Exit Coach Radio

Bill Black interviews Ken Nutter and Tawnya Gilreath.

What can you do RIGHT NOW to work on making your Business more Sustainable, Transferable and Valuable in the future? Visit our Online Planning Links at www.ExitCoachRadio.com/links

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Sponsors: Exit & Retirement Strategies, Inc. | BEI |Jeffrey M Verdon Law Group |  Albert J Rasch & Associates | Ghassemian Law Group

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Brad has over 25 years of addressing the financial concerns of retirees and business owners.  Add his strong communication skills and Brad, after first listening to his clients’ needs and concerns, is able to simplify and explain in everyday language even the most complex concepts and alternatives. He treasures the trust his clients place in him and safeguards it by his words and actions.  His reputation for unquestioned integrity is far more important to him than any fee or commission.  For these reasons and more, Brad often forms a close personal relationship with his clients.

While he can be described as a personable and caring person with a passion for his work, Brad’s most accurate characterization might be “the consummate professional.” His singular goal is to treat his clients “as if they were my own parents” and help them build a sound foundation for their financial house.  By any measure, some say, he is an advisor worth standing in line to do business with. Build Credit In Case of A Divorce

Divorce can be hard on your personal finances, particularly if you haven't established credit in your own name.

If you have no credit, or a thin credit file, getting credit when you need it, perhaps to rent a car, buy an airline ticket or shop online, could be challenging.

This happens more often to older women who weren't the primary income earners in their household while they were married, says Ronit Rogoszinski, a wealth adviser at Arch FinancialGroup in New York's Long Island.

"A lot of women just never got the Visa or MasterCard or American Express,"Rogoszinski says.Separate while married

The best way to fix the problem is to avoid it by establishing separate credit while your marriage is still happy, says Rod Griffin, director of public education at the credit bureau Experian.

"Ideally, you maintain an individual account or 2 in your own name in the event that something unexpected happens," Griffin says.

That could be a divorce or some other financial calamity.

A small purchase every few months typically is enough to keep an account open and active.

In some states, new separate credit isn't an option for married couples because state law automatically deems new credit accounts established during the marriage to be jointly held. You'll have to check to see if that's the case in your state.

Splitting up

Another approach is to establish separate credit during the divorce, using the primary wage-earner's income and credit history to qualify, says Lili Vasileff, founder of Divorce and Money Matters, a divorce financial planning firm in Greenwich,Connecticut.

The 1st step is to obtain your own credit report. This report can help you find out:

·      Credit that's open in your name.

·      Debts you don't know about(if any).

·      Credit reporting errors that can be corrected.

It's also a good idea to find what points, airline miles and other perks are associated with various accounts. Vasileff says these are marital assets and can be subject to negotiation during the divorce.

The next step is to open a major credit card in your own name "as if everything is normal," Vasileff says. Then get a car loan, open a bank account, sign a rental agreement or take other actions to establish separate personal finances.

"These little,small steps are very key," Vasileff says. "Because then, by the time you're divorced, you're up and running and have things you can point to."

Some couples split up their credit accounts before they untie the knot.

This separation can be easier if your accounts have small balances and payments have been made on time, Griffin says. In those cases, creditors might be more willing to work with you to remove 1 spouse from an account.

Don't expect creditors to honor your agreements with your soon-to-be ex, however.

"A divorced ecree doesn't change the contract you have with the lender," Griffin says.

Over and onward

The other option is to establish your own credit after the divorce is finalized.

"In that situation, you're faced with the same kinds of challenges as anyone who is establishing credit for the first time," Griffin says.

You might need to start out with a joint account that you open with a co-signer or a secured credit card that requires a deposit.

A credit union or regional bank might be more willing to open a credit account for someone without much credit history, Rogoszinski suggests.

"I don't believe anything is hopeless," she says. "If the 1st bank turns you down or the 1st store doesn't offer credit to you, try another one."

One challenge for people who are recently divorced can be a lack of income to qualify for credit.

"The only income these individuals have to show is spousal support," Vasileff says."Spousal support generally (can't be used to qualify for) at least 6 to 12months, so these people are sort of out of luck for a gap in time,post-divorce."

If you rent your home, you can ask your landlord to report your positive payments to a credit bureau. That can help you establish credit as well, Griffin says.

It can take several months or longer to establish enough credit to generate a credit score. It's generally easier to start from 0 than to repair credit that has been trashed.

Take care

Once you've established credit, do whatever you can to nurture, build and protect it.

"Manage that credit card like it's gold," Rogoszinski says."Don't take on balances you can't pay because the interest alone could spiral you into a pit you don't want to be in. When you get the bill, review every entry (looking for) identity theft and fraud. Keep your receipts and make sure the receipts match the statement. And always, always, always, always make the payment on time."

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A 1 minute excerpt from an interview with Sanford Coggins. Hear the full interview by entering 'Sanford Coggins' into our search index at www.ExitCoachRadio.com. We upload new content daily so check back often!

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Golden State Foods is one of the largest diversified suppliers to the foodservice industry. Headquartered in Irvine, Calif., the $7 billion company is values-based with proven performance in superior quality, innovation and customer service. Established in 1947, GSF currently services more than 125,000 restaurants and stores from its 45+ locations on five continents. Its core businesses include: processing and distribution of liquid products, protein, produce, dairy and other services. Golden State employs approximately 6,500 associates and is 100 percent management-owned and run. Golden State Foods also operates a national non-profit organization, the GSF Foundation.

The GSF Foundation is a non-profit organization established to improve the lives children and families in need. A natural extension of Golden State Foods’ values-based business, the Foundation is designed to assist those in the areas where GSF associates live and work through personal involvement and contributions. Building upon the existing

charitable involvement of its associates, the GSF Foundation partners with numerous local charities nominated by GSF employees, benefiting a variety of worthy organizations and individuals throughout the country. Some include: Special Olympics, Big Brothers Big Sisters, Second Harvest Food Bank, and the Ronald McDonald House Charities.

Contact Info: 

Website: goldenstatefoods.com

Email: [email protected] or [email protected]

Visit ExitCoachRadio.com for Audio, Videos, Books and Interactive Tools to Grow Your Business Value, Protect Your Family and Prepare for your Future Transition.

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The Williams Group prepares affluent families and heirs for successful wealth transitions. Roy will be talking about the 70% failure rate of estate plans and the steps high-net worth and ultra-high net worth families must take to reduce or eliminate this tragedy. It is all addressed within the family.

Questions Answered: 

1. What is the most significant change you see in families after they have worked with The Williams Group? 

2. Is it difficult to get families to open up and be transparent? 

3. Why has the 70% failure rate continued for (2,000 years - i.e. the Prodigal son) when we have top professional lawyers, estate planners and financial advisors?

Contact Info: 

Website: www.thewilliamsgroup.org

Email: [email protected]

Bonus Material: 

Roy has written five books and co-authored two books which are available on Amazon:Preparing Heirs - Five Steps to a Successful Transition of Family Wealth and Values andPhilanthropy Heirs & Values - How Successful Families Are Using Philanthropy To Prepare Their Heirs For PostTransitionResponsibilities. On The Williams Group website: www.thewilliamsgroup.org you can obtain more information and we recommend you take our 10 Question Quiz to see if your family is prepared.Our phone # is 949-940-9140.

Visit ExitCoachRadio.com for Audio, Videos, Books and Interactive Tools to Grow Your Business Value, Protect Your Family and Prepare for your Future Transition.

New! Get our iPhone app at the App Store  - search for Exit Coach Radio. Grow your business value by up to 71% - take a free assessment at www.BizGrowth123.com

Bill Black interviews leadership expert Aleen Bayard

What can you do RIGHT NOW to work on making your Business more Sustainable, Transferable and Valuable in the future? Visit our Online Planning Links at www.ExitCoachRadio.com/links

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Sponsors: Exit & Retirement Strategies, Inc. | BEI |Jeffrey M Verdon Law Group |  Albert J Rasch & Associates | Ghassemian Law Group

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Bill Black interviews Business Valuation expert Roger Winsby.

What can you do RIGHT NOW to work on making your Business more Sustainable, Transferable and Valuable in the future? Visit our Online Planning Links at www.ExitCoachRadio.com/links

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Sponsors: Exit & Retirement Strategies, Inc. | BEI |Jeffrey M Verdon Law Group |  Albert J Rasch & Associates | Ghassemian Law Group

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Here's a past highlight from one of our Guests. Find their full interview at www.ExitCoachRadio.com -- just click "Audio Library" in the "LISTEN" section and enter their name to hear all of their past interviews!

Visit ExitCoachRadio.com for Audio, Videos, Books and Interactive Tools to Grow Your Business Value, Protect Your Family and Prepare for your Future Transition.

New! Get our iPhone app at the App Store  - search for Exit Coach Radio. Grow your business value by up to 71% - take a free assessment at www.BizGrowth123.com

Guest: Lawrence L. Bell, JD,LTM,CLU,ChFC,CFP®,AEP

Larry Bell creates unique solutions for difficult financial issues. In this interview, he explains the unique problems that multi-professional firms wrestle with to help the Partners prepare for retirement on a tax-advantaged basis. Contact Larry at [email protected]

Visit ExitCoachRadio.com for Audio, Videos, Books and Interactive Tools to Grow Your Business Value, Protect Your Family and Prepare for your Future Transition.

New! Get our iPhone app at the App Store  - search for Exit Coach Radio. Grow your business value by up to 71% - take a free assessment at www.BizGrowth123.com

In this 1 minute highlight from his interview, Marc Hankin of Hankin Patent Law discusses how his firm works with small businesses to protect their ideas and processes.

Visit ExitCoachRadio.com for Audio, Videos, Books and Interactive Tools to Grow Your Business Value, Protect Your Family and Prepare for your Future Transition.

New! Get our iPhone app at the App Store  - search for Exit Coach Radio. Grow your business value by up to 71% - take a free assessment at www.BizGrowth123.com