Merry Christmas and welcome back to another episode of The Richer Geek Podcast! Today, we have a special guest, Joseph LoPresti, a seasoned founder of Arlington Wealth Management with over 39 years of experience in the financial services industry. Joseph is passionate about helping business owners achieve financial security and prosperity. In this episode, Joseph shares his insights on the unique challenges business owners face when it comes to financial planning. He discusses the importance of having a personal CFO, creating a proactive planning team, and leveraging virtual family offices for expert advice. Joseph also talks about his co-authored book, "Exit by Design," which provides a roadmap for business owners to design their ideal exit strategy.

In this episode, we’re discussing:

• The Importance of a Personal CFO: Business owners need a dedicated financial strategist to coordinate their personal and business finances, identify overlooked opportunities, and guide them towards their financial goals.

• Proactive Exit Planning: Don't wait until the last minute to plan your business exit. Develop a comprehensive exit strategy early on, considering your personal goals, desired lifestyle, and potential transition options.

• Leveraging a Virtual Family Office: Gain access to a team of specialized advisors, including tax experts, wealth managers, and legal professionals, without the high cost of a traditional family office.

• Achieving Financial Freedom: Define your "freedom point" – the point at which you have accumulated enough wealth to live your ideal life without financial constraints.

 

Resources from Joseph

LinkedIn | Arlington Wealth Management | "Exit by Design”

Resources from Mike and Nichole

Gateway Private Equity Group |  Nic's guide