The Jones Family

Larry Jones was at the top of his game when he became a client of Seneschal’s. He was a very successful heart surgeon and entrepreneur. His medical practice had grown from one office to three and his net income topped $2.5 million per year. Larry’s net worth was approaching $8 million. Four years later, at the age of 53, Larry suffered a stroke that ended his career. Overnight the Jones family’s financial situation had drastically changed.

Larry’s wife, Jennifer, did not have the skills nor the time to manage the family’s finances. At the time of Larry’s stroke Jennifer had her hands full raising three teenagers. Between caring for Larry as he recovered and raising their children, she would have little time for anything else. Understandably, Larry and Jennifer were worried about losing the wealth that they had worked so hard to accumulate at a time they needed it the most.

Fortunately, having worked with Larry and Jennifer for several years, we were able to provide a financial management framework. We created a “virtual” family office to coordinate and integrate the management of the Jones family’s finances. We helped them find and hire a bookkeeper to pay bills and keep track of cash flow. We also developed a long-term plan for managing their real estate and other investments and coordinated the implementation of the plan, including hiring professionals, analyzing and advising on the structure of real estate transactions, and working with the Jones’ bankers to arrange financing.

Today the Jones’ financial picture looks very different than it did when Larry suffered his stroke. We helped them restructure their balance sheet to reduce risk, simplify management, and reduce management costs. As a result, the Jones family has a much greater sense of long-term financial security and more time to spend as a family doing the things they like to do together. Larry enjoys his role as CEO of the family “business” and looks forward to bringing his children into the business when they graduate from college.