Advance Your Wealth With Homer Smith

If you’re an entrepreneur, the idea of selling your business may have crossed your mind more than once. If you ultimately decide to sell your business, you’ll likely encounter two main types of buyers: financial and strategic. It’s a good idea to consider which type of buyer is the right one for you and your company.

On the latest episode of Advance Your Wealth, we’re exploring how these two categories of buyers could play an important part in how much you get for your company

Chapters:

0:00 - Introduction and overview on today's topic

1:18 - Understanding your options as a business owner

2:07 - An overview on financial buyers

3:12 - How the seller fits into the financial buyer's vision for the company

4:16 - How entrepreneurs typically encounter financial buyers

6:02 - The differences between a financial buyer and a strategic buyer

7:11 - How strategic buyers approach the buying process

9:24 - The different types of strategic buyers

10:31 - How to decide which type of buyer makes the most sense for your company

13:08 - Why would a strategic buyer make sense for you and your business?

15:21 - How to get in touch with Homer and his team for more information

16:40 - Closing remarks

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Life is full of transitions. Plain and simple.

However, one of the biggest transitions a business owner can make in their lifetime is the transition out of their business. In many instances, they've worked decades to build up this business and there are a variety of personal, financial, and emotional considerations at play.

In the latest episode of Advance Your Wealth, Homer explores the key decisions a business owner is faced with during this major milestone in their life.

Chapters:

0:00 - Introduction and overview on the topic of the day

1:01 - The major events in a business owner's life

3:55 - Transitioning to sell the business internally or externally

5:56 - I've sold my business. Now what?

8:57 - Transitioning family wealth to your heirs in a positive and strategic manner

12:17 - How to get in touch with Homer to discuss this topic individually

14:30 - Closing remarks

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Many business owners are always looking to motivate their employees, generate better results and save themselves some taxes. On a prior episode, we discussed a retirement plan and succession tool called an employee stock ownership plan, or ESOP.

In today's discussion, we're diving deep into the tax considerations for business owners when utilizing an ESOP, and what you should be thinking about before initiating a program like this.

Chapters:

0:00 - Introduction and overview on the topic of the day

1:50 - How an ESOP works and who it works best for

3:52 - Why an ESOP would be beneficial for a business from a tax perspective

6:47 - How an ESOP can benefit the business owner from a tax perspective

8:52 - A story covering a client that leveraged an ESOP for his business

12:58 - How to get in touch with Homer and his team

16:15 - Closing remarks

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Selling a business that you’ve worked to build for years or decades comes with an enormous number of considerations—not the least of which is easing the tax burden that accompanies a big sale.

On the latest installment of Advance Your Wealth, we’re looking at five ways business owners who sell their companies might mitigate taxes.

Let’s dive in!

Chapters:

0:00 - Introduction and overview on the topic of the day

1:35 - The top-of-mind concerns for entrepreneurs selling their business

3:31 - Transferring assets regularly over time

5:20 - Section 1202 and the benefits of leveraging this approach

7:11 - How trust planning and charitable planning factors into the sale of a business

10:35 - Navigating gifting strategies prior to the sale of a business

12:56 - A big conversation with business owners after the business has been sold

16:54 - How life insurance solutions can add value

21:18 - Homer's one big takeaway!

23:31 - How to get in touch with Homer and his team

24:32 - Closing remarks

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Growing up is hard, especially in today's day and age. But when you add financial challenges, like the transfer of significant wealth from an older generation to their heirs, life can become overwhelming for today's youth.

On the latest episode of Advance Your Wealth, we sit down with Barry Garapedian, the visionary Founder & CEO of Mag 7 Consulting, a boutique coaching, mentoring, and advisory firm tailored specifically for high-school and college-aged students. In this conversation, Barry shares the remarkable journey of MAG 7 and how it has become a beacon for young individuals seeking to unlock their full potential.

Barry sheds light on the importance of mentorship and coaching during the crucial formative years. Gain insights into the methodologies employed by MAG 7 Consulting to nurture skills, foster resilience, and instill a mindset of success in the next generation.

Enjoy!

Timecodes:

0:06 - Introduction and overview on the topic of the episode

1:03 - The importance of long-term wealth planning within families

3:05 - Welcoming Barry Garapedian to the show!

3:55 - Barry's career pivot from wealth management to Mag 7 Consulting

6:41 - The greatest challenges facing today's youth

9:22 - Kids growing up in a wealth environment and the importance of instilling financial wisdom

12:37 - How Mag 7 actually works with today's youth

16:00 - Teaching clients the power of a handwritten note

17:45 - The responses Barry receives from parents of his clients

19:52 - The difference between an expectation and an agreement

23:50 - The 7 self-development lessons you never learned in school

26:48 - How to learn more about the work Barry does for clients through Mag 7 Consulting

28:02 - How to connect with Homer and his team

28:51 - Closing remarks

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On the latest installment of Advance Your Wealth, we're joined once again by Joseph Sykora, Equity Analyst and Portfolio Reviews at Aptus Capital Advisors, for a deep analysis into the market's current affairs.

As Joseph and his team monitor the market's performance, there have been two noteworthy categories of discussion to consider: Earnings and Interest Rates.

Join us for another enlightening conversation, where we unpack some of the key considerations for your financial portfolio given some of the top trends unfolding in the markets.

Timecodes:

0:06 - Introduction and overview on the topic of the show

1:16 - An overview on the most notable topics from Q3

6:03 - How rising interest rates are impacting the market and government

10:17 - The cycle surrounding the government addressing a deficit

11:49 - How to get in touch with Homer and the team for additional discussion

12:20 - Closing remarks

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Simply having significant wealth doesn’t guarantee a great life. For example, inheritors often face a number of significant challenges at various points in their lives, including the years before they receive their inheritance as well as after wealth is transferred to them.

On the latest episode of Advance Your Wealth, we’re looking at some of the issues and hurdles that inheritors of significant wealth may need to overcome—along with strategies aimed at addressing them successfully.

Timecodes:

0:06 - Introduction and overview on the topic of the day

1:23 - What Homer's team is known for

2:29 - There are challenges associated with giving and receiving wealth

5:13 - Where families can begin to effectively navigate these challenges

7:00 - The red flags to be on the lookout for

8:58 - Steps your family can be taking to avoid these mistakes overall

10:20 - Advice on dealing with the emotional challenges of inheriting wealth

13:02 - Smart ways we can be good stewards of our wealth

15:21 - The bottomline: Addressing the challenges of giving and receiving wealth

17:30 - How you can get in touch with Homer's team and learn more about a VFO

18:25 - Closing remarks

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The market year-to-date has brought along some major changes worth reflecting on. Rising interest rates, inflation, a bolstered tech sector and an uncertain path forward into 2024.

On the latest episode of Advance Your Wealth, we’re looking back at Q3 and forward to Q4 and beyond. We discuss market trends, Mega Cap Tech, how Konvergent Wealth Partners defends its clients portfolios, and where the market appears to be heading in 2024.

Timecodes:

0:06 - Introduction and overview on the topic of the show

1:19 - What are some high level year-to-date trends the Konvergent team is noticing?

2:28 - What's moving the S&P...the Magnificent Seven?

3:15 - What caused the major market moves in August?

4:36 - Mega Cap Tech and Impact on the Market as a whole.

6:23 - The Search for Safe Staple Stocks May Surprise You.

7:19 - 3rd Quarter Earnings vs. Expectations for the Future.

9:45 - Q4 and Excess Savings...What to Expect.

11:05 - How Well Do Valuations Predict Market Prices?

12:07 - Earnings Yields vs. Real Inflation Adjusted Interest Rates

13:25 - How Portfolios Stay Ahead of the Curve.

15:05 - Closing Remarks and How to Connect with Konvergent Wealth Partners.

16:05 - Disclosures.

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Family banks are a tool that some very wealthy families use for a number of reasons, and they’re increasingly being adopted by more and more families across the net worth spectrum.

On the latest episode of Advance Your Wealth, we’re looking at whether family banks could be a smart move for you!

Timecodes:

0:06 - Introduction and overview on the topic of the show

1:15 - What is a Family Bank?

2:28 - What is a Family Bank ultimately used for?

3:39 - How a Family Bank supports a family and fosters financial intelligence

5:04 - A Family Bank can help people with their business-building desires

6:33 - Family Banks are meant to be a formal solution within your estate

7:50 - Family Banks can offer custom solutions to help address family needs overall

9:17 - Who can leverage a Family Bank?

10:42 - How a family sets up and utilizes their Family Bank over time

12:46 - How to get in touch with Homer and his team to discuss Family Banks

14:20 - Closing remarks

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Like many of us, the wealthiest people often worry about their health, their families and their finances. On the latest episode of Advance Your Wealth, we’re looking at how you can adopt some of the Super Rich’s strategies for addressing their fears and staying on the right track.

This episode is packed with helpful considerations for your own financial world. Let's get started!

Timecodes:

0:06 - Introduction and overview on the topic of the day

1:01 - Even significant wealth doesn't eliminate fundamental challenges

3:24 - How wealth plays a role with health for many of us

4:45 - An overview on concierge medicine

7:18 - Navigating dysfunctional family dynamics and how they threaten wealth

11:57 - We all fear losing our wealth

13:27 - Recommendations on fighting the fear of losing your wealth

15:15 - Taking the best ideas from the billionaires and implementing them for everyone

16:50 - How to get in touch with Homer and his team

18:20 - Closing remarks

Connect with Homer Smith:

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