Key Takeaways
- Freedom Point is not a single number; it is a dynamic range shaped by lifestyle, taxes, business valuation, and legacy obligations, and it needs to be modeled, not guessed.
- Your business value and your personal freedom are directly linked; gaps in enterprise value, key person risk, or customer concentration quietly constrain exit timing and post‑exit life.
- Legacy decisions are not a separate planning event; when estate structures and family governance are designed in isolation, they can erode the freedom they were meant to protect.
- Most founders do not have a planning problem; they have a coordination problem, because no one is responsible for integrating business strategy, Freedom Point, and legacy design into one system.
- A coordinating hub or Personal CFO role, working alongside your CPA, attorney, and other advisors, is the structural answer to aligning business value, Freedom Point, and legacy over time.
Article at a Glance
There is a version of success that looks perfect from the outside and uncomfortable from the inside. The business is valuable, the balance sheet is strong, the estate documents exist, yet the founder still feels trapped by guarantees, expectations, and decisions only they can make. That gap between external success and internal freedom is rarely about a single bad decision; it is about a system that was never designed as a system.
Three forces drive this problem: business value, personal Freedom Point, and legacy design. When each is handled in its own silo, the hidden interactions between them become the source of exit regret, family tension, and missed opportunities. When they are modeled together, they become the levers a founder can actually pull.
This article lays out a practical way to treat those three forces as one integrated planning system. It shows where structural failures hide, what an integrated Freedom Point and legacy plan looks like in practice, how to use the APEH path as the enterprise value spine, and how to coordinate your existing advisors so they stop working at cross‑purposes. The goal is not more planning documents; it is a better‑governed decision system that supports the freedom you built the business to create.
When Your Business, Freedom, and Legacy Pull in Different Directions
The business is producing healthy cash flow. Your advisors are each competent in their lane. The estate documents sit in a binder. Yet the exit is not mapped. Your Freedom Point has never been modeled. Nobody has ever looked at your business, personal balance sheet, and legacy structures as one connected system.
From the outside, this looks like success. From the inside, it feels like being the single point of failure in an enterprise that was supposed to create options, not obligations. You are still personally guaranteeing debt. You are still in the middle of every key relationship. You are still the unofficial coordinator of four or five different advisors who rarely talk to each other.
This is not a personal failure. It is a structural one. It happens when business value, personal freedom, and legacy are each managed separately instead of as an integrated system. Over time, decisions made in one domain quietly constrain the others, and by the time the pressure is visible, the runway to fix it is much shorter than it appears.
Why Business Success on Paper Does Not Always Mean Freedom in Practice
A business valued at twenty million on paper does not translate into twenty million of usable personal freedom. What matters is the net capital and cash flow required to fund the life you actually want after the business, after tax, transaction costs, legacy funding, and realistic investment assumptions. That number is almost always different from the headline valuation.
When no one has modeled that gap in a structured way, you are making one of the most consequential decisions of your life using a feeling instead of a framework. The risk is not only undershooting. Overestimating how much you need can keep you locked in the business long after you could have stepped back, carrying concentration risk and missing windows that matter to your family.
The Three Forces That Must Work Together
At this level, three forces are always interacting in the background:
- Enterprise value
What the business is worth to a buyer or successor under real market conditions. - Freedom Point
The net capital and sustainable cash flow required to support your desired life and commitments after the business. - Legacy design
The structures that determine what your wealth does after you do: estate documents, family governance, ownership structures, and giving plans.
These forces constantly influence each other. Growth investments may delay Freedom Point. An estate strategy built purely for tax efficiency may complicate governance or sale timing. A Freedom Point target set too high or too low can distort exit timing in ways that undermine both business value and legacy.
When each advisor is looking only at their slice, these interactions remain invisible until they are expensive.
Why Founders Get Trapped Between Value, Freedom, and Legacy
The Freedom Trap rarely shows up in failing businesses. It shows up when you have built something successful enough that complexity has outpaced the planning infrastructure supporting it.
As the business grows, complexity compounds: more employees, more contracts, more tax exposure, more estate planning decisions, more family stakeholders with expectations. The natural consequence is that you become the default integrator for all of it. Not because that is the right role, but because no one else has been asked to hold the whole picture.
The Structural Causes Behind the Deadlock
Most founders reach peak complexity with a team of individually capable advisors who have never sat down together to look at the full system. The CPA knows the tax picture. The attorney knows the estate documents. The investment advisor knows the portfolio. The business consultant knows the operational gaps. But nobody is accountable for how these pieces fit together.
This fragmentation is not unusual. Advisors are often hired one at a time, in response to immediate needs. Each solves a specific problem. Nobody is hired to design or maintain the overall architecture. In the gaps between those lanes, planning risks accumulate.
What It Costs You to Stay the De Facto Coordinator
The cost is not just your time. It is the quality of decisions that get made when nobody is pressure‑testing the full system:
- Tax strategies that improve one outcome while creating estate complications.
- Exit structures that maximize the gross number while undermining your Freedom Point.
- Legacy commitments that sound right in isolation but create liquidity strain at exactly the wrong moment.
None of this requires advisor negligence. It is the predictable output of a system where everyone optimizes their own lane and nobody is watching the intersections.
The Core System Failures to Watch
Before you can fix a coordination problem, you need to be able to see it. The challenge is that these failures are quiet. They do not show up in monthly P&L reports. They show up in the white space between advisor conversations.
Fragmented Advisors with No Shared Playbook
Typical symptoms of fragmentation:
- Tax strategies that conflict with estate planning structures.
- Business reinvestment decisions that never model the impact on Freedom Point.
- Estate documents that have not been updated since the business value changed materially.
- Investment allocations that ignore current business concentration risk.
- Exit timing driven by market noise or fatigue, not by a modeled Freedom Point.
- Family expectations about inheritance or business roles with no supporting structure.
Each advisor is doing their job. The system they produce together has never been integrated.
Blind Spots in Enterprise Value, Freedom Point, and Legacy
Three blind spots show up again and again:
- No current, market‑grounded view of enterprise value.
- No modeled Freedom Point range, only a rough number in your head.
- Legacy structures drafted for an earlier version of your wealth and family.
Any one of these is manageable. All three together create a planning gap that can cost years of runway and meaningful dollars in avoidable outcomes.
What an Integrated Freedom Point and Legacy Plan Actually Looks Like
The goal is not a thicker binder. It is a living decision system that treats your business, your personal balance sheet, and your legacy structures as one integrated whole and keeps them calibrated as your life changes.
How Enterprise Value, Freedom Point, and Legacy Connect in One System
In a well‑designed system:
- Enterprise value is an input into your Freedom Point model, not a standalone metric.
- Freedom Point is a range that flexes as lifestyle, taxes, and commitments evolve.
- Legacy design is a continuous process informed by where the business sits on the APEH path and where you sit relative to your Freedom Point range.
Instead of three projects competing for attention, you have one coherent roadmap.
Governance, Measurement, and Cadence for Founders
Good intentions are not enough at this level. You need governance: clear measurement, a review calendar, and defined decision ownership.
A founder‑level governance cadence might look like this:
| Frequency | Primary Focus | Key Participants |
| Quarterly | Business value indicators, cash flow, APEH progress | Founder, Personal CFO, CPA |
| Semi‑annual | Freedom Point refresh, updated tax and cash flow scenarios | Founder, Personal CFO, CPA, advisor |
| Annual | Full system review: value, Freedom Point, legacy alignment | Full advisory team, coordinated hub |
| Event‑driven | Major business, family, or tax changes; exit inquiries | Relevant advisors, Personal CFO |
This cadence is not bureaucracy. It is the mechanism that keeps your plan aligned with reality.
What a Founder‑Level Dashboard Should Show
A useful dashboard focuses on a handful of indicators that drive better decisions:
| Domain | Key Metric | Review Frequency |
| Business value | Current estimated enterprise value vs. Freedom Point | Quarterly |
| Freedom Point | Net capital and cash flow under conservative/base/optimistic scenarios | Semi‑annual |
| Tax exposure | Estimated exit tax burden under current structure | Annual or event‑driven |
| Legacy readiness | Currency of estate documents and family governance | Annual |
| Advisor alignment | Date of last cross‑advisor review and open items | Quarterly |
| APEH stage | Current position on Assess–Protect–Enhance–Harvest path | Quarterly |
The goal is not perfect precision. It is informed direction: knowing whether your current trajectory supports your Freedom Point and legacy objectives or pulls against them.
The Freedom Point System: Why a Modeled Range Beats a Gut Feel
Most founders can quote a number they think they need. Very few have stress‑tested that number against how they actually live, current tax realities, longevity, and commitments to family and community. That is where Freedom Point work starts.
What Freedom Point Means in Practice
Freedom Point is the net capital and ongoing cash flow required for you to step back or exit without compromising:
- The lifestyle you consider non‑negotiable.
- The legacy and giving commitments you intend to honor.
- The level of financial resilience you want for the rest of your life.
It is built from your specifics, not from generic retirement calculators.
How Lifestyle, Spending, and Business Value Shape the Range
A practical Freedom Point model looks at several input categories:
| Input Category | What It Includes | Why It Matters |
| Lifestyle cash flow | Household spending, travel, discretionary, giving | Sets baseline income you must sustain |
| Legacy obligations | Gifts, inheritances, charitable plans | Increases required capital and shapes timing |
| Tax scenarios | Likely exit tax outcomes under current structures | Often reduces net proceeds materially |
| Business valuation | Conservative, base, optimistic value estimates | Anchors gross capital from the business |
| Other assets | Investments, real estate, outside holdings | Reduces reliance on the business exit |
| Time horizon | Expected years you want the plan to cover | Drives total capital requirement |
When you see these inputs laid out, it becomes obvious which assumptions are doing the most work and where you have real leverage.
Why a Range Is More Honest Than a Single Number
A single magic number invites false certainty. A range with conservative, base, and optimistic cases:
- Acknowledges uncertainty in markets, taxes, and life.
- Shows where planning interventions have the highest impact.
- Helps you think in terms of resilience rather than perfection.
The point is not to hit a precise figure. The point is to build a system that supports freedom across a realistic range of outcomes.
How Misjudging Freedom Point Creates the Freedom Trap
Two failure modes show up repeatedly:
- Underestimating Freedom Point
You exit at a number that felt right. A few years later, cash flow is tighter than expected, tax drags were higher than planned, and informal promises to family or causes strain the plan. The business is gone. Fixing the shortfall is harder. - Overestimating Freedom Point
You keep raising the bar without realizing it. Exit is delayed beyond optimal windows. Personal wealth grows more concentrated in the business. Legacy moves that require lead time are pushed off.
Both trace back to relying on instinct instead of a modeled, updated range.
The Role of Scenario Stress Testing
When you stress test your Freedom Point across multiple scenarios, the exit question changes. Instead of “Can I afford this deal?” you are asking “Which combination of timing and structure fits best across my range of outcomes?”
Scenarios worth modeling typically include:
- Exit at a discount to current estimated value.
- Exit delayed by several years with higher value but higher concentration risk.
- Partial liquidity events with retained upside.
- Transitions to next generation or management with different liquidity profiles.
You are not predicting the future. You are avoiding being surprised by it.
Connecting Business Value to Real Freedom in Practice
Business valuation and personal freedom are not the same conversation, but they need to sit at the same table.
The Translation Problem: From Enterprise Value to Personal Freedom
The journey from “my business is worth X” to “I am free” runs through several filters:
| Stage | Example Outcome | What It Really Means |
| Gross enterprise value | 18M | Starting point, not the answer |
| After transaction costs | 16.5M | Fees trimmed, taxes still ahead |
| After exit taxes | 11.2–12.8M | Structure now drives the range |
| After legacy funding | 9.5–11M | Capital left to support your life |
| Sustainable cash flow from proceeds | 380–440K per year at disciplined draw rates | Now compare to your lifestyle and horizon |
Once you see the translation laid out, the real questions become clearer. Is the current trajectory enough? If not, do you adjust value, timing, structure, expectations, or some combination?
How Valuation Gaps and Operational Weaknesses Constrain Freedom
Valuation gaps usually come from operational issues that have been tolerable in day‑to‑day operations but painful in a sale process:
- Heavy reliance on you for key relationships or decisions.
- High revenue concentration in a handful of customers.
- Processes and contracts that live in people’s heads instead of in systems.
- A thin management bench.
These are not just deal issues. They are Freedom Point issues because they reduce the net proceed range you can reasonably expect.
APEH as the Enterprise Value Spine
Assess–Protect–Enhance–Harvest is a way to turn enterprise value from a byproduct into something you intentionally design and convert into personal freedom.
Assess: Knowing What the Business Is Actually Worth
Assess work gets you from optimistic guess to grounded range:
- Current market‑based value, not just revenue times a rule‑of‑thumb multiple.
- Clear view of value drivers and detractors in your specific industry.
- Early view of how your current APEH stage supports or constrains your Freedom Point range.
Many founders discover two things in Assess: value is different than they assumed, and the path to improving it is more tangible than they expected once it is mapped.
Protect: Eliminating Risks That Quietly Erode Value
Protect focuses on the factors that buyers use to justify discounts and that can damage value even if you never sell:
- Legal and structural gaps such as weak buy‑sell agreements, unclear IP, informal major contracts.
- Risk issues such as key person dependency, single‑vendor reliance, and thin documentation.
- Mismatches between business structures and personal or estate structures.
Protect work does not feel glamorous. It is the work that prevents painful surprises.
Enhance: Building Strength That Widens Exit Options
Enhance is where you spend much of your time already. The question is whether the improvements you are making actually increase transferable value or just top‑line growth.
High‑leverage Enhance moves often include:
- Developing a second‑tier leadership team that can operate without you.
- Systematizing sales, service, and delivery processes.
- Diversifying customers and revenue streams.
- Improving the quality and predictability of earnings.
These are the improvements that expand your menu of exit paths and negotiation leverage later.
Harvest: Preparing the Business and the Owner for Transition
Harvest is not just “sell the company.” It is the phase where:
- The business is readied for scrutiny and hand‑off.
- Transaction structures and timing are evaluated against your Freedom Point and legacy range.
- You prepare for the personal transition away from the role that has defined much of your identity.
The quality of Harvest is largely determined by how much work was done in Assess, Protect, and Enhance in the years prior.
A Quick Diagnostic: Where Are You on APEH Today?
Questions worth asking yourself and your team:
- Do we have a current market‑informed valuation, or just a rough multiple in mind?
- Have we explicitly identified and addressed our top risks from a buyer’s perspective?
- Are our operational initiatives increasing transferable value or just revenue?
- Could the business run at current levels for ninety days without me?
- Has anyone connected our current APEH stage to our Freedom Point and legacy timeline?
A “no” or “not sure” is a signal, not a failure. It shows you where focused work will have the most impact.
Legacy Design That Supports, Rather Than Erodes, Freedom
Legacy design is where founders most often underestimate the time and coordination required. It is also where misalignments last the longest.
How Legacy Structures Can Quietly Undermine Value and Freedom
Common patterns:
- Estate documents drafted when the business was a fraction of its current value.
- Ownership transferred to heirs or trusts without governance to match.
- Charitable or family commitments made in conversations but not supported by structure.
- Trusts or entities that create unexpected liquidity constraints when you need flexibility.
None of these necessarily come from bad advice. They come from good advice executed without a current, integrated view of business value, Freedom Point, and family dynamics.
Common Legacy Misfires
A simple table highlights how these misfires show up:
| Misfire Pattern | How It Happens | Planning Implication |
| Outdated estate documents | Drafted at 3M value; business now worth multiples of that | Beneficiaries and tax posture no longer match reality |
| Informal promises to family | Verbal commitments about equity or cash, no structure | Expectations without a plan create future conflict |
| Charitable plans tied to assumed sale outcomes | Pledges made against an unmodeled transaction | May require painful trade‑offs post‑exit |
| Ownership moved before governance exists | Gifts for tax benefits without governance design | Multiple stakeholders, no mechanism to align them |
| Plan built around one exit scenario | Structures tuned to a single transaction that never occurs | Plan less effective under actual path taken |
The earlier these are surfaced, the easier they are to correct.
Family Governance and Next‑Gen Readiness
Estate documents move assets. Governance determines how people live with those assets.
Practical tools that help:
- Regular family meetings with clear agendas and ground rules.
- A shared statement of family priorities or values.
- Age‑appropriate financial education and context for heirs.
- Governance documents that define decision‑making roles and dispute paths.
The key is timing. Governance built quietly over years is far more effective than governance rushed during a transaction or a crisis.
A Practical Framework for Coordinating Freedom Point, Value, and Legacy
No single advisor can be expert enough in all three domains to own the whole system. The answer is not “find a unicorn.” The answer is to install a coordinating architecture that gets your existing specialists working from the same map.
The Integrated Freedom Map
The Integrated Freedom Map is a seven‑step working framework you can use with a coordinating hub and your advisors.
Step 1: Clarify life and legacy objectives with spouse and key stakeholders
Start with what you and your family actually want. Lifestyle, work, impact, and family roles post‑exit. This conversation anchors every model that follows.
Step 2: Model Freedom Point ranges and lifetime cash flow
Translate those objectives into a conservative, base, and optimistic Freedom Point range, net of tax and legacy funding, with projected cash flow over your planning horizon.
Step 3: Run an APEH diagnostic on the business
Assess where the business sits today against what it needs to be worth, and how it needs to perform, to support your Freedom Point range, and map the value and risk gaps.
Step 4: Map existing tax, estate, and protection structures against your scenarios
Review current structures in light of the modeled proceeds and scenarios, not just general best practices.
Step 5: Design a governance cadence that coordinates key advisors
Install a recurring, structured calendar of cross‑advisor reviews using the integrated picture as the agenda, not separate firm‑centric agendas.
Step 6: Stress test two or three exit windows
Compare early, base, and delayed exit windows against your Freedom Point and legacy objectives, including net proceeds, risk exposure, and family readiness.
Step 7: Build a rolling three‑ to five‑year roadmap with clear ownership
Turn all of the above into a living plan with specific priorities, owners, and review points across business value, Freedom Point, and legacy.
An illustrative roadmap might look like this:
| Timeframe | Business Value Priority | Freedom Point Priority | Legacy Priority | Decision Owner |
| Year 1, Q1–Q2 | Complete APEH diagnostic; obtain current valuation | Build Freedom Point model with tax scenarios | Update estate documents for current value | Founder + Personal CFO |
| Year 1, Q3–Q4 | Address top Protect‑phase risks | Stress test three exit scenarios | Begin structured conversations with spouse | Founder + CPA + Attorney |
| Year 2 | Develop second‑tier leadership; reduce dependence | Refresh model with updated business inputs | Design family governance framework | Founder + Business advisor |
| Year 3 | Begin Harvest preparation, assemble deal advisors | Validate Freedom Point against likely scenarios | Implement key legacy structures ahead of exit | Full team, coordinated hub |
The sophistication of the tools matters less than the consistency of the process.
How This Plays Out Across the Founder Lifecycle
The interaction between business value, Freedom Point, and legacy decisions is not static. It shifts as you move from building to harvesting to stewarding.
Scenario One: Building Toward Optionality
Profile: mid‑career founder, profitable services business, enterprise value in the high single digits, Freedom Point never modeled, estate plan built when the business was much smaller.
Key dynamics:
- Strong growth, but heavy dependence on the founder.
- Freedom Point likely higher than the founder assumes once lifestyle and commitments are modeled.
- Most work needed in Assess, Protect, and early Enhance to expand future exit windows.
Practical moves:
- Run the first Freedom Point model and basic APEH diagnostic now, not five years from now.
- Begin management development, process documentation, and customer diversification with transferable value in mind.
- Start early, light‑touch legacy work that is flexible but gives you a foundation.
Scenario Two: Approaching Transition with Misaligned Pieces
Profile: founder in their fifties, business value in the high teens or low twenties, informal three‑ to five‑year exit idea, spouse with different expectations, outdated structures.
Key dynamics:
- Business is strong enough that planning missteps can be expensive.
- Freedom Point and exit timing exist mostly as assumptions.
- Legacy structures and tax posture may no longer fit the projected transaction.
Practical moves:
- Facilitate explicit objectives conversations with spouse and key stakeholders.
- Use APEH and Freedom Point work to prioritize a focused list of Protect and Harvest actions over the next one to three years.
- Update estate and governance structures with the anticipated exit horizon in mind, not after a deal is in motion.
Scenario Three: Post‑Exit Stewardship and Second Act
Profile: founder who has exited, now managing a large, more liquid balance sheet plus possible earn‑outs or retained interests, and legacy commitments made ahead of the sale.
Key dynamics:
- Primary asset is now liquid capital instead of the business.
- Freedom Point shifts from “can we get there” to “how do we steward this over time.”
- Legacy and family governance questions move to the foreground.
Practical moves:
- Re‑run Freedom Point using actual proceeds and real post‑exit spending patterns.
- Align portfolio strategy, legacy funding, and governance so your capital serves the role you intended it to serve.
- Treat the first one to two years post‑exit as their own planning phase, with as much structure as pre‑exit work.
Across all three scenarios, the pattern is the same: the earlier your integrated system is in place, the fewer decisions you will be forced to make under time pressure.
Questions Founders Ask About Freedom Point, Value, and Legacy
What is a Freedom Point in practical terms and how precise does it need to be?
Freedom Point is the net capital and sustainable cash flow required for you to step back from the business without compromising the life and commitments you consider non‑negotiable. In the early years, you do not need precision; you need a directional range. As you approach a likely exit window, that range should be tightened and tested against specific deal structures and tax scenarios.
How directly does my current business valuation constrain my options?
Your current value, and the factors that support or depress it, set the boundaries of what is possible on your preferred timeline. If current value is below what your Freedom Point range requires, you are choosing between giving the plan more time, improving value, adjusting lifestyle or legacy expectations, or redesigning deal structure and tax posture. Even when value is sufficient on paper, key person and concentration risks can materially compress real offers.
When should legacy design be integrated with Freedom Point and exit work?
Legacy work should run in parallel with your APEH and Freedom Point work, not trail behind it. Once you have a rough Freedom Point range and a clearer sense of likely valuation and timing, your CPA and estate attorney can design structures calibrated to actual scenarios instead of guesses. Waiting until a transaction is imminent compresses the planning window and limits options.
How does the APEH framework show up in real planning?
In practice, APEH gives you a common language with your advisors. It helps you see where you are over‑invested in one phase and under‑invested in others, and it ties enterprise value work directly to your Freedom Point timeline. For example, you might decide to pause certain Enhance initiatives and redirect resources to Protect work that will have a bigger impact on net proceeds and buyer confidence inside your target window.
Who should serve as the coordinating hub among my CPA, attorney, and investment advisors?
Your CPA, attorney, and investment advisor each play critical roles, but none is structured to own the integrated picture by default. That is the Personal CFO or fractional family office role: a planning hub that coordinates these specialists around one shared set of assumptions and an agreed roadmap, without replacing them.
How often should we revisit Freedom Point modeling, enterprise value, and legacy structure?
For most founders, a semi‑annual Freedom Point refresh and annual full‑system review are the minimum to keep your plan aligned with reality. Enterprise value and risk drivers should be revisited at least annually or whenever there is a meaningful shift in performance or structure. Legacy structures should be reviewed annually and any time there is a major change in business value, family circumstances, or tax law.
What are the biggest warning signs that my plan is fragmented enough to create future regret?
Red flags include: your advisors have never been in the same room; your Freedom Point lives only in your head; estate documents predate major business growth; you have made legacy promises without supporting structures; valuations are stale; and there is no recurring cross‑advisor review. Any one is a signal. Several together indicate a system that needs restructuring before a transition.
Turning Clarity into Action
The common thread running through all of this is not a specific product or tactic. It is the shift from carrying the full picture in your head to installing a system that can hold it for you.
That system starts with a clear view of where you are today: your likely APEH stage, your current Freedom Point range, the currency of your legacy and governance structures, and the degree of alignment across your advisory team. Once that picture is on the table, it becomes much easier to prioritize the next few moves that will create the most flexibility and reduce the most future regret.
If you want help turning these ideas into a usable roadmap, the most practical next step is to put structure around your own situation. Start by mapping your current enterprise value, modeling a first‑pass Freedom Point range, and listing the legacy commitments and structures already in place. Then, bring those pieces into one working session with a coordinating hub that is used to holding business value, personal freedom, and legacy in the same frame.
ClearPoint Family Office is built to serve as that kind of planning hub for founders. A Freedom Point and enterprise value planning session with ClearPoint is designed to examine how your business, your personal freedom, and your legacy can be coordinated over the next three to ten years, working alongside your existing CPA, attorney, and other advisors to improve the system rather than replacing the people you already trust.
ClearPoint Family Office (CPFO) offers tax planning, consulting, and preparation, as well as estate and business consulting. CPFO does not offer investment advice. When appropriate, CPFO may refer clients to Arlington Wealth Management (AWM), an SEC registered investment adviser, for advisory services. Registration as an investment adviser does not imply a certain level of skill or training, and the content of this communication has not been approved or verified by the United States Securities and Exchange Commission or by any state securities authority. CPFO and AWM are affiliated entities under common ownership.
