement plans.

The Client

Married with one child, our client (we’ll call him Sam) owns a local cabling company and has been working with Boulevard for nearly 25 years. He estimates he’s about two to three years away from retirement. 

Sam has a clear vision for his retirement: establish residency in Florida but continue owning his home in Minnesota. One of his primary goals is to accumulate enough wealth to let him buy a Florida home outright. When the time is right, he’d like to sell his business before moving on.

The Problem

Sam’s original idea was to sell his business in 2019. However, there was no real urgency for him to do so. The company was thriving, revenue was coming in, cash flow was smooth, and most of all, he still loved what they were doing.

What happened next affected business owners across the world: the COVID pandemic. The commercial real estate sector ground to a halt overnight. As property sales and new construction decreased dramatically, the value of Sam’s business effectively declined by half.

In our view, Sam was as well positioned as anyone to stage a comeback after the lockdown ended. He had no significant debts or credit issues, and He’d built a strong local reputation which he could bank on once operations resumed. But with the forced timeline change, Sam needed to craft an alternate plan to sell his business and retire comfortably.

The Plan

Our instincts about this client were right. As of today, Sam has built his business back to the level it once was, and he’s working hard to find potential buyers. With those matters in order, he can now afford to actively plan for his retirement.

One particular challenge was adjusting his future business sale for tax efficiency. We modeled two scenarios for selling the business: one for a lump sum and one for installments. We were able to construct a plan for realizing capital gains over time.

Sam, currently 54, is now eyeing an early retirement, ideally around 56 or 57. We were able to arrange things so the liquidity event of his sale (with installment payments) would provide enough cash flow to bridge to 59½ years of age, when he can start withdrawing from his retirement accounts without penalty.

What’s more, the liquidity offered by the business gave Sam enough cash to defer Social Security benefits to age 70. He’s also positioned to make substantial conversions to Roth plans and tax-free withdrawals in retirement.

The Outcome

After making these adjustments to Sam’s retirement strategy, his projected lifetime wealth has increased by over $3 million. His projected estate taxes, meanwhile, dropped by $1.1 million at age 90. He couldn’t be in a better spot in his final years of business ownership.

Helping Business Owners Find a Path to Retirement

At Boulevard Wealth Management, we get it. Your business is your lifeblood. But it shouldn’t feel like a financial treadmill. We use innovative, effective approaches to help business owners turn their company into a true wealth-building engine, not just a high-paying job.

Our tailored strategies are built around five key pillars to stabilize your future, reduce your tax burden, and keep your business from being your only retirement plan. Whether it’s a SIMPLE or SEP IRA, a 401(k), or an Executive Deferred Compensation Plan, we design a plan that aligns with your goals and supports your long-term success. So you can thrive, not just survive, when you exit the workforce.

If you’re ready to take the next step toward financial freedom—on your terms—let’s talk. To schedule a meeting, call (763) 244-1191 or email troy@blvdwealth.com.

About Troy

Troy Noor, CFP®, CFA® is the Executive Director and Director of Portfolio Management at Boulevard Wealth Management, a financial services firm in Twin Cities, Minnesota, dedicated to addressing client goals through a team-based, fiduciary approach. With over 28 years of experience in the financial industry, Troy specializes in helping executives with equity compensation and business owners maximize their wealth and minimize taxes. His work centers on creating customized investment strategies, optimizing portfolio risk, and designing financial plans that empower clients to pursue financial independence. Guided by his passion for stewardship, Troy strives to help clients align their financial resources with their long-term goals while fostering positive impacts on families and communities for generations. His approach combines technical proficiency—leveraging tools like tax harvesting and mean-variance optimization—with a faith-driven commitment to acting in his clients’ best interests.

Troy earned his Bachelor of Applied Science in International Business and holds the distinguished CERTIFIED FINANCIAL PLANNER® and Chartered Financial Analyst® designations. Beyond his professional roles, he has served as a Board Member for the Eden Prairie Chamber of Commerce, currently serves on the board of Ambassadors for Business, and leads a men’s Bible study group, reflecting his dedication to community and faith. Outside the office, Troy enjoys traveling, fishing, and gardening. He lives by the principle of stewardship, aspiring to hear, “Well done, my good and faithful servant” at the end of his journey. To learn more about Troy, connect with him on LinkedIn.