A Retirement Plan, A Business Exit, and a Better 401(k) — All in 5 Years
Key Numbers*
Personal Invested Assets
with TrueNorth Wealth
$4M
Plan Assets
with TrueNorth Wealth
$2M
* Data as of October 2025.
Subject to change.
Why Managing Both Sides Matters
Most business owners work with separate advisors for their 401(k) plan and their personal wealth. This creates gaps and missed opportunities.
Because we managed Rick’s 401(k) design, we could coordinate it with his personal tax strategy. Profit-sharing contributions that maximized his retirement savings also reduced his taxable income.
When we worked on succession planning, we understood how the business transition would impact both his 401(k) and his personal portfolio.
Now, his tax savings strategy, retirement savings, and succession planning all work together instead of in silos.
Plus, Rick only needs to make one phone call to solve any financial issues, whether it’s a 401(k) question or a personal wealth concern.
Rick had spent 30 years building a successful medical billing company serving ambulance and fire departments across Utah. At 70, he was ready to transition the business to his two sons, but his situation was complicated.
His older son had worked alongside him for years, helping build the business. His younger son had only recently joined. Rick wanted to treat both fairly while also honoring the decades of work he had put into the business that had gotten it to where it is today.
Meanwhile, his 401(k) plan had outgrown its provider, his employees needed better financial education, and he was managing it all on his own without a dedicated HR team.
Rick needed someone who could see the whole picture.
The Vision
Rick wanted to transition his business to his sons in a way that felt fair to everyone, including himself, so that he could enjoy retirement and feel confident the business would continue to thrive.
Meet Rick &
Summit Medical Solutions
- Rick built Summit Medical Solutions over 30 years into a respected provider of billing services for ambulance companies, fire departments, and cities across Utah. The company employs about 12 full-time employees in a tight-knit community.
- His older son had been deeply involved in the business for years, working at a high level to help build what it had become. His younger son had only recently joined the company.
- Rick faced a difficult question. Should both sons receive 50% ownership, or should the older son get more to reflect his years of contribution? And at what price should Rick be bought out?
- Beyond succession planning, Rick dealt with a large annual tax bill and a 401(k) plan that had outgrown its service provider. He was managing payroll and plan administration on his own, sometimes making errors that required costly corrections.
- When Rick’s previous financial advisor retired in 2019, he needed to find new advisors who could handle both sides of his financial life — business and personal.
TrueNorth Wealth Process
Rick’s challenges were all connected. His business succession plan would impact his taxes. His 401(k) design and administration affected both his personal retirement savings and his tax strategy. Everything needed to work together.
Rather than forcing Rick to coordinate between separate advisors for his 401(k), his personal wealth, his CPA, and his attorney, we became the quarterback for all of it.
Our Strategic Solutions
- We coordinated directly with Rick’s attorney, CPA, and both sons to develop a fair succession plan. After multiple meetings and careful analysis, we helped create written agreements that:
- Established a buyout structure between Rick and his sons at a fair price
- Created a path for the younger son to eventually buy his way up to 50% ownership at a future fair price
- Ensured both sons felt treated fairly despite their different levels of contribution
- Rick’s 401(k) retirement benefits plan had outgrown its provider. We managed a complete recordkeeper migration over six months, coordinating everything to minimize disruption.
- Switched record keepers and third-party administrators
- Corrected source coding errors that happened when Rick submitted payroll himself
- Redesigned profit-sharing contributions to maximize Rick’s retirement savings while appropriately benefiting employees
- With these changes, the total plan assets grew from $1.2 million to $2 million in just three years
- Even with new benefits in place, many of Rick’s employees had limited financial education. We provided hands-on support:
- In-person meetings at their office to answer questions and show appreciation for company contributions
- After the recordkeeper transition, we held a beneficiary meeting to help every employee add beneficiaries to their accounts
- By managing both Rick’s personal wealth and his 401(k) plan, we coordinated tax strategies across both areas. This created significantly more tax savings than managing each piece separately.
Where They Are Now
Rick has a clear, written succession plan that all parties feel good about. Both sons understand the structure and feel fairly treated. The business will continue to run successfully when Rick fully retires.
His company’s 401(k) plan runs smoothly now. The switch to the new provider means faster communication and fewer delays. Plan assets have grown 67% in three years, building substantial retirement wealth for Rick and his wife while also benefiting employees.
His personal investment portfolio has doubled from $2 million to $4 million. His tax bill has decreased significantly through coordinated planning measures across business and personal finances.
But perhaps most importantly, Rick has confidence. What once felt overwhelming now feels manageable. When questions come up — whether about the 401(k), succession planning, taxes, or investments — he knows exactly who to call. The burden of coordinating multiple advisors is gone.
This case study is based on a real client situation with names and certain details changed to protect privacy. Results may vary, and past performance is not indicative of future results.
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