Surviving the Great Recession wasn’t easy for anyone, but it had a unique impact on business owners who were looking forward to retirement. One-third of small biz owners are over the age of 55 – primed to step away from the day-to-day routine. When the economy went into a tailspin, those trying to either sell or otherwise transition the ownership of their business had to keep working, even as the long slump made staying in business a struggle.
Juxtaposed against the crisp, modern lines of Brian Witherell’s home in Alkali Flat sits a trove of ancient treasures, premier antiquities cherry picked from his company’s massive antique collection.
Small businesses that bloom usually succeed by filling a niche that no one else can, offering unique skills, personal service or a killer product. But they also often depend on the know-how of one or a few irreplaceable people. If tragedy strikes them, it can take down the whole firm.
Michelle Christison knows what successful family communication looks like when it comes to wealth transfer issues. A potential client approached her with a problem — she had money she didn’t need.
Economic revival is giving some company owners hope that it may finally be a good time to sell their business. But without an exit strategy or some advance planning, those owners may be in for some sticker shock.
Remember the wild days of the real estate boom when you could buy a house with nothing down? You still can. Well, maybe you can’t, but a very select group of wealthy buyers can.
In a region that can boast names like Teichert, Friedman and Tsakopoulos, some citizens think the call to give charitably rests outside their circle of responsibility. Not so for Sacramento’s newest philanthropists.
When Dr. Dena Davidson graduated from the UC Berkeley School of Optometry in 1995, she thought her income expectations were pretty reasonable.
If two words could sum up the collective attitudes of those who buy and sell businesses, they’d be “enough already.”
Joining the 1 percent really isn’t that difficult.
Stan Atkinson could be described as a homebody these days. It’s not that he doesn’t like to go out occasionally, but Atkinson, like many other aging Americans, would prefer to stay in his home as long as possible.
Brian O’Hearn is an accidental landlord.
Like more and more homeowners caught in the descending mortgage spiral, O’Hearn and his wife, Juliet Williams, faced tough choices. Married in June, they owned his house in Folsom and her Sacramento condo — and both wanted to live in midtown.
While much of the local and national talk around pension reform is directed at public employees, the biggest current changes are occurring in the private sector.
With the real estate market in the tank, many investors are thinking twice about real estate investment trusts, or REITs. And that suits Jim Johnson just fine.
Blair Sapeta isn’t setting aside money for her retirement. She’s just 31 years old and has more immediate financial concerns.
Looking back, it’s easy to see how some local government pension plans wound up underfunded. As described in last month’s issue, much of the blame goes to generous legislation passed during California’s boom cycles.
Hedge funds are back. Worries about European debt crisis, war in the Middle East and the potential for rating agencies to downgrade America’s treasuries have rattled shareholders. But those fears haven’t held back investors from pouring record amounts of capital into the cowboy country of largely unregulated, nontransparent funds.
Real estate sales and values have plummeted 40 percent the past few years, but the commercial retail market is buzzing with hungry buyers hunting both bargains and gems.
In 1999 the dot-com boom was sending lots of money to Sacramento. The state Legislature saw it as a good time to share some of that wealth through state and local pension plans via Senate Bill 400.
Lesli Pletcher’s parents were not extravagantly wealthy by any stretch of the imagination. However, true to form of a couple raised during the Great Depression, they were frugal and financially cautious so that, by the end of their lives, they had amassed a substantial estate capable of easily sustaining Pletcher’s father in his $9,000-a-month Alzheimer’s care facility.