Financial Planning – Page 4 – The Wealth Stream Podcast

Four Ways to Plan for Parenthood (Ep. 84)

By thewealthstreampodcast | March 9, 2022

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Parenthood is a huge step filled with many unknowns. And if you start to consider the financial uncertainty that comes with parenthood, it can start to feel extremely overwhelming. Luckily, it doesn’t have to be!

In this episode, Justin McCurdy, co-worker of Tim Scannell, walks through four key areas where you can plan for parenthood to erase uncertainty and alleviate stress.

Justin discusses:

Navigating employer benefits
Planning your cash flows for child care
Finding the best life insurance plan for you
Education savings and planning for your child’s success
And more

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Connect With Justin McCurdy

About Our Guest:

Justin McCurdy is a Wealth Advisor at Hightower Great Lakes, where he advises clients on all aspects of financial planning including investments, retirement, college funding, budgeting, tax, estate, and life insurance. Justin is a key contributor to the development of personalized plans for each of our valued clients and their families.

Justin earned his Bachelor of Business Administration degree in Management Consulting and Economics from the University of Notre Dame. He holds the Series 7 license, Series 66 license, Indiana life and health insurance licenses, and is a CERTIFIED FINANCIAL PLANNER™ (CFP®) practitioner.

Justin and his wife Heather live in Valparaiso, Indiana with their triplets Owen, Mia, and Everett. Justin enjoys cooking and baking, often bringing treats to the office. He is teaching his kids to root for Notre Dame football.

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:

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What To Do When You Hit Your Freedom Point (Ep.82)

By thewealthstreampodcast | February 9, 2022

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We all have a freedom point, and for each of us, that point is different.

The freedom point of one person is completely different from the freedom point of another.

In this episode, Tim Scannell speaks about what he means when he says ‘freedom point’ and why it is important in retirement. Tim helps you understand why knowing your freedom point is important and some things that you might want to consider when you reach this point.

Tim discusses:

How to understand what your freedom point is before you reach it
Selling part of your business to an investor when you reach your freedom point
What to expect if you sell a majority of your business at your freedom point
Earn out as an option when you reach your freedom point
And more

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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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79. Eight Things You Can Do To Turn Your Service Into A Product

By thewealthstreampodcast | December 29, 2021

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During the pandemic, business owners had to adapt their products and services. What if you could create a product out of your service?

In this episode, Tim Scannell shares eight things you can do to create a product out of your services. Many people are shopping online and prefer not to go in-store, creating a product that consumers can take home could be great for small businesses.

Tim discusses:

How business owners adjusted their products and services during the pandemic
How small businesses have been impacted by the pandemic
Why most businesses could create a product consumers could bring home
Eight things business owners can do to create a product out of your service
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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77. How You Can Protect Your Art For Future Generations

By thewealthstreampodcast | November 24, 2021

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If you own a piece of art or an art collection, you don’t want to make the mistake of not properly protecting and insuring your art. There are several measures you should take to protect your art to avoid costly losses and mistakes.

In this episode, Tim Scannell outlines five key mistakes people make trying to protect and ensure their art collection. Tim highlights the importance of seeking an expert and going through a checklist that will help you avoid these mistakes.

Tim discusses:

The importance of having the right insurance policy
Why hiring an expert to help you may be the best option
Why you should have an emergency plan for your pieces
The importance of legacy planning in art collection
And more

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76. Five Key Areas to Consider For the Sandwich Generation

By thewealthstreampodcast | November 10, 2021

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The sandwich generation are those adults who are raising their kids while also caring for their aging parents. Naturally, this time period comes with a lot of financial responsibility, among other things.

In this episode, Tim Scannell aims to help the sandwich generation manage the financial situations of both their family and their parents. Tim lays out five key areas for the generation to consider while managing their situation. Tim also emphasizes being transparent about money, health and estate planning.

Tim discusses:

Who the sandwich generation is
Five key areas to consider for the sandwich generation
Why you should ensure your parents are wary of scams
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.”