Lessons by the Lake: The Oswego Private Wealth Show

The Strategic Pillars of Wealth

Bob Bedritis — Mon, 10 Jun 2024 09:00:00 -0400

On the latest episode of Lessons by the Lake, we're diving deep into the core concepts surrounding wealth management, as well as the most prevalent concerns facing business owners and their financial world.

We we fortunate to welcome Joe Jraitiny, Managing Director at City National Rochdale, to discuss these five pillars of wealth and how his team plays a crucial role in upholding these pillars for clients nationwide.

This episode is packed with some helpful takeaways for your own financial world, so get your notepad ready!

Chapters:

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

2:07 - Bob's relationship with Joe Jraitiny

6:37 - The Five Strategic Pillars of Wealth

9:57 - Leveraging the expertise from a team of advisors

12:06 - An area of your financial world that is often overlooked

17:32 - The ideal timeframe for thinking about selling your business

22:21 - Longevity planning and where this fits in your financial world

26:08 - How you can get in touch with Joe and his team at City National Rochdale

28:35 - How to get in touch with Bob's team

29:07 - Closing remarks

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Are You Prepared for the Sunsetting of Estate Tax Exemptions?

Bob Bedritis — Mon, 20 May 2024 09:00:00 -0400

In the latest episode of Lessons by the Lake, we're joined by Kristin Gaston, Estate Planning Attorney at Generations Estate Law, to delve into the impending changes to estate tax exemptions.

As the sun sets on current estate tax regulations, Kristin Gaston sheds light on what this means for individuals and families planning their estates. With her wealth of knowledge and experience, she navigates the complexities of estate planning, offering invaluable insights into strategies for adapting to the evolving tax landscape.

Chapters:

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

2:27 - Background information on Kristin Gaston

8:51 - What business owners and their families should be thinking about for their estate plans

11:07 - States have their own estate and inheritance taxes

14:33 - How you can reduce the taxes through proper planning

16:36 - Planning ahead for family businesses

19:40 - Leveraging charitable intent to curb taxes

23:31 - Who should be on your team of professionals to assist with estate planning

24:45 - Control vs. ownership

27:35 - How to get an estate plan review with Kristin and Generations Estate Law

29:39 - The five most important concerns of business owners and affluent families

30:54 - How to get in touch with Bob and his team

32:17 - Closing remarks

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Making Your Business More Sellable and Getting a Higher Price

Bob Bedritis — Mon, 01 Apr 2024 09:00:00 -0400

On the latest episode of Lessons by the Lake, we dive into the crucial topic of making your business more sellable and ultimately securing a higher price when it comes time to sell. Whether you're a seasoned entrepreneur or just starting out, understanding what makes a business attractive to potential buyers is essential for long-term success.

We sat down with Adi Klevit, Founder & CEO of Business Success Consulting Group, to uncover the strategies and tactics that can significantly increase the value of your business. From optimizing your financials to enhancing operational efficiency, Adi shares invaluable insights gleaned from years of experience in the field.

Chapters:

0:00 - Introduction and overview on the topic

2:10 - Background on Adi Klevit and her work with improving business efficiencies

3:54 - Why process is so important

7:14 - Many businesses are far too dependent on their owner

10:03 - Common mistakes that can be easily addressed within organizations

11:46 - The importance of systematizing your organization

15:45 - Strategies to retain your best employees

19:47 - How Adi works with company and ultimately helps increase their value

23:27 - How to get in touch with Adi and her team

25:00 - Closing remarks

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The Power of the Right Questions

Bob Bedritis — Mon, 04 Mar 2024 09:00:00 -0400

What he does, he's been doing since he was a 7-year-old dyslexic kid. At first, he believed the lie that he was stupid and would never be able to achieve anything. But then, he discovered that he had a super power of encouragement. Now, he utilizes that superpower to help create insight and breakthroughs for people looking to take their life and business to the next level!

On the latest episode of Lessons by the Lake, we welcome Scott Ballard, Owner & CEO of Confidence Coach, LLC, to explore his unique relationship with business owners and the many challenges they face. Scott understands the struggles facing entrepreneurs in today's day and age, which allows him to provide a straightforward and warm approach to openly communicate about successes and obstacles.

We've got a great conversation on tap for you, which is bound to leave you with some takeaways for yourself and your business! Enjoy!

Chapters:

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

1:13 - How Bob and Scott work with entrepreneurs at pivotal times in their lives

3:18 - Scott's superpower and how he channels this

9:00 - "What do you really want?"

11:49 - Navigating 'what comes next' and the lies we're telling ourselves

17:09 - Maximizing the value of your life's work

19:58 - How Scott typically works with business owners

24:32 - "I've sold my business. Now what?"

28:50 - How to get in touch with Scott and his team to learn more

30:30 - Closing remarks

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An Innovative Approach to Taxes and Accounting

Bob Bedritis — Mon, 26 Feb 2024 09:00:00 -0400

On the latest episode of Lessons by the Lake, we're thrilled to be welcoming Scott Bargaehr, CPA at Lewis Group, to discuss a very unique model of taxes and accounting that business owners, as well as individuals, could be leveraging in today's day and age.

We'll discuss why this innovative approach is effective, how it works, and whether or not this makes sense for you and/or your business!

Chapters:

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

1:45 - Bob's relationship with Scott and getting to know his work at the Lewis Group

7:03 - Scott's background and life leading into the life of a CPA

7:51 - Why Scott does what he does

10:23 - The pricing and subscription model of the Lewis Group's services

16:00 - The various services packed into Scott's subscription model

19:03 - How Scott conducts his discovery with new clients

22:26 - Leveraging bright minds to focus on things that aren't your unique strength

29:05 - The importance of being prepared for the inevitable moments in life

34:40 - How to get in touch with Bob and Scott's teams

36:20 - Closing remarks

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Estate Planning: The First Step to Business Succession

Bob Bedritis — Mon, 19 Feb 2024 09:00:00 -0400

On the latest episode of Lessons by the Lake, we're diving into the first step in the business succession process, Estate Planning.

Joined by Justin Martin, President, Shareholder and Attorney at Myatt & Bell, P.C., we'll examine the countless considerations residing within estate planning for business owners in today's day and age, as well as some best practices utilized.

This episode is packed with helpful information for business owners and you don't want to miss it! Enjoy!

Chapters:

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

3:22 - Welcoming Justin Martin to the show

4:58 - Justin's background and road to estate planning services

8:19 - You can still have a role in your business when you're helping your successor

10:55 - Goals of succession planning

13:07 - The process of the business transaction

16:14 - Who is buying your business?

21:58 - The more complex your business, the bigger the need for a systematized approach

25:36 - What happens when the surviving spouse dies?

32:16 - An overview on the taxes associated with estate planning

39:26 - Strategically positioning your estate to maximize the value

44:30 - How to get in touch with Justin and his team for more information

47:30 - Closing remarks

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Building a Well-Defined Succession Strategy

Bob Bedritis — Mon, 12 Feb 2024 09:00:00 -0400

Oftentimes on this show, we discuss the overall importance of utilizing a team of trusted professionals to help you navigate your financial circumstances. And in today's episode of Lessons by the Lake, we welcome on a member of the Oswego Private Wealth team of professionals that help service Bob's clients.

Don Bielen, Principal at Perkins & Co Succession, joins Bob and Ryan to discuss the inner-workings of a well-defined succession strategy. Don and his team are focused on advising successful business owners and their families on how to realize value form their ownership, prepare for their exit and preserve and protect the family's assets.

We've got a great conversation on tap for you today! Enjoy!

Chapters:

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

1:48 - How Bob Bedritis works with his business owner clients

4:22 - Don's background working with family businesses

5:41 - Transferring a family business from the first generation to the second generation

7:24 - The main challenges business owners face when planning their succession

13:25 - The different acts in the life of a business owner

17:35 - Advanced strategies to transfer a family business and reduce taxes along the way

22:50 - When should a business owner start the succession planning process?

28:50 - How to get in touch with Bob and Don for more information

30:20 - Closing remarks

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Planning on Selling Your Business? Think Again.

Bob Bedritis — Mon, 05 Feb 2024 09:00:00 -0400

Welcome back to another installment of Lessons by the Lake!

In this episode, we're diving deep into a very important topic for business owners surrounding the sale of their business. Joined by Michael Beck, President of Eliciting Excellence, who works as an executive strategist and specializes in helping business owners maximize the value of their various strategic decisions.

Together, Michael and Bob assess the timing considerations when a business owner is leaning towards the sale of their business, as well as a few key variables at play during this process.

Chapters:

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

1:55 - How Bob and Michael began their professional relationship

5:01 - Insights on Boomer-owned businesses

7:10 - Why Michael is alarmed by some of the statistics he's seeing

9:57 - Bob's father needed someone like Michael to help him navigate these challenges

11:50 - Preparing your business for sale and maximizing the value you'll receive

17:45 - How the human element comes into play during the sale of a business

21:38 - Transparency and clear communication is paramount during these negotiations

24:18 - Michael's key takeaways for selling your business in today's climate

26:17 - How to get in touch with Michael and Bob's respective teams

27:20 - Closing remarks

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Succession Planning for Family Businesses

Bob Bedritis — Mon, 29 Jan 2024 09:00:00 -0400

Family conflicts can wreak havoc on a family-run business, especially when it comes time to transfer ownership of the company from one generation to the next.

On the latest episode of Lessons by the Lake, we’re taking a look at how a well-designed succession plan can reduce that risk and help facilitate a transfer that leaves everyone in the family satisfied.

Chapters:

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

1:50 - Helping business owners become financially independent of their business

3:38 - How a family business can assess the need for succession planning

5:15 - Where to begin in crafting a well-designed succession plan

9:45 - How a succession plan addresses family harmony

13:29 - The common mistakes families make when designing their succession plan

17:31 - Flexibility is the key to a well-crafted succession plan

18:46 - How to get in touch with Bob and his team

20:45 - Closing remarks

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Stress Testing for Successful Business Owners

Bob Bedritis — Mon, 22 Jan 2024 09:00:00 -0400

There is an important question that business owners should be asking themselves: How confident are you that your business planning efforts are on track to get you the results you want and need?

Unfortunately, many business and wealth plans aren’t fully aligned with their owners’ goals.

On the latest episode of Lessons by the Lake, we're examining how a business stress test can help entrepreneurs determine where they stand and what changes may need to be made to keep their companies on track.

Chapters:

0:00 - Introduction and overview on the topic

1:52 - Why a business owner should be considering a stress test in the first place

3:48 - What a stress test is meant to uncover within your wealth plan

7:49 - Most of us don't have $500 million in our portfolio

10:30 - The family is the business. The business is the family.

15:12 - The reactions from those who go through a stress testing process

17:05 - An example of a stress test that Bob and his team conducted

20:30 - How you can get in touch with Bob and his team

22:54 - Closing remarks

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Getting Started With a Virtual Family Office

Bob Bedritis — Mon, 08 Jan 2024 07:00:00 -0400

Welcome back to Lessons by the Lake! This time, we delve into the dynamic world of Virtual Family Offices (VFOs) – a game-changing approach to wealth management that is revolutionizing the way high-net-worth individuals and families handle their financial affairs. Join us as we explore the intricacies of this innovative model and provide insights on how you can get started leveraging its benefits.

Joining us on today's episode is Allison Tirado, Elite Advisor Coach at CEG Worldwide, to discuss the tailored services offered, ranging from investment strategies and estate planning to tax optimization and risk management. Allison will also share why the VFO model has been becoming a more popular wealth management model for business owners in today's day and age.

Chapters:

0:00 - Introduction and overview on the topic and guest for today's show

1:35 - Allison's unique perspective into Virtual Family Offices

2:45 - What is a Virtual Family Office?

7:03 - It all begins with a deep discovery

9:42 - Putting together a comprehensive blueprint that examines all financial components of someone's life

15:45 - How a stress test is conducted and the value it provides to people

18:45 - The biggest concerns of business owners and high-net-worth individuals

22:26 - Your wealth manager should be looking out for your best interests

25:41 - Wealth personalities can factor into the stress testing process

28:45 - You want your wealth manager to align with your own wealth personality

31:43 - Where to learn more and how to get in touch with Allison and her team

32:30 - Closing remarks

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When is the Best Time to Sell My Business? Timing Considerations From an Investment Banker

Bob Bedritis — Mon, 11 Dec 2023 09:00:00 -0400

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

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

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

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

Chapters:

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

1:56 - Background on Nick Stanley

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

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

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

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

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

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

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

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

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

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

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

43:30 - Closing remarks

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The Benefits of Working With a Virtual Family Office

Bob Bedritis — Mon, 27 Nov 2023 09:00:00 -0400

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

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

Timecodes:

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

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

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

7:22 - Allison's past career in acting

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

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

15:30 - The wealth management hierarchy

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

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

32:20 - The wealth management formula

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

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

43:10 - Closing remarks

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Five Critical Mistakes of Successful Family Businesses

Bob Bedritis — Tue, 07 Nov 2023 09:00:00 -0400

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

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

Timecodes:

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

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

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

6:15 - Overanalyzing tax reduction or tax mitigation strategies

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

14:13 - Being secretive about your wealth

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

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

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

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

27:11 - Closing remarks

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How Much is Your Business Worth?

Bob Bedritis — Mon, 23 Oct 2023 09:00:00 -0400

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

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

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

Timecodes:

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

1:45 - The valuation process is crucially important

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

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

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

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

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

20:40 - Closing remarks

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Living an Amazing Life of Significance and Making a Difference in the World

Bob Bedritis — Mon, 31 Jul 2023 09:00:00 -0400

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

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

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

Timecodes:

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

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

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

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

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

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

20:44 - Good habits vs bad habits

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

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

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

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

38:59 - Closing remarks

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Ready to Scale Your Business the Right Way?

Bob Bedritis — Mon, 17 Jul 2023 09:00:00 -0400

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

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

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

Timecodes:

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

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

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

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

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

24:03 - People, Process, and Systems

28:10 - The personal issues that impact business owners

34:30 - How Carl defines success

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

40:02 - Closing remarks

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Five Essential Tips for Donating Your Business Before You Exit

Bob Bedritis — Tue, 21 Feb 2023 09:00:00 -0400

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

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

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

Timecodes:

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

2:14 - Welcoming Bob Mumford to the show

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

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

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

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

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

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

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

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

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

26:05 - Closing remarks

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Culture of Leadership: Is Your Business Transition Ready?

Bob Bedritis — Mon, 30 Jan 2023 08:00:00 -0400

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

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

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

Timecodes:

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

1:50 - Introducing Chris Smith to the show

4:21 - What is leadership?

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

15:00 - Growing up in a rodeo family

15:56 - Businesses that are dependent on charismatic leaders

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

25:06 - The four freedoms

29:06 - The regrets associated with selling your business

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

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

39:20 - Closing remarks

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Avoiding Retirement Plan Mistakes in Business Exit Planning

Bob Bedritis — Mon, 19 Dec 2022 09:00:00 -0400

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

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

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

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

Timecodes:

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

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

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

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

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

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

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

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

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

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

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

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

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

30:50 - Closing remarks

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How Business Owners Can Utilize EOS for Advanced Planning Purposes

Bob Bedritis — Fri, 11 Nov 2022 08:00:00 -0400

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

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

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

Timecodes:

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

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

4:10 - Who is Julie Markee?

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

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

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

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

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

24:33 - What does legacy mean to Julie?

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

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

31:57 - Closing remarks

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Do You Know Your High-Net-Worth Personality Type?

Bob Bedritis — Tue, 06 Sep 2022 09:00:00 -0400

We all have various personality traits. For example, some of us are introverts while others are extroverts. However, did you know that you also have a wealth personality and it has a big impact as you pursue your financial goals?

On the latest installment of Lessons by the Lake, we're examining the topic of high-net-worth personalities. We'll be exploring how you can identify your own and how you can put it to work as you seek to make smart decisions about your wealth!

Sit back, relax, and enjoy another enlightening conversation that's sure to leave you with considerations for your own financial well-being.

Timecodes:

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

1:20 - What do we mean by a high-net-worth personality type

2:29 - An investors attitude and characteristics needs to be similar to their wealth manager

4:30 - The independent wealth personality

7:50 - Those interested in keeping their wealth private overall

9:43 - The VIPs and moguls

12:10 - The gamblers and innovators

13:57 - The importance of working with a wealth manager that recognizes these HNW types

21:55 - How you can get in touch with Bob's team

25:46 - Closing remarks

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Preparing Heirs for Their Inheritance

Bob Bedritis — Tue, 29 Mar 2022 09:00:00 -0400

In the latest installment of Lessons by the Lake, Bob explores the complex nature surrounding inheritances. The big question surrounding this topic is: Are your heirs ready to deal with the wealth you may be planning to pass on to them someday?

It's an unfortunate fact that inheritors often struggle with their windfalls in a way that can be hazardous to the overall wealth. It takes proper planning and clear communication to alleviate any potential problems that could occur with the inheritance itself, as well as the beneficiaries' spending habits afterwards.

We all understand the general process behind inheritances, but this episode unveils the intangible elements that come into play, especially when a significant level of wealth is being transferred.

So sit back, relax, and enjoy another enlightening conversation that sheds light on a topic we all thought we knew.

Timecodes:

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

1:40 - Why inheritances can be a double-edged sword

3:49 - The internal and external conflicts that heirs face

8:15 - Where to start fostering a level of financial education with your heirs

12:48 - The time is now to start discussing your family's wealth with your heirs

15:08 - Start by evaluating your heirs' current views and habits with wealth

18:53 - These discussions are meant for all families, regardless of their level of wealth

21:05 - Your family's wealth manager can assist with this process

24:54 - How to connect with Bob and his team for further discussions

26:30 - Closing remarks

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The Benefits of a Family Constitution

Bob Bedritis — Tue, 22 Feb 2022 10:00:00 -0400

One of the biggest concerns facing affluent families today is how to manage their wealth so that it achieves many goals. From continuing to grow their wealth as it's transferred to younger generations, to aligning the use of that wealth with the values and ideals the family holds dear, to protecting that wealth from creditors and others who might seek to take it unjustly. Often the best place to start is to ensure that your family members are aligned and “on the same page” when it comes to key issues.

In the latest installment of Lessons by the Lake, Bob highlights the benefits of utilizing a family constitution and how this can be a great way to establish continuity among family members when it comes to their views on the family's wealth.

Enjoy yet another beneficial conversation that's sure to leave you with some takeaways or considerations for your own family's circumstances!

Timecodes:

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

1:51 - The challenges that arise when families with significant assets work together to manage them

4:28 - An overview on the Family Constitution and how it works

7:10 - How a family should go about drafting a family constitution for their situation

10:57 - Who from a given family should be involved in these discussions?

14:12 - These are not legally binding documents

15:17 - Who families can turn to with help in maintaining the family constitution over time

18:19 - How to get in touch with Bob and his team at Oswego Private Wealth Management

20:15 - Closing remarks

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The Human Element

Bob Bedritis — Wed, 16 Feb 2022 09:00:00 -0400

Affluent families and individuals want to make smart decisions about their wealth, which is exactly why so many of them seek out top financial professionals for advice and guidance. But, it turns out that superior technical expertise in investments and other areas of finance isn’t enough. Those advisors who are truly elite and who can best help their clients, possess an additional quality that’s just as important as their financial acumen.

In the latest installment of Lessons by the Lake, Bob and Ryan explore the "human element" and the importance it brings to the wealth management process. Listen as Bob defines the human element as the personal and emotional components of wealth management. Only by understanding everyone and everything that is personally important to the client, can you develop a customized wealth management strategy suited for them.

This episode is packed with some great information that's bound to leave you with some considerations for your own wealth manager!

Timecodes:

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

1:56 - Why families need to be demanding more from their wealth manager

3:57 - The missing link that many wealth managers are dealing with

5:18 - What is the human element and it's role in wealth management

7:38 - Where the human element comes into play within a stress test

11:56 - Instances where stress tests reveal no issues

13:12 - What Bob would want to see in a wealth manager he would consider working with

16:11 - How Bob conducts his discovery process at Oswego Private Wealth Management

19:39 - How you can get in touch with Bob and his team for a stress test

22:03 - Closing remarks

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An Overview on Stress Testing

Bob Bedritis — Wed, 02 Feb 2022 09:00:00 -0400

Welcome to Lessons by the Lake: The Oswego Private Wealth Show! This is the show where we break down complex wealth management strategies into understandable terms to help you on your path to living an amazing life of significance.

In our inaugural episode, we introduce you to Bob Bedritis, Managing Director of Oswego Private Wealth Management, who is committed to building talented teams in assisting business owners and high net worth families in the planning and management of their affairs.

To start our show on the right note, Bob provides a detailed overview on the benefits of stress testing your current financial plan. Given the tremendous amount of uncertainty in our world right now, there's never a better time to consider a stress test to evaluate the current and future performance of your established wealth plan.

So sit back, relax, and enjoy this thought-provoking episode that's sure to leave you considering this strategy within your own wealth plan.

Timecodes:

0:06 - Welcome to the show and an overview on today's episode

1:45 - Introducing Bob Bedritis and his background in wealth management

8:19 - What people can be doing right now to protect their money

9:15 - Why a stress test can be such a valuable process

11:00 - The various items stress tests are meant to evaluate

13:20 - Why someone would have been prompted to see Bob for a stress test

16:35 - The keys to having a stress done well

18:40 - The discovery process during the stress testing experience

21:11 - What does the client leave the stress test meeting with

24:13 - How you can get in touch with Bob and his team for a stress test

26:56 - Closing remarks

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