Navigating the sale of your business can be a tricky subject, one with countless considerations and variables at play. One, extremely important, item is the timing of the sale.

On the latest episode of Lessons by the Lake, Bob sits down with Nick Stanley, Managing Partner at Crown Point Partners, to provide his insights on this pivotal time for business owners through the lens of an investment banker.

Nick sheds some light on key questions business owners should be asking themselves, as well as some action items that should be addressed prior to the sale of a business.

Join us for another thought-provoking conversation that's bound to leave you with some takeaways for the sale of your own business.

Chapters:

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

1:56 - Background on Nick Stanley

3:34 - Nick's career path that led him to Crown Point Partners

6:43 - Nick's work with the Knight Cancer Institute

9:31 - The types of clients Nick serves and how investment bankers add value to selling a business

12:01 - The timing considerations when a business owner is considering their succession

15:23 - Increasing inflation and interest rates influencing the buyer's perspective

20:55 - Engineering a competitive environment for the sale of a business

24:35 - Examining the good, the bad, and the ugly of a given company

31:22 - Leveraging a systematic process when selling your business

35:28 - Navigating life and family circumstances during the sale of your business

40:26 - Why you should use an investment banker when selling your business

42:20 - How to get in touch with Crown Point Partners

43:30 - Closing remarks

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On the latest episode of Lessons by the Lake, we delve into the transformative world of Virtual Family Offices (VFOs) and explore the myriad benefits they bring to individuals and families navigating the complexities of wealth management. Joined by Allison Tirado, Elite Advisor Coach at CEG Worldwide, we're analyzing the strategy behind this innovative approach to financial stewardship.

Discover the efficiency and convenience that a Virtual Family Office can offer, allowing for seamless collaboration and coordination among various financial professionals. We explore how VFOs leverage cutting-edge technology to streamline processes, enhance communication, and provide a comprehensive view of one's financial landscape.

Timecodes:

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

1:30 - How Bob and Allison became acquainted through CEG Worldwide

3:29 - Background on Allison Tirado and becoming a consultant for wealth managers

7:22 - Allison's past career in acting

9:09 - The difference between a Family Office and a Virtual Family Office

11:23 - Why a business owner should consider a Virtual Family Office

15:30 - The wealth management hierarchy

19:20 - A business owner should know who they can call to deal with significant issues

26:12 - The third act of your life can be the most exciting act of your life!

32:20 - The wealth management formula

37:28 - Leverage a stress test to see if there are gaps in your financial plan

40:27 - How to get in touch with Bob and his team to discuss a VFO model

43:10 - Closing remarks

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Running a successful family business takes a tremendous amount of both working hard and working smart, as well as and navigating family dynamics along the way.

On the latest episode of Lessons by the Lake, we’re going to examine some of the key mistakes that too many successful family businesses make and how to best avoid them.

Timecodes:

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

2:12 - The need for wealth planning when a family business is on the table

4:06 - How a family can tell if a given wealth manager would be right for them

6:15 - Overanalyzing tax reduction or tax mitigation strategies

8:31 - Maintaining family harmony is pivotal to a family's success

14:13 - Being secretive about your wealth

15:32 - Failing to keep accurate and up-to-date financial planning efforts

17:42 - What families should do if they have an outdated wealth plan

21:40 - Selling your family business does not mean failure

24:40 - How to get in touch with Bob and his team

27:11 - Closing remarks

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As a business owner contemplates selling their business, oftentimes their life's work, a big misconception can occur. The overall value of their business is misconstrued based on numerous factors and considerations, which leaves the business owner confused.

On the latest installment of Lessons by the Lake, we're diving deep into the process of developing a true valuation of a given business. There are countless details incorporated into this process, all of which aimed at providing the business owner with a hard number on what their business is ultimately worth.

These conversations are routine for Bob Bedritis and his business owner clients, so let's get right into the details and answer the question: How much is my business really worth?

Timecodes:

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

1:45 - The valuation process is crucially important

5:33 - Why a business owner should be prioritizing the valuation process today

7:40 - The latest trends and statistics surrounding the sale of businesses

10:45 - What the valuation process entails and provides to business owners overall

15:32 - Information is power and it allows you to make smart decisions for your future

18:55 - How you can get in touch with Bob and his team to discuss your business

20:40 - Closing remarks

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"Living a life of significance" is a phrase that's often discussed on our show among a variety of successful business owners and everyone has a different definition.

On the latest episode of Lessons by the Lake, we welcome Barry Garapedian, President & CEO of Mag 7 Consulting, to discuss the impact he's making on today's youth. Mag 7 is a boutique coaching, mentoring, and advisory firm that caters to high-school and college-aged students. The MAG 7 program has distilled and codified key principles of achievement and paths to success which propel young people to meet their highest potentials in all aspects of life.

We're thrilled to have Barry on today's show to discuss his work and how he's leading young adults towards amazing lives of significance!

Timecodes:

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

2:02 - How Bob met Barry and the professional overlap they experience

3:49 - Barry's background and how he developed Mag 7 Consulting

6:30 - Barry's report card he holds his clients accountable on

11:02 - Life is about so much more than money

13:25 - Laying a foundation for living an amazing life of significance

20:44 - Good habits vs bad habits

24:54 - How long Barry typically works with his students

29:15 - How Bob approaches financial conversations with his client's children

33:03 - You're the median of the 5 people you surround yourself with

36:50 - How to get in touch with Bob and his team

38:59 - Closing remarks

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Building a successful business requires an immense level of dedication, hard work and ingenuity along the way. And throughout that journey, a business owner needs to successfully navigate one of the most difficult challenges of all: scaling.

On the latest episode of Lessons by the Lake, Bob sits down with Carl J. Cox, Founder of 40 Strategy, to discuss the challenges, as well as the intricacies, of scaling a business in today's day and age. At 40 Strategy, Carl works with CEO's to create strategic plans that sustainably grew organizations anywhere from 2x to 7x.

This episode is packed with information and takeaways, which is bound to leave you with some considerations for your own business!

Timecodes:

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

1:50 - How Bob Bedritis met Carl Cox and how their worlds collide

4:20 - Carl's professional background and what led him to create 40 Strategy

8:38 - Where the name "40 Strategy" came from and why 90% of strategic plans fail

12:20 - Carl's book "Lost at CEO" and C.A.P.T.A.I.N. strategy

24:03 - People, Process, and Systems

28:10 - The personal issues that impact business owners

34:30 - How Carl defines success

37:54 - How to get in touch with Bob and Carl to discuss these topics

40:02 - Closing remarks

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As business owners approach the end of their careers, they often consider a variety of exit strategies. Well, on the latest episode of Lessons by the Lake, we're exploring a strategy that doesn't receive as much attention as a traditional sale of the business.

We're joined by Bob Mumford, Area Director at the National Christian Foundation Northwest, to discuss Bob's experience within charitable giving and how business owners have been leaning towards donating their business more and more.

This strategy has numerous benefits and we'll be exploring these throughout today's episode!

Timecodes:

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

2:14 - Welcoming Bob Mumford to the show

2:30 - How Bob got involved with charitable giving efforts

4:05 - The benefits that a business owner should be considering around donating their business

5:51 - Stories of Bob's clients that have donated elements of their business

8:16 - When should the planning efforts for this strategy begin?

14:05 - Start your business donation efforts earlier than you think

15:50 - The team of professionals you should have involved in this process

18:30 - The different strategies available to business owners within this realm

22:11 - You can gift shares of your S-Corp to charity as well

24:38 - How you can get in touch with Bob and his team

26:05 - Closing remarks

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There are countless items that business owners should be evaluating when they are approaching the sale, or even a transition of any kind, of their business! However, there is a key, initial question they should be asking themselves: Is my business transition ready?

On the latest episode of Lessons by the Lake, we welcome Chris Smith, Founder of Campfire Effect, for a deep dive into this very question. Oftentimes, in order for your business to truly be ready for a transition, your business needs to have a culture of leadership that flows throughout it.

We explore what this culture of leadership looks like and how it can be attained!

Timecodes:

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

1:50 - Introducing Chris Smith to the show

4:21 - What is leadership?

10:03 - Chris' backstory and the adversity he faced in his life

15:00 - Growing up in a rodeo family

15:56 - Businesses that are dependent on charismatic leaders

21:51 - What can happen if your transition plan isn't ready to go

25:06 - The four freedoms

29:06 - The regrets associated with selling your business

32:20 - Bob's parents immigrating to America and starting a business

36:12 - How you can get in touch with Chris and Campfire Effect

39:20 - Closing remarks

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When the time comes to exit your business and look forward to retirement, there are some vital concerns you should be considering!

On the latest installment of Lessons by the Lake, we're pleased to welcome Bonnie Treichel, Founder of Endeavor Retirement, for a great conversation surrounding the retirement planning mistakes you should be avoiding when exiting your business.

Bonnie's unique experience as an ERISA attorney and ad advisor helps her bring governance solutions for the day-to-day issues that are an inevitable part of running a successful retirement plan.

We're so excited to be joined by her on this episode, which is bound to leave you with some key takeaways for your own business exit strategy!

Timecodes:

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

1:25 - What Oswego Private Wealth is all about and how Bonnie aligns with us

3:15 - Retirement planning isn't typically at the forefront of concern when selling a business

5:46 - What due diligence looks like during the sale of a business

8:41 - How many professionals a business owner should have working on their plan?

11:39 - The "set it and forget it" attitude towards a business owner's retirement plan

16:28 - The fiduciary responsibility and how it appears within a benchmarking study

19:36 - Tips for business owners to ensure their employees are on the right track for retirement

21:20 - Secure 2.0 and its impact on retirement plans at large

24:11 - What does it cost to have a retirement plan for a business owner

26:52 - Start your planning with the end in mind

28:33 - How Bonnie has helped business owner clients succeed in their retirement planning

30:28 - How you can get in touch with Bob and Bonnie

30:50 - Closing remarks

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We're back with an all-new episode, specifically catered towards our business owner audience!

Join us for the latest installment of Lessons by the Lake, where we welcome Julie Markee, an EOS Implementer, Speaker and Executive Coach, for a great conversation on leveraging the Entrepreneurial Operating System (EOS) for Advanced Planning purposes. Julie will shed some light on EOS overall, as well as provide an outline on why so many business owners are utilizing this framework to build successful plans around their business and their personal financial well-being.

There's a lot of fantastic dialogue packed into this episode that business owners won't want to miss!

Timecodes:

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

1:24 - The big issues facing business owners in today's day and age

4:10 - Who is Julie Markee?

7:33 - The before and after for business owners contemplating the use of EOS

10:30 - How business owners can maximize the value of their company

13:24 - How company culture plays such a vital role these days

17:50 - One tool a business owner could implement right now to help

21:14 - An example of a client that's used EOS to prepare their succession plan

24:33 - What does legacy mean to Julie?

27:18 - What it means to live "The EOS Life"

29:58 - How you can get in touch with Julie and her team at EOS

31:57 - Closing remarks

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