Wednesday, June 27, 2018

"2-Week Checklist After Exchange" by Pat,27 JUNE

Entry Submitted by Pat at 6:03 PM EDT on June 26, 2018


Imagine the exchange is over, and reality has set in. What do I do first? If you are not sure, at this late date, then I hope these tips give you some confidence.

Don’t start actions on your projects just yet. Get your personal life structured. You need a good foundation in your personal life, before you can be any good to others.


Where are you going to live, so you can enjoy your money, yet not draw attention to yourself?

There is no way around it. If you want to buy those big toys, you have to move to where others have big toys and you don’t stand out. If you stay where you are at, then everything you buy will stick out like a neon light. Everyone will know you came into money by your purchases. “...but, but...my family is here.” You have money now...so move them with you. Buy them homes, not far from you, and make them comfortable too. Make it an adventure for everyone, if that’s an issue in your life. I’m sure they can help with ideas on your humanitarian projects or offer talent in your organization. Otherwise, live life simple, and don’t buy new big toys, and stay in your present neighborhood.


Where do you want to headquarter your humanitarian project office (company)? That definitely has influence on where you live too. This one I struggled with because I’m NOT a city person. I don’t like it. However, I finally compromised with something that I do like. I am going to live in the city, M-Th, then F-Sun be an hour away in the mountains. This affords me happiness in both worlds. I wanted to be full time rural, but you need so many amenities of the city that it’s impossible. Your talent is in the city, along with your support system i.e. international law firm, international accounting firm, wealth manager, talent pool, security firms, payroll firm, technologies etc. My headquarters is on the West Coast, but I also have planned satellite offices in 5 other states, evenly spaced throughout the USA, to handle the “boots on the ground” in those regional areas.

I’m taking 14 days to get personally settled and address personal issues, before I start simultaneously working on creating my office infrastructure for my project company. You may need more time, or less, depending on your past experience. I have a lot of corporate experience, so I don’t need much down time. It has been suggested by others to take 3-6 months for personal issues. I don’t need that long, but it’s okay if you do.

Here is the summary of my personal time. It’s not that extensive and some of it may not pertain to you directly. Note on day 10, that I start tackling my humanitarian company needs simultaneously. My company office timeline is 16 weeks long. I’m not one for the need to relax afterwards, so my timeline may be packed fuller than may be comfortable for you. Stretch your timeline out to fit your comfort zone. Some people may want to have a nice vacation first. My vacation will be in 6-months, once I have the ball rolling on everything and I can step back knowing things will continue to progress without me, while I take off for a 24 day vacation.


Day 1 of Exchange 

After coming home, make phone calls setting up appointments for only in the mornings of forthcoming days.

1. Call largest international law firm in the city where you will be headquartered. They will be creating all your trusts and the actual legal company, review lease and purchase contracts, keep you in compliance with the laws and regulations, and be working closely with your wealth manager, and your international accounting firm for tax consequences. Just google international law firms in your city and read about them. There are some rating reports online too that rate firms which are helpful. Your wealth manager may also suggest a firm. Tell them you are a “high-net worth” person in need of a law firm to handle your personal and corporate legal needs and need to meet immediately to set up over 30 trust accounts. You’ll need individual trusts for each family member to gift money, and individual trusts to hold title to each home, car, boat, etc. That many trusts are pricey to create, so you’ll have the law firms attention when you throw that out to them. Tell them you have immediate needs and liked to be squeezed in ASAP. Give them your wealth managers name too to help nudge them for a quick appointment. Set all meetings for a morning time, so you have afternoons free for other activities.

2. Call wealth manager to setup next appointment if you don’t already have it set. Set for a morning time.

3. Call International accounting firm. Here are the top firms that have offices all over the world, so they have access to rules and regulations of working in different countries: Deloitte, Price Waterhouse Coopers (PWC), Ernest & Young, KPMG, Grant Thornton, BDO Global. Use them for your personal finances and for your corporate office.

4. Call security firm for personal, residential , and technology security advisement. Google to find them.

5. Call residential realtor in area you want to purchase home(s).

6. Call commercial realtor in area you want to lease (or buy) office space for company.

7. Call interior designer that does residential and commercial projects where your headquarters will be located. Why an interior designer? You need someone to handle the interior layout of offices, your new home, order furniture, coordinate vendors for installation (painters, electricians, contractors), so you don’t worry with these things. They will know who is good to work with in the area and supervise everything.

8. Decide when you are going to tell family and how.

9. Decide Trust amounts that go to each family member.

Day 2

1. Appointments in morning.

2. Car shopping in afternoon. Call wealth manager to get it purchased. You may need to create a trust to title the car, so it’s not in your personal name. Wealth manager and attorney will handle it. If you haven’t met with wealth manager and new attorney yet, then delay this a few days until you have.

3. Solidify timeline to fly to _________ and look at homes and office space for regional office in the state of _________ (verses corporate headquarters), or you can substitute this for a vacation home location. Call residential realtor there, commercial realtor, interior designer, reserve hotel and car/driver. Allow your law firm to review and pick any possible local law firms they may need to work with in other states when setting up offices.

4. Call and reserve jet for these trips to regional areas. There are many out there, www.vistajet.com is just one of them. Ask the deposit amount needed for an account with them (usually $100,000), give info to your wealth manager and have the funds wired to them.

5. Call dog sitter to reserve time for trips, although you can take your pets with you on the leased private jet. They can just sit on the couch on the jet. Lol!

6. For those planning on doing projects in many locations call a jet management firm (google jet management) and tell them you are looking to purchase a jet and they manage it and the crew. They will find the jet, hire the crew and manage the maintenance. In the meantime, just lease a jet as needed from vistajet. Tell your wealth manager to provide them what they need to get an account set up with the management company. You are going to need to have access to a jet if you plan on projects all over the USA and globally. Your time is valuable and you don’t want to be wasting time in airports on commercial flights. Wasting your time unnecessarily only delays projects.

Day 3

1. Appointments in the morning.

2. Afternoon look at homes with realtor

Day 4

1. Appointments in the morning

2. Afternoon look at homes and bring Interior Designer if you need help on what’s possible in creating a place designed just for you. If you haven’t looked at homes in your needed areas, go to www.zillow.com to see what’s currently available. I have it narrowed down to 15 to look at, if you can call that narrowing it down.

Day 5

1. Appointments in the morning.

2. Afternoon look at homes and make final decision which to purchase. Tell wealth manager and attorney to make it happen. They will create a Trust for the home and put the title in the trust name. They will look and negotiate the purchase contract. Tell them you want the escrow closed in 2 weeks. Yup.....they can make that happen in a cash sale. If you don’t have access to the cash yet, have your wealth manager get a short term loan to cover it for those 90 days, then pay the loan off in 90 days when you get the first quarterly interest payment.

3. Evening -fly to __________ state to look at homes there

Day 6 & 7

1. Spend time looking at homes at this new location and go car shopping. Place an order for the car, so by the time escrow closes at this location, you may have your new car too.

Day 8 

1. Finalize which Home to purchase and call wealth manager to make it happen.

2. Call jet management company and get update of possible jet to purchase. Fly home via any needed stopovers to look at jet to purchase, on your way home. May need to stay over if multiple jets to look at across the USA.

Day 9

1. Back at home - Appointments in the morning.

2. Open an account with a travel agency that regular works with super high-net worth people. Set date and place to have family flown in and give them the announcements of trusts and a short vacation wherever you decide to do it.www.kktww.com and www.tcsworldtravel.com. are examples.

3. Visit in afternoon temporary office space. It may take 6 months to design, order furniture and equipment, install everything at your corporate office, so you’ll need temporary office space until then. Your interior designer will handle all this for you. So Google temporary offices. I like www.wework.com and they have ready to go offices throughout the USA. Just walk in and start working.

4. If you haven’t already, finalize who you will want as the board of directors of your humanitarian company if you are incorporating. If you don’t know what their responsibilities are, then Google board of directors. Most people will want to be the Chairman of the Board and CEO of their own company. You’ll want to have people with various experiences that will help guide your company. You can pick any number of people ( I will have 9 board members), but always an odd number, so there’s never tie votes on decisions. You also may want adult children on the board, so they get live training on the company, if they are to inherit the company when you pass on. You may want your attorney has a board member to alert the board to legal pitfalls as decisions are made. You definitely want someone that knows how to read a profit and loss statement, and a balance sheet. You may want people that specialize in certain fields because you’ll concentrate projects in those areas. You will want the President of the company as a member, if that’s not you. You’ll want someone that has great experience in humanitarian projects too. We have family and friends that were in the Peace Corps , with lots of experience in the humanitarian project realm. If you don’t, you’ll find these people by going to your state’s nonprofit association. Every state has one. Google state of _______ nonprofit association. Contact them. You may also want to fund some of these nonprofits that are members of the association. However research them first before contributing.

5. Call your purposed board members, tell them about the company your setting up and offer the position. Most of my members are all over the USA and are family, so these family members will find out about things prior to the rest of the family. They will be receiving trusts, so they can afford to come to work for my company. All my board members, except my attorney, will also be holding management positions in the company, so they will receive generous annual salaries. Im going to purchase their home for the appraisal rate, so they are free to move to my location. Then I’ll turn around and give the home to a veteran in need. Obviously, if they are renters, you’ll buy out their current time left on the lease and purchase them a home at your location.

6. Tell your board members to call your travel agency and book a first class flight to your location for days 11-14, along with pickup and delivery by car at both ends. They will be visiting three possible office locations with you, so the board can decide as a whole, which office will serve the organization best. Since most commercial leases are 3-5 years, you want some place that everyone has voted on and is an official decision.

7. Call hotel and make reservations for board members, along with local transportation.

8. Call commercial realtor and set up viewings of these office spaces. Go towww.loopnet.com to look at commercial office space in your area.

Day 10

1. Spend day with commercial realtor visiting all the offices and narrow down to just 3 offices, for board members to look at on day 12.

2. Make dinner reservations for board members so everyone can meet together nights of day 11-13.

Day 11 (start of Week 1 of my Corporate Timeline of things to accomplish , which is a separate 16-week checklist.)

1. Board members arrive.
2. Meet for dinner with Board

Day 12 

1. Board visits top 3 office spaces.
2. Meet for dinner with Board.

Day 13

1. Call commercial realtor and sign lease for office space.
2. Meet for dinner with Board

Day 14

1. Board members fly back home to make plans to be relocated ASAP.

During the next 2 months, meet with board members at least 3 times a week via online video meeting while their move is being organized...,www.gotomeeting.com is an example service. Now start following your corporate timeline to get everything set up, because your personal life should be humming right along.

Once the tier 4 starts exchanging, I will post my 16 week timeline of things to do in getting my humanitarian company up and running. Unlike my personal timeline, the corporate timeline is quite extensive.



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