Supporting the Sale of a Business
MANAGING WEALTH BEFORE, DURING, AND AFTER
“I’ve seen clients who have been celebratory, and clients who have cried, so it’s really important for us to be able to work with clients to identify what are their needs right now, and what they need in the future.
Our clients really appreciate that because we’re salaried, there’s no rush. We don’t put any commission in place of the client’s needs. We take our time, we’re objective, and we make decisions that are based on what our client requires.”
Diana Henke, Senior Vice President & Senior Relationship Manager
In Washington Trust’s Wealth Management & Advisory Services, we work with clients in investment, estate settlement and trust administration. We have over 2,000 clients and we administer billions of dollars, and we’ve done this for over 115 years.
Often, we are brought in to help clients navigate the sale of a business. When someone sells a business, we know that it takes a team to make sure that all of our client’s needs are addressed appropriately. That includes attorneys outside who are directing what their client requires—it takes their tax counsel, sometimes other advisors and the team that we’ve built here at Washington Trust. We have attorneys, CPAs, and financial planners on staff. Washington Trust has a host of invaluable experience and expertise that works on behalf of our client.
It is imperative to recognize that the planning is specific and custom for each client. We work with that client and our commercial and private banking team, as well as their other advisors, to make sure that the planning they do before the sale is appropriate for them and will meet their current and future financial needs.
After the sale, it’s a whole new ballgame. This is a period where we are reconstructing a client’s wealth. The former business owner who understood everything about the business is now faced with a host of new personal financial considerations. What we do is put our financial planning in place. We begin a dialogue with our client to identify what their needs are now, what’s most important. Do we need to replace wealth? Are there big purchases to be made? Are there tax considerations?
Then we look at the future, and everything is very goal based. We work to identify the individual goals and make sure that each strategy is specific both to their legal and their tax plan, as well as what they need in the future. We take our time, we’re objective, and we make decisions that are based on what our client requires.
Much has changed in our industry. What hasn’t changed is the confidence that our clients place in us. With Washington Trust, it’s the integrity, the commitment, the stability, and our clients knowing that we put the relationship with them first, before everything.
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