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What if you could apply the wealth-building strategies of billionaires to your own small business? 

In this episode, Mike Jesowshek demystifies the concept of a family office, traditionally associated with the ultra-wealthy, and explains how small business owners can adopt similar strategies to build wealth, optimize taxes, and create a legacy. He details the roles and responsibilities within a family office, such as tax strategists, attorneys, and financial advisors, and outlines actionable steps for organizing finances, assembling a team, and reviewing progress regularly. Mike emphasizes starting small, documenting plans, and growing the family office alongside business success, offering practical guidance for sustainable financial management.

Discover how to create a family office tailored to your goals by tuning in!

[00:00 - 02:11] Why Small Business Owners Need a Family Office

• Mike explains what a family office is and how it manages wealth.
• The principles of family offices can be scaled to any income level.
• Prioritize creating a financial safety net alongside business investments.

[05:13 - 10:23] Key Roles in a Family Office

• Mike breaks down the core components, including tax strategists, financial advisors, attorneys, and bookkeepers.
• A well-structured team can significantly enhance tax efficiency and wealth growth.

[10:24 - 16:12] Building Your Family Office

• Steps to get started: organize finances, fill roles, and align the team with personal goals.
• Mike stresses the importance of due diligence when selecting advisors.
• Even small steps, like self-managing roles initially, can lay the foundation for success.

[16:13 - 21:40] Continuous Improvement and Documentation

• Mike encourages regular reviews and adjustments as the business evolves.
• He suggests documenting roles and plans for clarity and legacy planning.
• Consistent reviews and clear documentation prevent stagnation and ensure long-term success.

[21:41 - 24:13] Closing Thoughts and Resources

• Mike reiterates the value of taking action and starting small.
• Proactive implementation leads to significant financial benefits.

Direct Quotes:

"A family office is kind of like a CEO-level approach to managing wealth." - Mike Jesowshek, CPA

"You get to pick and choose what your family office looks like—start small and grow as your business grows." - Mike Jesowshek, CPA

"Think of your family office as a tool belt: each role is a tool that helps you achieve your goals." - Mike Jesowshek, CPA

"Don’t just fill a role to fill a role—do your due diligence and make sure the people you choose align with your vision." - Mike Jesowshek, CPA

Check out this episode’s blog: https://www.taxsavingspodcast.com/blog/build-your-own-family-office-start-saving-taxes-and-building-wealth-today

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Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast

Join TaxElm: https://taxelm.com/

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