Jim Brennan, is an entrepreneur who got into construction by starting American Building Inspections in 1987 in California. They originally did residential inspections but two years later, after moving to Florida, he changed the name to American Building Interiors (ABI) and began renovating hotels. Under Jim’s guidance as President, the company has grown each year and diversified their offerings in the construction space.
ABI, based out of Fort Myers, Florida, has been in the hotel renovation business for over 25 years. Their offering is diverse. Although they specialize in hotel renovations, they are flexible and are able to tailor their services to each individual property. Whether a multi-story resort property or a small exterior corridor motor lodge, they have the ability to efficiently adjust for the individual challenges that each layout presents.
Jim first started working with Ike in November of 2006. Their company had steadily grown since inception, overcoming the usual ebbs and flows of the construction industry. At the time, ABI had sales in excess of $2,500,000 and Jim had a federal income tax bill in excess of $74,900. Beyond the bulging income tax liability, Jim had not done much retirement planning and had no estate plan to speak of. He engaged Ike to develop a comprehensive tax and financial plan with his business at the center of the plan.
What Ike was able to do was arm Jim with unique strategies to better protect the assets of his business from unsuspecting litigants, legally and ethically reduce his income taxes, implement an estate plan, and create tax-free retirement income for him. The results for Jim were $375,844 in estate tax savings, paying over $56,000 less in income taxes annually, experiencing increased cash flow annually, and having an account that’s projected to generate well over $70,000 in annual tax-free retirement income when Jim retires. As ABI continues to grow, with sales of almost $7,000,000 in 2015, Jim continues to see the value in both the tax plan that was implemented and in his ongoing relationship with Ike.