Business Owners – The Wealth Stream Podcast

3 Steps To Help Business Owners Get Their Lives Back (Ep. 101)

By thewealthstreampodcast | February 2, 2023

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COVID made a mark on just about everything, even business owners. It’s time to get your quality of life back.

In this episode, Tim Scannell talks about helping business owners plan for 2023 and set a new years resolution to get their lives back. He dips into why money is important for different people, and the change of business owners’ workloads from the pandemic, and then shares three steps business owners can take to reshape their company and finances so they can get their exit plan rolling.

Tim discusses:

What’s important about money for Independents, Moguls, and Accumulators
How COVID has affected business owners’ workloads
3 steps to retool your company and finances so your business can start running without you again
And more

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How Inflation Impacts Your Business Valuations (Ep. 100)

By thewealthstreampodcast | January 18, 2023

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We’ve hit our 100th episode of The Wealth Stream Podcast!

Today, we’re discussing the impacts inflation can have on business valuations.

In this episode, Tim Scannell talks about how to avoid costly mistakes that impact and delay business owners’ ability to become financially independent and make work optional. He focuses on ways to help business owners maximize what they keep as they exit into financial independence and enhance their wealth to live a full life.

Tim discusses:

What inflation is and how it specifically relates to business owners
How he advises clients to mitigate the impact of inflation on their businesses
What he sees business owners focus on when it comes to inflated expenses
How consumer spending habits are evolving
Possible strategies to minimize the impact of inflation on your business
And more

Connect With Tim Scannell:

tscannell@scannellwealth.com
Hightower Great Lakes
LinkedIn: Tim Scannell
Twitter: Tim Scannell
(219) 531-4941

Raising Your Business Like Your Child (Ep. 81)

By thewealthstreampodcast | January 26, 2022

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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

By thewealthstreampodcast | January 12, 2022

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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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78. Valuing Your Business Is Not Rocket Science

By thewealthstreampodcast | December 8, 2021

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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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75. Learn How to Grow to Exit With Laurie Barkman

By thewealthstreampodcast | October 20, 2021

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As a business owner, exit planning is something that you only get one shot at. Have you considered growth through acquisitions as an exit plan?

In this episode, Tim Scannell is joined by Laurie Barkman, founder of SmallDotBig to discuss growth through acquisitions as a means of succession and exit planning for business owners. Laurie shares her recommendations and insights into what makes a successful business acquisition.

Laurie discusses:

Growth through acquisitions as a way to exit your business
What Laurie recommends to business owners looking for a growth-to-exit strategy
Why culture is important when you’re finding the right fit for an acquisition
The history and origin story of SmallDotBig
And more

Connect With Tim Scannell:

Connect With Laurie Barkman:

About Our Guest:

Laurie Barkman’s bio reads, “I launched SmallDotBig to help closely-held companies grow.

SmallDotBig is a business transition advisory firm for companies in the lower middle market, helping business owners maximize enterprise value, create succession plans, and identify M&A strategies.

As an Exit Planner and Certified Value Builder™ Advisor, I enjoy developing structured plans that empower the dreams of business owners.”

Episode 67 – Why Mastermind Groups are Great for Business Owners

By thewealthstreampodcast | June 30, 2021

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Being a business owner can get lonely. When you want to talk about ideas, it’s better to discuss with your peers.

In this episode, Tim Scannell talks all about mastermind groups, shares details about a group he is running, and how mastermind groups come to fruition. Tim explains the process of forming a mastermind group and why he sees so much value in them.

Tim discusses:

Four things Tim considers when creating a mastermind group
Why commitment & confidentiality are so important within the group
Why female CEOs & entrepreneurs often have more issues finding peers they can bounce ideas off
The discovery process of a mastermind group
And more

Resources:

The Wealth Stream Podcast Episode 39 – Using Mastermind Groups to Leverage Your Success

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