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
Once you have decided what your next passion after business is, the next step is bringing that passion to life.
In part two of the Passion Series, Tim Scannell and Stewart McMillan continue to describe the landscape of exiting a business and working toward your next big passion. They also highlight the importance of not doing everything by yourself, which is one of the lessons Stewart learned when working on his own vision — the MAAC foundation.
Stewart discusses:
How to exit your business ‘into your best life’
The process he went through in setting up the MAAC Foundation (team, capital structure, etc.)
How Stewart manages the evolution of his family foundation and what resources he uses to manage growth
The business model that Stewart says he has not seen anywhere else in the country and how it influences his business
Stewart McMillan has been in the fire industry since childhood. His earliest recollection is riding back to the fire station on the knee of a Chicago Lieutenant on Squad 2 when he was six years old. As Chief Clyde McMillan, Stewart’s father, grew the Gary Fire Task Force, Stewart was there weekend after weekend helping rebuild and maintain the menagerie of old fire apparatus that the Civil Defense Fire Department had managed to obtain. In 1968, at the age of 14, Stewart drove a 1947 International Pumper to a lumber yard fire, and connected it to the hydrant with a hard suction all by himself. From that point on, he was involved with the Gary Fire Task Force up through 1973.
Stewart is a member of the Valparaiso Rotary and The Greater Valparaiso Chamber of Commerce. He is also active in the World Presidents Organization, active member of the Ivy Tech Board of Trustees, MAAC Foundation and National Association of Manufacturers.
Leaping From Your Business to Your Next Passion, Part 1 with Stewart McMillan (Ep. 88)
A lot of business owners feel like their business is their biggest passion, and they will lose purpose after exiting the business.
However, exiting a business can be the perfect opportunity to explore your next big passion!
In part one of the Passion Series, Tim Scannell speaks with returning guest Stewart McMillan. Stewart talks about his journey of selling his business and following his passion, and what the process of exiting a business looks like.
Stewart discusses:
His inspirational story of not being afraid of failure and consistently pursuing his passion
The different options he considered before selling his business
What his thought process looked like while creating a post-exit plan
His experience of being put in a leadership position by circumstance and not by choice (and how that affected his role in his company)
Stewart McMillan has been in the fire industry since childhood. His earliest recollection is riding back to the fire station on the knee of a Chicago Lieutenant on Squad 2 when he was six years old. As Chief Clyde McMillan, Stewart’s father, grew the Gary Fire Task Force, Stewart was there weekend after weekend helping rebuild and maintain the menagerie of old fire apparatus that the Civil Defense Fire Department had managed to obtain. In 1968, at the age of 14, Stewart drove a 1947 International Pumper to a lumber yard fire, and connected it to the hydrant with a hard suction all by himself. From that point on, he was involved with the Gary Fire Task Force up through 1973.
Stewart is a member of the Valparaiso Rotary and The Greater Valparaiso Chamber of Commerce. He is also active in the World Presidents Organization, active member of the Ivy Tech Board of Trustees, MAAC Foundation and National Association of Manufacturers.
