Owner's Corner by SYM Financial: Recent Episodes
Seth Whicker
The Owner’s Corner Podcast is a show for business owners at all stages in their journey. Join us as host and financial planner Seth Whicker connects with business owners and experts to talk about what it takes to build a successful business. Our guests come from many industries and walks of life to share their biggest wins, mistakes made along the way, and their thinking about the all-important exit planning. From succession to retirement preparation, from buy-sell agreements to strategies for growth, our show is your inspiration to dream about what’s possible — for yourself, for your people, and for your family.
Seth Whicker works for SYM Financial Advisors. All opinions expressed by Seth or any podcast guests are solely their own opinions and do not reflect the opinions of SYM Financial Advisors. This podcast is for general informational purposes only and should not be relied upon for financial advice.
In today's episode of the Owner's Corner Podcast, host Seth Whicker is joined by Scott Holmes, founder of ABI Attachments and Managing Partner at PivotPoint Company. Scott shares his journey from starting ABI Attachments to his current role in merger and acquisition work with PivotPoint. He discusses the importance of having a strong team, the challenges business owners face in preparing for sale, and the value of investing in infrastructure and strategic partnerships. Throughout the episode, Scott emphasizes the significance of being prepared, taking risks, and surrounding oneself with knowledgeable people to ensure business success and personal fulfillment.
About our guest, Scott Holmes:
Scott A. Holmes is an innovative entrepreneur and accomplished executive, known for founding ABI Attachments and serving as the Managing Director of PivotPoint Company. With a keen eye for identifying market needs and a passion for engineering, Holmes has successfully grown ABI Attachments into a leading manufacturer of quality attachments for tractors and ATVs, catering to agricultural, equestrian, and landscape industries. His strategic vision and leadership at PivotPoint Company further showcase his ability to drive business growth and foster innovation. Holmes' dedication to excellence and commitment to customer satisfaction have solidified his reputation as a dynamic force in the industry.
Connect with Scott Holmes: Email Linkedin
About SYM Financial and the Owner’s Corner Podcast:
Welcome to the Owner’s Corner Podcast hosted by Principal and Senior Financial Advisor Seth Whicker from SYM Financial Advisors. In this show, we dive into the dynamic world of business ownership. Whether you're just starting out or are deep into your entrepreneurial journey, this podcast is designed to be your go-to source for insights and inspiration. Each episode, Seth connects with business owners and industry experts, bringing you their stories of triumphs, the lessons they've learned from their mistakes, and their strategies for success. We’ll discuss everything from the initial stages of launching a business to the intricate details of exit planning. Whether it's succession, retirement preparation, or exploring buy-sell agreements and growth tactics, our goal is to spark your imagination about what's possible — for you, your team, and your family. Remember, while I share my insights and those of my guests, these are our personal opinions and not reflective of SYM Financial Advisors. This podcast is here to provide general information, not specific financial advice.
Disclosure: Certain links above are to third-party sites and are not affiliated with SYM Financial Corporation (“SYM”). SYM is an independent investment adviser registered under the Investment Advisers Act of 1940, as amended. Registration does not imply a certain level of skill or training. More information about SYM including our investment strategies, fees and objectives can be found in our ADV Part 2, which is available upon request.
In this episode of the Owner's Corner podcast hosted by Seth Whicker, special guest Edward Hayes discusses the intricacies of the sign business and his journey as a business owner. The conversation delves into the importance of understanding client needs and maintaining a consistent brand message, as well as the diverse industries served by Hayes Design Co. Hayes shares his transition from a global sales career to entrepreneurship, highlighting the challenges and rewards of taking over Burkhart Signs amid the COVID-19 pandemic. He emphasizes the significance of company culture and the responsibility of supporting employees and their families. Hayes reflects on his long-term vision for the business, focusing on regional and national expansion while prioritizing generosity and legacy-building. Throughout the discussion, Hayes offers insights into navigating business challenges, seeking counsel, and maintaining resilience in pursuit of growth and success.
About our guest, Edward Hayes:
Edward Hayes is an accomplished professional with over two decades of experience in software sales. Transitioning to a new role as the Owner of Hayes Design Co., he now oversees a design and in-house manufacturing facility that operates nationally, assisting clients in branding their locations to meet the unique standards of each brand. Under his leadership, Hayes Design Co. has established itself as a premier destination for clients seeking tailored design solutions that align with their brand identity and values. Hayes' expertise in software sales combined with his passion for design and manufacturing has enabled him to drive the company's growth and uphold its commitment to delivering exceptional branding services across the United States.
Summary and highlights from the show:
Transition to Entrepreneurship: Edward Hayes shares insights into his transition from a successful global sales career to becoming a business owner, driven by a desire for tangible impact and legacy-building.
Navigating Challenges: Taking over Burkhart Signs during the COVID-19 pandemic presented challenges, including financial struggles and the need to establish a new company culture.
Cultural Transformation: Edward Hayes discusses the significance of fostering a positive company culture and supporting employees and their families, emphasizing the impact on morale and productivity.
Long-Term Vision: Hayes outlines his long-term plans for Hayes Design Co; focusing on regional and national expansion while exploring opportunities in e-commerce.
Resilience in Entrepreneurship: Edward Hayes reflects on the challenges of entrepreneurship, including financial pressures and the importance of remaining resilient in the face of adversity.
Seeking Guidance: The episode highlights the value of seeking counsel from business coaches and peers, leveraging their expertise to navigate challenges and drive growth.
Generosity and Legacy: Edward Hayes underscores the importance of generosity and legacy-building in business, aiming to make a positive impact on employees, the community, and future generations.
Balancing Business Priorities: Throughout the discussion, Edward Hayes emphasizes the need to balance various business priorities, including sales, manufacturing, financing, and employee management, to sustain growth and success.
Connect with Edward Hayes: Email Website
About SYM Financial and the Owner’s Corner Podcast:
Welcome to the Owner’s Corner Podcast hosted by Principal and Senior Financial Advisor Seth Whicker from SYM Financial Advisors. In this show, we dive into the dynamic world of business ownership. Whether you're just starting out or are deep into your entrepreneurial journey, this podcast is designed to be your go-to source for insights and inspiration. Each episode, Seth connects with business owners and industry experts, bringing you their stories of triumphs, the lessons they've learned from their mistakes, and their strategies for success. We’ll discuss everything from the initial stages of launching a business to the intricate details of exit planning. Whether it's succession, retirement preparation, or exploring buy-sell agreements and growth tactics, our goal is to spark your imagination about what's possible — for you, your team, and your family. Remember, while I share my insights and those of my guests, these are our personal opinions and not reflective of SYM Financial Advisors. This podcast is here to provide general information, not specific financial advice.
Disclosure: Certain links above are to third-party sites and are not affiliated with SYM Financial Corporation (“SYM”). SYM is an independent investment adviser registered under the Investment Advisers Act of 1940, as amended. Registration does not imply a certain level of skill or training. More information about SYM including our investment strategies, fees and objectives can be found in our ADV Part 2, which is available upon request.
In this episode of the Owner's Corner podcast, host Seth Whicker converses with Steve Gundy, a seasoned professional in behavioral health and owner of a coaching practice. Gundy shares his journey from his first job mowing lawns to establishing a practice that serves individuals with developmental disabilities, leveraging his personal and professional experiences to build a successful business. He emphasizes the importance of aligning with state regulations, the challenges of service delivery, and the personal fulfillment derived from genuinely helping others. Looking ahead, Gundy aspires to expand his coaching to support parents and young adults navigating the complexities of independence and self-reliance.
About our guest, Steve Gundy:
Steve Gundy coaches parents to guide their special needs young adults to be self-supportive and free from the daily struggle. He is a life coach and President of Steve Gundy Coaching, LLC, a private practice in Granger, Indiana. Steve Gundy Coaching is a Bureau of Developmental Disabilities certified provider, Vocational Rehabilitation provider and private service supporting those living with Autism and ADHD. Steve is passionate about exhilarating experiences and all things different. Steve’s mantra is to live life intensely and persevere!
Summary and highlights from the show:
Journey in Behavioral Health: Steve discusses the establishment of his private practice in Northern Indiana, which specializes in Medicaid behavior services for those with developmental disabilities, vocational rehabilitation, and private life coaching.
Lessons from Early Work: Reflecting on his first job, Gundy emphasizes the valuable work ethic he developed while mowing lawns, learning the importance of hard work, attention to detail, and integrity.
Path to Behavioral Sciences: Inspired by his mother's compassion, Steve was drawn to psychology, leading to a master’s degree in social work and a career dedicated to helping others in the behavioral health field.
Professional Progression: Gundy shares his professional evolution from addressing sexual abuse cases to supervising foster care programs, and eventually providing home and community-based services.
Regulatory Alignment Challenges: The conversation sheds light on the complexities of adhering to state regulations and the necessity of balancing administrative tasks with client services in the behavioral health sector.
Vision for Coaching Practice: Steve outlines his future for his coaching practice, aiming to assist parents and young adults in the transition towards independent living and self-sufficiency.
Navigating Developmental Disability Services: He offers guidance on accessing services for developmental disabilities, stressing the importance of early intervention and persistent advocacy.
Business Leadership Advice: Gundy encourages business owners to embrace their individual leadership styles, recognizing that success comes from authenticity and understanding one's personal approach to business.
Connect with Steve Gundy: Email Website
About SYM Financial and the Owner’s Corner Podcast:
Welcome to the Owner’s Corner Podcast hosted by Principal and Senior Financial Advisor Seth Whicker from SYM Financial Advisors. In this show, we dive into the dynamic world of business ownership. Whether you're just starting out or are deep into your entrepreneurial journey, this podcast is designed to be your go-to source for insights and inspiration. Each episode, Seth connects with business owners and industry experts, bringing you their stories of triumphs, the lessons they've learned from their mistakes, and their strategies for success. We’ll discuss everything from the initial stages of launching a business to the intricate details of exit planning. Whether it's succession, retirement preparation, or exploring buy-sell agreements and growth tactics, our goal is to spark your imagination about what's possible — for you, your team, and your family. Remember, while I share my insights and those of my guests, these are our personal opinions and not reflective of SYM Financial Advisors. This podcast is here to provide general information, not specific financial advice.
Disclosure: Certain links above are to third-party sites and are not affiliated with SYM Financial Corporation (“SYM”). SYM is an independent investment adviser registered under the Investment Advisers Act of 1940, as amended. Registration does not imply a certain level of skill or training. More information about SYM including our investment strategies, fees and objectives can be found in our ADV Part 2, which is available upon request.
In this episode of the Owner's Corner, host Seth Whicker welcomes Tim Early, CEO of DreamOn Group, for a deep dive into his entrepreneurial journey. Tim's story begins with a move from upstate New York to Florida, marking the start of his career in the medical device industry. His narrative is not just about career choices but also highlights his entrepreneurial spirit. Tim shares candid insights into his early attempts at starting several businesses, discussing the challenges and setbacks he faced along the way. These experiences, though not immediately successful, were instrumental in shaping his approach to business. The conversation culminates in the story of his eventual success with Network Partners, a testament to his perseverance and the valuable lessons learned from previous endeavors. This episode offers a unique perspective on the realities of entrepreneurship, illustrating how resilience and learning from failures can lead to significant achievements in the business world.
About our guest, Tim Early:
Tim Early, the CEO of DreamOn Group is known by many as the Founder and former CEO of Network Partners Group and a visionary in the life sciences industry. Tim brings with him a rich history of innovation, evidenced by his contributions to medical technology and packaging. He holds patents for advancements in laparoscopic packaging. His leadership in companies like Network Partners, Zimmer, and Johnson & Johnson has centered around building teams of passionate professionals and developing solutions that emphasize client and colleague needs. With a Master's in Packaging from RIT, Tim continues to shape the industry with forward-thinking approaches and a commitment to excellence.
Summary and highlights from the show:
• Tim Early's Early Career and Move to Florida: The episode begins with Tim recounting his move from upstate New York to Florida post-college, which marked the start of his professional journey in the medical device industry.
• Initial Steps in the Medical Device Industry: Tim shares his experience of starting his career with Cordis Corporation, a pacemaker company, illustrating how opportunities sometimes arise from unexpected places.
• Educational Background and Its Influence: Tim highlights how his education influenced his career trajectory.
• Entrepreneurial Ventures and Challenges: Tim opens up about his attempts at starting several businesses, sharing the challenges and setbacks he faced, and the lessons learned from these early entrepreneurial endeavors.
• Founding of Network Packaging Partners: A significant focus of the discussion is on Tim's founding of Network Packaging Partners. He details the journey and the strategies that led to the success of this venture, offering insights into what it takes to build a successful business after previous attempts.
• Growth and Challenges of Network Packaging Partners: Tim talks about the growth of Network Packaging Partners, the hurdles of self-funding, and the journey to becoming cashflow positive.
• Selling Network Packaging Partners to Private Equity: Tim discusses the decision to sell Network Packaging Partners to private equity, the cultural changes post-sale, and his continued role in the company.
• Starting DreamOn Group: Tim concludes by sharing his current venture with DreamOn Group, focusing on the importance of adapting to new communication methods like video and building a team with complementary skills.
• Resilience and Learnings: Throughout the episode, the theme of resilience is prominent. Tim's story is a testament to the importance of persevering through career shifts and using these experiences as learning opportunities for future success.
Connect with Tim Early:
Email LinkedIn
About SYM Financial Advisors and the Owner’s Corner Podcast:
Welcome to the Owner’s Corner Podcast hosted by Principal and Senior Financial Advisor Seth Whicker from SYM Financial Advisors. In this show, we dive into the dynamic world of business ownership. Whether you're just starting out or are deep into your entrepreneurial journey, this podcast is designed to be your go-to source for insights and inspiration. Each episode, Seth connects with business owners and industry experts, bringing you their stories of triumphs, the lessons they've learned from their mistakes, and their strategies for success. We’ll discuss everything from the initial stages of launching a business to the intricate details of exit planning. Whether it's succession, retirement preparation, or exploring buy-sell agreements and growth tactics, our goal is to spark your imagination about what's possible — for you, your team, and your family. Remember, while I share my insights and those of my guests, these are our personal opinions and not reflective of SYM Financial Advisors. This podcast is here to provide general information, not specific financial advice.
Disclosure: Certain links above are to third-party sites and are not affiliated with SYM Financial Corporation (“SYM”). SYM is an independent investment adviser registered under the Investment Advisers Act of 1940, as amended. Registration does not imply a certain level of skill or training. More information about SYM including our investment strategies, fees and objectives can be found in our ADV Part 2, which is available upon request.
Owner of Status Go Consulting, Matt Roskuski, has over two decades of executive-level sales and marketing experience. He has worked for organizations of all sizes, from small privately-owned companies to global giants. His experience spans a diverse collection of industries including technology, telecommunications, manufacturing, consumer products, ecommerce and healthcare.
Matt’s a native of Ft. Wayne and has a degree in Management from Purdue - West Lafayette. Early in his career, he spent nine years in Colorado and Southern California before returning home for good.
Seth welcomes Matt Roskuski to discuss his background in sales, marketing and consulting. Matt explains how he helps small businesses align their sales and marketing efforts to achieve better results. He shares examples of challenges he has faced when bringing different departments together. Matt also discusses how he works with companies on developing strategic plans and processes to improve productivity. The conversation provides business owners with insights on optimizing operations from an expert consultant.
"So it's really about alignment, and making sure that everything we're doing from a marketing perspective is pointed at getting that person that we want to talk to, to notice us or to engage with us, or to be aware that we exist, again, depending on where they are in the funnel." - Matt Roskuski
This week on The Owner’s Corner:
- Entrepreneurship and business growth with Matt Roskuski.
- Career path and industry experience.
- Sales and marketing operations consulting.
- Aligning sales and marketing efforts for business success.
- Marketing strategy and execution.
- Aligning sales and marketing efforts for better results.
- Sales training and bridging gaps in organizations.
- The importance of customer service representatives in sales.
- Marketing alignment and strategy for small to medium-sized companies.
- Sales and marketing strategies with a consultant.
Our Favorite Quotes:
“From a marketing perspective, how do we find lots of that person? And that's what marketing does, right? They try to take a big group of people and find the few that are a fit potentially for what we're trying to sell them. Okay, marketing, go work your magic and get the message we agreed upon to those people that we want to talk to." - Matt Roskuski
“The individual that answers the phone at SYM is probably one of your best advocates for the company. Are they cheerful, because that's the first impression a lot of people are going to get, or even our customer service representatives, we couldn't grow and be who we are without really good people servicing the client.” - Seth Whicker
“Make sure that what everybody's doing, whether it's sales or marketing, but particularly sales and marketing is pointed toward a result and an action that you want to drive." - Matt Roskuski
Connect with Matt Roskuski:
Email: mattroskuski@gmail.com
Website: https://www.statusgoconsulting.com/
About SYM Financial and The Owner’s Corner Podcast
The Owner’s Corner is a show for business owners. In each episode, host and financial planner Seth Whicker sits down with business owners and the professionals that serve them to talk about what it takes to build a business. Our guests come from many industries and walks of life to share their biggest wins, mistakes made along the way, and their thinking about the all-important exit planning.
Email Seth at swhicker@sym.com with questions, comments, and to schedule a one-on-one conversation.
Follow Seth on LinkedIn
Follow SYM Financial on Facebook
Subscribe here:
Apple Podcasts
Spotify
Google Podcasts
TuneIn
Amazon Music / Audible
And, if you enjoy the show, please leave a review on iTunes to help others discover the podcast.
Disclosure: Certain links above are to third-party sites and are not affiliated with SYM Financial Corporation (“SYM”). SYM is an independent investment adviser registered under the Investment Advisers Act of 1940, as amended. Registration does not imply a certain level of skill or training. More information about SYM including our investment strategies, fees and objectives can be found in our ADV Part 2, which is available upon request.
Gordon Bell is the Founder and CEO of The Midland Group, a business advisory firm based in Fort Wayne, Indiana. Founded in 1991, The Midland Group has advised clients - both national and international with revenues ranging from $10 million to $5 billion - across a range of industries: manufacturing, distribution, service, and retail. The Midland Group, along with its strategic alliance partners, offers advisory services in Leadership Development, Succession Contingency Planning, Sales and Marketing, Business Development, Operational Excellence, Corporate Development, Mergers and Acquisition, Development of Multiple Exit Options, and Sell Side Preparedness / Sell Side Processes.
Gordon has identified a holistic approach to help his clients build their business and prepare to exit gracefully. Midland's Advanced Value Enhancement Solutions is a program that guides clients in building, growing, and finishing strong. This forward-thinking approach has advised numerous business owners and corporate leaders to maximize their shareholder value at an accelerated rate; minimize business risk; and achieve personal, financial, and business goals.
Whether it is a young business looking for growth, or established companies looking toward the future., Gordon starts by asking his clients three questions: What's your Vision? Your mission? Where are you in your journey? His approach is unique because of its accelerated focus, using 90-day plans to address both immediate and future goals, as well as proven successful development of strong leadership teams, both internally or by recruitment,
Seth welcomes Gordon to the podcast to discuss his journey to becoming CEO of the Midland Group. Gordon explains that he developed a passion for serving others from a young age. He talks about his experience owning an import/export business and doing corporate development work. Gordon also discusses the various consulting services he now provides to business owners, including exit planning, leadership development, and succession planning.
“Just build your best team. You build your best team, and they're a part of taking the risk with you, you're going to have a better plan. If you do that, then you're gonna have predictable financials.” - Gordon Bell
This week on The Owner’s Corner:
- Leadership, entrepreneurship, and consulting experiences.
- Exit strategies for business owners with a focus on preparation and communication.
- Business planning and strategy.
- Leadership, collaboration, and succession planning in business.
- Exit planning for businesses and families.
- Business valuation and sale strategies.
- Business transactions, legal advice, and exit planning.
- Financial planning and exit strategies for business owners.
Our Favorite Quotes:
“It's the due diligence that you're collecting, whether you're on the buy side, or the sell side. How can you use that information to have a successful close? No, a successful first 90 days. How do you use that information? Because most transactions fail a year from now.” - Gordon Bell
“Once you've discovered what's inside the soul, you discover what their journey is going to be." - Seth Whicker
“What's that mission that you've got? Where are you in the journey to accomplish that? And if I can understand and capture that, then I go through a seven step process. But if I jump to the process, I haven't captured their dreams, their heart aches, hurts. Because that's what you're trying to get at.” - Gordon Bell
Connect with Gordon Bell:
Email: gbell@themidlandgroup.net
Website: https://www.themidlandgroup.net
About SYM Financial and The Owner’s Corner Podcast
The Owner’s Corner is a show for business owners. In each episode, host and financial planner Seth Whicker sits down with business owners and the professionals that serve them to talk about what it takes to build a business. Our guests come from many industries and walks of life to share their biggest wins, mistakes made along the way, and their thinking about the all-important exit planning.
Email Seth at swhicker@sym.com with questions, comments, and to schedule a one-on-one conversation.
Follow Seth on LinkedIn
Follow SYM Financial on Facebook
Subscribe here:
Apple Podcasts
Spotify
Google Podcasts
TuneIn
Amazon Music / Audible
And, if you enjoy the show, please leave a review on iTunes to help others discover the podcast.
Disclosure: Certain links above are to third-party sites and are not affiliated with SYM Financial Corporation (“SYM”). SYM is an independent investment adviser registered under the Investment Advisers Act of 1940, as amended. Registration does not imply a certain level of skill or training. More information about SYM including our investment strategies, fees and objectives can be found in our ADV Part 2, which is available upon request.
In this episode Matt Schrock discusses the journey that led him to joining the family construction business, DJ Construction. He talks about how DJ Construction was started by his grandfather and uncle in 1954 and has grown over the decades to include an office in Kalamazoo, Michigan. Matt describes DJ Construction's leadership structure and how they ensure the right people are in the right roles. He also discusses DJ Construction's focus on their core values of integrity, commitment, relationships, and excellence. Additionally, Matt explains how DJ Construction is putting a dent in the fatherless epidemic in their communities through strategic giving that aligns with their community impact purpose.
Matt Schrock has been involved full-time in the construction industry since 2012, all with DJ Construction. He has been in his current role as Vice President since 2019. As Vice President, Matt is responsible for Business Development efforts, Client-Relationship Management, and Community Engagement.
"I had to learn and I think: I had to have a teachable spirit, which sometimes I'm better at than other times, but I think that definitely buys some favor from the team showing you'll do whatever is asked." - Matt Schrock
This week on The Owner’s Corner:
- Introducing Matt Schrock
- Career path and growth in the family business
- Succession planning for a family-owned business
- Succession planning and contingency measures for a family-owned business
- Leadership structure and roles in a construction company
- Company culture and values in the construction industry
- Entrepreneurship, business, and family
- Opening a new office in Kalamazoo, Michigan
- Business growth and client relationships
- Family business dynamics and legacy planning
Our Favorite Quotes:
“We like to be very, very collaborative. And I've learned that in some sales opportunities that we've missed on or over the past number of years, some clients don't want that level of interaction, they just want us to bring them a solution.” - Matt Schrock
“My goal is to find what you're passionate about, and then put you in that position where you can use that passion. Because then, it's not a job that you come to every day, you look forward to showing it's a career, it's something that you really want.” - Seth Whicker
“The relational side of it is more of a factor to us than the exact size or scope of the project. We look for somebody that sees value in us as a partner." - Matt Schrock
“I tell people during the hiring process, it might be a little laborious, it might take a while. But it's just important for us, because we want to find employees who are going to retire from here. Yeah, we're not looking just to fill seats. We want to make sure it's cultural.” - Seth Whicker
Connect with Matt:
Email: matt@djconstruction.com
Website: https://djconstruction.com/
About SYM Financial and The Owner’s Corner Podcast
The Owner’s Corner is a show for business owners. In each episode, host and financial planner Seth Whicker sits down with business owners and the professionals that serve them to talk about what it takes to build a business. Our guests come from many industries and walks of life to share their biggest wins, mistakes made along the way, and their thinking about the all-important exit planning.
Email Seth at swhicker@sym.com with questions, comments, and to schedule a one-on-one conversation.
Follow Seth on LinkedIn
Follow SYM Financial on Facebook
Subscribe here:
Apple Podcasts
Spotify
Google Podcasts
TuneIn
Amazon Music / Audible
And, if you enjoy the show, please leave a review on iTunes to help others discover the podcast.
Disclosure: Certain links above are to third-party sites and are not affiliated with SYM Financial Corporation (“SYM”). SYM is an independent investment adviser registered under the Investment Advisers Act of 1940, as amended. Registration does not imply a certain level of skill or training. More information about SYM including our investment strategies, fees and objectives can be found in our ADV Part 2, which is available upon request.
Melissa Wolf, CPA joined Baden Gage & Schroeder, LLC in 2012 with over seven years of tax experience specializing in gift, trust and estate planning. She directs tax engagements for clients with personal income, fiduciary income and gift tax service needs. Melissa has extensive experience in assisting clients with the formulation of retirement and estate plans.
Melissa joins me for a powerful conversation spanning various topics, from Melissa's diverse journey to becoming a CPA, to nuanced aspects of charitable giving, donor-advised funds, and the utilization of various trusts. We discuss the mechanics of revocable and irrevocable trusts, as well as family and personal residence trusts, and how they can be effectively used in estate planning. Indiana's unique charitable credits, gift tax return protocols, and strategies to maximize tax benefits for charitable donations were also highlighted. This conversation shines a light on the legalities of gifting and the importance of collaboration among financial advisors, accountants, and attorneys for optimum planning.
This week on The Owner’s Corner:
- Introducing Melissa Wolf.
- How to use donor advised funds for charitable giving.
- Do you need a check before giving?
- What is a revocable trust?
- How long will a family trust last?
- What if the beneficiary is not ready to handle the assets?
- How to use a trust in estate planning?
- The purpose of the gift tax return.
Our Favorite Quotes:
- “So one that I've seen that I really do like is matching their earned income. Yes, a lot of times when someone's setting up a trust, they want to make sure there's still a work ethic out there for the kids and the grandkids. So one that I love is matching their earned income or matching two times their earned income. That's a great one.” - Melissa Wolf
- “We review all of our beneficiaries every year with each client, to try to make sure along with their estate plan that everything's still aligning, because things do change, circumstances change.” - Seth Whicker
- “You would want to put something in that is going to grow, not something that already has grown. You don't want to put your lake home that already has $400,000 for the appreciation because you're not gonna get a step up on your basis.” - Melissa Wolf
Connect with Melissa Wolf:
- Email: mwolf@badencpa.com
- LinkedIn Baden Gagen & Schroeder, LLC.
About SYM Financial and The Owner’s Corner Podcast
The Owner’s Corner is a show for business owners. In each episode, host and financial planner Seth Whicker sits down with business owners and the professionals that serve them to talk about what it takes to build a business. Our guests come from many industries and walks of life to share their biggest wins, mistakes made along the way, and their thinking about the all-important exit planning.
Email Seth at swhicker@sym.com with questions, comments, and to schedule a one-on-one conversation.
Follow Seth on LinkedIn
Follow SYM Financial on Facebook
Subscribe here:
Apple Podcasts
Spotify
Google Podcasts
TuneIn
Amazon Music / Audible
And, if you enjoy the show, please leave a review on iTunes to help others discover the podcast.
Disclosure: This material is not an offer or solicitation to buy or sell any product and does not constitute as investment, legal, or tax advice and should not be used as a substitute for the advice of a professional legal or tax advisor. The opinions expressed herein are those of SYM and are subject to change without notice. SYM recommends you engage your CPA/tax preparer to for tax strategies specific to your circumstances. Certain links above are to third-party sites and are not affiliated with SYM Financial Corporation (“SYM”). SYM is an independent investment adviser registered under the Investment Advisers Act of 1940, as amended. Registration does not imply a certain level of skill or training. More information about SYM, including our investment strategies, fees and objectives can be found in our ADV Part 2, which is available upon request.
Maggie Browning is the Franchise Partner of the Burn Boot Camp locations at Fishers and Zionsville, Indiana. Burn Boot Camp is a network of fitness facilities that envisions a world where women love themselves today and are inspired by who they’ll be tomorrow. Before working with Burn Boot Camp, Maggie worked as the Deltek Systems Analyst at Walker Consultants and the Project Administrator at McShane Construction Company. She holds a Bachelor of Science in Business Management and Administration from Bradley University.
Maggie joins me today to discuss the advantages and challenges of being a franchise owner. She explains how she knew it was time to expand to another location and why the integration of family and work is critical to the success of any business owner. She describes how her most successful employees are former members of the gym and how her background in entrepreneurship helped her navigate the challenges of purchasing a gym franchise amid the COVID-19 pandemic. Maggie also highlights how getting involved in local communities empowers Burn Boot Camp’s messaging and marketing and underscores why passion and purpose are essential foundations of any business.
“Go into business doing something you’re passionate about because it’s going to come into every crevice of your life in ways that you don’t expect.” - Maggie Browning
This week on The Owner’s Corner:
- Maggie’s background and Burn Boot Camp’s history and mission
- Creating an economy of scale and the different factors Maggie considered in choosing a new location for a franchise
- Finding the right leaders and team members for your company
- The importance of using your passion as the foundation of your business
- The difference between work-life balance and work-life integration
- The challenges Maggie encountered at the beginning stages of being a franchise owner
- How being a part of a franchise helps with expanding to other locations
- Why owning and running a business is a family affair
- How the Burn Boot Camp community relied on each other during the pandemic
- Maggie’s marketing principles for Burn Boot Camp
- A day in the life of Maggie Browning and how she balances her time between family and business
Our Favorite Quotes:
- “Find something you’re passionate about that you’re going to love and it will feel not like coming into work, but like an extension of who you are.” - Seth Whicker
- “When I say that a business is a family affair, I don’t mean all family members work in the business. It means you need to have the support of the entire family to make the business work.” - Seth Whicker
- “The number one tip to business owners is to surround yourself with people better than you and you will always be alright.” - Maggie Browning
Connect with Maggie Browning:
- Burn Boot Camp
- Burn Boot Camp on LinkedIn
- Burn Boot Camp Fishers, IN on Instagram
- Burn Boot Camp Zionsville, IN on Instagram
- Maggie Browning on LinkedIn
About SYM Financial and The Owner’s Corner Podcast
The Owner’s Corner is a show for business owners. In each episode, host and financial planner Seth Whicker sits down with business owners and the professionals that serve them to talk about what it takes to build a business. Our guests come from many industries and walks of life to share their biggest wins, mistakes made along the way, and their thinking about the all-important exit planning.
Email Seth at swhicker@sym.com with questions, comments, and to schedule a one-on-one conversation.
Follow Seth on LinkedIn
Follow SYM Financial on Facebook
Subscribe here:
Apple Podcasts
Spotify
Google Podcasts
TuneIn
Amazon Music / Audible
And, if you enjoy the show, please leave a review on iTunes to help others discover the podcast.
Disclosure: Certain links above are to third-party sites and are not affiliated with SYM Financial Corporation (“SYM”). SYM is an independent investment adviser registered under the Investment Advisers Act of 1940, as amended. Registration does not imply a certain level of skill or training. More information about SYM including our investment strategies, fees and objectives can be found in our ADV Part 2, which is available upon request.
Reid Arnold is the owner of Arnold Mechanical LLC. Reid began his journey in the HVAC industry at the young age of 10 in his family’s small heating and air company. He became more involved in the family business and learned more about the trade as he got older until, at age 21, he started a career in law enforcement. In 2021, Reid left the police department and began providing heating, remodeling, electrical, and plumbing services before focusing his work on HVAC and founding Arnold Mechanical.
Reid joins me today to share what it takes to grow a one-man HVAC and home maintenance company. He describes what it was like to leave the family business, get into law enforcement, and later start his own small business. He explains why he decided to niche down to HVAC after years of providing heating, remodeling, electrical, and plumbing services. Reid also reveals how he’s grown his small business without advertising and underscores the importance of taking the time to improve your skills and understand your trade.
“Be willing to take the time to familiarize yourself with whatever line of work you do. Put in the time to make yourself better and you’ll be unstoppable.” - Reid Arnold
This week on The Owner’s Corner:
- Reid’s background and what it was like to be part of a small, family-owned business
- His thought process behind niching down his business to HVAC services
- What led Reid back to HVAC work after serving in law enforcement
- The first steps Reid took toward making the leap and starting his own business
- Doing what’s right and Reid’s secrets to growing a business through word of mouth
- Donating time and skills to help people in need
- How Reid learned to manage cash flow and other business matters in his services
- Thinking about protecting your business
Resources Mentioned:
- Neighborlink
Our Favorite Quotes:
- “If you’re doing no advertising or the like, getting people’s trust is invaluable. Taking the time to explain things to people with honesty goes so far.” - Reid Arnold
- “For people starting a business, everybody sees the successes—but sometimes there’s more failures than successes.” - Seth Whicker
- “You can have the greatest idea in the world, but if you can't have cash flow, it’s never going to work.” - Seth Whicker
Connect with Reid Arnold:
- Arnold Mechanical LLC on Facebook
About SYM Financial and The Owner’s Corner Podcast
The Owner’s Corner is a show for business owners. In each episode, host and financial planner Seth Whicker sits down with business owners and the professionals that serve them to talk about what it takes to build a business. Our guests come from many industries and walks of life to share their biggest wins, mistakes made along the way, and their thinking about the all-important exit planning.
Email Seth at swhicker@sym.com with questions, comments, and to schedule a one-on-one conversation.
Follow Seth on LinkedIn
Follow SYM Financial on Facebook
Subscribe here:
Apple Podcasts
Spotify
Google Podcasts
TuneIn
Amazon Music / Audible
And, if you enjoy the show, please leave a review on iTunes to help others discover the podcast.
Disclosure: The information contained in this message (including any attachments) is confidential and may be privileged. It is intended only for the recipient(s) named above. If you are not the intended recipient, you are hereby notified that any review, dissemination, distribution or copying of this message is strictly prohibited. If you have received this communication in error, please notify SYM Financial Advisors (“SYM”) immediately and destroy the material in its entirety. All communications requiring immediate attention or action, such as trade requests or other time sensitive matters should not be sent to SYM via email. Internet communications cannot be guaranteed to be secure or error-free as information may arrive later than intended, be intercepted, be corrupted, or contain viruses. This material is not an offer or solicitation to buy or sell any product. The opinions expressed herein are those of SYM and are subject to change without notice. To the extent that performance information is contained in this email, past performance is not indicative of future results. SYM is an independent registered investment adviser. More information about SYM including our investment strategies, fees and objectives can be found in our Form ADV Part 2, which is available upon request.
In this episode of the Owner's Corner podcast, host Seth Whicker, a certified financial planner, stresses the importance of having a Buy-Sell agreement for any business owner. He explains that while a robust estate plan covers some aspects, a Buy-Sell agreement outlines how other people may become owners within the company, how shares will be valued and transferred, and what will happen to shares in the event of a shareholder's death or disability. The agreement also ensures the continuation of the business and outlines a plan for the interim period when the founder is no longer there to run the company. Seth recommends reviewing the agreement annually and ensuring continuity between the Buy-Sell agreement and estate plan.
"A Buy-Sell agreement helps dictate how other people can become owners in the company, whether family members, employees, or potential buyers." - Seth Whicker
This week on The Owner’s Corner:
- What causes probate to be a nightmare?
- How much of what he does has to do with tax law?
- The difference between a power of attorney and a durable Power of attorney.
- How to choose an attorney.
- The importance of having a power of attorney.
- Using a trust to avoid probate.
- How long-term care can eat up your estate?
- Joint titling accounts for seniors.
- The pros and cons of having a power of attorney.
- Advice for people who don’t have their finances in order.
Our Favorite Quotes:
- "A robust estate plan may not cover all aspects of protecting your business interests; a Buy-Sell agreement is equally important." - Seth Whicker
- "Pricing for the transfer of shares within the corporation is spelled out in the Buy Sell agreement, including how voting or non-voting shares are valued." - Seth Whicker
- "A Buy-Sell agreement ensures continuity in the event of a shareholder's death, disability, or sale of the company, preventing a fire sale." - Seth Whicker
- "Buy Sell agreements often include provisions for funding via life insurance in the event of a shareholder's death." - Seth Whicker
- "Regular review of the Buy-Sell agreement is crucial to ensure the valuation measurement has not changed since its implementation." - Seth Whicker
- "Provisions in the Buy Sell agreement for disability of a shareholder should be clearly spelled out to ensure fair treatment." - Seth Whicker
- "Buy Sell agreements provide peace of mind to shareholders, especially for founders who want to leave a legacy for the company." - Seth Whicker
- "It's recommended to have the person drafting the Buy-Sell agreement work in coordination with the estate plan to ensure continuity and meet the owner's needs." - Seth Whicker
- "Don't let anything fall through the cracks; review your Buy Sell agreement at least once a year to ensure it aligns with your business interests." - Seth Whicker
About SYM Financial and The Owner’s Corner Podcast
The Owner’s Corner is a show for business owners. In each episode, host and financial planner Seth Whicker sits down with business owners and the professionals that serve them to talk about what it takes to build a business. Our guests come from many industries and walks of life to share their biggest wins, mistakes made along the way, and their thinking about the all-important exit planning.
Email Seth at swhicker@sym.com with questions, comments, and to schedule a one-on-one conversation.
Follow Seth on LinkedIn
Follow SYM Financial on Facebook
Subscribe here:
Apple Podcasts
Spotify
Google Podcasts
TuneIn
Amazon Music / Audible
And, if you enjoy the show, please leave a review on iTunes to help others discover the podcast.
Disclosure: The information contained in this message (including any attachments) is confidential and may be privileged. It is intended only for the recipient(s) named above. If you are not the intended recipient, you are hereby notified that any review, dissemination, distribution or copying of this message is strictly prohibited. If you have received this communication in error, please notify SYM Financial Advisors (“SYM”) immediately and destroy the material in its entirety. All communications requiring immediate attention or action, such as trade requests or other time sensitive matters should not be sent to SYM via email. Internet communications cannot be guaranteed to be secure or error-free as information may arrive later than intended, be intercepted, be corrupted, or contain viruses. This material is not an offer or solicitation to buy or sell any product. The opinions expressed herein are those of SYM and are subject to change without notice. To the extent that performance information is contained in this email, past performance is not indicative of future results. SYM is an independent registered investment adviser. More information about SYM including our investment strategies, fees and objectives can be found in our Form ADV Part 2, which is available upon request.
Jill Young is the Head Coach and Expert EOS Implementer at EOS Worldwide. Having been an EOS implementer since 2014, Jill has implemented the Entrepreneurial Operating System with over 80 companies and has held over 900 EOS consultations with entrepreneurs. She formerly managed the growth and health of Williams & Company CPAs as its President. She is the author of The Advantage book series, which includes The Courage Advantage, The Learning Advantage, and The Thinking Advantage. She holds a Bachelor’s degree in Psychology from Weber State University and a Master of Business Administration degree from the University of Phoenix.
Jill joins me today to discuss the core principles of the Entrepreneurial Operating System and why business owners should consider implementing them. She explains the importance and difficulty of enacting change in leadership teams. She outlines how implementing EOS tools can help employees connect with an organization’s vision and build discipline and accountability. She describes what it looks like when an employee is aligned with a company’s core values and is assigned to the right role. Jill also underscores why it’s a gift to the entire company when an organization takes the time to hire around their core values and highlights why willingness to grow is critical to successfully implementing EOS.
“At the core of a company that attracts great talent is a leadership team tightly aligned with vision, discipline, and accountability.” - Jill Young
This week on The Owner’s Corner:
- Jill’s background and career path to EOS Worldwide
- What Entrepreneurial Operating Systems are
- Jill’s experience reading Gino Wickman’s Traction
- The disadvantage of being too nice and why leadership teams need to be truthful
- The People Analyzer and evaluating an individual’s core value fitness
- The “Delegate and Elevate” tool and finding the right person for the right seat
- The power of hiring around your company’s core values
- Fear, courage, and the founder behavior
- What it takes to implement EOS successfully
- The accountability aspect of EOS
Resources Mentioned:
- Book: Traction: Get a Grip on Your Business by Gino Wickman
- Book: The Five Dysfunctions of a Team: A Leadership Fable by Patrick Lencioni
- The People Analyzer
Our Favorite Quotes:
- “Find the right people to supplement what you’re not good at and design your leadership teams to be complementary to each other.” - Seth Whicker
- “You’ll find that when you hire around your company’s core values, employee turnovers drop down to nothing.” - Seth Whicker
- “The Entrepreneurial Operating System is a way to manage all the human energy within your company—it’s a set of tools you can use in your company at specific times throughout the year.” - Jill Young
Connect with Jill Young:
- Jill Young Website
- EOS Worldwide
- Book: The Courage Advantage: 3 Mindsets Your Team Needs to Cultivate Fierce Discipline, Incredible Fun, and a Culture of Experimentation
- Book: The Earning Advantage: 8 Tools You Need to Get Paid the Money You Want
- Book: The Thinking Advantage: 4 Essential Steps Your Team Needs to Cultivate Collaboration, Leverage Creative Problem-Solving, and Enjoy Exponential Growth
- EOS Worldwide on LinkedIn
- EOS Worldwide on Instagram
- EOS Worldwide on Facebook
- EOS Worldwide on Twitter
- EOS Worldwide on YouTube
- Jill Young on LinkedIn
- Jill Young on Twitter
- Email: Jill@JillYoung.com
About SYM Financial and The Owner’s Corner Podcast
The Owner’s Corner is a show for business owners. In each episode, host and financial planner Seth Whicker sits down with business owners and the professionals that serve them to talk about what it takes to build a business. Our guests come from many industries and walks of life to share their biggest wins, mistakes made along the way, and their thinking about the all-important exit planning.
Email Seth at swhicker@sym.com with questions, comments, and to schedule a one-on-one conversation.
Follow Seth on LinkedIn
Follow SYM Financial on Facebook
Subscribe here:
Apple Podcasts
Spotify
Google Podcasts
TuneIn
Amazon Music / Audible
And, if you enjoy the show, please leave a review on iTunes to help others discover the podcast.
Disclosure: The information contained in this message (including any attachments) is confidential and may be privileged. It is intended only for the recipient(s) named above. If you are not the intended recipient, you are hereby notified that any review, dissemination, distribution or copying of this message is strictly prohibited. If you have received this communication in error, please notify SYM Financial Advisors (“SYM”) immediately and destroy the material in its entirety. All communications requiring immediate attention or action, such as trade requests or other time sensitive matters should not be sent to SYM via email. Internet communications cannot be guaranteed to be secure or error-free as information may arrive later than intended, be intercepted, be corrupted, or contain viruses. This material is not an offer or solicitation to buy or sell any product. The opinions expressed herein are those of SYM and are subject to change without notice. To the extent that performance information is contained in this email, past performance is not indicative of future results. SYM is an independent registered investment adviser. More information about SYM including our investment strategies, fees and objectives can be found in our Form ADV Part 2, which is available upon request.
Denny and Kim Fuller are the former owners of Little Crow Foods, a food company established in 1903. Denny and Kim became the fourth-generation owners of Little Crow Foods after acquiring it in 1983 and managed its operations until the company’s exit from the food industry in 2012. They have been volunteering their time and entrepreneurial skills to the Humanity and Hope United Foundation following the sale of Little Crow Foods. Founded by Denny and Kim’s son, Riley Fuller, the Humanity and Hope United Foundation is a nonprofit organization dedicated to creating sustainable change in underserved communities in Honduras.
Denny and Kim join me today to share the lessons they’ve learned from managing Little Crow Foods for over 29 years. They discuss what it was like for Denny to transition from working in a large company to running a small, family-owned business like Little Crow Foods. They explain how they prepared to sell Little Crow Foods and what their life was like after exiting the business. They also highlight the importance of succession and exit planning and describe how the Humanity and Hope United Foundation has made an impact in the Honduran communities they serve.
“Hope is the fuel for sustainable change.” - Denny Fuller
This week on The Owner’s Corner:
- Denny and Kim’s background and work with Little Crow Foods
- Lessons Denny learned from transitioning from a large to a smaller company
- A brief history of Little Crow Foods
- External challenges Denny and Kim had to overcome in the grocery industry
- Creating the first pancake mixes
- The sale of Little Crow Foods in 2012
- The challenges and lessons Denny and Kim found in buying and running a family-owned business
- Defining boundaries and running a family-owned business as a couple
- Their volunteer work for Humanity and Hope United Foundation
- The impact of Humanity and Hope United Foundation’s work in Honduras
- The challenge of raising funds for a non-profit
- How they transferred their entrepreneurship skills from Little Crow Foods to non-profit work
- The beginning of the Humanity and Hope United Foundation
Our Favorite Quotes:
- “When you're in the food industry you get a lot of challenges—from marketing to regulations.” - Seth Whicker
- “Always have a plan in place. You hope you never have to use it, but if you do you’ll know you’ve got one in place to protect you—especially when your wealth is wrapped around your business.” - Seth Whicker
- “We had the rule that we wouldn’t talk about business when we’re at home. When we were at home, we were at home, and I’m glad we had that rule.” - Kim Fuller
Connect with Humanity and Hope United:
- Humanity and Hope United
- Humanity and Hope United on LinkedIn
About SYM Financial and The Owner’s Corner Podcast
The Owner’s Corner is a show for business owners. In each episode, host and financial planner Seth Whicker sits down with business owners and the professionals that serve them to talk about what it takes to build a business. Our guests come from many industries and walks of life to share their biggest wins, mistakes made along the way, and their thinking about the all-important exit planning.
Email Seth at swhicker@sym.com with questions, comments, and to schedule a one-on-one conversation.
Follow Seth on LinkedIn
Follow SYM Financial on Facebook
Subscribe here:
Apple Podcasts
Spotify
Google Podcasts
TuneIn
Amazon Music / Audible
And, if you enjoy the show, please leave a review on iTunes to help others discover the podcast.
Disclosure: The information contained in this message (including any attachments) is confidential and may be privileged. It is intended only for the recipient(s) named above. If you are not the intended recipient, you are hereby notified that any review, dissemination, distribution or copying of this message is strictly prohibited. If you have received this communication in error, please notify SYM Financial Advisors (“SYM”) immediately and destroy the material in its entirety. All communications requiring immediate attention or action, such as trade requests or other time sensitive matters should not be sent to SYM via email. Internet communications cannot be guaranteed to be secure or error-free as information may arrive later than intended, be intercepted, be corrupted, or contain viruses. This material is not an offer or solicitation to buy or sell any product. The opinions expressed herein are those of SYM and are subject to change without notice. To the extent that performance information is contained in this email, past performance is not indicative of future results. SYM is an independent registered investment adviser. More information about SYM including our investment strategies, fees and objectives can be found in our Form ADV Part 2, which is available upon request.
Melissa J. Bradberry, CPA, is a Director at Baden Gage & Schroeder LLC, one of the largest certified public accounting and business consulting firms in Indiana. With over 18 years of professional tax experience, Melissa has extensive industry knowledge with clients involved in medical industries, manufacturing and service industries, and financial institutions. Melissa joined the firm in 2018 as a tax manager, a role where she was responsible for individual and business clients. She received her Bachelor of Science degree in Accounting and Master of Business Administration degree from Arkansas State University.
Melissa joins me today to share advice for dentists, physicians, and other medical professionals who have their own practice. She explains why medical practice owners must understand their year-end performance in comparison to the last five years. She discusses the different types of entities that could be set up in a medical practice. Melissa also highlights why owners should enlist the help of advisors when exiting their business and suggests other professionals practice owners should work with alongside their accountants.
“Remember: you’re the business owner, not just the physician, not just the dentist. It’s important to understand what your revenue is doing and where your expenses are going.” - Melissa Bradbury
This week on The Owner’s Corner:
- Melissa’s background and why she pursued a career as a CPA
- Different types of business entities set up in the medical field
- Reasonable compensations and balancing salary and profit
- Effective budgeting processes and managing day-to-day cash flow as a medical practice owner
- Important financial statements medical practice owners need to pay attention to
- The challenges of finding and retaining human capital
- Weighing the pros and cons of having an in-house billing department rather than an external one
- Tax reduction strategies and retirement planning
- The best retirement plan in place for medical practices
- Preparing your medical practice for the next generation of professionals
- Melissa’s advice on planning the successful transition of a medical practice
- Utilizing the services of attorneys, bookkeepers, financial advisors, and practice managers
- The right time to sell a medical practice
Our Favorite Quotes:
- “When you’re selling a business, the money you spend to get a proper valuation done is always money well spent.” - Seth Whicker
- “The pandemic had a lot of medical professionals look at things differently, like having a cushion of funds and emergency funds.” - Seth Whicker
- “Your revenue is your lifeline—you have to always monitor it.” - Melissa Bradberry
Connect with Melissa Bradberry:
- Baden Gage & Schroeder LLC
- Baden Gage & Schroeder LLC on LinkedIn
- Email: mbradberry@badencpa.com
About SYM Financial and The Owner’s Corner Podcast
The Owner’s Corner is a show for business owners. In each episode, host and financial planner Seth Whicker sits down with business owners and the professionals that serve them to talk about what it takes to build a business. Our guests come from many industries and walks of life to share their biggest wins, mistakes made along the way, and their thinking about the all-important exit planning.
Email Seth at swhicker@sym.com with questions, comments, and to schedule a one-on-one conversation.
Follow Seth on LinkedIn
Follow SYM Financial on Facebook
Subscribe here:
Apple Podcasts
Spotify
Google Podcasts
TuneIn
Amazon Music / Audible
And, if you enjoy the show, please leave a review on iTunes to help others discover the podcast.
Disclosure: The information contained in this message (including any attachments) is confidential and may be privileged. It is intended only for the recipient(s) named above. If you are not the intended recipient, you are hereby notified that any review, dissemination, distribution or copying of this message is strictly prohibited. If you have received this communication in error, please notify SYM Financial Advisors (“SYM”) immediately and destroy the material in its entirety. All communications requiring immediate attention or action, such as trade requests or other time sensitive matters should not be sent to SYM via email. Internet communications cannot be guaranteed to be secure or error-free as information may arrive later than intended, be intercepted, be corrupted, or contain viruses. This material is not an offer or solicitation to buy or sell any product. The opinions expressed herein are those of SYM and are subject to change without notice. To the extent that performance information is contained in this email, past performance is not indicative of future results. SYM is an independent registered investment adviser. More information about SYM including our investment strategies, fees and objectives can be found in our Form ADV Part 2, which is available upon request.
In this week's episode of the Owner’s Corner Podcast, host Seth Wicker is joined by Melissa Bradberry, aCertified Public Accountant, to discuss the different methods of selling a business. The two dive into the differences between a stock sale and an asset sale and why it matters for both the buyer and the seller. From tax implications to legalities, the duo covers the importance of understanding the terms and the key negotiations that can be made to bridge the gap between a stock sale and an asset sale. With insights into special tax elections and the potential tax burden on either side, this episode is a must-listen for anyone considering selling their business.
On this episode I am joined by Melissa J. Bradberry, CPA, a Director at Baden Gage & Schroeder LLC, one of the largest certified public accounting and business consulting firms in Indiana. With over 18 years of professional tax experience, Melissa has extensive industry knowledge with clients involved in medical industries, manufacturing and service industries, and financial institutions. Melissa joined the firm in 2018 as a tax manager, a role where she was responsible for individual and business clients. She received her Bachelor of Science degree in Accounting and Master of Business Administration degree from Arkansas State University.
"It's pretty simple. If you're the seller and you want to do a stock sale but the buyer wants to do an asset sale, come somewhere in the middle with some special tax negotiation or election to bridge that gap.” Seth Whicker
This week on The Owner’s Corner:
- There are two main methods to sell a business, stock sale and asset sale.
- The choice between stock sale or asset sale is driven by taxation and legality.
- A stock sale is preferable for the seller as it results in reduced tax rates for capital gains.
- An asset sale is preferable for the buyer as it allows for accelerated depreciation and step up in basis.
- Negotiations between the buyer and the seller can be made to bridge the gap and make a deal, potentially with the use of special tax elections and additional cash changing hands.
Our Favorite Quotes:
- "A lot of the questions that I get about somebody selling their businesses, whether I should do it as a stock sale, or an asset sale, what's the difference?"
- "Just generally, you know, whenever we're talking about the seller, they're gonna want a stock deal, whenever you're talking about, if you're on the side of the buyer, they're gonna want an asset deal."
- "Whenever you're the buyer, you're wanting to have that asset sale, because then you get, again, some preferential treatment on those assets that you're purchasing."
- "The key is there's a way to make it work to bridge the gap that it's not an all or none."
Connect with Melissa Bradberry:
- Baden Gage & Schroeder LLC
- Baden Gage & Schroeder LLC on LinkedIn
- Email: mbradberry@badencpa.com
About SYM Financial and The Owner’s Corner Podcast
The Owner’s Corner is a show for business owners. In each episode, host and financial planner Seth Whicker sits down with business owners and the professionals that serve them to talk about what it takes to build a business. Our guests come from many industries and walks of life to share their biggest wins, mistakes made along the way, and their thinking about the all-important exit planning.
Email Seth at swhicker@sym.com with questions, comments, and to schedule a one-on-one conversation.
Follow Seth on LinkedIn
Follow SYM Financial on Facebook
Subscribe here:
Apple Podcasts
Spotify
Google Podcasts
TuneIn
Amazon Music / Audible
And, if you enjoy the show, please leave a review on iTunes to help others discover the podcast.
Disclosure: The information contained in this message (including any attachments) is confidential and may be privileged. It is intended only for the recipient(s) named above. If you are not the intended recipient, you are hereby notified that any review, dissemination, distribution or copying of this message is strictly prohibited. If you have received this communication in error, please notify SYM Financial Advisors (“SYM”) immediately and destroy the material in its entirety. All communications requiring immediate attention or action, such as trade requests or other time sensitive matters should not be sent to SYM via email. Internet communications cannot be guaranteed to be secure or error-free as information may arrive later than intended, be intercepted, be corrupted, or contain viruses. This material is not an offer or solicitation to buy or sell any product. The opinions expressed herein are those of SYM and are subject to change without notice. To the extent that performance information is contained in this email, past performance is not indicative of future results. SYM is an independent registered investment adviser. More information about SYM including our investment strategies, fees and objectives can be found in our Form ADV Part 2, which is available upon request.
Scott Tucker is a board member and the Co-President of Maple Leaf Farms, a multi-generational family-owned company and America’s leading producer of quality duck products. A third-generation family member, Scott began working in the company as a teenager. Today, as Co-President, he leads operations, quality assurance, live production, distribution, and the National Duck Council. He holds a Bachelor of Science degree in Management from Purdue University and a Master of Business Administration degree from the University of Wisconsin-Madison.
Zachary Tucker is the Retention and Efficiency Manager of Maple Leaf Farms and a fourth-generation family member. Zach has been working for over ten years at Maple Leaf Farms, where he began as a special projects coordinator in the company’s live production department. He graduated with a degree in Animal Agribusiness from Purdue University, where he is currently pursuing a Master’s in Agricultural Economics.
Scott and Zach join me today to discuss the dynamics of running a family business. They describe the history of Maple Leaf Farms and how they have grown into one of the primary duck breeders in the world. They explain how Maple Leaf Farms is addressing labor shortages in the duck industry through automation and investment in apprenticeship programs. They also highlight the value of innovation and underscore the challenges and benefits of running a family business.
“When it comes to a family business, you have to be good stewards of the business first—otherwise, the business will not be there to take care of the family.” - Zach Tucker
This week on The Owner’s Corner:
- Scott and Zach’s background and the history of Maple Leaf Farms
- How Maple Leaf Farms’ duck business has evolved through the years
- Compliance and regulations related to selling poultry to other countries
- The growth process of ducks and how they compare to other poultry
- Maple Leaf Farms’ customers and distribution size in the United States
- Labor and employee retention challenges in the duck and agriculture industries
- Maple Leaf Farms’ employment rates
- Biosecurity and preventing avian disease
- Overcoming the challenges of transitioning a business across generations
- How Maple Leaf Farms is developing its succession plans for family members
- The benefits and advantages of running a family business
- The importance of having a fiscally responsible outlook
- The value of innovation and how Maple Leaf Farms became ahead of its time
- How the 2008-09 financial crisis impacted Maple Leaf Farms and how the business navigated it
- Understanding the duck business’s global market and Zach’s growth forecast for the duck industry
Our Favorite Quotes:
- “Running a family business isn’t just an 8 to 5 job. You need to have the support of the family and understand that you’re all in this together.” - Seth Whicker
- “In poultry—and in agriculture, in general—you’ll have to constantly reinvest in things like new technology.” - Zach Tucker
- “Evolution is about innovation. Look at the core problems and obstacles of growing your business and innovate to move past them.” - Scott Tucker
Connect with Scott Tucker:
- Scott Tucker on LinkedIn
Connect with Zach Tucker:
- Zachary Tucker on LinkedIn
Connect with Maple Leaf Farms:
- Maple Leaf Farms Website
- Maple Leaf Farms on Linkedin
- Maple Leaf Farms on Facebook
- Maple Leaf Farms on Instagram
- Maple Leaf Farms on Twitter
- Maple Leaf Farms on YouTube
About SYM Financial and The Owner’s Corner Podcast
The Owner’s Corner is a show for business owners. In each episode, host and financial planner Seth Whicker sits down with business owners and the professionals that serve them to talk about what it takes to build a business. Our guests come from many industries and walks of life to share their biggest wins, mistakes made along the way, and their thinking about the all-important exit planning.
Email Seth at swhicker@sym.com with questions, comments, and to schedule a one-on-one conversation.
Follow Seth on LinkedIn
Follow SYM Financial on Facebook
Subscribe here:
Apple Podcasts
Spotify
Google Podcasts
TuneIn
Amazon Music / Audible
And, if you enjoy the show, please leave a review on iTunes to help others discover the podcast.
Disclosure: The information contained in this message (including any attachments) is confidential and may be privileged. It is intended only for the recipient(s) named above. If you are not the intended recipient, you are hereby notified that any review, dissemination, distribution or copying of this message is strictly prohibited. If you have received this communication in error, please notify SYM Financial Advisors (“SYM”) immediately and destroy the material in its entirety. All communications requiring immediate attention or action, such as trade requests or other time sensitive matters should not be sent to SYM via email. Internet communications cannot be guaranteed to be secure or error-free as information may arrive later than intended, be intercepted, be corrupted, or contain viruses. This material is not an offer or solicitation to buy or sell any product. The opinions expressed herein are those of SYM and are subject to change without notice. To the extent that performance information is contained in this email, past performance is not indicative of future results. SYM is an independent registered investment adviser. More information about SYM including our investment strategies, fees and objectives can be found in our Form ADV Part 2, which is available upon request.
Jeff Taner is a certified public accountant and Managing Partner of DWD CPAs & Advisors, a firm that offers tailored assurance, tax, and accounting services for businesses, individuals, and nonprofit organizations. Jeff has been serving DWD CPAs & Advisors for over 40 years. After graduating from Indiana University at Fort Wayne with a degree in Business Accounting, Jeff began his career in the company in 1982 and became a partner in 1996. In 2009, Jeff began his role as the Managing Partner for the company. He is a member of the American Institute of Certified Public Accountants and the Employee Benefit Plan Audit Quality Center.
Jeff joins us today to discuss taxation for different business organizations. He shares his background and explains why he decided to pursue a career as a certified public accountant. He differentiates S corporations from C corporations and outlines the benefits and challenges of such business structures. He describes the process of liquidating S and C corporations and offers advice to business owners who want to transition their business to family members. Jeff also shares his thoughts on setting up a business partnership and underscores what business owners should consider when making the switch between S and C corporations
“An LLC is like a chameleon: it can be taxed as about anything—a sole proprietorship, an S corporation, a partnership, and even as a C corporation.” - Jeff Taner
This week on The Owner’s Corner:
- What motivated Jeff to pursue a career in accounting
- The best part about working with business owners
- The different tax structures of corporations
- The difference between an S corporation and a C corporation
- Self-employment taxes on proprietorship income
- The benefits and challenges of setting up an S or C corporation
- The taxation behind liquidating S corporations and C corporations
- Stock and asset sales and what it means to recapture depreciation
- Common mistakes business owners make when selling their companies or transitioning them to family members
- Jeff’s advice to business owners who want to transition their companies to family members
- Appropriate business expenses and utilizing donor-advised funds and charitable contributions
- Record keeping and how long business owners should keep receipts and tax records
Our Favorite Quotes:
- “For the S corp, the profits that are distributed show up on the K-1 and that’s where you pay your taxes.” - Seth Whicker
- “Don’t spend your money just to reduce your tax bill. It will probably not work out to your advantage when you look at the net cash that’s left over when it’s all said and done.” - Jeff Taner
- “One of the biggest advantages you can get with health savings accounts is the tripled tax benefits.” - Seth Whicker
Connect with Patrick Galvin:
- DWD CPAs & Advisors
- DWD CPAs & Advisors on LinkedIn
- Patrick Galvin on LinkedIn
- Email: jtaner@dwdcpa.com
About SYM Financial and The Owner’s Corner Podcast
The Owner’s Corner is a show for business owners. In each episode, host and financial planner Seth Whicker sits down with business owners and the professionals that serve them to talk about what it takes to build a business. Our guests come from many industries and walks of life to share their biggest wins, mistakes made along the way, and their thinking about the all-important exit planning.
Email Seth at swhicker@sym.com with questions, comments, and to schedule a one-on-one conversation.
Follow Seth on LinkedIn
Follow SYM Financial on Facebook
Subscribe here:
Apple Podcasts
Spotify
Google Podcasts
TuneIn
Amazon Music / Audible
And, if you enjoy the show, please leave a review on iTunes to help others discover the podcast.
Disclosure: The information contained in this message (including any attachments) is confidential and may be privileged. It is intended only for the recipient(s) named above. If you are not the intended recipient, you are hereby notified that any review, dissemination, distribution or copying of this message is strictly prohibited. If you have received this communication in error, please notify SYM Financial Advisors (“SYM”) immediately and destroy the material in its entirety. All communications requiring immediate attention or action, such as trade requests or other time sensitive matters should not be sent to SYM via email. Internet communications cannot be guaranteed to be secure or error-free as information may arrive later than intended, be intercepted, be corrupted, or contain viruses. This material is not an offer or solicitation to buy or sell any product. The opinions expressed herein are those of SYM and are subject to change without notice. To the extent that performance information is contained in this email, past performance is not indicative of future results. SYM is an independent registered investment adviser. More information about SYM including our investment strategies, fees and objectives can be found in our Form ADV Part 2, which is available upon request.
Tom Ackmann is a principal and senior retirement plan advisor at SYM Financial Advisors, an RIA firm with a long history of serving plan sponsors and their employees. He previously worked as the Vice President of Baden Retirement Plan Services and the Vice President for Ascensus. At SYM, Tom leads a team that advises over 100 corporate clients and 10,000 participants. Tom holds a degree in Communications/Political Science from Concordia University Chicago.
Tom joins me today to discuss retirement plans and how to find the right one for your company. He explains which plans offer flexibility and outlines their components. He also highlights why business owners should consider offering retirement plans to employees and underscores the value of working with advisors to work out retirement plans.
“Understand that as your business evolves, your retirement plan evolves, too.” - Tom Ackmann
This week on Originators:
- Tom’s background and his journey in the retirement planning industry
- The concept of compensating factors
- The difference between defined benefits and defined contribution
- SYM’s “Three Uniques” and taking on fiduciary responsibilities
- The three investment models SYM offers their clients
- Encouraging people to save and invest even in down markets
- The pendulum in the 401(k) space and why today’s younger people are more interested in 401(k) plans
- The components of a 401(k) plan
- Why business owners should offer 401(k) plans to their employees
- Incubator plans and making the 401(k) transition easier
- Why business owners should know every retirement plan option
- Why health insurance is the most popular benefit among companies
- Holding retirement plan providers accountable
- The value of working on retirement plans with trusted advisors
Our Favorite Quotes:
- “The eighth wonder of the world is compounding money.” - Seth Whicker
- “Even though you’re young, you want to retire someday. To do that, you’ve got to rely on yourself by saving early and often.” - Seth Whicker
- “You don’t make a profit off of the 401(k) plan. What you’re making is goodwill for your employees and, if it’s designed properly, goodwill for yourself.” - Tom Ackmann
Connect with Tom Ackmann:
- SYM Financial Advisors
- SYM Financial Advisors on LinkedIn
- SYM Financial Advisors on Facebook
- Tom Ackmann on LinkedIn
About SYM Financial and The Owner’s Corner Podcast
The Owner’s Corner is a show for business owners. In each episode, host and financial planner Seth Whicker sits down with business owners and the professionals that serve them to talk about what it takes to build a business. Our guests come from many industries and walks of life to share their biggest wins, mistakes made along the way, and their thinking about the all-important exit planning.
Email Seth at swhicker@sym.com with questions, comments, and to schedule a one-on-one conversation.
Follow Seth on LinkedIn
Follow SYM Financial on Facebook
Subscribe here:
Apple Podcasts
Spotify
Google Podcasts
TuneIn
Amazon Music / Audible
And, if you enjoy the show, please leave a review on iTunes to help others discover the podcast.
Disclosure: The information contained in this message (including any attachments) is confidential and may be privileged. It is intended only for the recipient(s) named above. If you are not the intended recipient, you are hereby notified that any review, dissemination, distribution or copying of this message is strictly prohibited. If you have received this communication in error, please notify SYM Financial Advisors (“SYM”) immediately and destroy the material in its entirety. All communications requiring immediate attention or action, such as trade requests or other time sensitive matters should not be sent to SYM via email. Internet communications cannot be guaranteed to be secure or error-free as information may arrive later than intended, be intercepted, be corrupted, or contain viruses. This material is not an offer or solicitation to buy or sell any product. The opinions expressed herein are those of SYM and are subject to change without notice. To the extent that performance information is contained in this email, past performance is not indicative of future results. SYM is an independent registered investment adviser. More information about SYM including our investment strategies, fees and objectives can be found in our Form ADV Part 2, which is available upon request.
Luke Schroeder is the Owner of Starting Strength Cincinnati. After graduating with a Bachelor’s degree in Management from Purdue University, Luke worked in leadership positions across several industries, including aerospace and manufacturing. These positions include serving as the Plant Manager of Red Spot Paint, the Manufacturing Manager of Zimmer Biomet, the Senior Operations Manager of NuVasive, and the Director of Operations at Bullen Ultrasonics.
Luke joins us today to discuss what it takes for a company to successfully navigate uncertainty. He shares his background and his journey to becoming the owner of Starting Strength Cincinnati. He reveals what made him leave the corporate world to own a business and enumerates the advantages of working with a franchise to launch a business. Luke also highlights the role of communication in any company and underscores what his previous work experiences taught him about running his own business.
“The leaders who were bold enough to stand up and define what the company was facing, articulate a vision for how to get through it, and lead from the front were the leaders that got us through uncertainty.” - Luke Schroeder
This week on The Owner’s Corner:
- Luke’s background and his journey as a business owner
- How he discovered his passion for operations, solving problems, and driving efficiency
- How it felt to leave a stable career to start a business and what it took to launch Luke’s fitness center
- The advantages of working with a franchise
- His advice to people who are considering launching a business
- What led Luke to utilize a franchise opportunity to start his business
- How Luke worked with the SPA program to secure capital for his business
- The importance of cultivating relationships with employees as a leader
- What Luke’s previous jobs taught him about work ethic and leadership amid uncertainty
- The impact of COVID-19 on the aerospace industry
- The characteristics that help companies successfully navigate times of uncertainty
- The three characteristics Luke looks for in an employee
Resources Mentioned:
- Book: Starting Strength: Basic Barbell Training by Mark Rippetoe
- Book: Extreme Ownership: How U.S. Navy SEALs Lead and Win by Jocko Willink
- Book: 12 Rules for Life: An Antidote to Chaos by Jordan Peterson
- Book: The Five Dysfunctions of a Team: A Leadership Role by Patrick Lencioni
Our Favorite Quotes:
- “What makes a lot of business owners successful is their passion behind what they’re doing, and turning that passion into a business.” - Seth Whicker
- “When times are the toughest, our people look at us and how we’re responding, and they respond accordingly—they’re guided by your every move as a leader.” - Seth Whicker
- “We all emulate the leaders who inspired us.” - Luke Schroeder
Connect with Luke Schroeder:
- Starting Strength Cincinnati
- Starting Strength Cincinnati on Instagram
- Starting Strength Cincinnati on Facebook
- Starting Strength Cincinnati on Twitter
- Luke Schroeder on LinkedIn
About SYM Financial and The Owner’s Corner Podcast
The Owner’s Corner is a show for business owners. In each episode, host and financial planner Seth Whicker sits down with business owners and the professionals that serve them to talk about what it takes to build a business. Our guests come from many industries and walks of life to share their biggest wins, mistakes made along the way, and their thinking about the all-important exit planning.
Email Seth at swhicker@sym.com with questions, comments, and to schedule a one-on-one conversation.
Follow Seth on LinkedIn
Follow SYM Financial on Facebook
Subscribe here:
Apple Podcasts
Spotify
Google Podcasts
TuneIn
Amazon Music / Audible
And, if you enjoy the show, please leave a review on iTunes to help others discover the podcast.
Disclosure: The information contained in this message (including any attachments) is confidential and may be privileged. It is intended only for the recipient(s) named above. If you are not the intended recipient, you are hereby notified that any review, dissemination, distribution or copying of this message is strictly prohibited. If you have received this communication in error, please notify SYM Financial Advisors (“SYM”) immediately and destroy the material in its entirety. All communications requiring immediate attention or action, such as trade requests or other time sensitive matters should not be sent to SYM via email. Internet communications cannot be guaranteed to be secure or error-free as information may arrive later than intended, be intercepted, be corrupted, or contain viruses. This material is not an offer or solicitation to buy or sell any product. The opinions expressed herein are those of SYM and are subject to change without notice. To the extent that performance information is contained in this email, past performance is not indicative of future results. SYM is an independent registered investment adviser. More information about SYM including our investment strategies, fees and objectives can be found in our Form ADV Part 2, which is available upon request.
Randy Strebig is the Founder and Owner of Strebig Construction, a construction firm in Fort Wayne, Indiana. When Randy founded the company in 1980, he focused the firm’s efforts on residential modeling, roofing, and concrete flatwork. Over the last 40 years, Strebig Construction has been expanding and evolving into a dominant force in commercial, industrial, and design/build projects. Randy and the Strebig Construction team are dedicated to taking a customer’s idea from inception to reality using creative imagination and value-based packages that deliver results.
Randy joins us today to discuss the foundations that make a successful construction company. He shares how his childhood shaped his work ethic and creativity and discusses the importance of trade schools. He explains how Covid-19 impacted Strebig Construction and outlines how he avoided laying off his team amid the pandemic. He also highlights the value of employing business advisors and consultants and underscores why business owners need to keep an eye on market trends.
“Serve with your heart and exceed peoples’ expectations.” - Randy Strebig
This week on The Owner’s Corner:
- Randy’s background and how he gravitated to the construction industry
- How his family life as a child inspired his creativity and work ethic
- Learning the construction trade from vocational school and the first jobs Randy got
- The importance of vetting clients and ensuring they fit your business model
- The biggest challenges Randy has faced as a business owner
- The value of watching market trends and how Randy overcame his first economic downturn
- How the Covid-19 pandemic impacted Strebig Construction
- Randy’s advice on succession planning and exit strategies
- The importance of having advisors and consultants for your business
- The value of technical education and programs
- Why traditional college education and trade education can go hand-in-hand
Our Favorite Quotes:
- “Many get into business because they had a passion that led them to that business. They weren’t doing it to taste money, but because they loved it.” - Seth Whicker
- “Business owners’ time and energy get so wrapped around in their business that their personal lives get neglected, but business and personal life are not independent of each other.” - Seth Whicker
- “In the face of adversity, keep making decisions. Don’t wait and stall for something to take effect—you need to be the effector every day.” - Randy Strebig
Connect with Randy Strebig:
- Strebig Construction
- Strebig Construction on Facebook
- Email: info@strebigconstruction.com
About SYM Financial and The Owner’s Corner Podcast
The Owner’s Corner is a show for business owners. In each episode, host and financial planner Seth Whicker sits down with business owners and the professionals that serve them to talk about what it takes to build a business. Our guests come from many industries and walks of life to share their biggest wins, mistakes made along the way, and their thinking about the all-important exit planning.
Email Seth at swhicker@sym.com with questions, comments, and to schedule a one-on-one conversation.
Follow Seth on LinkedIn
Follow SYM Financial on Facebook
Subscribe here:
Apple Podcasts
Spotify
Google Podcasts
TuneIn
Amazon Music / Audible
And, if you enjoy the show, please leave a review on iTunes to help others discover the podcast.
Disclosure: The information contained in this message (including any attachments) is confidential and may be privileged. It is intended only for the recipient(s) named above. If you are not the intended recipient, you are hereby notified that any review, dissemination, distribution or copying of this message is strictly prohibited. If you have received this communication in error, please notify SYM Financial Advisors (“SYM”) immediately and destroy the material in its entirety. All communications requiring immediate attention or action, such as trade requests or other time sensitive matters should not be sent to SYM via email. Internet communications cannot be guaranteed to be secure or error-free as information may arrive later than intended, be intercepted, be corrupted, or contain viruses. This material is not an offer or solicitation to buy or sell any product. The opinions expressed herein are those of SYM and are subject to change without notice. To the extent that performance information is contained in this email, past performance is not indicative of future results. SYM is an independent registered investment adviser. More information about SYM including our investment strategies, fees and objectives can be found in our Form ADV Part 2, which is available upon request.
Over the last 30 years, Doug Conner has been buying and selling lower-to-middle-market businesses in the Midwest. During this time, he has also worked as the Managing Director at Periculum Capital Company and the Principal at BrightPath Capital and Cardinal Ventures. Doug holds a Bachelor’s degree in Economics and Mathematics from DePauw University and received his Master of Business Administration degree from Harvard Business School.
Alex Shortle has spent the bulk of his career supporting growth stage and lower-to-middle-market companies through the various inflection points of the corporate cycle. He has executed merger and acquisition advisory, private placement, and turnaround engagements, and helped launch the venture capital firm, Meridian Capital, where he also served as the Principal. In 2019, Alex served as the Vice President of Periculum Capital Company before co-founding EO Advisors.
Doug and Alex join me today to discuss what business owners should consider when selling their businesses. They outline the process of searching for an ideal business buyer and describe the perfect time for an owner to sell their company. They describe the current changes and trends in the mergers and acquisitions market. They also highlight the role of patience in selling a business amid uncertain times and underscore the value of hiring advisors and consultants when selling a company.
“Maximize your value, but that shouldn’t be the only consideration. You also want to optimize outcomes: find the ideal partner who will take care of your stakeholders and employees.” - Alex Shortle
“Put your foot on the accelerator and figure out how you can sell your business with momentum.” - Doug Connor
This week on The Owner’s Corner:
- Doug’s background and what led him to investment banking and private equity
- Alex’s background and his journey to entrepreneurship and the tech industry
- The difference between investment banking and private equity
- The advisory and consultant functions of an investment banker
- The process of looking for a business buyer
- Weighing business risk, thinking like a private equity owner, and the value of diversification
- The perfect time to initiate the process of selling a business
- The meaning of EBITDA
- The types of businesses EO Advisors work with
- What it means to be a platform or add-on business
- How a private equity firm’s specialization can make a difference in acquiring a business
- Utilizing investment bankers to find the right buyers
- Changes and trends in the M&A and private equity market
- Consolidation strategies and being comfortable with partnership
- The Russian-Ukraine conflict, COVID-19 pandemic, and their impact on the M&A industry
- The number one issue Doug and Alex see when business owners sell their companies
- The value of independent advisors and consultants and why many business owners don’t know how to assess talent gaps
Our Favorite Quotes:
- “Private equity opportunities are being presented to dentists, orthodontics, and oral surgeons, for whom the financing side can be overwhelming if they’ve not been through it.” - Seth Whicker
- “Investment bankers help someone sell or buy businesses; private equity firms buy companies, hold on to them, then flip them over for profit.” - Seth Whicker
- “Every company is different; every deal is different. Seeing the ups and downs of the market is an invaluable experience, and it’s important to have an advisor who can help you deal with those nuances.” - Alex Shortle
Connect with EO Advisors:
- EO Advisors
- EO Advisors on LinkedIn
- Email: partners@eoadv.com
Connect with Doug Conner:
- Doug Conner on LinkedIn
- Email: doug@eoadv.com
Connect with Alex Shortle:
- Alex Shortle on LinkedIn
- Email: alex@eoadv.com
About SYM Financial and The Owner’s Corner Podcast
The Owner’s Corner is a show for business owners. In each episode, host and financial planner Seth Whicker sits down with business owners and the professionals that serve them to talk about what it takes to build a business. Our guests come from many industries and walks of life to share their biggest wins, mistakes made along the way, and their thinking about the all-important exit planning.
Email Seth at swhicker@sym.com with questions, comments, and to schedule a one-on-one conversation.
Follow Seth on LinkedIn
Follow SYM Financial on Facebook
Subscribe here:
Apple Podcasts
Spotify
Google Podcasts
TuneIn
Amazon Music / Audible
And, if you enjoy the show, please leave a review on iTunes to help others discover the podcast.
Disclosure: The information contained in this message (including any attachments) is confidential and may be privileged. It is intended only for the recipient(s) named above. If you are not the intended recipient, you are hereby notified that any review, dissemination, distribution or copying of this message is strictly prohibited. If you have received this communication in error, please notify SYM Financial Advisors (“SYM”) immediately and destroy the material in its entirety. All communications requiring immediate attention or action, such as trade requests or other time sensitive matters should not be sent to SYM via email. Internet communications cannot be guaranteed to be secure or error-free as information may arrive later than intended, be intercepted, be corrupted, or contain viruses. This material is not an offer or solicitation to buy or sell any product. The opinions expressed herein are those of SYM and are subject to change without notice. To the extent that performance information is contained in this email, past performance is not indicative of future results. SYM is an independent registered investment adviser. More information about SYM including our investment strategies, fees and objectives can be found in our Form ADV Part 2, which is available upon request.
Dr. Al Grossnickle is the owner of Strategic Venture Partners LLC, a consulting company that helps entrepreneurs grow their businesses. For over a decade, Al worked as an Associate Professor of Business at Grace College, where he was also the Director of the William P. Gordon Institute. At the University of Saint Francis, Al served as the Assistant Professor of Entrepreneurship and Director of the Entrepreneurial Leadership Program. He had also served as the President, CEO, and Corporation Founder of Miller’s Health Systems for eight years before he embarked on his academic career in 2006. Al draws from his extensive experience in the academic and business worlds to guide his clients through today’s complex markets and the ever-changing world.
Al joins me today to share his insights on weathering the complex business climate amidst the pandemic. He shares his career journey and explains how he uses his experiences to help other entrepreneurs grow their businesses. He shares his advice on mitigating turnover and attrition rates among Boomer employees and healthcare workers. He also highlights the importance of surrounding yourself with people smarter than you and underscores the power of keeping a sustainable competitive advantage.
“The dynamics of business are rapidly changing today. Listening and humility have become more important for CEOs.” - Al Grossnickle
This week on The Owner’s Corner:
- The challenges Al faced as a top executive of Miller’s Merry Manor
- How Al’s experience as CEO informs his current role as a business consultant
- Supply chain issues and other challenges business owners are facing due to the pandemic
- How a bonus structure may bridge the challenges that may come with raising employee wages
- Why business owners should consider outsourcing parts of their businesses
- Addressing labor turnovers in the healthcare industry
- The impact of vaccine mandates on labor, logistics, and supply chain
- How business owners are reacting to the rising cost of raw materials
- How to manage the attrition trend among Boomer employees
- The importance of creating a strong succession plan
- The value of surrounding yourself with the right professionals
- Setting up a family business for the next generation
- Avoiding complacency and how hiring a business consultant can help your company grow
Our Favorite Quotes:
- “Running a business is a labor of love, but outsourcing can help you spend more time on parts of the business that are most productive.” - Seth Whicker
- “There is an economic incentive to getting the balance back between supply and demand. The key is knowing how long it takes to get there.” - Seth Whicker
- “The definition of business and profit is to maximize shareholder wealth; otherwise, companies will stop reinvesting.” - Al Grossnickle
Connect with Al Grossnickle:
- Strategic Venture Partners
- Email: Al@StrategicVenturePartners.net
- Al Grossnickle on LinkedIn
About SYM Financial and The Owner’s Corner Podcast
The Owner’s Corner is a show for business owners. In each episode, host and financial planner Seth Whicker sits down with business owners and the professionals that serve them to talk about what it takes to build a business. Our guests come from many industries and walks of life to share their biggest wins, mistakes made along the way, and their thinking about the all-important exit planning.
Email Seth at swhicker@sym.com with questions, comments, and to schedule a one-on-one conversation.
Follow Seth on LinkedIn
Follow SYM Financial on Facebook
Subscribe here:
Apple Podcasts
Spotify
Google Podcasts
TuneIn
Amazon Music / Audible
Stitcher
And, if you enjoy the show, please leave a review on iTunes to help others discover the podcast.
Disclosure: The information contained in this message (including any attachments) is confidential and may be privileged. It is intended only for the recipient(s) named above. If you are not the intended recipient, you are hereby notified that any review, dissemination, distribution or copying of this message is strictly prohibited. If you have received this communication in error, please notify SYM Financial Advisors (“SYM”) immediately and destroy the material in its entirety. All communications requiring immediate attention or action, such as trade requests or other time sensitive matters should not be sent to SYM via email. Internet communications cannot be guaranteed to be secure or error-free as information may arrive later than intended, be intercepted, be corrupted, or contain viruses. This material is not an offer or solicitation to buy or sell any product. The opinions expressed herein are those of SYM and are subject to change without notice. To the extent that performance information is contained in this email, past performance is not indicative of future results. SYM is an independent registered investment adviser. More information about SYM including our investment strategies, fees and objectives can be found in our Form ADV Part 2, which is available upon request.
Dr. Matt Eckert has been practicing dentistry for the past 28 years. Together with his business partner Ryan Hart, Matt operates Downtown Dental, a practice honored by his long-term patients. Matt completed his undergraduate degree from Ball State University and completed his Doctorate of Dental Surgery degree at the Indiana University School of Dentistry. He is a member of several professional organizations, including the American Dental Association, the Isaac Knapp District Dental Society, and Andrews Lions Club.
Matt joins me today to share his insights on running a dental practice in Huntington, Indiana. He discusses why he pivoted from studying architecture to dentistry and explains why he decided to start his practice in his hometown. He shares his advice on getting a business partner, managing a dental practice’s finances, and prioritizing family over work. He also highlights the power of serving a community and underscores the importance of working with a financial advisor as soon as you can in your career.
“Dentistry was easy; the business part was a lesson learned by trial and error.” - Dr. Matt Eckert
This week on The Owner’s Corner:
- Matt’s background and why he decided to start his dental practice in his hometown
- How Matt knew that dentistry is something he wanted to pursue
- Going to dental school and how it prepared him for running a business
- How partnering with an experienced dentist helped Matt at the beginning of his career
- Why dentists need to learn how to manage their practice’s finances
- The challenges of bringing in a business partner to your dental practice
- The “hire-fire” part of running a business and why hiring compassionate staff is crucial in a dental practice
- The biggest risk Matt has taken and the fears he faced in his business
- The best decisions he made in running his dental practice
- How being dedicated to making the community a better place has benefitted Matt and his practice
- What Matt wishes he did sooner for his financial life and how he teaches his children about money
- His advice for young dentists who are about to start their career
- The power of continuing education and why everyone should prioritize their families first
Our Favorite Quotes:
- “You can have the best idea in the world, but if you can’t make your finances work, you’ll quickly run out of business.” - Seth Whicker
- “Dentistry is the easy part; running a business is the fun part.” - Dr. Matt Eckert
- “In your day to day grind, it’s easy to forget to let your staff know how much they’re appreciated.” - Seth Whicker
Connect with Dr. Matt Eckert:
- Downtown Dental Huntington
- Downtown Dental Huntington on Facebook
About SYM Financial and The Owner’s Corner Podcast
The Owner’s Corner is a show for business owners. In each episode, host and financial planner Seth Whicker sits down with business owners and the professionals that serve them to talk about what it takes to build a business. Our guests come from many industries and walks of life to share their biggest wins, mistakes made along the way, and their thinking about the all-important exit planning.
Email Seth at swhicker@sym.com with questions, comments, and to schedule a one-on-one conversation.
Follow Seth on LinkedIn
Follow SYM Financial on Facebook
Subscribe here:
Apple Podcast
Spotify
Google Podcasts
Stitcher
Audible
And, if you enjoy the show, please leave a review on iTunes to help others discover the podcast.
Disclosure: The information contained in this message (including any attachments) is confidential and may be privileged. It is intended only for the recipient(s) named above. If you are not the intended recipient, you are hereby notified that any review, dissemination, distribution, or copying of this message is strictly prohibited. If you have received this communication in error, please notify SYM Financial Advisors (“SYM”) immediately and destroy the material in its entirety. All communications requiring immediate attention or action, such as trade requests or other time-sensitive matters should not be sent to SYM via email. Internet communications cannot be guaranteed to be secure or error-free as information may arrive later than intended, be intercepted, be corrupted, or contain viruses. This material is not an offer or solicitation to buy or sell any product. The opinions expressed herein are those of SYM and are subject to change without notice. To the extent that performance information is contained in this email, past performance is not indicative of future results. SYM is an independent registered investment adviser. More information about SYM including our investment strategies, fees, and objectives can be found in our Form ADV Part 2, which is available upon request.
John Barce is the Owner and Partner at Barrett McNagny LLP, one of the oldest law partnerships in Indiana. John is a premier business attorney who focuses his practice on business transactions, federal & state taxation, and estate & business planning. He completed his JD at the Indiana University School of Law, where he graduated with Latin honors. Since 2016, John has been recognized and listed in the Best Lawyers of America publication. He is also a member of the Indiana State Bar Association, as well as the Allen County Bar Association.
John joins me today to discuss why business owners should have a solid succession plan as part of their business strategy. He shares the different legal entities a business can register as and explains what makes C-corporations different from S-corporations. He discusses what a “band-aid” approach to succession planning is and how it can lead to expensive business litigation. He also highlights why he approves of using valuation experts and shares his advice on making the succession, exit, and selling processes seamless.
“Succession planning is a process you wouldn’t want to wait on.” - John Barce
This week on The Owner’s Corner:
- John’s background and how his family inspired him to practice law
- His passion for business law and work in succession planning and corporate transactions
- Legal matters that entrepreneurs should address before starting a business
- The different legal entities a business can register as and the income tax structures they come with
- Why business partners should avoid the “band-aid” approach to business succession
- The number one driver of expensive business litigation
- Why business partners should create a succession or exit plan the moment they start their organization
- What buy/sell agreements are and how they help facilitate successions
- The value of having a “company value” conversation between business powers
- The difference between a C-corporation and an S-corporation
- How to make selling a business a seamless process
Our Favorite Quotes:
- “Business partners have got to plan from the beginning how they’ll separate if they have to.” - John Barce
- “While you’re in that honeymoon phase of being excited, that’s a great time to address how you’ll get issues settled down the road.” - Seth Whicker
- “Don’t necessarily expect that you want to go and sell your business today and you’re going to walk away. They may want you to stick around for 2-5 years.” - Seth Whicker
Connect with John Barce:
- Barrett McNagny
- Email: jcb@barrettlaw.com
- Barrett Law on LinkedIn
- John Barce on LinkedIn
About SYM Financial and The Owner’s Corner Podcast
The Owner’s Corner is a show for business owners. In each episode, host and financial planner Seth Whicker sits down with business owners and the professionals that serve them to talk about what it takes to build a business. Our guests come from many industries and walks of life to share their biggest wins, mistakes made along the way, and their thinking about the all-important exit planning.
Email Seth at swhicker@sym.com with questions, comments, and to schedule a one-on-one conversation.
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