The Wealth Stream Podcast

Building a successful business begins with building a successful management team. 

In part two of this mini-series, Tim Scannell continues his discussion of why as business owners it’s crucial to have the right management team. He shares the importance of defining objectives, creating a vision, developing the right skills, and lists the various tools to improve, manage, and assess your key management team. 

In this episode, you will learn:

• The seven step process for exit planning
• Why you should hire a consultant when building a business
• How to improve management with the tours of duty
• The importance of evaluating and measuring business objectives and employee performance
• And more!

Tune in to discover the process and tools for improving, managing, and evaluating your key management team.

Resources: Hightower Great Lakes: (219) 246-5370 | Tim Scannell | Episode 50 

Hightower Advisors, LLC is an SEC registered Investment advisor. Securities are offered through Hightower Securities, LLC, Member FINRA/SPIC.

Do you have a key management team that’s ready to take over your business?

In part one of this new mini-series, Tim Scannell talks about what business owners have to lose by not locking in and training successors NOW. 

Tim shares insights from his experience with finding a key person to take over his business and uncovers the risks of doing nothing. 

You will learn: 

• The differences between succession planning vs exit planning
• Why waiting to find your successor is a mistake
• How business owners benefit, now and later, by having a key management team
• The risks of not focusing on your succession plan
• And more!

Tune in now to get started on recruiting and retaining your key management team!

Resources:  Hightower Great Lakes: (219) 246-5370 | Episode 35: The Importance of Knowing Your Value — Part 1 | Episode 36: The Importance of Understanding Your Value — Part Two | Episode 49: Why a Valuation Analyst Is Critical for Planning – With Greg Clark | The Alliance by Reid Hoffman, Ben Casnocha, and Chris Yeh

Hightower Advisors, LLC is an SEC registered Investment advisor. Securities are offered through Hightower Securities, LLC, Member FINRA/SPIC.

Do you know how to generate the greatest value for your business? 

In this episode, Tim Scannell is joined by Greg Clark, a certified valuation analyst, CVA and a CPA. Together they discuss the benefits of acquiring the services of a valuation analyst, and answer commonly asked questions and concerns surrounding business valuations.

In this episode, you will learn:

• What the valuation process is
• Why someone buying/inheriting a business would want a valuation
• Why business owners hesitate on getting valuations completed
• What price allocation is and why business owners contemplate selling
• And more!

Join us now to discover why acquiring the services of a valuation analyst can be beneficial for you! 

Resources: Hightower Great Lakes: (219) 246-5370 | GMC And Company | White Paper: 5 Wealth Management Challenges Facing Construction Industry Family-Owned Businesses 

Hightower Advisors, LLC is an SEC registered Investment advisor. Securities are offered through Hightower Securities, LLC, Member FINRA/SPIC.

One of the greatest gifts you can give to your beneficiaries is by having things all planned and buttoned up.

In this episode, Tim Scannell discusses the importance of appointing an executor, why they are so important, what they do and some of the key variables you may want to consider when selecting one.

In this episode, you will learn:

• What an executor is
• Three ways to choose the best executor for you and your family
• The importance of a successor 
• What “pulling strings” from the grave is in terms of estate planning
• And more!

Tune in now and learn why it’s crucial to choose the right executor for you! 

Resources: Hightower Great Lakes | (219) 246-5370 

Hightower Advisors, LLC is an SEC registered Investment advisor. Securities are offered through Hightower Securities, LLC, Member FINRA/SPIC.

Given COVID-19 lockdown circumstances, families are seeing much more of each other than usual. Have you thought about how this can affect your family business?

In this episode, Tim Scannell sheds light on the importance of identifying potential conflicts in the family business, how these conflicts can accelerate and what the potential repercussions of conflicts are. He discusses the key steps to reducing and resolving such conflicts, and shares tips on how to resolve them if they come up.

In this episode, you will learn:

• The four levels of family business conflict
• The negative effects of allowing conflict to fester
• How you can mitigate conflict within the family business
• How working remotely may have affected professional relationships
• How an “outsider” can help avoid and resolve conflicts
• And more!

Tune in now to discover the steps you should take to prepare against conflict in your business!

Resources: Hightower Great Lakes

Hightower Advisors, LLC is an SEC registered Investment advisor. Securities are offered through Hightower Securities, LLC, Member FINRA/SPIC.

Having a financial advisor is great but having one who understands and works towards your goals is even better.

Tim Scannell reveals the many types of financial advisors available and how each can benefit various financial situations. He discusses the importance of finding someone who fits with your goals and the importance of open communication with your advisor to get the most out of your financial plan.

In this episode, you will learn:

• The different types of financial advisors
• The importance of finding a financial advisor who fits your goals
• Why your financial advisor should be a fiduciary
• The importance of communicating with your financial advisor
• And more!

Tune in to learn more about finding the right advisor for your financial future.

Resources: Hightower Great Lakes ❘ They Ask You Answer by Marcus Sheridan ❘ Episode 10 ❘ Episode 22 ❘ Episode 23

Hightower Advisors, LLC is an SEC registered Investment advisor. Securities are offered through Hightower Securities, LLC, Member FINRA/SPIC.

The average person is likely to change careers 5-7 times in their lifetime. As a business owner, what are you doing to ensure your top employees want to stay?

In this episode of The Wealth Stream Podcast, Tim Scannell dives into incentive programs and how they help business owners retain key people. 

In this episode, you will learn:

• The importance of retaining key personnel
• The different types of incentive plans
• The difference between business equity and cash as an incentive
• How incentive plans contribute to your businesses future
• And more!

Tune in now to hear options for incentive programs!

Resources:  Hightower Great Lakes ❘ Episode 35 ❘ Episode 2 ❘ Every Family’s Business by Thomas William Deans

Hightower Advisors, LLC is an SEC registered Investment advisor. Securities are offered through Hightower Securities, LLC, Member FINRA/SPIC.

Once you understand the value of your business and your goals for the future – how do you sell your business?

In part two of this mini-series, Tim Scannell continues his seven steps of exit planning. He discusses the steps to selling your business once you understand its value and your goals. Tim reveals the taxes added when selling internally and factors you should review when looking at an external sale.

In this episode, you will learn:

• The importance of understanding your business’s value
• Factors to consider when selling externally
• How selling internally is taxed
• The importance of contingencies for the business and the owner
• And more!

Tune in now to discover the steps you should take when preparing to sell your business!

Resources:  HighTower Great Lakes | Episode 43

Hightower Advisors, LLC is an SEC registered Investment advisor. Securities are offered through Hightower Securities, LLC, Member FINRA/SPIC.

When looking into retirement, business owners have a few extra steps to complete. One thing to consider is if you have created a plan for your business after retirement.

In part one of this mini-series, Tim shares the first two of seven steps when planning for retirement as a business owner. He recounts the process he follows with clients and important ideas all business owners should be thinking about.

In this episode, you will learn:

• Why small business owners may want to sell
• What SWOT stands for
• The importance of establishing goals
• The benefits of reviewing the process before spending your money
• And more!

Tune in now to find out what you need to think about when planning retirement.

Resources:  HighTower Great Lakes

Hightower Advisors, LLC is an SEC registered Investment advisor. Securities are offered through Hightower Securities, LLC, Member FINRA/SPIC.

So, you’ve built a successful company. What comes next?

In part two of this mini-series, Tim Scannell is joined once again by Stewart McMillan, diving further into the world of entrepreneurship and the impact it can have on society. Stewart recounts his experience with his father’s company and the lessons he has learned from it.

In this episode, you will learn:

• How Stewart took over the reins of his father’s company
• The lessons Stewart learned while trying to sell the company
• The importance of innovation for entrepreneurs
• His advice for future entrepreneurs
• And more!

Tune in to dive deep into entrepreneurship with Tim and Stewart!

HighTower Great Lakes: (219) 246-5370 | Task Force Tips | Episode 41

Hightower Advisors, LLC is an SEC registered Investment advisor. Securities are offered through Hightower Securities, LLC, Member FINRA/SPIC.