Tag: Business

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Creating A Successful Exit Plan As A CEO With Scott Bening (Ep. 106)

Creating A Successful Exit Plan As A CEO With Scott Bening (Ep. 106)

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Step into the shoes of a CEO turned retiree who has made the most of his golden years! 

Join Tim Scannell as he welcomes Scott Bening, the retired CEO of Monosol, LLC and Amazon Best Selling Author, to the show. Discover how Scott expertly navigated his retirement journey and transitioned into a productive and satisfying next chapter in life. Don’t miss out on valuable insights and inspiration to plan your own successful exit strategy. 

Scott discusses:

  • How he, as a retired CEO, curated his personalized exit plan
  • How to keep yourself busy in retirement 
  • Why even CEOs can worry about their finances during retirement
  • The process of writing his book “Formulating Solutions” 
  • How the online platform “Scribe” can help you write a book too
  • And more

Resources: 

 

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Connect with Scott Bening:

About Our Guest:

Scott Bening is the recently retired CEO of Monosol, LLC. He is an Amazon Best Selling Author, President of MBS2 Advisors, LLC, and the Senior Executive Advisor at Kuraray Innovation Network Center (INC). 

Scott attended St. Lawrence University and received his Bachelor of Science there in Chemistry. Later down the road he attended the University of Illinois Chicago and received his Executive MBA.

His business, MonoSol Division of Kuraray, is a global Lean Manufacturing technology group with proven research and development capabilities and an unparalleled value proposition. They have the ability to develop new products or improve upon existing ones based on our expertise in all materials. Their team has extensive experience in working through problems that arise in business processes, material science, product design, manufacturing, and supply chain. 

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5 Strategies for Identifying Replacements for Business Owners (Ep. 104)

5 Strategies for Identifying Replacements for Business Owners (Ep. 104)

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As a business owner, there may come a time when you start to think about who will replace you and when they will replace you.

Whether you have thought about this before or this is the first time you are thinking about it, this episode can help make your transition into retirement much smoother!

In this episode, Tim Scannell covers the steps business owners can take to ensure a smooth transition into retirement by identifying and selecting the right candidate to take over their role. He shares his personal experience and insights on how to interview and evaluate potential candidates, and how to determine if they are a good fit for the business.

Tim discusses:

  • How to not limit your business’s dependence on you, the business owner
  • How to recruit and mentor suitable candidates who can replace you when you retire, go on vacation, or just need a day off!
  • What you should look for in candidates for maximum employee retention
  • How to measure a candidate’s “learning agility” during the interview process
  • And more

Resources: 

Connect With Tim Scannell:

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Hightower Great Lakes’ New Business Owner Workshop (Ep. 95)

Hightower Great Lakes’ New Business Owner Workshop (Ep. 95)

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Business owners like you should always be looking for ways to enhance and modernize their skills.

But if you don’t want to go back to school, how can you do that?

In this episode, Tim Scannell is excited to introduce the upcoming launch of his new business owner program and workshop! He then goes on to highlight how it can help you enhance, expand, and when the time comes, exit your business.

Tim discusses:

  • His new program built to help you run, exit, and expand your business
  • What activities and exercises his program and workshop will feature
  • Steps you can take to get out of the “business owner’s trap”
  • How you can continuously enhance your business skills in the modern day
  • And more

Resources: 

The Wealth Stream Podcast: Becoming A Lifelong Learner with Gina S.

Connect With Tim Scannell:



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So You Want To Be a Consultant? (Ep.92)

So You Want To Be a Consultant? (Ep.92)

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Consulting is a path you may consider when you retire or exit your business. So what should you take into consideration before committing to the role?

In this episode, Tim Scannell discusses what you need to know prior to becoming a consultant post-exit of your business and describes both the pros and cons of the role.

Tim discusses:

  • Tax liabilities and other financial considerations for business owners
  • The pros and cons of self-employment
  • Wealth enhancement – how to maximize what you keep as you exit into financial independence
  • Planning for the future transition from a business owner to a consultant
  • And more

Resources: 

Connect With Tim Scannell:

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Create Recurring Revenue For Your Business, Part 2 (Ep. 91)

Create Recurring Revenue For Your Business, Part 2 (Ep. 91)

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Part two of “how to create recurring revenue for your business” is here with additional tips and tricks about how you can adopt the subscription-based business model!

In this episode, Tim Scannell highlights some well-known companies who have adopted the subscription model and how it changed the landscape of their business.

Tim discusses:

  • Major benefits of adopting the subscription billing model
  • How to integrate recurring revenue models into your business
  • Finding your business niche and the process of turning your repeat customers into business subscribers
  • Lessons from companies like HP, Peloton, and Mosquito Squad who have successfully and unsuccessfully used the subscription model
  • And more

Resources: 

Connect With Tim Scannell:

FEATURE
Create Recurring Revenue For Your Business, Part 1 (Ep. 90)

Create Recurring Revenue For Your Business, Part 1 (Ep. 90)

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What are some ways you can enhance your business’ services to your customers?

Well, in this episode, Tim Scannell provides you information about just that!

In Part 1 of this series, Tim discusses the business models companies are adopting to eliminate seasonality and increase customer engagement.

Tim discusses:

  • The idea of wealth enhancement – maximizing what you keep as you exit your business into financial independence
  • Six reasons why you should consider offering your customers a subscription to your services
  • How to eliminate seasonality within your business
  • One of the simplest forms of recurring revenue virtually that your business can adopt
  • And more!

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72. It’s Never Too Early To Build Your Business’s Succession Plan

72. It’s Never Too Early To Build Your Business’s Succession Plan

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Are you busy serving clients, managing operations, and growing your business?

It’s time for you to take a step back and think about your exit strategy—even if it’s still years away.

In this episode, Tim Scannell discusses why it is never too early to start your succession planning. Using a detailed client example, Tim explains ways to ensure a fair wealth distribution to all of your successors, and how you can optimize the cash flow for your own dream retirement.

Tim discusses:

  • How Hightower Great Lakes’ Pathfinder helps you transition to a work optional lifestyle
  • Tips for dealing with the emotional elements of succession planning
  • Important topics you must discuss with your family before your exit business
  • Strategies that enable you to exit on your terms, and with confidence
  • And more

Connect With Tim Scannell: