The Must-Knows When Starting a Passion Project (Ep. 87)



Sometimes, it is hard to find your passion after you have exited your business and retired.

Our guest, Rocky Schiralli, discusses how you can maintain purpose and find your new passion once your working days are over. 

In this episode, Rocky describes his experience of leaving one workplace and pursuing another business passion. He then relates his story to the experiences of many other people in similar situations who have trouble finding their passion after they exit their business or retire altogether.

Once someone has found their passion in retirement or at some point within their career, it is important to discuss the many details that come along with passionate business ventures.

Rocky discusses:

  • His journey of transitioning from one career to another and what motivated him to change his path
  • What to expect when you start a new passion project in terms of business regulations and meeting specific codes
  • The little details that are often forgot about when starting a new business venture and how collaborating with others can make sorting these details easier
  • The importance of taking care of and maintaining your health throughout new ventures
  • And more!

Resources: 

Hightower Great Lakes

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About Our Guest:
A native of Northwest Indiana, Rocky Schiralli received his Bachelor’s degree from Indiana University, and his Master’s degree in psychology from West Georgia College. His first job in the psychology profession was at Southlake Mental Health, along with managing the health services for the Sheriff’s department at the Lake County Jail.

In 1998, Rocky began working with Porter-Starke, managing the children’s adolescent addiction program. 

Now retired, Rocky is focusing on his art and renovating a 1900s house that will become an art gallery with a cafe, run by fiancé, Tammy Rose, as well as an adjacent carriage house they have converted to an AirBnB, located in Valparaiso, FL.

 



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The Six Power Ratios for Selling Your Business (Ep. 86)



Eventually, everyone exits their business. 

When that time comes, how can you ensure you’re getting the best price possible? What are buyers looking for?

In this episode, Tim Scannell runs through the six power ratios that most buyers are going to want to know before they purchase your business. Tim discusses why it’s important to be prepared for all scenarios to ensure that you’re getting the most you can for the business you’ve built.

Tim discusses:

  • All six power ratios
  • How to calculate these ratios for your business
  • How you can prepare for the due diligence process
  • And more

Resources: 

Value Builder Questionnaire Tool 

Connect With Tim Scannell:


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Having the “Parent Talk” (Ep. 85)



People don’t like to talk about death and people don’t like to talk about money—and people really don’t like to talk about these things with their parents.

However, sometimes the most important conversations are the ones that are the hardest to have. 

In this episode, Samantha Pietruszynski discusses how to approach having “the talk” with your parents and highlights the benefits of addressing it early and frequently to ensure that if unfortunate circumstances arise, you and your loved ones will have the time to grieve, not stress.

Samantha discuss:

  • The importance of having the talk with your parents
  • Key strategies for having the conversation
  • How to navigate family dynamics when planning
  • And more

Connect With Samantha Pietruszynski

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About Samantha: 

Samantha Pietruszynski is a Wealth Advisor at Hightower Great Lakes, where she positively impacts clients and their families both emotionally and financially by putting personalized plans in place to promote security. Samantha helps her clients feel empowered with the financial confidence and resources they need to achieve financial independence.

Samantha earned her Bachelor of the Arts degree in Finance and Accounting from the Francis J. Noonan School of Business at Loras College. She holds the Series 7 license, Series 66 license, Indiana life and health insurance licenses, and is a CERTIFIED FINANCIAL PLANNER™ (CFP®) practitioner.

 


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Four Ways to Plan for Parenthood (Ep. 84)



Parenthood is a huge step filled with many unknowns. And if you start to consider the financial uncertainty that comes with parenthood, it can start to feel extremely overwhelming. Luckily, it doesn’t have to be! 

In this episode, Justin McCurdy, co-worker of Tim Scannell, walks through four key areas where you can plan for parenthood to erase uncertainty and alleviate stress.

Justin discusses:

  • Navigating employer benefits 
  • Planning your cash flows for child care
  • Finding the best life insurance plan for you
  • Education savings and planning for your child’s success
  • And more

Connect With Tim Scannell:

Connect With Justin McCurdy

About Our Guest:

Justin McCurdy is a Wealth Advisor at Hightower Great Lakes, where he advises clients on all aspects of financial planning including investments, retirement, college funding, budgeting, tax, estate, and life insurance. Justin is a key contributor to the development of personalized plans for each of our valued clients and their families.

Justin earned his Bachelor of Business Administration degree in Management Consulting and Economics from the University of Notre Dame. He holds the Series 7 license, Series 66 license, Indiana life and health insurance licenses, and is a CERTIFIED FINANCIAL PLANNER™ (CFP®) practitioner.

Justin and his wife Heather live in Valparaiso, Indiana with their triplets Owen, Mia, and Everett. Justin enjoys cooking and baking, often bringing treats to the office. He is teaching his kids to root for Notre Dame football.


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10 Questions Every Business Owner Should Think About (Ep. 83)



As a business owner, there are plenty of things you need to keep in mind to run your business smoothly. As a result, your exit plan can often go untouched. 

However, it is important to think about your exit strategy well before you plan to leave. 

In this episode, Tim Scannell lists 10 things that you should start thinking about so that when it comes time to retire, the transition of your business will run smoothly. 

Tim discusses:

  • Why you should understand what your involvement in your business will look like once you retire
  • The importance of thinking about the obstacles you might encounter when you exit your business
  • Assessing the value of your business and why it is key to do that before you leave
  • Thinking about your greatest challenge when you leave your business
  • And more

Resources: 

Connect With Tim Scannell:

 


What To Do When You Hit Your Freedom Point (Ep.82)



We all have a freedom point, and for each of us, that point is different.

The freedom point of one person is completely different from the freedom point of another.

In this episode, Tim Scannell speaks about what he means when he says ‘freedom point’ and why it is important in retirement. Tim helps you understand why knowing your freedom point is important and some things that you might want to consider when you reach this point. 

Tim discusses:

  • How to understand what your freedom point is before you reach it
  • Selling part of your business to an investor when you reach your freedom point 
  • What to expect if you sell a majority of your business at your freedom point
  • Earn out as an option when you reach your freedom point
  • And more

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Raising Your Business Like Your Child (Ep. 81)



Have you ever thought about nurturing your business like a child, so that when it comes time for you to exit the business, it can be independent and stand on its own?

In this episode, Tim Scannell discusses how raising your business as if it were your own child can maximize your value for your exit plan. Tim discusses how having the mentality of raising your business like your child will lead to you being more prepared to exit, and so will your business.

Tim discusses:

  • Why people become entrepreneurs
  • Wealth enhancement as you prepare to exit
  • What it means to raise your business like your children
  • How raising your business like your child helps to make you more ready to exit
  • And more

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80. The Switzerland Discount



As a business owner, there are three things you don’t want to be overly reliant on when setting up and structuring your business.

In this episode, Tim Scannell introduces us to the Switzerland discount, explaining why you want to avoid being Switzerland when it comes to your business. Tim details three things business owners should not be overly reliant on, and explains why being reliant on key customers, a key employee, or a key supplier can be problematic, especially when it comes time to exit your business.

Tim discuss:

  • What the Switzerland discount is and how many business owners fall into the trap
  • Three things business owners don’t want to be completely reliant on
  • How to avoid being overly reliant on a key supplier
  • And more

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79. Eight Things You Can Do To Turn Your Service Into A Product



During the pandemic, business owners had to adapt their products and services. What if you could create a product out of your service?

In this episode, Tim Scannell shares eight things you can do to create a product out of your services. Many people are shopping online and prefer not to go in-store, creating a product that consumers can take home could be great for small businesses. 

Tim discusses:

  • How business owners adjusted their products and services during the pandemic
  • How small businesses have been impacted by the pandemic
  • Why most businesses could create a product consumers could bring home
  • Eight things business owners can do to create a product out of your service
  • And more

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78. Valuing Your Business Is Not Rocket Science



There are plenty of non-business related things business owners think about when planning their exit. Numbers are critical, but they’re not everything. Valuing your business is not rocket science, it’s more personal.

In this episode, Tim Scannell looks at reasons for why business owners choose to exit, their personal motivations, whether there’s an event that inspires it, or it’s just their time to leave. Tim looks at how these choices affect the sale price.

Tim discusses:

  • What is an owners personal motivation for exiting
  • Why you shouldn’t exit based on emotion, and how you can deal with burnout
  • How business owners can deal with their identity post-sale
  • How employee wellbeing and ownership structure critically affect your sale value
  • And more

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