Chartered Professional Accountant – The Wealth Stream Podcast

70. 3 Critical Wealth Planning Mistakes Family Business Owners Make

By thewealthstreampodcast | August 11, 2021

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Running a family business is complex—it’s easy to overlook simple things and then find your business in a complicated scenario.

In this episode, Tim Scannell shares three critical wealth planning mistakes he sees family business owners make. Tim walks you through each mistake and provides an example that showcases the types of issues that may arise.

Tim discusses:

Why your team may be working with the wrong advisor
Why focusing too much on tax minimization is a mistake
Family business owners failing to keep their wealth plans accurate
Why sometimes in our lives, we’re better off hiring specialists
And more

Resources:

Episode 46 – Finding Your Advisor Glass Slipper

Connect With Tim Scannell:

68. Meet Blair Anderson of Hightower Great Lakes – With Blair Anderson

By thewealthstreampodcast | July 14, 2021

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Policy changes can affect numerous things, and for Blair Anderson, knowing everything there is to know is something he strives to be on top of when those changes happen.

In this episode, Tim Scannell introduces listeners to Blair Anderson, CEO and partner at Hightower Great Lakes. Blair shares a bit about his history as an advisor, how he approaches his work, especially when policy changes arise, and what it was like creating Hightower Great Lakes as part of a merger between Tim’s company and his own.

Blair discusses:

Why he became a financial advisor
Why he focuses on staying on top of policy changes and how he adapts
The biggest benefits Blair has found in merging with Tim to create Hightower Great Lakes
What he likes to do outside of work
And more!

Connect With Blair Anderson:

Connect With Tim Scannell:

About Our Guest:

Blair Anderson is CEO and Partner at Hightower Great Lakes. He brings more than 25 years of industry experience to the team, and focuses on developing comprehensive, goals-based wealth management strategies for clients.

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

Connect With Tim Scannell:

Episode 66 – How To Secure Your Financial Future as a Young Person – With Justin McCurdy

By thewealthstreampodcast | June 16, 2021

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Financial planning is important, no matter what stage of life you are in.

So as a youth who has just begun accumulating wealth, what are some key financial decisions you need to think about?

In this episode, Tim Scannell and Justin McCurdy, associate wealth advisor at Hightower Great Lakes, answer this question. Going through the investment management and advanced planning process, Tim and Justin address the challenges that the next generation might face in managing their finances, and how to deal with them.

You will learn:

Risk management strategies to suit your unique investment goals
The importance of early estate planning to make things easier for your beneficiaries
Ways to keep all your financial documents secure and organized
Questions you can ask advisors to see if they are the right fit for you
And more!

Tune in now to learn wealth management strategies to secure your financial future as a youth!

Episode 63 – The Next-Gen Team at Hightower Great Lakes – With Justin McCurdy

By thewealthstreampodcast | May 5, 2021

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We want to be able to serve our clients not just now, but for countless generations that follow.

That’s why we focus on preparing a technology-embracing, communication-focused, next-gen team at Hightower Great Lakes.

In this episode, Tim Scannell is joined by Justin McCurdy, associate wealth advisor at Hightower Great Lakes. Justin is a critical part of the next-gen team, and today, he discusses his current role at the company, his continuing education as a financial advisor and his long-term vision and goals.

You will learn:

How Justin’s active involvement during high school and college helped him build business and leadership skills
Ways in which Hightower Great Lakes leverages technology to provide remote services in a secure manner
Why you should always invest in continuing education
The importance of understanding the emotional aspect of financial planning
Justin’s advice to those who’re getting out of school and starting a new career
And more!

Play now and get to know Justin, an integral part of the next-gen team, on a personal and professional level!

Episode 62 – How To Minimize the Tax Impact of Your Business Sale

By thewealthstreampodcast | April 21, 2021

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When you’re planning to sell your business, it’s extremely important to factor in the impact of taxes – both on the federal and the state level.

In this episode, Tim Scannell is joined by returning guest John Wiktor, head of the Trusts and Estates Group at HMB Legal Counsel. John dives into the tax-planning side of every business sale, and talks about how you can minimize your state taxes by either changing your residency or through trust planning.

You will learn:

How the new tax proposal under the Biden administration, if passed, affects your capital gains taxes.
The importance of reviewing your business structure before planning the sale
Why you should start planning at least a year prior to your exit
Things you need to consider before changing your residency to a new state
How to use various trust funds to optimize your business sale without having to move
And more!

Tune in now to learn how you can make your business sale highly tax-efficient by planning well ahead of time!

Episode 61 – How To Manage the Flood of Emotions That Follows Retirement

By thewealthstreampodcast | April 7, 2021

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Are you emotionally prepared to leave your work? Have you thought about the next great adventure you wish to pursue?

In this episode, Tim Scannell is joined by a very special guest, his wife, Nancy Scannell, who recently retired from teaching. Nancy discusses the emotional impact of retirement, how she managed to cope with it, and how you can discover your inner passion to help you decide the next step in your life.

You will learn:

How Nancy overcame the challenges in leaving a job that she really loved
Ways to remain strongly connected with people post-retirement
Why your work does not completely define who you are – and how to create parallel path that you enjoy
The value that lies in having a great leadership coach
How to find your personal vocation through the miracle of conversation
And more!

Tune in now to learn how you can prepare yourself to bid farewell to your work and embark on the next great adventure in your life!

Episode 60 – Want To Retire Early? Think About These Things First!

By thewealthstreampodcast | March 24, 2021

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Some people retire early, some at the traditional age of 65, and some keep following their passion even after retirement. But in every scenario, it’s important to plan for it – both financially and emotionally!

In this episode, Tim Scannell answers the most frequently asked questions about retirement. He discusses several strategies that help you create a solid parallel path for a time when you’re finally ready to finish work and live your dream retirement.

In this episode, you will learn:

How to analyze your expected income & expenses, identify cash flow gaps, and effectively address those gaps
Why medical insurance is a crucial part of preparing for retirement
The importance of tax planning to better preserve your retirement income
Multiple examples of how we have helped our clients achieve their retirement goals
And more!

Tune in now to learn how you can re-evaluate your retirement goals, and lay out a robust plan to accomplish them!

Resources: Hightower Great Lakes: (219) 246-5370 | Tim Scannell | Tscannell@hightoweradvisors.com | Episode 8 – What is a Lifelong Learning Plan? | Episode 11 – The Softer Side of Planning: Downsizing and Retirement

Episode 59 – 10 Must-Ask Questions to Optimize Your Business Exit

By thewealthstreampodcast | March 10, 2021

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During COVID, a lot of people needed to take a step back and re-evaluate their business plans. But what is it exactly that you should focus on while planning the future of your business?

In this episode, Tim Scannell goes through a list of the 10 most important questions that every business owner should consider while planning their business exit, whether it’s in the near future or several years down the line. He also discusses how you can determine your post-retirement needs, and ways to align your exit strategy with those needs.

You will learn:

Why you should think about all potential obstacles both at the beginning and towards the end of the planning process
Tips for maximizing the value of your business sale
The importance of retaining key employees using incentive plans
How to ensure a smooth transfer of ownership to your successor – internal or external
And more!

Tune in now to learn how you can optimize your business exit and earn maximum value to fulfil the needs of you and your family!

Resources: Hightower Great Lakes: (219) 246-5370 | Tim Scannell | Tscannell@hightoweradvisors.com | Using Short-Term Key-Employee Incentives to Increase Sale Price | BizEquity

Episode 58 – The Power of Setting Audacious Goals

By thewealthstreampodcast | February 24, 2021

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Do you know what all successful people have in common? They set audacious goals and strongly commit to it.

In this episode, Tim Scannell explores the power of aiming towards the highest goal possible and talks about how audacious goals instill an incredible sense of perseverance and focus in you. He also shares several tips on developing a set of activities and intermediate goals that guide you along your journey!

You will learn:

How to overcome the common mindset that stops most people from setting audacious goals
How to avoid potential distractions and maintain unwavering determination
Why you should continuously re-evaluate your goals and improvise your plan
Our own audacious goals at Hightower Great Lakes for 2021
And more!

Tune in now to learn how you can discover what motivates you the most, and let it be your guiding light!