Frank (’39) and Evelyn Roll ’41 Rice had a problem—their business was too successful.
After a lifetime of building their forklift sales and service business, Rice Equipment Company, in St. Louis, Mo., Frank and Evelyn looked forward to retirement. Over the years, their company had diligently saved profits and accumulated a nice sum of retained earnings. While this may be an enviable problem to have, if Frank and Evelyn took those retained earnings they would have had a substantial tax bill to pay. They needed to develop an exit strategy.