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Bluffton Location

117 E Elm Street

Bluffton, OH 45817

Help - my company is downsizing

How we help those in transition...

If you were part of a recent downsizing, you are not alone and you do not have to walk through this transition alone. Here are some practical areas where we can help:

  • Cash flow. Understanding the provisions of the CARES Act could be huge for you if your emergency fund isn’t prepared to do the heavy lifting.  Let us help you understand your options for cash flow.
  • Rollovers. Now is the time for a private consultation to determine if you can or should move your 401k funds into your own IRA.  You gain control and more options when you do.
  • Counsel. Proverbs 11:14 says “Where there is no counsel, the people fall; But in the multitude of counselors there is safety.” Even Confucius knew that “A fool despises good counsel, but a wise man takes it to heart.”  Especially when faced with upheaval and uncertainty, it is wise to talk to someone who is well-informed and can be objective.

It is very simple to set up a no pressure, no obligation conversation.  We will ask for some basic information ahead of time to make the first conversation more productive.  We will listen and address your concerns and make any recommendations we feel might be appropriate.  You are in the driver’s seat to decide what to do.  It’s that simple!

Top Cash Flow tips when you are facing transition

Top Cash Flow tips when you are facing transition

  • Take stock. This a great time to do a personal balance sheet (what I own, what I owe) and assess your situation. 

  • Look at your expenses as a funnel  (see photo)

  • Be proactive in the following areas, as the need arises:
    1. Looking for part-time employment or seasonal gigs
    2. Approaching creditors and/or landlord for better terms
    3. Cutting unnecessary expenses such as entertainment, salons, memberships, etc.

  • Assess what you can use for emergency/contingency funds. While it is not wise to accumulate debt during a downsizing situation, there are times when you must tap other resources for a short time.
    1. CARES Act has made provision for withdrawals from retirement funds. This option should be used with caution, but it is an option.
    2. Home equity can possibly provide some liquidity if needed.

  • Consult an adviser who is experienced with helping people in transition. This is a time to find an adviser who will listen, who values client relationships more than transactions, and who will help you see your options.