Tim Scannell – Page 6 – The Wealth Stream Podcast

Episode 63 – The Next-Gen Team at Hightower Great Lakes – With Justin McCurdy

By thewealthstreampodcast | May 5, 2021

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We want to be able to serve our clients not just now, but for countless generations that follow.

That’s why we focus on preparing a technology-embracing, communication-focused, next-gen team at Hightower Great Lakes.

In this episode, Tim Scannell is joined by Justin McCurdy, associate wealth advisor at Hightower Great Lakes. Justin is a critical part of the next-gen team, and today, he discusses his current role at the company, his continuing education as a financial advisor and his long-term vision and goals.

You will learn:

How Justin’s active involvement during high school and college helped him build business and leadership skills
Ways in which Hightower Great Lakes leverages technology to provide remote services in a secure manner
Why you should always invest in continuing education
The importance of understanding the emotional aspect of financial planning
Justin’s advice to those who’re getting out of school and starting a new career
And more!

Play now and get to know Justin, an integral part of the next-gen team, on a personal and professional level!

Episode 62 – How To Minimize the Tax Impact of Your Business Sale

By thewealthstreampodcast | April 21, 2021

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When you’re planning to sell your business, it’s extremely important to factor in the impact of taxes – both on the federal and the state level.

In this episode, Tim Scannell is joined by returning guest John Wiktor, head of the Trusts and Estates Group at HMB Legal Counsel. John dives into the tax-planning side of every business sale, and talks about how you can minimize your state taxes by either changing your residency or through trust planning.

You will learn:

How the new tax proposal under the Biden administration, if passed, affects your capital gains taxes.
The importance of reviewing your business structure before planning the sale
Why you should start planning at least a year prior to your exit
Things you need to consider before changing your residency to a new state
How to use various trust funds to optimize your business sale without having to move
And more!

Tune in now to learn how you can make your business sale highly tax-efficient by planning well ahead of time!

Episode 61 – How To Manage the Flood of Emotions That Follows Retirement

By thewealthstreampodcast | April 7, 2021

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Are you emotionally prepared to leave your work? Have you thought about the next great adventure you wish to pursue?

In this episode, Tim Scannell is joined by a very special guest, his wife, Nancy Scannell, who recently retired from teaching. Nancy discusses the emotional impact of retirement, how she managed to cope with it, and how you can discover your inner passion to help you decide the next step in your life.

You will learn:

How Nancy overcame the challenges in leaving a job that she really loved
Ways to remain strongly connected with people post-retirement
Why your work does not completely define who you are – and how to create parallel path that you enjoy
The value that lies in having a great leadership coach
How to find your personal vocation through the miracle of conversation
And more!

Tune in now to learn how you can prepare yourself to bid farewell to your work and embark on the next great adventure in your life!

Episode 60 – Want To Retire Early? Think About These Things First!

By thewealthstreampodcast | March 24, 2021

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Some people retire early, some at the traditional age of 65, and some keep following their passion even after retirement. But in every scenario, it’s important to plan for it – both financially and emotionally!

In this episode, Tim Scannell answers the most frequently asked questions about retirement. He discusses several strategies that help you create a solid parallel path for a time when you’re finally ready to finish work and live your dream retirement.

In this episode, you will learn:

How to analyze your expected income & expenses, identify cash flow gaps, and effectively address those gaps
Why medical insurance is a crucial part of preparing for retirement
The importance of tax planning to better preserve your retirement income
Multiple examples of how we have helped our clients achieve their retirement goals
And more!

Tune in now to learn how you can re-evaluate your retirement goals, and lay out a robust plan to accomplish them!

Resources: Hightower Great Lakes: (219) 246-5370 | Tim Scannell | Tscannell@hightoweradvisors.com | Episode 8 – What is a Lifelong Learning Plan? | Episode 11 – The Softer Side of Planning: Downsizing and Retirement

Episode 59 – 10 Must-Ask Questions to Optimize Your Business Exit

By thewealthstreampodcast | March 10, 2021

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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

Episode 58 – The Power of Setting Audacious Goals

By thewealthstreampodcast | February 24, 2021

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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!

Episode 57 – Manage Your Cash Flow Effectively In Seven Simple Ways

By thewealthstreampodcast | February 10, 2021

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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

Episode 56 – Prepare for the Future Through Scenario Planning

By thewealthstreampodcast | January 27, 2021

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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

Episode 55 – How to Prepare for the End of Your Career

By thewealthstreampodcast | January 13, 2021

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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

Episode 54 – The State of the Union — Part 2

By thewealthstreampodcast | December 30, 2020

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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