Month: July 2020

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Episode 45 – Using Incentive Programs to Keep Key People

Episode 45 – Using Incentive Programs to Keep Key People

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The average person is likely to change careers 5-7 times in their lifetime. As a business owner, what are you doing to ensure your top employees want to stay?

In this episode of The Wealth Stream Podcast, Tim Scannell dives into incentive programs and how they help business owners retain key people. 

In this episode, you will learn:

  • The importance of retaining key personnel
  • The different types of incentive plans
  • The difference between business equity and cash as an incentive
  • How incentive plans contribute to your businesses future
  • And more!

Tune in now to hear options for incentive programs!

Resources:  Hightower Great Lakes ❘ Episode 35 ❘ Episode 2 ❘ Every Family’s Business by Thomas William Deans

 

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Episode 44 – Seven Steps of Exit Planning Part 2

Episode 44 – Seven Steps of Exit Planning Part 2

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Once you understand the value of your business and your goals for the future – how do you sell your business?

In part two of this mini-series, Tim Scannell continues his seven steps of exit planning. He discusses the steps to selling your business once you understand its value and your goals. Tim reveals the taxes added when selling internally and factors you should review when looking at an external sale.

In this episode, you will learn:

  • The importance of understanding your business’s value
  • Factors to consider when selling externally
  • How selling internally is taxed
  • The importance of contingencies for the business and the owner
  • And more!

Tune in now to discover the steps you should take when preparing to sell your business!

Resources:  HighTower Great Lakes | Episode 43

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Episode 43 – The Seven Steps of Exit Planning — Part 1

Episode 43 – The Seven Steps of Exit Planning — Part 1

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When looking into retirement, business owners have a few extra steps to complete. One thing to consider is if you have created a plan for your business after retirement.

In part one of this mini-series, Tim shares the first two of seven steps when planning for retirement as a business owner. He recounts the process he follows with clients and important ideas all business owners should be thinking about.

In this episode, you will learn:

  • Why small business owners may want to sell
  • What SWOT stands for
  • The importance of establishing goals
  • The benefits of reviewing the process before spending your money
  • And more!

Tune in now to find out what you need to think about when planning retirement.

Resources:  HighTower Great Lakes

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Episode 42 – An Entrepreneurial World — Part 2 with Guest Stewart McMillan

Episode 42 – An Entrepreneurial World — Part 2 with Guest Stewart McMillan

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So, you’ve built a successful company. What comes next?

In part two of this mini-series, Tim Scannell is joined once again by Stewart McMillan, diving further into the world of entrepreneurship and the impact it can have on society. Stewart recounts his experience with his father’s company and the lessons he has learned from it.

In this episode, you will learn:

  • How Stewart took over the reins of his father’s company
  • The lessons Stewart learned while trying to sell the company
  • The importance of innovation for entrepreneurs
  • His advice for future entrepreneurs
  • And more!

Tune in to dive deep into entrepreneurship with Tim and Stewart!

HighTower Great Lakes: (219) 246-5370 | Task Force Tips | Episode 41

FEATURE
Episode 41- An Entrepreneurial World — Part 1 with Guest Stewart McMillan

Episode 41- An Entrepreneurial World — Part 1 with Guest Stewart McMillan

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Starting your own business can be a daunting task. Yet it might just be what the world needs.

In part one of this mini-series, Tim Scannell is joined by Stewart McMillan to discuss the impact entrepreneurs will have after COVID-19. Stuart recounts his experiences with his entrepreneurial father and the impact it had on his future within the business and beyond.

In this episode, you will learn:

  • How Stuart’s father started a business and the struggles they faced
  • Advice Stuart has learned over the years
  • The importance of mentoring others who may be earlier in their career
  • And more!

Listen as Tim Scannell and Stewart McMillan discuss the realities of entrepreneurship.

Resources:  HighTower Great Lakes: (219) 246-5370 | Task Force Tips