Plan the transition

Mike Cleary
Chairman and CEO
Cleary Gull Inc.
Industry: Investment advisory
Employees: 54

Mike Cleary is chairman and chief executive officer of Cleary Gull, an investment advisory firm in Milwaukee. His business works closely with big business CEOs seeking to sell a division or acquire a new business as well as small business leaders acquiring companies to grow their businesses, planning for succession or selling their businesses. Here, he offers advice on the transition to the post-sale stewardship of your assets.

“We specialize in transition.

“We work with individuals on major life transitions. We help successful entrepreneurs through important transitions when they sell their businesses. We provide guidance to clients that unexpectedly are dealing with a financial transition due to death or divorce. We give advice to retiring individuals who often find that, coupled with the loss of regular income, the transition from working full time to not having a regular daily work routine can be very difficult.

“These are once in a lifetime events. You receive a finite sum. When a transition occurs, it is helpful to have a second set of eyes. Chances are you won’t make your best decisions, as emotions tend to run high.

“Significant transition events require a careful plan that considers lifestyle and daily living expenses, estate plans, taxes or any charitable inclinations. In the absence of a well-thought out plan, people can cut their nest eggs in half in no time. They spend too much. They aren’t prepared for their windfall. They don’t recognize that the proceeds aren’t infinite. If you don’t know what you can spend and how quickly you can spend it, you will do yourself and your heirs a disservice.

“We work with a lot of professionals, including CEOs, doctors, attorneys and pilots. I say to my pilot friends that I want them flying the plane, not me! To my doctor friends: I want them practicing medicine, not me! But when they retire and get their once in a lifetime payout, we want to be there for them to help plan for and manage it. They are experts at their professions and we are experts at ours.

“Today’s planning is complex and the investment opportunities are broad. It is foolish, if not irresponsible, not to get advice.”

Sign up for BizTimes Daily Alerts

Stay up-to-date on the people, companies and issues that impact business in Milwaukee and Southeast Wisconsin

No posts to display