Tag: The Wealth Stream Podcast

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Becoming A Lifelong Learner with Gina S. (Ep.94)

Becoming A Lifelong Learner with Gina S. (Ep.94)

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Everybody has a reason for why they are in the field they are in.

What’s yours?

In this episode, fellow Hightower employee Gina S. discusses the journey that shaped her and her skills into the professional that she is today and how you can strengthen your abilities in your profession as well.

Gina discusses:

  • How college helped her discover her strengths and prepared her career
  • What she would tell her high school self
  • How sociology courses greatly enhance the skills of future business administrators
  • How she recognizes her weaknesses in the workplace and how she is strengthening them
  • And more

Resources: 

Wealth Stream Podcast: Discovering Your Money Personality (EP. 93)

Connect With Tim Scannell:

Connect With Gina S.

About Our Guest:

Experienced Marketing Manager with a demonstrated history of working in the marketing and advertising industry. Skilled in Search Engine Optimization (SEO), Information Systems, Teamwork, Search Engine Marketing (SEM), and Web Content Creation. Strong operations professional with a Master of Science focused in Information Systems, Co-Concentrations in Enterprise Risk Management and Business Intelligence from Indiana University Bloomington.



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Discovering Your Money Personality (EP. 93)

Discovering Your Money Personality (EP. 93)

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Everyone handles their money differently and everyone has different priorities with their money.

These are called “money personalities”.

In this episode, Tim Scannell discusses how to discover and focus on what is important to you with your money by highlighting the different money personalities he has worked with in his career.

Tim discusses:

  • Money personalities – how to focus on what is important to you about money 
  • What questions he asks people to discover what money personality they possess
  • How he helps people identify what they can and cannot control within their finances
  • The power of focus and how it affects your success when working with a financial advisor
  • And more

Resources: 

Previous Episode: So You Want To Be a Consultant? (Ep.92)

Connect With Tim Scannell:



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So You Want To Be a Consultant? (Ep.92)

So You Want To Be a Consultant? (Ep.92)

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Consulting is a path you may consider when you retire or exit your business. So what should you take into consideration before committing to the role?

In this episode, Tim Scannell discusses what you need to know prior to becoming a consultant post-exit of your business and describes both the pros and cons of the role.

Tim discusses:

  • Tax liabilities and other financial considerations for business owners
  • The pros and cons of self-employment
  • Wealth enhancement – how to maximize what you keep as you exit into financial independence
  • Planning for the future transition from a business owner to a consultant
  • And more

Resources: 

Connect With Tim Scannell:

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Create Recurring Revenue For Your Business, Part 2 (Ep. 91)

Create Recurring Revenue For Your Business, Part 2 (Ep. 91)

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Part two of “how to create recurring revenue for your business” is here with additional tips and tricks about how you can adopt the subscription-based business model!

In this episode, Tim Scannell highlights some well-known companies who have adopted the subscription model and how it changed the landscape of their business.

Tim discusses:

  • Major benefits of adopting the subscription billing model
  • How to integrate recurring revenue models into your business
  • Finding your business niche and the process of turning your repeat customers into business subscribers
  • Lessons from companies like HP, Peloton, and Mosquito Squad who have successfully and unsuccessfully used the subscription model
  • And more

Resources: 

Connect With Tim Scannell:

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Create Recurring Revenue For Your Business, Part 1 (Ep. 90)

Create Recurring Revenue For Your Business, Part 1 (Ep. 90)

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What are some ways you can enhance your business’ services to your customers?

Well, in this episode, Tim Scannell provides you information about just that!

In Part 1 of this series, Tim discusses the business models companies are adopting to eliminate seasonality and increase customer engagement.

Tim discusses:

  • The idea of wealth enhancement – maximizing what you keep as you exit your business into financial independence
  • Six reasons why you should consider offering your customers a subscription to your services
  • How to eliminate seasonality within your business
  • One of the simplest forms of recurring revenue virtually that your business can adopt
  • And more!

Connect With Tim Scannell:



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Leaping From Your Business to Your Next Passion, Part 2 with Stewart McMillan (Ep. 89)

Leaping From Your Business to Your Next Passion, Part 2 with Stewart McMillan (Ep. 89)

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Once you have decided what your next passion after business is, the next step is bringing that passion to life.

In part two of the Passion Series, Tim Scannell and Stewart McMillan continue to describe the landscape of exiting a business and working toward your next big passion. They also highlight the importance of not doing everything by yourself, which is one of the lessons Stewart learned when working on his own vision — the MAAC foundation.

Stewart discusses:

  • How to exit your business ‘into your best life’
  • The process he went through in setting up the MAAC Foundation (team, capital structure, etc.)
  • How Stewart manages the evolution of his family foundation and what resources he uses to manage growth
  • The business model that Stewart says he has not seen anywhere else in the country and how it influences his business
  • And more

Resources: 

Connect With Tim Scannell:

Connect With Stewart McMillan:

About Our Guest:

Stewart McMillan has been in the fire industry since childhood. His earliest recollection is riding back to the fire station on the knee of a Chicago Lieutenant on Squad 2 when he was six years old. As Chief Clyde McMillan, Stewart’s father, grew the Gary Fire Task Force, Stewart was there weekend after weekend helping rebuild and maintain the menagerie of old fire apparatus that the Civil Defense Fire Department had managed to obtain. In 1968, at the age of 14, Stewart drove a 1947 International Pumper to a lumber yard fire, and connected it to the hydrant with a hard suction all by himself. From that point on, he was involved with the Gary Fire Task Force up through 1973.

Stewart is a member of the Valparaiso Rotary and The Greater Valparaiso Chamber of Commerce. He is also active in the World Presidents Organization, active member of the Ivy Tech Board of Trustees, MAAC Foundation and National Association of Manufacturers.

 

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Leaping From Your Business to Your Next Passion, Part 1 with Stewart McMillan (Ep. 88)

Leaping From Your Business to Your Next Passion, Part 1 with Stewart McMillan (Ep. 88)

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A lot of business owners feel like their business is their biggest passion, and they will lose purpose after exiting the business.

However, exiting a business can be the perfect opportunity to explore your next big passion!

In part one of the Passion Series, Tim Scannell speaks with returning guest Stewart McMillan. Stewart talks about his journey of selling his business and following his passion, and what the process of exiting a business looks like.

Stewart discusses:

  • His inspirational story of not being afraid of failure and consistently pursuing his passion
  • The different options he considered before selling his business
  • What his thought process looked like while creating a post-exit plan
  • His experience of being put in a leadership position by circumstance and not by choice (and how that affected his role in his company)
  • And more!

Resources: 

Connect With Stewart McMillan:

Connect With Tim Scannell:

About Our Guest:

Stewart McMillan has been in the fire industry since childhood. His earliest recollection is riding back to the fire station on the knee of a Chicago Lieutenant on Squad 2 when he was six years old. As Chief Clyde McMillan, Stewart’s father, grew the Gary Fire Task Force, Stewart was there weekend after weekend helping rebuild and maintain the menagerie of old fire apparatus that the Civil Defense Fire Department had managed to obtain. In 1968, at the age of 14, Stewart drove a 1947 International Pumper to a lumber yard fire, and connected it to the hydrant with a hard suction all by himself. From that point on, he was involved with the Gary Fire Task Force up through 1973.

Stewart is a member of the Valparaiso Rotary and The Greater Valparaiso Chamber of Commerce. He is also active in the World Presidents Organization, active member of the Ivy Tech Board of Trustees, MAAC Foundation and National Association of Manufacturers.

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The Must-Knows When Starting a Passion Project (Ep. 87)

The Must-Knows When Starting a Passion Project (Ep. 87)

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Sometimes, it is hard to find your passion after you have exited your business and retired.

Our guest, Rocky Schiralli, discusses how you can maintain purpose and find your new passion once your working days are over. 

In this episode, Rocky describes his experience of leaving one workplace and pursuing another business passion. He then relates his story to the experiences of many other people in similar situations who have trouble finding their passion after they exit their business or retire altogether.

Once someone has found their passion in retirement or at some point within their career, it is important to discuss the many details that come along with passionate business ventures.

Rocky discusses:

  • His journey of transitioning from one career to another and what motivated him to change his path
  • What to expect when you start a new passion project in terms of business regulations and meeting specific codes
  • The little details that are often forgot about when starting a new business venture and how collaborating with others can make sorting these details easier
  • The importance of taking care of and maintaining your health throughout new ventures
  • And more!

Resources: 

Hightower Great Lakes

Connect with Rocky Schiralli:

Connect With Tim Scannell:

About Our Guest:
A native of Northwest Indiana, Rocky Schiralli received his Bachelor’s degree from Indiana University, and his Master’s degree in psychology from West Georgia College. His first job in the psychology profession was at Southlake Mental Health, along with managing the health services for the Sheriff’s department at the Lake County Jail.

In 1998, Rocky began working with Porter-Starke, managing the children’s adolescent addiction program. 

Now retired, Rocky is focusing on his art and renovating a 1900s house that will become an art gallery with a cafe, run by fiancé, Tammy Rose, as well as an adjacent carriage house they have converted to an AirBnB, located in Valparaiso, FL.

 


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The Six Power Ratios for Selling Your Business (Ep. 86)

The Six Power Ratios for Selling Your Business (Ep. 86)

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Eventually, everyone exits their business. 

When that time comes, how can you ensure you’re getting the best price possible? What are buyers looking for?

In this episode, Tim Scannell runs through the six power ratios that most buyers are going to want to know before they purchase your business. Tim discusses why it’s important to be prepared for all scenarios to ensure that you’re getting the most you can for the business you’ve built.

Tim discusses:

  • All six power ratios
  • How to calculate these ratios for your business
  • How you can prepare for the due diligence process
  • And more

Resources: 

Value Builder Questionnaire Tool 

Connect With Tim Scannell:

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Having the “Parent Talk” (Ep. 85)

Having the “Parent Talk” (Ep. 85)

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People don’t like to talk about death and people don’t like to talk about money—and people really don’t like to talk about these things with their parents.

However, sometimes the most important conversations are the ones that are the hardest to have. 

In this episode, Samantha Pietruszynski discusses how to approach having “the talk” with your parents and highlights the benefits of addressing it early and frequently to ensure that if unfortunate circumstances arise, you and your loved ones will have the time to grieve, not stress.

Samantha discuss:

  • The importance of having the talk with your parents
  • Key strategies for having the conversation
  • How to navigate family dynamics when planning
  • And more

Connect With Samantha Pietruszynski

Connect With Tim Scannell:

About Samantha: 

Samantha Pietruszynski is a Wealth Advisor at Hightower Great Lakes, where she positively impacts clients and their families both emotionally and financially by putting personalized plans in place to promote security. Samantha helps her clients feel empowered with the financial confidence and resources they need to achieve financial independence.

Samantha earned her Bachelor of the Arts degree in Finance and Accounting from the Francis J. Noonan School of Business at Loras College. She holds the Series 7 license, Series 66 license, Indiana life and health insurance licenses, and is a CERTIFIED FINANCIAL PLANNER™ (CFP®) practitioner.