Chartered Professional Accountant – Page 3

Episode 47- How to Deal with Conflict in Family Business

By thewealthstreampodcast | August 27, 2020

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Given COVID-19 lockdown circumstances, families are seeing much more of each other than usual. Have you thought about how this can affect your family business?

In this episode, Tim Scannell sheds light on the importance of identifying potential conflicts in the family business, how these conflicts can accelerate and what the potential repercussions of conflicts are. He discusses the key steps to reducing and resolving such conflicts, and shares tips on how to resolve them if they come up.

In this episode, you will learn:

The four levels of family business conflict
The negative effects of allowing conflict to fester
How you can mitigate conflict within the family business
How working remotely may have affected professional relationships
How an “outsider” can help avoid and resolve conflicts
And more!

Tune in now to discover the steps you should take to prepare against conflict in your business!

Resources: Hightower Great Lakes

Episode 46 – Finding Your Advisor Glass Slipper

By thewealthstreampodcast | August 12, 2020

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Having a financial advisor is great but having one who understands and works towards your goals is even better.

Tim Scannell reveals the many types of financial advisors available and how each can benefit various financial situations. He discusses the importance of finding someone who fits with your goals and the importance of open communication with your advisor to get the most out of your financial plan.

In this episode, you will learn:

The different types of financial advisors
The importance of finding a financial advisor who fits your goals
Why your financial advisor should be a fiduciary
The importance of communicating with your financial advisor
And more!

Tune in to learn more about finding the right advisor for your financial future.

Resources: Hightower Great Lakes ❘ They Ask You Answer by Marcus Sheridan ❘ Episode 10 ❘ Episode 22 ❘ Episode 23

Episode 45 – Using Incentive Programs to Keep Key People

By thewealthstreampodcast | July 30, 2020

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The average person is likely to change careers 5-7 times in their lifetime. As a business owner, what are you doing to ensure your top employees want to stay?

In this episode of The Wealth Stream Podcast, Tim Scannell dives into incentive programs and how they help business owners retain key people.

In this episode, you will learn:

The importance of retaining key personnel
The different types of incentive plans
The difference between business equity and cash as an incentive
How incentive plans contribute to your businesses future
And more!

Tune in now to hear options for incentive programs!

Resources: Hightower Great Lakes ❘ Episode 35 ❘ Episode 2 ❘ Every Family’s Business by Thomas William Deans

Episode 44 – Seven Steps of Exit Planning Part 2

By thewealthstreampodcast | July 22, 2020

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Once you understand the value of your business and your goals for the future – how do you sell your business?

In part two of this mini-series, Tim Scannell continues his seven steps of exit planning. He discusses the steps to selling your business once you understand its value and your goals. Tim reveals the taxes added when selling internally and factors you should review when looking at an external sale.

In this episode, you will learn:

The importance of understanding your business’s value
Factors to consider when selling externally
How selling internally is taxed
The importance of contingencies for the business and the owner
And more!

Tune in now to discover the steps you should take when preparing to sell your business!

Resources: HighTower Great Lakes | Episode 43

Episode 43 – The Seven Steps of Exit Planning — Part 1

By thewealthstreampodcast | July 8, 2020

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When looking into retirement, business owners have a few extra steps to complete. One thing to consider is if you have created a plan for your business after retirement.

In part one of this mini-series, Tim shares the first two of seven steps when planning for retirement as a business owner. He recounts the process he follows with clients and important ideas all business owners should be thinking about.

In this episode, you will learn:

Why small business owners may want to sell
What SWOT stands for
The importance of establishing goals
The benefits of reviewing the process before spending your money
And more!

Tune in now to find out what you need to think about when planning retirement.

Resources: HighTower Great Lakes

Episode 42 – An Entrepreneurial World — Part 2 with Guest Stewart McMillan

By thewealthstreampodcast | July 3, 2020

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So, you’ve built a successful company. What comes next?

In part two of this mini-series, Tim Scannell is joined once again by Stewart McMillan, diving further into the world of entrepreneurship and the impact it can have on society. Stewart recounts his experience with his father’s company and the lessons he has learned from it.

In this episode, you will learn:

How Stewart took over the reins of his father’s company
The lessons Stewart learned while trying to sell the company
The importance of innovation for entrepreneurs
His advice for future entrepreneurs
And more!

Tune in to dive deep into entrepreneurship with Tim and Stewart!

HighTower Great Lakes: (219) 246-5370 | Task Force Tips | Episode 41

Episode 41- An Entrepreneurial World — Part 1 with Guest Stewart McMillan

By thewealthstreampodcast | July 1, 2020

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Starting your own business can be a daunting task. Yet it might just be what the world needs.

In part one of this mini-series, Tim Scannell is joined by Stewart McMillan to discuss the impact entrepreneurs will have after COVID-19. Stuart recounts his experiences with his entrepreneurial father and the impact it had on his future within the business and beyond.

In this episode, you will learn:

How Stuart’s father started a business and the struggles they faced
Advice Stuart has learned over the years
The importance of mentoring others who may be earlier in their career
And more!

Listen as Tim Scannell and Stewart McMillan discuss the realities of entrepreneurship.

Resources: HighTower Great Lakes: (219) 246-5370 | Task Force Tips

Episode 40: Introducing Susan Gellatly of BenchStrength Coaching

By thewealthstreampodcast | June 29, 2020

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When it comes to your financial assets, transferring them to the next generation in succession can be a sensitive situation.

In this episode of The Wealth Stream Podcast, Tim Scannell is joined by Susan Gellatly of BenchStrength Coaching to discuss methods and strategies for generational wealth transfer. They discuss Susan’s career as a coach and how she has helped young women navigate the corporate world.

In this episode, you will learn:

What relationship management is and how it can be used to achieve greater success with clients
How to effectively transfer wealth and assets where multiple parties are involved
How Susan has helped coach young women to become successful future leaders in the corporate world through her company
How she became a successful coach and what led her to open up her own firm
And more!

Join us to learn about generational wealth transfer!

Resources: HighTower Great Lakes | BenchStrength Coaching

Episode 39 — Using Mastermind Groups to Leverage Your Success

By thewealthstreampodcast | June 26, 2020

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Whether you are a business owner, CEO, financial advisor, or perhaps all three, having a group of like-minded professionals that you can reach out to for support is crucial when it comes to your success.

In this episode of the Wealth Stream Podcast, Tim Scannell discusses the ins and outs of mastermind groups. You might be surprised to find that most successful entrepreneurs and advisors are strong advocates of these peer-to-peer mentoring groups.

In this episode, you will learn:

How to join a mastermind group
How to find the right group of like-minded professionals
About the benefits of belonging to a mastermind group
Why Tim prefers smaller mastermind groups
And more!

Tune in now to consider what you could gain by joining a mastermind group.

Resources: HighTower Great Lakes: (219) 246-5370

Episode 38: Advanced Planning with High Net-Worth Clients

By thewealthstreampodcast | June 24, 2020

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When it comes to life insurance as an asset, there are a number of ways you can utilize it for your benefit.

On this episode of The Wealth Stream Podcast Tim Scannell and special guest Kirk Hill give us the rundown on utilizing life insurance for advanced financial planning.

In this episode, you will learn:

Appropriate and inappropriate uses for life insurance
How investment in long term care has evolved
The best time to purchase insurance given the current circumstances
How low interest rates are affecting business during the current global situation
And more!

Join us to learn about advanced planning techniques and how changes in tax law and interest rates may affect you.

Resources: HighTower Great Lakes: (219) 246-5370