Hightower Great Lakes – The Wealth Stream Podcast

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:

72. It’s Never Too Early To Build Your Business’s Succession Plan

By thewealthstreampodcast | September 8, 2021

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Are you busy serving clients, managing operations, and growing your business?

It’s time for you to take a step back and think about your exit strategy—even if it’s still years away.

In this episode, Tim Scannell discusses why it is never too early to start your succession planning. Using a detailed client example, Tim explains ways to ensure a fair wealth distribution to all of your successors, and how you can optimize the cash flow for your own dream retirement.

Tim discusses:

How Hightower Great Lakes’ Pathfinder helps you transition to a work optional lifestyle
Tips for dealing with the emotional elements of succession planning
Important topics you must discuss with your family before your exit business
Strategies that enable you to exit on your terms, and with confidence
And more

Connect With Tim Scannell:

Episode 65 – Explore, Learn, and Interact From the Comfort of Your Home

By thewealthstreampodcast | June 2, 2021

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At a year under lockdown, new and innovative virtual platforms have now made several opportunities accessible from the comfort of your home.

We believe that this virtual trend is here to stay.

In this episode, Tim Scannell takes a break from the financial planning side of things. Instead, he shares exciting virtual opportunities that he has either experienced firsthand or learned from his clients. Whether it’s traveling, learning, exploring nature, or attending various eating and drinking events – the virtual world has a variety of amazing things to offer.

You will learn:

How modern VR technology provides an unbelievably realistic travel tours
Interesting online events that you can attend to enrich your eating & drinking experience
Why virtual kid-friendly programs are a great way to instill curiosity and a passion for learning in your children
How globally renowned universities are extending useful e-learning resources
And more!

Tune in to learn how you can pursue your passion or hobbies through the new virtual world!

Episode 64 – Can You Afford a Pet? – With Samantha Pietruszynski

By thewealthstreampodcast | May 19, 2021

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Have you heard of the “pandemic puppy?” The pet adoption rates saw a sharp spike during COVID-19. After all, a furry friend would make the lockdown less lonely, right?

But – owning a pet comes with several financial responsibilities!

In this episode, Samantha Pietruszynski, an associate wealth advisor at Hightower Great Lakes, helps you navigate through life as a pet owner. Samantha shares her own experience in raising two pets, a cat and a dog, and discusses some of the major costs involved, both upfront and ongoing. She also provides several tips to help you budget for these costs so that you can make sure your pet gets everything it needs!

You will learn:

Why Samantha is a big fan of adoption vs. buying from a breeder
The importance of obedience training to avoid long-term behavioral issues
How subscription services significantly cut down your ongoing costs like food and toys
Ways to ensure that your pet gets a healthy amount of social interaction
Reasons to get pet insurance as early as possible
And more!

Tune in to better understand the financial implications of owning a pet!