Women’s Financial Services Division
Sudden Widow Faced with Unexpected Financial Challenges.
A woman in her 60’s became a widow suddenly and unexpectedly. Her spouse had owned a very successful nationwide auto parts supply chain, and his death left her with sole responsibility for the business.
The client had no knowledge of the business for which she now had responsibility, because her late husband had never wanted her to work for the company. She was also receiving constant input and pressure from friends, family and her late husband’s business associates on how to proceed with the business. She needed objective advice and counsel.
The client and her late husband were clients of Singer Xenos. Soon after her late husband’s passing, the client contacted Faith Xenos for objective advice on what to do with the business. Ms. Xenos spent time getting to understand the client’s concerns, her confidence level and ultimately, her life goals, which included her desires for the business and her husband’s legacy.
Once she understood her client’s personal objectives, Ms. Xenos advised her client to make no changes for one year and to learn everything she could about the business. This would enable her to make informed business decisions, rather than emotional ones. The client took her advice and was able to learn a tremendous amount about the business in the ensuing year. She got several offers to purchase the business, but ultimately did not sell. After evaluating the options, the client decided it was best for her and her family to retain the business, so she opted to keep the business in place. The business has retained its previous revenue and volume levels and continues to thrive, only two-and-a-half years after the founder’s passing.