In episode 60 of The Kitchen Table, Ken Baden interviews Wayne Zell, an attorney and a CPA, to discuss the importance of trust and estate planning for business owners. Wayne shares valuable insights on setting up a solid foundation for your business, including the significance of choosing the right business entity, building a management succession plan, and preparing for a successful exit strategy.

Tune in to gain valuable knowledge on structuring your business for success.

TIMESTAMPS

[00:02:19] Trusts and Estates Explained.

[00:07:39] Family Business Exit Planning Advice.

[00:12:24] Setting Up Business Entities.

[00:14:20] Special Tax Relief for Businesses.

[00:20:32] Independent Contractor Classification.

[00:22:40] Compliance for New Business Entities.

[00:26:40] Independent Contractors vs. Employees.

[00:30:00] Planning for the Unexpected.

[00:34:45] Life After Business Exit.

[00:35:38] Partnerships and Legal Agreements.

[00:40:18] Entrepreneurial Exit Planning.

[00:43:23] Succession Planning for Family Business.

[00:45:34] Management Succession Plan.

In this episode, Ken Baden and Wayne Zell emphasize the need for a management succession plan to designate who will run the business in unforeseen circumstances. Wayne shares a cautionary tale of a client's CFO misappropriating funds during the owner's absence, highlighting the importance of oversight and governance structures within a business. Thus stressing the value of seeking professional advice from attorneys and CPAs to navigate complex legal and financial matters effectively.

Overall, the episode underscores the importance of proactive planning, legal compliance, and strategic decision-making for business owners to achieve long-term success and financial security.

QUOTES

• "As entrepreneurs, we can learn from any other entrepreneur and there's always something… There’s always something to learn." - Ken Baden
• "You've got to have somebody overseeing the people running the business because money creates greed and greed leads to damage and damage leads to hurt families, hurt feelings, hurt people. Why not have a board? A board of directors that is in charge of managing the operators. So you give the operators some kind of guarantee or assurance that they're going to be able to keep their job." - Wayne Zell
• “There's nobody on the other side on the computer asking you questions about you and where your mind is at, and the computer can't read your mind. So to be able to design something that works for you, you really have to have somebody experienced on the other side to talk to.” - Wayne Zell

SOCIAL MEDIA LINKS

Ken Baden

Instagram: https://www.instagram.com/officialkenbaden/

Facebook: https://www.facebook.com/TheKenBaden

Wayne Zell

Instagram: https://www.instagram.com/zelllaw/

Facebook: https://www.facebook.com/wayne.zell

LinkedIn: https://www.linkedin.com/in/wayne-zell-5aa1147/

WEBSITES:

The Kitchen Table Podcast: https://thekitchentablepodcast.net/

Blue Collar Ballers Union: https://bluecollarballersunion.com/

Wayne Zell: https://www.waynezell.com/

Zell Law: https://www.zelllaw.com/

Blueprint for Wealth: https://www.blueprintforwealth.org/

Aspire to Exit: https://www.aspiretoexit.com/