What is a Certified Exit Planning Advisor (CEPA)?

A Certified Exit Planning Advisor (CEPA) is a credentialed professional trained to help business owners plan the transition or sale of their business. CEPAs coordinate legal, financial, and tax strategies to maximize the value an owner receives from their exit. Adam Gould is one of the few financial advisors in San Francisco who holds this designation.

Do you work with startup founders and tech executives?

Yes. Dogpatch Wealth focuses specifically on founders, executives, and early employees at Bay Area tech companies who are navigating liquidity events, IPOs, or significant equity compensation. Adam Gould has deep experience with equity planning across a variety of vesting structures and exit scenarios.

What is the minimum investment or AUM to work with Dogpatch Wealth?

Dogpatch Wealth works with clients who typically have $1 million or more in investable assets or are expecting a near-term liquidity event. The firm is selective to ensure each client receives highly personalized, ongoing advisory support.

What does exit planning mean for a business owner?

Exit planning is the process of preparing a business owner for the eventual transition or sale of their company — whether to a third party, private equity, or family members. It encompasses valuation, tax minimization, estate planning, and personal financial readiness. Dogpatch Wealth helps owners build a plan years before an exit so they can maximize proceeds and avoid costly mistakes.

Is Dogpatch Wealth a fee-only financial advisor?

Yes. Dogpatch Wealth is an independent, fee-only registered investment advisor. Adam Gould does not earn commissions or referral fees from product sales. This fiduciary model aligns his incentives entirely with client outcomes.

How can I diversify a concentrated stock position without triggering a large tax bill?

There is no single answer — the right approach depends on your cost basis, time horizon, income, and goals. Common tax-aware strategies include: gradual systematic selling spread across multiple tax years to manage annual capital gains exposure; exchange funds, which allow qualified investors to contribute a concentrated position to a diversified fund without immediately realizing capital gains (subject to a minimum seven-year lock-up); charitable giving vehicles such as donor-advised funds or charitable remainder trusts, which can eliminate the capital gains tax on donated shares; and hedging overlays or structured products that provide downside protection while keeping the position intact. Dogpatch Wealth evaluates the full trade-off — tax cost, concentration risk, liquidity needs, and fee drag — to recommend the strategy that fits your situation.

What are the risks of holding a concentrated position in a single stock?

The core risk is that a single company's fate can swing your entire net worth. Historically, most individual stocks underperform a broad market index over their lifetimes — and a significant portion lose money outright. Even stocks that were once exceptional performers often give back their gains: past winners do not reliably continue to outperform. Keeping a concentrated position also tends to increase portfolio volatility, which over time compounds into slower wealth growth even in favorable scenarios. The reluctance to sell is understandable — tax bills are real and emotional attachment to a stock that built your wealth is natural. But it helps to separate the question of whether the company will do well from the question of whether your concentrated exposure to it is the right risk for your financial plan.

Investment Management

“For every complex problem there is an answer that is simple, clear, and wrong.”

— H.L. Mencken

In our cultivation of growth and careful preservation of capital we consider the below asset classes, products, and strategies.

Stocks
- US Large Company
- Europe and Japan
- US Real Estate
- US Small Company
- Japan Small Company
- Europe Small Company
- International Real Estate
- Emerging Markets
Bonds
- Cash/CDs/Money Market/T-bills
- Sovereign Bonds
- Government Agency Bonds
- US Municipal Bonds
- US Investment Grade Bonds
- Corporate Bonds
- Europe Investment Grade Corporate Bonds
- Bank Loans
- High Yield Corporate Bonds
- Emerging Market Bonds
Alternatives
- Private Equity
- Private Debt
- Late Stage Venture Capital
- Infrastructure
- Hedge Funds
- Commodities
- Cryptocurrencies
- Exchange Traded Funds (ETFs)
- Mutual Funds
- Closed End Funds
- Individual Stocks
- Individual Bonds
- Unit Investment Trusts (UITs)
- Master Limited Partnerships (MLPs)
- Non-Traded REITs
- Annuities
- Physical Gold and Silver
- 1031 Exchange/DST
- Limited Partnerships
- Foreign Currencies
- Non US Individual Stocks
- Asset Class Rotation
- Sector Rotation
- Growth Investing
- Value Investing
- Thematic Investing
- Technical Patterns

We are happy to discuss any of the above products or strategies and whether they are appropriate for you given your situation and the current market environment.

You can also read more about our Investment Philosophy.

Let's Discuss

Frequently Asked Questions

Investment management involves building and managing a portfolio aligned with your financial goals, risk tolerance, and time horizon.
We help clients diversify concentrated positions while considering taxes, liquidity needs, and long-term investment goals.
Direct indexing is an investment strategy that allows investors to directly own individual securities within an index for greater customization and potential tax efficiency.
Portfolios should be reviewed regularly and adjusted as financial goals, market conditions, and life circumstances change.

Investment Management

In our cultivation of growth and careful preservation of capital we consider the below asset classes, products, and strategies.

Frequently Asked Questions

Location

Contact

Investment Management

In our cultivation of growth and careful preservation of capital we consider the below asset classes, products, and strategies.

Asset Classes Considered

Products Considered

Selection Strategies

Frequently Asked Questions

Location

Contact

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