All Assets · Roll-up

Family Assets

Everything in one place — business, real estate, public markets, cash — read against one question: is the whole deployed correctly? Values are gross; real estate debt not yet loaded.

Last updated

Jun 12, 2026 · 22:13 ET

Source: All Assets Roll-up sheet · 2026-06-12

Allocation View · 2026-06-12

The family is over-allocated to one business and under-allocated to liquidity

The family controls roughly $26.7M gross — $23.3M of it investable once personal residences are set aside. By convention the business is listed excluding its in-company brokerage account (the brokerage shows under Equities), so nothing is double-counted; the $9M business figure is Performance Brokerage's 2026 third-party valuation (ex the brokerage account). Real estate values are gross and some carry debt not shown here, so true net worth is lower by the mortgage balances. The shape of the problem: about half of everything is tied to one cyclical boat business earning 2-6% on equity at this point in the cycle, only $4.1M is reachable inside a week, and cash is effectively zero. The fixes are sequencing, not surgery: pay the credit line off, build the cash buffer, let the dealership release inventory capital, and direct what comes out toward the stock portfolio, the only part of the balance sheet that can be sold in a day. The proposed targets below are a starting point for the family conversation, not a decree.

Business carried at $9M per Performance Brokerage's 2026 valuation, excluding the in-company brokerage (~$11M with it). Context: book equity ex-securities is ~$7.1M, so the appraisal embeds ~$1.9M of 'blue sky' (franchise value) — roughly 1x the long-run average profit ($1.6M over 9 years, $2.1M over 6), a conservative trough-of-cycle multiple. A demand recovery raises the blue sky, not just the earnings.
Real estate is carried gross; until the mortgage schedule arrives, net worth and the property returns are overstated by an unknown amount. New levered residential purchases are gated by thesis 9 (the housing real-price correction): the 30-year mortgage below 5.5% on the trigger board is where that math flips.
Liquidity is the structural weakness: ~$4.1M (16%) reachable in days, ~$2.0M retirement-restricted, the rest locked in the business and property. A family with a $30M-revenue cyclical business should not have 0.4% cash.
Concentration: ~62% of the investable base is ACM-linked (the operating company plus the dealership buildings), and demand for both is governed by one force — the stretched US consumer (thesis 8). The dealership's buildings are not diversification from the dealership.
Fee drag: Fisher Investments manages $3.2M across four accounts; at a typical 1-1.25% that is $35-40k/yr. The family already runs $3.5M systematically in-house. A consolidation decision is worth $350-400k over ten years.

Gross assets

$26.75M

All Assets Roll-up sheet · business carried ex-brokerage

Equities

$8.02M30.0%

incl. the in-company brokerage

Liquid in days

$4.11M17.7%

taxable brokerage + cash, share of investable

Cash

$119k0.4%

the structural weak point

ACM-linked

$14.43M61.9%

share of the investable base

RE debt

TBD

values are GROSS; mortgages not yet loaded

Family net worth over time · 2022-2026 · actuals

Real estate Equities Business Cash & bonds

From $20.2M to $27.7M over 4 years — a 8.2% compound rate, with the business flat at its carried value and the gains coming from real estate and the public-market book. Hover any year for the full breakdown.

All Assets Roll-up tab, History & Forecast block (live, published CSV). Actuals only; the sheet's fixed-CAGR forecast rows are excluded.

Allocation vs proposed target · investable base $23.30M (gross $26.75M less $3.45M personal real estate)

Category	Value	Now	Target	Gap
Business	$9.00M	38.6%	25%	+13.6pp ($3.18M)
Equities	$8.02M	34.4%	40%	-5.6pp ($1.30M)
RE — Dealership	$5.43M	23.3%	—	—
RE — Investment	$726k	3.1%	—	—
Cash	$119k	0.5%	5%	-4.5pp ($1.05M)
Real Estate — combined (dealership + investment)	$6.16M	26.4%	30%	-3.6pp ($833k)

Proposed by the system 2026-06-12, awaiting family sign-off. Weights and gaps are computed against the INVESTABLE base — personal residences are excluded (they are consumption assets, per the family structure plan). The Real Estate target covers dealership + investment property combined. Positive gap = overweight (source of funds); negative = underweight (destination).

Liquidity ladder · how fast money can move

Days	taxable brokerage + bank cash	$4.11M	15.4%
Retirement-restricted	401(k)s, IRAs, annuity — penalties/rules apply	$2.01M	7.5%
Inside the business	brokerage on the dealership's books	$2.02M	7.6%
Years	operating company + all real estate	$18.61M	69.6%

Concentration check: BTC-complex across all accounts ≈ $1.31M (4.9% of gross; managed book $1.21M + held coins). ACM-linked 53.9%.

By owner / entity · as listed

Sannic LLC	$11.02M	41.2%
Nick & Sandi	$6.58M	24.6%
Sandi	$3.16M	11.8%
Nicsan LLC	$3.15M	11.8%
Nisanki LLC	$1.10M	4.1%
Kyle	$838k	3.1%
Nick	$682k	2.5%
Ian	$215k	0.8%

Sannic LLC includes the in-company brokerage. Spindale dealership property is personally titled — see action queue.

Financial assets by manager · $8.14M

Ian	$3.49M	42.9%
Fisher Investments	$3.22M	39.5%
Self-directed	$1.43M	17.6%

Fisher fee at a typical 1-1.25% ≈ $35-40k/yr. Returns by block: dealership ROE 5.8% (latest year), public-markets book YTD -25.2%, real estate yield unknown until rents/debt are loaded.

Action queue · decisions are the family's

OPEN	Pay off the $623k FBT credit line from the in-company brokerage	Guaranteed ~8% pre-tax, ~$50k/yr
OPEN	Build $500k-1M family cash buffer (T-bills)	Cash is 0.4%; the credit line is currently the emergency fund
IN PROGRESS	Work new-boat inventory toward 5-6 months supply	Each $1M released saves ~$30-80k/yr carry and becomes investable
OPEN	Password-protect the dashboard (Cloudflare Access)	Family financials are one link away from public
IN PROGRESS	Trust setup + retitling (in motion per Ian's structure plan)	The spine of the whole structure: probate avoidance, incapacity planning, clean succession
NEED DATA	Add the real estate mortgage schedule	Net worth and RE returns are unknown without it
DISCUSS	Fisher consolidation decision	$35-40k/yr fee vs in-house systematic management
IN PROGRESS	Move Spindale dealership property out of Sandi's personal name into an LLC	Operating-business liability on personally-titled property; the structure diagram already plans a new LLC for it
DISCUSS	Agree family target allocation	Turns every future dollar decision into a gap-closing rule
DISCUSS	Logan Capital Mgmt decision: fee design (fee vs profits interest), family-office exclusion check, Fisher consolidation FIRST	Comp design changes the family's after-tax outcome by tens of thousands a year; the entity only makes sense if it replaces the external manager rather than adding a second fee
DISCUSS	Define Kyle's RE role + comp in writing, symmetric with Ian's	Written roles and benchmarked comp for both brothers is the #1 defense against future family friction
NEED DATA	Check tax on moving the in-company brokerage out of ACM before retitling it into the Holdings LP	If SANNIC is taxed as an S-corp, distributing appreciated securities (~$580k unrealized gain) can trigger gain recognition — CPA must sequence this
DONE	Net worth chart now auto-syncs from the published roll-up tab	DONE 2026-06-12: Ian published the tab; sync_networth.py refreshes the chart every run