Month: June 2026

By Tom Burt, Managing Partner & Senior Portfolio Manager and Duane Ohly, Managing Partner & Senior Portfolio Manager

 

Investors have traditionally viewed performance as their portfolio’s value at a given point in time.

That number matters. But over time, outcomes are shaped by more than a single measure. They reflect how decisions are made, how risk is managed, and how a plan holds together as life and markets evolve.

Performance, in that sense, is not defined by a moment. It is revealed over time through the quality of decisions and the ability to manage risk, navigate markets, and stay focused on what matters as circumstances change.

That requires discipline. It starts with listening carefully, understanding priorities, and building a plan that can adjust as life unfolds.

 

A Broader View of Performance

For individuals and families, performance is experienced in many ways.

• Having the liquidity to support your lifestyle without concern
• Knowing near-term needs are covered, even when markets are unsettled
• Making steady progress toward long-term goals like retirement
• Creating opportunities for children and future generations

It is also avoiding the kinds of costly decisions that can undermine progress – for example, stepping out of markets at the wrong time, chasing short-term trends, or reacting emotionally when conditions are uncertain.

Underlying all of this is the quality of decisions made over time – how portfolios are positioned to support both today and the future, how risk is taken, and how decisions are made when markets become more difficult.

Periods of volatility often matter more than periods of growth. They test whether a plan can be followed, whether priorities remain clear, and whether decisions are made with patience rather than urgency.

Our performance-driven approach is built for those moments – giving investors the clarity and confidence to make sound decisions so that short-term uncertainty does not interrupt long-term progress.

 

Putting the Plan to Work

A thoughtful plan connects different parts of a financial life – ensuring that near-term liquidity and spending needs are covered, long-term growth supports future goals, and taxes, risk, and estate considerations are handled with care.

As life changes, the plan should be revisited and adjustments made deliberately, not reactively.

A practical approach to planning centers on three elements:

Define the goal
Clarity begins with understanding what success looks like in real terms – spending needs, time horizons, and personal priorities such as family, retirement, selling a business, legacy, and philanthropy.

Map the path
Decisions are more effective when viewed as part of a connected system – encompassing investments, cash flow, tax considerations, risk management, and estate planning.

Make ongoing adjustments
Performance over time requires adaptability – responding to changing conditions, incorporating new information, and keeping the plan on track toward long-term objectives.

 

What This Looks Like Over Time

Periods of uncertainty are part of the process.

Being performance-driven means providing clear direction when conditions shift – helping investors understand what should change and what should remain consistent.

That keeps liquidity, risk exposure, and long-term priorities in focus. It also enables decisions to be made with perspective rather than urgency, helping to avoid actions that can disrupt long-term progress.

This way of thinking shapes how financial decisions are made.

That is why our conversations begin with your life and your plan – not the market. It starts with understanding what matters most to you – your family, business, lifestyle, legacy, goals, and comfort with risk.

This approach leads to clearer focus, better decisions, and stronger outcomes for you and your family – bringing greater meaning to what performance truly represents.

 

A Perspective That Endures

Our Performance Driven℠ approach reflects a more complete view of what it means to succeed financially.

It recognizes that strong portfolio results matter – and that lasting outcomes depend on more than returns alone.

At its core, it is a commitment to making thoughtful decisions, managing risk with care, and empowering you to pursue your unique and evolving goals to enjoy life on your terms.

Because over time, performance is not just what a portfolio achieves – it is how well a plan holds together, and what it makes possible.

By Tom Burt, Managing Partner & Senior Portfolio Manager

 

For many business owners, a liquidity event is not just a transaction.

It represents years – often decades – of dedication and hard work. Long days, difficult decisions, risks taken, and the responsibility of others depending on you. As an owner, your business becomes more than an asset – it reflects your life’s effort and a set of decisions that have shaped both financial and personal outcomes. For many owners, it is deeply personal — something built over time, not easily separated from their identity.

When conversations emerge about a potential sale, the focus naturally turns to value. What is the business worth? What will the proceeds be? And how can those proceeds support your life and legacy?

What ultimately determines the outcome is how well prepared you are — particularly when it comes to how the transaction is structured and taxed, both before the sale and in the years that follow. When so much has gone into building a business, it becomes even more important to be thoughtful about what is kept – and how it is used going forward.

 

Planning Ahead: Where Tax Strategy Begins

A successful liquidity event is often measured by price. In practice, what you keep matters just as much.

Taxes play a central role in that equation. For many owners, this is about protecting the value of years of effort, not just optimizing a transaction.

Disciplined planning can meaningfully improve after-tax outcomes. Without it, a significant portion of value can be lost because key decisions are made too late or without a broader plan in place.

The most effective tax strategies begin well before a sale is imminent. In many cases, the difference in after-tax outcomes can be substantial depending on decisions made well in advance.

The structure of the business, ownership dynamics, and the timing of the transaction can all influence the tax treatment of proceeds. In some cases, planning done years in advance can create opportunities that are not available later.

Areas that often warrant early attention include:

• Entity structure and eligibility for favorable capital gains treatment
• Qualified Small Business Stock (QSBS) considerations, where applicable
• Gifting or transferring shares to family members or trusts ahead of a sale
• State and residency planning, particularly for owners with flexibility around domicile
• Charitable strategies, such as donor-advised funds or trusts, that can reduce taxable income

These decisions are highly specific to each situation. What matters most is that they are considered early enough to be effective.

 

Managing the Transaction Itself

As a transaction approaches, the focus shifts to how the deal is structured.

Purchase price allocations, the mix of cash and equity, and the timing of payments can all affect the tax outcome. Even within the terms of a negotiated deal, there is often room to shape how proceeds are treated. Whether proceeds are treated as capital gains or ordinary income, and how those amounts are recognized over time, can materially change what is ultimately retained.

Coordination across investment bankers, attorneys, accountants, and advisors is critical. A clear, unified plan helps preserve value and identify tax-effective opportunities.

The goal is to close the transaction in a way that reflects the full value of what has been built.

 

After the Sale: Turning Proceeds into Possibility

The period after a liquidity event is often overlooked in planning conversations. In reality, it is where many of the most important decisions begin.

A previously illiquid asset has been replaced with liquidity – a shift that brings both opportunity and complexity.

• How should the proceeds be invested?
• What level of spending is sustainable?
• How should risk be managed going forward?
• What role should legacy or philanthropy play?

Tax considerations remain central at this stage. How proceeds are invested, how income is generated, and how assets are structured can all influence long-term tax efficiency and the ability to preserve wealth over time.

 

A Defining Moment

Selling a business is one of the most significant moments in an owner’s life.

Financially, it creates liquidity that represents the culmination of a lifetime of hard work.

Personally, it offers a unique moment to consider what comes next after years building, growing, and carrying the responsibility of the business.

For some, that may mean new ventures or investments. For others, it may mean more time with family, philanthropic work, or simply the ability to step back and make decisions with greater flexibility.

Preparing for it requires a complete perspective beyond the transaction price – one that brings together tax strategy, investment planning, and a clear understanding of what the next chapter should look like.

 

By Charlie Todd, Managing Partner & Senior Portfolio Manager

 

Retirement today is often framed as a number.

How much do you need? What percentage can you withdraw? How does your net worth compare to others your age? Where can you live most comfortably given how much money you have saved?

These questions are everywhere. They are easy to understand – but they don’t reflect how retirement actually unfolds.

For most people, retirement is not a fixed point. It is a long period of life that evolves over time — shaped by health, family, markets, and personal priorities. The challenge is not simply reaching a number. It is building a plan that can support a life over decades, with clarity and confidence along the way.

 

Moving Beyond Rules of Thumb

Rules of thumb can be useful starting points. The “4% rule,” savings targets, bucket strategies, and retirement-driven portfolio allocations are designed to guide how you think about retirement — how much to save, how much you can spend, and how assets are positioned for long-term protection and growth.

But retirement is personal. Spending needs are different. Timing is different. Risk tolerance is different. And life rarely follows a straight line.

Relying too heavily on generalized rules can create a false sense of certainty – or unnecessary stress.

What matters more is understanding your specific situation:

• What are your spending patterns?
• How flexible is that spending?
• What sources of income are available, and when?
• How should assets be positioned to support both stability and growth?

A disciplined, personalized approach can help you create a plan that adjusts as your life changes.

 

The Transition Beyond Work

For most people, retirement is the first time since early childhood that life is no longer structured by a daily schedule. From school to career, days have been shaped by responsibilities, routines, and expectations. Even social connections often develop through work, family, or community activities.

Then, suddenly, that structure changes – creating uncertainty for many people: no built-in schedules, no automatic social circles, and no clear framework for what comes next.

At the same time, this new phase of life brings a new sense of freedom – children are grown, priorities are shifting, and time becomes more open to pursue your passions.

That creates opportunity, but it also raises important questions:

• How will you spend your time?
• What gives you a sense of purpose and engagement?
• How will relationships and routines evolve?

Retirement today is no longer about stepping away. It is about stepping into something new with health, energy, and resources to pursue interests that may have been set aside for years.

As a result, planning for that transition is just as important as planning for the income that fuels it.

 

Designing for Longevity

One of the defining challenges in retirement is time.

People are living longer, which means portfolios must support a multi-decade horizon.

That changes the nature of planning.

It requires balancing near-term income needs with long-term growth. It means thinking carefully about how and when assets are used, so that early decisions do not limit future flexibility.

Longevity also brings practical considerations:

• Healthcare planning and insurance coverage
• The role of Health Savings Accounts (HSAs)
• Planning for unexpected expenses over time

Effective planning helps create a retirement that remains active, engaged, and financially secure.

 

Flexibility Matters More Than Precision

No plan unfolds exactly as expected.

Markets shift. Expenses change. Priorities evolve.

A well-designed retirement plan builds in flexibility – allowing adjustments without disrupting long-term progress. This can take several forms:

• Maintaining sufficient liquidity to meet spending needs without forcing investment decisions
• Structuring income sources to allow for adaptability
• Reassessing withdrawal strategies as conditions change

Flexibility reduces the pressure to “get everything right” at the outset. It creates space to make decisions thoughtfully over time.

 

Tax Efficiency as a Driver of Outcomes

Taxes are often one of the largest variables in retirement – and too often overlooked.

How and when assets are drawn can materially affect how long wealth lasts.

Disciplined planning may include:

• Coordinating withdrawals across taxable, tax-deferred, and tax-free accounts
• Evaluating Roth conversions in lower-income years
• Considering the timing of Social Security benefits
• Managing required minimum distributions (RMDs)
• Structuring charitable giving in a tax-aware way

These decisions are part of an ongoing process that evolves with income, market conditions, and changes in tax law – and can help preserve more of what you have built without adding unnecessary complexity.

 

Turning Savings into a Plan

You have spent a lifetime accumulating assets. Retirement planning is about making the most of that hard work – converting those assets into a reliable and sustainable plan:

• Establishing a clear spending plan
• Creating reliable income streams
• Protecting and growing investments
• Aligning healthcare, insurance, and estate plans

It also includes thinking about the next generation, including how wealth may be shared, and how it can support multi-generational family goals.

 

A More Confident Path Forward

Retirement planning is not simply about a number – and it does not have to feel overwhelming.

It begins with understanding your priorities, your lifestyle, and what matters most – then making thoughtful decisions to design a plan that reflects the life you want to lead.

That means thinking beyond income alone – balancing longevity, flexibility, and tax efficiency in a way that allows for pursuing interests, enjoying time, and creating a meaningful legacy.

It simplifies complexity and creates a clear, confident, and purposeful path forward – one that makes the most of what has been built.