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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

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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!

Resources: Hightower Great Lakes: (219) 246-5370 | Tim Scannell | Tscannell@hightoweradvisors.com | Tim Scannell’s Personal “Why” Story | Episode 41- An Entrepreneurial World — Part 1 with Guest Stewart McMillan | Episode 42 – An Entrepreneurial World — Part 2 with Guest Stewart McMillan | Boys Town

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Wealth transfer, wealth protection, and wealth enhancement – all of these aspects have one important component in common –– cash flow!

In this episode, Tim Scannell discusses why managing cash flow is critical for your business in the long-term, especially for your exit strategy. Join him as he dives into seven key ways in which it can affect the value of your business.

You will learn:

• How you can ensure a smooth transfer of ownership – internal or external
• The importance of having various employee incentives in place
• Ways in which stress testing can help you better evaluate your cash flow to minimize your risks
• How your cash flow can vary significantly before and after your exit
• And more!

Listen now to learn how you can effectively manage cash flow to get a better value for your business going forward!

Resources:

 Hightower Great Lakes: (219) 246-5370 |  Tim Scannell | Tscannell@hightoweradvisors.com | Episode 49 – Why a Valuation Analyst Is Critical for Planning – With Guest Greg Clark | Using Short-Term Key-Employee Incentives to Increase Sale Price

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Did COVID-19 slow your business down drastically? Although you can never fully prepare for the unexpected, one way you can protect your business is through scenario planning.

In this episode, Tim Scannell discusses how scenario planning can be a valuable addition to your business process. He provides a step-by-step guide to evaluate the possible alternative futures, and set your business up to face them if and when they arise.

In this episode, you will learn:

• Effective ways to deal with simple and complex scenario planning
• Why scenario planning is important for every company, in every industry
• How technology has completely changed the way businesses interact with their clients
• Ways to develop a list of indicators to monitor major industry changes
• And more!

Tune in now to learn how you can take the crucial first step to commit to scenario planning!

Resources: Hightower Great Lakes: (219) 246-5370 | Tim Scannell | Tscannell@hightoweradvisors.com | 5 Wealth Management Challenges Facing Construction Industry Family Owned Businesses

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Eventually, everyone will approach the end of their career, but preparing well before it arrives can make the transition a lot easier!

In this episode, Tim Scannell talks about an article by Arthur Brooks that provokes the audience to think about the declining phase of their career. He also discusses several ways to help you cope with the decreasing productivity and happiness that may arise as your career approaches an end.

In this episode, you will learn:

• How a reverse bucket list can help you transition smoothly into your retirement
• The four stages of life based on the Hindu philosophy – and their significance
• How you can serve the future generations by sharing your knowledge and legacy
• Why building and maintaining connections with others is so important
• And more!

Tune in now to learn how you can get through your end-of-career transition, because professional decline is inevitable in every career!

Resources: Hightower Great Lakes: (219) 246-5370 | Tim Scannell | Tscannell@hightoweradvisors.com | Article by Arthur Brooks: Your Professional Decline Is Coming (Much) Sooner Than You Think | Podcast: The Art of Happiness with Arthur Brooks

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Following our merger to form HighTower Great Lakes two years ago, we have added so many additional services and benefits for our clients!

Today, Tim Scannell is back with the second part of his State of the Union mini-series, where he shares why he decided to merge, and how it has enabled him to extend lots of additional benefits to his clients, especially during the ongoing pandemic.

In this episode, you will learn:

• How the merger has increased their operational efficiencies in multiple areas
• Ways the team communicates proactively with clients
• How the “next-gen” team at HGL has been effectively serving clients at various locations
• Tim’s views and plans going forward into 2021
• And more!

Tune in now to learn how you can access HGL’s additional services from wherever you are!

Resources: Hightower Great Lakes: (219) 246-5370 | Tim Scannell | Episode 16 – Family Office Services Part 2: Making Life Easier | Episode 28 – Start Living in Your Optimal Financial World | Episode 31 – How to Be Tax-Efficient With Your Charitable Giving | Episode 37 — Tax Avoidance vs. Tax Evasion

 

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Will working from home become the new normal? 

In part one of this three-part mini series, Tim Scannell shares some of his best practices when it comes to working remotely, and mentions key takeaways you can incorporate into your daily work life. 

In this episode, you will learn:

• Why having the right equipment is necessary when working from home
• How to find or establish your home workspace 
• Why you need to create firm boundaries
• How to be transparent with your workflow
• Why it’s essential to revisit non-verbal and personal skills 
• And more!

Tune in now to discover best practices when working remotely! 

Resources: Hightower Great Lakes: (219) 246-5370 | Tim Scannell

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Have you ever wondered what goes into relationship management for financial advisors? 

In this episode, Tim Scannell introduces Samantha Pietruszynski, a financial planner at Hightower Great Lakes, who shares what she does to ensure that her clients feel confident and comfortable in the financial advising relationship. 

In this episode, you will learn:

•  What Samantha does in her role at Hightower Great Lakes
•  The importance Hightower Great Lakes places on relationship management
•  How Hightower Great Lakes creates a safe space for their clients
• And more!

Tune in now to meet Samantha and learn about her role at Hightower Great Lakes! 

Resources: Hightower Great Lakes: (219) 246-5370 | Tim Scannell | Samantha Pietruszynski 

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Building a successful business begins with building a successful management team. 

In part two of this mini-series, Tim Scannell continues his discussion of why as business owners it’s crucial to have the right management team. He shares the importance of defining objectives, creating a vision, developing the right skills, and lists the various tools to improve, manage, and assess your key management team. 

In this episode, you will learn:

• The seven step process for exit planning
• Why you should hire a consultant when building a business
• How to improve management with the tours of duty
• The importance of evaluating and measuring business objectives and employee performance
• And more!

Tune in to discover the process and tools for improving, managing, and evaluating your key management team.

Resources: Hightower Great Lakes: (219) 246-5370 | Tim Scannell | Episode 50 

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Do you have a key management team that’s ready to take over your business?

In part one of this new mini-series, Tim Scannell talks about what business owners have to lose by not locking in and training successors NOW. 

Tim shares insights from his experience with finding a key person to take over his business and uncovers the risks of doing nothing. 

You will learn: 

• The differences between succession planning vs exit planning
• Why waiting to find your successor is a mistake
• How business owners benefit, now and later, by having a key management team
• The risks of not focusing on your succession plan
• And more!

Tune in now to get started on recruiting and retaining your key management team!

Resources:  Hightower Great Lakes: (219) 246-5370 | Episode 35: The Importance of Knowing Your Value — Part 1 | Episode 36: The Importance of Understanding Your Value — Part Two | Episode 49: Why a Valuation Analyst Is Critical for Planning – With Greg Clark | The Alliance by Reid Hoffman, Ben Casnocha, and Chris Yeh