Business Owner – The Wealth Stream Podcast

A Comprehensive Guide to Business Exit Preparation: A Recipe for Business Success (Ep. 112)

By thewealthstreampodcast | August 16, 2023

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Successfully exiting your business isn’t easily done without the help of other professionals, credible resources, and other business owners who have “been there, done that!”

In this episode, Tim Scannell discusses the value of strategic business planning for business owners. They outline the steps involved in valuing and preparing a business for exit, including estimating the equity value of the business using tools like Biz Equity.

Tim discusses:

The 4 steps of long-term business planning: Discovery, Personal Readiness, Financial Readiness & Determining the Business’ Value
The value of professional guidance including attorneys and CPAs in your business valuation process
How to maintain productivity and keep your eye on the “bigger picture” when valuing your business
Exit channels: What they are & how to know which one is suited for your business needs
And more

Resources:

Connect With Tim Scannell:

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

By thewealthstreampodcast | April 26, 2023

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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:

Connect with Tim Scannell:

Connect with Scott Bening:

LinkedIn: P. 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.

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

By thewealthstreampodcast | March 22, 2023

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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:

Wealth Stream Podcast Tackling Your Family’s Year-End Financial Plan Part 2 – Ep. 103

Connect With Tim Scannell:

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

By thewealthstreampodcast | August 31, 2022

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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.

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

By thewealthstreampodcast | April 20, 2022

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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:

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

By thewealthstreampodcast | February 23, 2022

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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:

73. Five Key Financial Concerns for The Wealthy

By thewealthstreampodcast | September 22, 2021

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Many people share similar concerns about their finances, like ensuring you have enough money to meet all your monthly needs, and ensuring you have enough money to retire comfortably. But what about the wealthy? Are there specific financial concerns that only pertain to them?

In this episode, Tim Scannell looks at five financial concerns he regularly hears people are concerned about. Tim discusses wealth preservation, wealth enhancement, wealth transfer, wealth protection, and giving to charity as key concerns for the wealthy, and shares his insight about how to approach each concern.

Tim discusses:

Why “wealth” is more than just the amount of money in your bank account
Why clients are so concerned about wealth transfer
Why, as a business owner, you need to be concerned about wealth protection
How you can create a more impactful gift to charity
And more

Resources:

62. How to Minimize the Tax Impact of Your Business Sale

Connect With Tim Scannell: