The Wealth Stream Podcast

Important Lessons About Long-term Investing & Inflation

Tim Scannell — Wed, 27 Sep 2023 09:00:00 -0500

Tim introduces Michael Shea, the Managing Director of the Investment Solutions Group at Hightower. Michael shares his investment style focused on value and capturing dividend flow, the importance of managing against benchmarks, and staying current with market information.

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

Exploring the Current State of the Economy and the Impact of Inflation

Tim Scannell — Wed, 13 Sep 2023 09:00:00 -0500

Tim invites returning guest Stephanie Link, Chief Investment Strategist and Head of Investment Solutions for Hightower, to delve into the services provided by Hightower’s asset management business, the importance of research and staying informed about global markets, and Stephanie’s thoughts on inflation.

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

A Comprehensive Guide to Business Exit Preparation: A Recipe for Business Success

Tim Scannell — Wed, 16 Aug 2023 09:00:00 -0500

Tim discusses the value of strategic business planning for business owners. They outline the steps involved in valuing and preparing a business for exit, including estimating the equity value of the business using tools like Biz Equity.

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

Maximizing Social Security Benefits: A Tax Planning Guide

Tim Scannell — Wed, 12 Jul 2023 09:00:00 -0500

Understanding the complexities of Social Security and effectively planning for taxes can significantly impact your finances during retirement. What factors should we consider and know before that phase? In this episode, Tim explores tax planning related to Social Security and when to elect it.

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

The Success Metrics Every Business Owner Should Use

Tim Scannell — Wed, 28 Jun 2023 09:00:00 -0500

How do you measure success in your business? There isn’t one definitive way of measuring the success of your business, however, there are strategies and benchmarks you can use to get an accurate idea of how it is performing.

Hightower Advisors, LLC is an SEC registered investment adviser. Securities are offered through Hightower Securities, LLC, Member FINRA/SIPC.

A Conversation About Fiduciaries With Don Stellin

Tim Scannell — Wed, 14 Jun 2023 09:00:00 -0500

By the end of this episode, you will gain a thorough knowledge of fiduciaries and will hopefully appreciate the immense value they bring to your financial planning endeavors. In this episode, Tim invites returning guest, Don Stellin, onto the podcast to discuss the role, purpose, and value fiduciaries have in the financial planning processes of both retirees and working professionals.

Hightower Advisors, LLC is an SEC registered investment adviser. Securities are offered through Hightower Securities, LLC, Member FINRA/SIPC.

How To Strategize Your Taxes For Maximum Benefit

Tim Scannell — Wed, 24 May 2023 09:00:00 -0500

Are you confident in your tax planning methods? In this episode, Tim delves into the world of tax strategies and explores some practical tips and tricks for individuals and businesses to maximize their tax savings.

Hightower Advisors, LLC is an SEC registered investment adviser. Securities are offered through Hightower Securities, LLC, Member FINRA/SIPC.

Finding Your Lifelong Accountability Partner

Tim Scannell — Wed, 10 May 2023 09:00:00 -0500

In this episode, Tim discusses how he curates his professional relationships as well as how he helps others find and maintain meaningful relationships, including accountability partners, both in and out of the financial world.

Hightower Advisors, LLC is an SEC registered investment adviser. Securities are offered through Hightower Securities, LLC, Member FINRA/SIPC.

Creating A Successful Exit Plan As A CEO With Scott Bening

Tim Scannell — Wed, 26 Apr 2023 09:00:00 -0500

Join Tim as he welcomes Scott Bening, the retired CEO of Monosol, LLC and Amazon Best Selling Author, to the show. Discover how Scott expertly navigated his retirement journey and transitioned into a productive and satisfying next chapter in life. Don’t miss out on valuable insights and inspiration to plan your own successful exit strategy.

Hightower Advisors, LLC is an SEC registered investment adviser. Securities are offered through Hightower Securities, LLC, Member FINRA/SIPC.

Navigating The Dreaded Tax Season

Tim Scannell — Wed, 12 Apr 2023 09:00:00 -0500

There’s no escaping the dreaded tax season, so you might as well learn how to navigate it efficiently! In this episode, Tim discusses some of the ways he helps people minimize their taxes during tax season.

Hightower Advisors, LLC is an SEC registered investment adviser. Securities are offered through Hightower Securities, LLC, Member FINRA/SIPC.

5 Strategies for Identifying Replacements for Business Owners

Tim Scannell — Wed, 22 Mar 2023 09:00:00 -0500

In this episode, Tim covers the steps business owners can take to ensure a smooth transition into retirement by identifying and selecting the right candidate to take over their role. He shares his personal experience and insights on how to interview and evaluate potential candidates, and how to determine if they are a good fit for the business.

Hightower Advisors, LLC is an SEC registered investment adviser. Securities are offered through Hightower Securities, LLC, Member FINRA/SIPC.

Tackling Your Year End Financial Plan Part 2

Tim Scannell — Wed, 08 Mar 2023 09:00:00 -0500

Are you looking for ways to ensure financial stability for yourself and your family in the upcoming year? Now that we have discussed how to create a year-end financial plan for your business, it’s time to discuss how to make a plan for you as an individual!

Hightower Advisors, LLC is an SEC registered investment adviser. Securities are offered through Hightower Securities, LLC, Member FINRA/SIPC.

Tackling Your Year End Financial Plan Part 1

Tim Scannell — Wed, 15 Feb 2023 09:00:00 -0500

What is a year-end plan and how can you create one for your business? In this episode, Tim discusses some financial tips you should use at the end of each year and how they can help you make more informed decisions for your retirement.

Hightower Advisors, LLC is an SEC registered investment adviser. Securities are offered through Hightower Securities, LLC, Member FINRA/SIPC.

3 Steps To Help Business Owners Get Their Lives Back

Tim Scannell — Wed, 01 Feb 2023 09:00:00 -0500

COVID made a mark on just about everything, even business owners. It’s time to get your quality of life back. In this episode, Tim talks about helping business owners plan for 2023 and set a new years resolution to get their lives back.

Hightower Advisors, LLC is an SEC registered investment adviser. Securities are offered through Hightower Securities, LLC, Member FINRA/SIPC.

How Inflation Impacts Your Business Valuations

Tim Scannell — Wed, 18 Jan 2023 09:00:00 -0500

We’ve hit our 100th episode of The Wealth Stream! In this episode, Tim talks about how to avoid costly mistakes that impact and delay business owners’ ability to become financially independent and make work optional. He focuses on ways to help business owners exit into financial independence and enhance their wealth to live a full life.

Hightower Advisors, LLC is an SEC registered investment adviser. Securities are offered through Hightower Securities, LLC, Member FINRA/SIPC.

How To Protect Your Wealth Through Inflation with Stephanie Link

Tim Scannell — Wed, 04 Jan 2023 09:00:00 -0500

Inflation is a topic that you can’t seem to escape nowadays. Everyone has an opinion on the topic, whether it’s the news, your relatives, or someone else. In this episode, Stephanie Link, Chief Investment Strategist and Portfolio Manager at Hightower, joins us to help break down inflation and interest rates.

Hightower Advisors, LLC is an SEC registered investment adviser. Securities are offered through Hightower Securities, LLC, Member FINRA/SIPC.

Avoiding The Common Mistakes People Make After Receiving A Raise With Samantha Pietruszynski Part 2

Tim Scannell — Sat, 26 Nov 2022 09:00:00 -0500

This is part two of our two-part episode with Samantha Pietruszynski! Samantha discusses the importance of reallocating your money once you receive a raise so you can look forward to a fulfilling retirement experience.

Hightower Advisors, LLC is an SEC registered investment adviser. Securities are offered through Hightower Securities, LLC, Member FINRA/SIPC.

How to Minimize Taxes In Your Retirement With Samantha Pietruszynski Part 1

Tim Scannell — Wed, 26 Oct 2022 09:00:00 -0500

You’ve worked hard to create the retirement of your dreams, but if you don’t know the right strategies to minimize your taxes in retirement, you might not be as well-off as you think. Financial Advisor Samantha Pietruszynski explains some of the ways you can maximize your wealth in retirement through tax loss harvesting.

Hightower Advisors, LLC is an SEC registered investment adviser. Securities are offered through Hightower Securities, LLC, Member FINRA/SIPC.

Women Rising: A Chat with Dawn Rowley about Women Empowerment

Tim Scannell — Wed, 14 Sep 2022 09:00:00 -0500

Tim chats with coaching leader Dawn Rowley, Co-Founder of BenchStrength Coaching and Women Rising. They discuss “Women Rising '' a program created to help women recognize and achieve their highest potential and pursue higher levels of leadership. He also brings on his colleague, Samantha, who shares the reasons she chose Women Rising as her next venture.

Hightower Advisors, LLC is an SEC registered investment adviser. Securities are offered through Hightower Securities, LLC, Member FINRA/SIPC.

HGL’s New Business Owner Workshop

Tim Scannell — Wed, 31 Aug 2022 09:00:00 -0500

In this episode, Tim is excited to introduce the upcoming launch of his new business owner program and workshop! He then goes on to highlight how it can help you enhance, expand, and when the time comes, exit your business.

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

Becoming a Lifelong Learner with Gina Stahl

Tim Scannell — Wed, 17 Aug 2022 09:00:00 -0500

In this episode, Marketing & Communications Manager Gina Stahl discusses the journey that shaped her and her skills into the professional that she is today and how you can strengthen your abilities in your profession as well.

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

Discovering Your Money Personality

Tim Scannell — Wed, 03 Aug 2022 09:00:00 -0500

Everyone handles their money differently and has different priorities with their money. These are called “money personalities”. In this episode, Tim discusses how to discover and focus on what is important to you with your money by highlighting the different money personalities he has worked with in his career.

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

So You Want To Be A Consultant?

Tim Scannell — Wed, 20 Jul 2022 09:00:00 -0500

Consulting is a path you may consider when you retire or exit your business. So what should you take into consideration before committing to the role? In this episode, Tim discusses what you need to know prior to becoming a consultant post-exit of your business and describes both the pros and cons of the role.

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

Creating Recurring Revenue For Your Business, Part 2

Tim Scannell — Wed, 06 Jul 2022 09:00:00 -0500

Learn additional tips and tricks about how you can adopt the subscription-based business model! Tim highlights some well-known companies who have adopted the subscription model and how it changed the landscape of their business.

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

Creating Recurring Revenue For Your Business, Part 1

Tim Scannell — Wed, 22 Jun 2022 09:00:00 -0500

In this episode, Tim provides information about how you can enhance your business' services to your customers. In Part 1 of this series, he discusses the business models companies are adopting to eliminate seasonality and increase customer engagement.

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

Leaping From Your Business to Your Next Passion, Part 2 with Stewart McMillan

Tim Scannell — Wed, 08 Jun 2022 09:00:00 -0500

Continuing his Passion Series, Tim speaks with returning guest Stewart McMillan. Stewart talks about his journey of selling his business and following his passion, and what the process of exiting a business looks like.

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

Leaping From Your Business to Your Next Passion, Part 1 with Stewart McMillan

Tim Scannell — Thu, 26 May 2022 09:00:00 -0500

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

The Must-Knows When Starting a Passion Project

Tim Scannell — Wed, 04 May 2022 09:00:00 -0500

Sometimes, it is hard to find your passion after you have exited your business and retired. Our guest, Rocky Schiralli, discusses how you can maintain purpose and find your new passion once your working days are over. In this episode, Rocky describes his experience of leaving one workplace and pursuing another business passion.

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

The Six Power Ratios for Selling Your Business

Tim Scannell — Wed, 20 Apr 2022 09:00:00 -0500

Tim runs through the six power ratios that buyers are going to want to know before they purchase your business. Tim discusses why it’s important to be prepared for all scenarios to ensure that you’re getting the most you can for the business you’ve built.

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

Having the "Parent Talk"

Tim Scannell — Wed, 23 Mar 2022 09:00:00 -0500

Samantha Pietruszynski discusses how to approach having “the talk” with your parents and highlights the benefits of addressing it early and frequently to ensure that if unfortunate circumstances arise, you and your loved ones will have the time to grieve, not stress.

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

10 Questions Every Business Owner Should Think About

Tim Scannell — Wed, 23 Feb 2022 09:00:00 -0500

As a business owner, there are plenty of things you need to keep in mind to run your business smoothly. As a result, your exit plan can often go untouched. Tim lists 10 things to think about so that when it comes time to retire, the transition of your business will run smoothly.

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

What To Do When You Hit Your Freedom Point

Tim Scannell — Wed, 09 Feb 2022 09:00:00 -0500

Tim speaks out about what he means when he says 'freedom point' and why it's important in retirement. Tim helps you understand why knowing your freedom point is important and some things that you might want to know to reach this point.

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

Raising Your Business Like Your Child

Tim Scannell — Wed, 26 Jan 2022 09:00:00 -0500

Tim discusses how raising your business as if it were your own child can maximize your value for your exit plan. Tim discusses how having the mentality of raising your business like your child will lead to you being more prepared to exit, and so will your business.

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

The Switzerland Discount

Tim Scannell — Wed, 12 Jan 2022 09:00:00 -0500

Tim introduces us to the Switzerland Discount, detailing three things business owners should not be overly reliant on, including a key employee, or a key supplier can be problematic, especially when it comes time to exit your business.

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

Eight Things You Can Do To Turn Your Service Into A Product

Tim Scannell — Wed, 29 Dec 2021 09:00:00 -0500

Tim shares eight things you can do to create a product out of your services. Many people are shopping online and prefer not to go in-store, creating a product that consumers can take home could be great for small businesses.

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

Valuing Your Business Is Not Rocket Science

Tim Scannell — Thu, 09 Dec 2021 09:00:00 -0500

Tim looks at reasons for why business owners choose to exit, their personal motivations, whether there’s an event that inspires it, or it’s just their time to leave. Tim looks at how these choices affect the sale price.

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

How You Can Protect Your Art For Future Generations

Tim Scannell — Wed, 24 Nov 2021 09:00:00 -0500

Tim outlines five key mistakes people make trying to protect and ensure their art collection. Tim highlights the importance of seeking an expert and going through a checklist that will help you avoid these mistakes.

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

Five Key Areas to Consider For the Sandwich Generation

Tim Scannell — Wed, 10 Nov 2021 09:00:00 -0500

In this episode, Tim aims to help the sandwich generation manage the financial situations of both their family and their parents. Tim lays out five key areas for people in this generation to consider while managing their situation.

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

Learn How to Grow to Exit With Laurie Barkman

Tim Scannell — Wed, 20 Oct 2021 09:00:00 -0500

Tim is joined by guest Laurie Barkman, founder of SmallDotBig to discuss growth through acquisitions as a means of succession and exit planning for business owners. Laurie shares her recommendations and insights into what makes a successful business acquisition.

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

How to Secure a Future For Your Special Needs Child With Keith Wolak

Tim Scannell — Thu, 07 Oct 2021 09:00:00 -0500

Tim and guest, Keith Wolak, CPA at Hoeppner Wagner & Evans LLP have a conversation around special needs trusts. Keith speaks about both trusts and special needs trusts, and examines the risks and benefits of each and how they work.

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

Five Key Financial Concerns for the Wealthy

Tim Scannell — Wed, 22 Sep 2021 09:00:00 -0500

Tim discusses wealth preservation, wealth enhancement, wealth transfer, wealth protection, and giving to charity as key concerns for the wealthy, and shares his insight about how to approach each concern.

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

It's Never Too Early to Build Your Business's Succession Plan

Tim Scannell — Wed, 08 Sep 2021 09:00:00 -0500

Are you busy serving clients, managing operations, and growing your business? It’s time for you to take a step back and think about your exit strategy—even if it’s still years away. In this episode, Tim Scannell discusses why it is never too early to start your succession planning.

Hightower Advisors, LLC is an SEC registered investment adviser. Securities are offered through Hightower Securities, LLC, Member FINRA/SIPC.

Episode 71 - Meet Donald Stellin of Hightower Great Lakes

Tim Scannell — Wed, 25 Aug 2021 09:00:00 -0500

Tim introduces Donald Stellin, a financial advisor at HGL. Don shares his love for not only helping his clients achieve their financial goals, but also his love of skiing and deep involvement in the sport.

Hightower Advisors, LLC is an SEC registered investment adviser. Securities are offered through Hightower Securities, LLC, Member FINRA/SIPC.

Episode 70 - 3 Critical Wealth Planning Mistakes Family Business Owners Make

Tim Scannell — Wed, 11 Aug 2021 09:00:00 -0500

Tim shares three critical wealth planning mistakes he sees family business owners make. Tim walks you through each mistake and provides an example that showcases the types of issues that may arise.

Hightower Advisors, LLC is an SEC registered investment adviser. Securities are offered through Hightower Securities, LLC, Member FINRA/SIPC.

Episode 69 - Meet Wesley Barnes of Hightower Great Lakes

Tim Scannell — Wed, 28 Jul 2021 09:00:00 -0500

Samantha is in the hot seat as she takes the lead in interviewing fellow team member Wes. In this episode, Wes describes his journey to becoming a CFP and shares the challenging side of helping people with their financial needs.

Hightower Advisors, LLC is an SEC registered investment adviser. Securities are offered through Hightower Securities, LLC, Member FINRA/SIPC.

Episode 68 - Meet Blair Anderson of Hightower Great Lakes

Tim Scannell — Wed, 14 Jul 2021 09:00:00 -0500

Policy changes can affect numerous things, and for Blair, knowing everything there is to know is something he strives to be on top of when those changes inevitably happen. In this episode, Blair shares a bit about his history as an advisor and how he approaches his work.

Hightower Advisors, LLC is an SEC registered investment adviser. Securities are offered through Hightower Securities, LLC, Member FINRA/SIPC.

Episode 67 – Why Mastermind Groups are Great for Business Owners

Tim Scannell — Wed, 30 Jun 2021 09:00:00 -0500

Being a business owner can get lonely. When you want to talk about ideas, it’s better to discuss with your peers.

In this episode, Tim Scannell talks all about mastermind groups, shares details about a group he is running, and how mastermind groups come to fruition. Tim explains the process of forming a mastermind group and why he sees so much value in them.

Tim discusses:

Four things Tim considers when creating a mastermind group
Why commitment & confidentiality are so important within the group
Why female CEOs & entrepreneurs often have more issues finding peers they can bounce ideas off
The discovery process of a mastermind group
And more

Resources:

The Wealth Stream Podcast Episode 39 – Using Mastermind Groups to Leverage Your Success

Connect With Tim Scannell:

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

Episode 65 – Explore, Learn, and Interact From the Comfort of Your Home

Tim Scannell — Wed, 02 Jun 2021 09:00:00 -0500

At a year under lockdown, new and innovative virtual platforms have now made several opportunities accessible from the comfort of your home.

We believe that this virtual trend is here to stay.

In this episode, Tim Scannell takes a break from the financial planning side of things. Instead, he shares exciting virtual opportunities that he has either experienced firsthand or learned from his clients. Whether it’s traveling, learning, exploring nature, or attending various eating and drinking events – the virtual world has a variety of amazing things to offer.

You will learn:

How modern VR technology provides an unbelievably realistic travel tours
Interesting online events that you can attend to enrich your eating & drinking experience
Why virtual kid-friendly programs are a great way to instill curiosity and a passion for learning in your children
How globally renowned universities are extending useful e-learning resources
And more!

Tune in to learn how you can pursue your passion or hobbies through the new virtual world!

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

Episode 64 – Can You Afford a Pet? – With Samantha Pietruszynski

Tim Scannell — Wed, 19 May 2021 09:00:00 -0500

Have you heard of the “pandemic puppy?” The pet adoption rates saw a sharp spike during COVID-19. After all, a furry friend would make the lockdown less lonely, right?

But – owning a pet comes with several financial responsibilities!

In this episode, Samantha Pietruszynski, an associate wealth advisor at Hightower Great Lakes, helps you navigate through life as a pet owner. Samantha shares her own experience in raising two pets, a cat and a dog, and discusses some of the major costs involved, both upfront and ongoing. She also provides several tips to help you budget for these costs so that you can make sure your pet gets everything it needs!

You will learn:

Why Samantha is a big fan of adoption vs. buying from a breeder
The importance of obedience training to avoid long-term behavioral issues
How subscription services significantly cut down your ongoing costs like food and toys
Ways to ensure that your pet gets a healthy amount of social interaction
Reasons to get pet insurance as early as possible
And more!

Tune in to better understand the financial implications of owning a pet!

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

Episode 62 – How To Minimize the Tax Impact of Your Business Sale

Tim Scannell — Wed, 21 Apr 2021 09:00:00 -0500

When you’re planning to sell your business, it’s extremely important to factor in the impact of taxes – both on the federal and the state level.

In this episode, Tim Scannell is joined by returning guest John Wiktor, head of the Trusts and Estates Group at HMB Legal Counsel. John dives into the tax-planning side of every business sale, and talks about how you can minimize your state taxes by either changing your residency or through trust planning.

You will learn:

How the new tax proposal under the Biden administration, if passed, affects your capital gains taxes.
The importance of reviewing your business structure before planning the sale
Why you should start planning at least a year prior to your exit
Things you need to consider before changing your residency to a new state
How to use various trust funds to optimize your business sale without having to move
And more!

Tune in now to learn how you can make your business sale highly tax-efficient by planning well ahead of time!

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

Episode 61 – How To Manage the Flood of Emotions That Follows Retirement

Tim Scannell — Wed, 07 Apr 2021 09:00:00 -0500

Are you emotionally prepared to leave your work? Have you thought about the next great adventure you wish to pursue?

In this episode, Tim Scannell is joined by a very special guest, his wife, Nancy Scannell, who recently retired from teaching. Nancy discusses the emotional impact of retirement, how she managed to cope with it, and how you can discover your inner passion to help you decide the next step in your life.

You will learn:

How Nancy overcame the challenges in leaving a job that she really loved
Ways to remain strongly connected with people post-retirement
Why your work does not completely define who you are – and how to create parallel path that you enjoy
The value that lies in having a great leadership coach
How to find your personal vocation through the miracle of conversation
And more!

Tune in now to learn how you can prepare yourself to bid farewell to your work and embark on the next great adventure in your life!

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

Episode 60 – Want To Retire Early? Think About These Things First!

Tim Scannell — Wed, 24 Mar 2021 09:00:00 -0500

Some people retire early, some at the traditional age of 65, and some keep following their passion even after retirement. But in every scenario, it’s important to plan for it – both financially and emotionally!

In this episode, Tim Scannell answers the most frequently asked questions about retirement. He discusses several strategies that help you create a solid parallel path for a time when you’re finally ready to finish work and live your dream retirement.

In this episode, you will learn:

How to analyze your expected income & expenses, identify cash flow gaps, and effectively address those gaps
Why medical insurance is a crucial part of preparing for retirement
The importance of tax planning to better preserve your retirement income
Multiple examples of how we have helped our clients achieve their retirement goals
And more!

Tune in now to learn how you can re-evaluate your retirement goals, and lay out a robust plan to accomplish them!

Resources: Hightower Great Lakes: (219) 246-5370 | Tim Scannell | Tscannell@hightoweradvisors.com | Episode 8 – What is a Lifelong Learning Plan? | Episode 11 – The Softer Side of Planning: Downsizing and Retirement

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

Episode 59 – 10 Must-Ask Questions to Optimize Your Business Exit

Tim Scannell — Wed, 10 Mar 2021 09:00:00 -0500

During COVID, a lot of people needed to take a step back and re-evaluate their business plans. But what is it exactly that you should focus on while planning the future of your business?

In this episode, Tim Scannell goes through a list of the 10 most important questions that every business owner should consider while planning their business exit, whether it’s in the near future or several years down the line. He also discusses how you can determine your post-retirement needs, and ways to align your exit strategy with those needs.

You will learn:

Why you should think about all potential obstacles both at the beginning and towards the end of the planning process
Tips for maximizing the value of your business sale
The importance of retaining key employees using incentive plans
How to ensure a smooth transfer of ownership to your successor – internal or external
And more!

Tune in now to learn how you can optimize your business exit and earn maximum value to fulfil the needs of you and your family!

Resources: Hightower Great Lakes: (219) 246-5370 | Tim Scannell | Tscannell@hightoweradvisors.com | Using Short-Term Key-Employee Incentives to Increase Sale Price | BizEquity

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

Episode 58 – The Power of Setting Audacious Goals

Tim Scannell — Wed, 24 Feb 2021 09:00:00 -0500

Do you know what all successful people have in common? They set audacious goals and strongly commit to it.

In this episode, Tim Scannell explores the power of aiming towards the highest goal possible and talks about how audacious goals instill an incredible sense of perseverance and focus in you. He also shares several tips on developing a set of activities and intermediate goals that guide you along your journey!

You will learn:

How to overcome the common mindset that stops most people from setting audacious goals
How to avoid potential distractions and maintain unwavering determination
Why you should continuously re-evaluate your goals and improvise your plan
Our own audacious goals at Hightower Great Lakes for 2021
And more!

Tune in now to learn how you can discover what motivates you the most, and let it be your guiding light!

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

Episode 57 – Manage Your Cash Flow Effectively In Seven Simple Ways

Tim Scannell — Wed, 10 Feb 2021 09:00:00 -0500

Wealth transfer, wealth protection, and wealth enhancement – all of these aspects have one important component in common –– cash flow!

In this episode, Tim Scannell discusses why managing cash flow is critical for your business in the long-term, especially for your exit strategy. Join him as he dives into seven key ways in which it can affect the value of your business.

You will learn:

How you can ensure a smooth transfer of ownership – internal or external
The importance of having various employee incentives in place
Ways in which stress testing can help you better evaluate your cash flow to minimize your risks
How your cash flow can vary significantly before and after your exit
And more!

Listen now to learn how you can effectively manage cash flow to get a better value for your business going forward!

Resources:

Hightower Great Lakes: (219) 246-5370 | Tim Scannell | Tscannell@hightoweradvisors.com | Episode 49 – Why a Valuation Analyst Is Critical for Planning – With Guest Greg Clark | Using Short-Term Key-Employee Incentives to Increase Sale Price

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

Episode 56 – Prepare for the Future Through Scenario Planning

Tim Scannell — Wed, 27 Jan 2021 09:00:00 -0500

Did COVID-19 slow your business down drastically? Although you can never fully prepare for the unexpected, one way you can protect your business is through scenario planning.

In this episode, Tim Scannell discusses how scenario planning can be a valuable addition to your business process. He provides a step-by-step guide to evaluate the possible alternative futures, and set your business up to face them if and when they arise.

In this episode, you will learn:

Effective ways to deal with simple and complex scenario planning
Why scenario planning is important for every company, in every industry
How technology has completely changed the way businesses interact with their clients
Ways to develop a list of indicators to monitor major industry changes
And more!

Tune in now to learn how you can take the crucial first step to commit to scenario planning!

Resources: Hightower Great Lakes: (219) 246-5370 | Tim Scannell | Tscannell@hightoweradvisors.com | 5 Wealth Management Challenges Facing Construction Industry Family Owned Businesses

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

Episode 55 – How to Prepare for the End of Your Career

Tim Scannell — Wed, 13 Jan 2021 09:00:00 -0500

Eventually, everyone will approach the end of their career, but preparing well before it arrives can make the transition a lot easier!

In this episode, Tim Scannell talks about an article by Arthur Brooks that provokes the audience to think about the declining phase of their career. He also discusses several ways to help you cope with the decreasing productivity and happiness that may arise as your career approaches an end.

In this episode, you will learn:

How a reverse bucket list can help you transition smoothly into your retirement
The four stages of life based on the Hindu philosophy – and their significance
How you can serve the future generations by sharing your knowledge and legacy
Why building and maintaining connections with others is so important
And more!

Tune in now to learn how you can get through your end-of-career transition, because professional decline is inevitable in every career!

Resources: Hightower Great Lakes: (219) 246-5370 | Tim Scannell | Tscannell@hightoweradvisors.com | Article by Arthur Brooks: Your Professional Decline Is Coming (Much) Sooner Than You Think | Podcast: The Art of Happiness with Arthur Brooks

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

Episode 54 – The State of the Union — Part 2

Tim Scannell — Wed, 30 Dec 2020 09:00:00 -0500

Following our merger to form HighTower Great Lakes two years ago, we have added so many additional services and benefits for our clients!

Today, Tim Scannell is back with the second part of his State of the Union mini-series, where he shares why he decided to merge, and how it has enabled him to extend lots of additional benefits to his clients, especially during the ongoing pandemic.

In this episode, you will learn:

How the merger has increased their operational efficiencies in multiple areas
Ways the team communicates proactively with clients
How the “next-gen” team at HGL has been effectively serving clients at various locations
Tim’s views and plans going forward into 2021
And more!

Tune in now to learn how you can access HGL’s additional services from wherever you are!

Resources: Hightower Great Lakes: (219) 246-5370 | Tim Scannell | Episode 16 – Family Office Services Part 2: Making Life Easier | Episode 28 – Start Living in Your Optimal Financial World | Episode 31 – How to Be Tax-Efficient With Your Charitable Giving | Episode 37 — Tax Avoidance vs. Tax Evasion

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

Episode 53 – The State of the Union Series: Part 1

Tim Scannell — Wed, 16 Dec 2020 09:00:00 -0500

Will working from home become the new normal?

In part one of this three-part mini series, Tim Scannell shares some of his best practices when it comes to working remotely, and mentions key takeaways you can incorporate into your daily work life.

In this episode, you will learn:

Why having the right equipment is necessary when working from home
How to find or establish your home workspace
Why you need to create firm boundaries
How to be transparent with your workflow
Why it’s essential to revisit non-verbal and personal skills
And more!

Tune in now to discover best practices when working remotely!

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

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

Episode 52 – Meet Samantha Pietruszynski, Financial Advisor

Tim Scannell — Wed, 02 Dec 2020 09:00:00 -0500

Have you ever wondered what goes into relationship management for financial advisors?

In this episode, Tim Scannell introduces Samantha Pietruszynski, a financial planner at Hightower Great Lakes, who shares what she does to ensure that her clients feel confident and comfortable in the financial advising relationship.

In this episode, you will learn:

What Samantha does in her role at Hightower Great Lakes
The importance Hightower Great Lakes places on relationship management
How Hightower Great Lakes creates a safe space for their clients
And more!

Tune in now to meet Samantha and learn about her role at Hightower Great Lakes!

Resources: Hightower Great Lakes: (219) 246-5370 | Tim Scannell | Samantha Pietruszynski

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

Episode 51 – Why the Time To Lock in Your Key Management Team Is Now: Part 2

Tim Scannell — Wed, 18 Nov 2020 09:00:00 -0500

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

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

In this episode, you will learn:

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

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

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

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

Episode 50 – Why the Time To Lock in Your Key Management Team Is Now: Part 1

Tim Scannell — Wed, 28 Oct 2020 09:00:00 -0500

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

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

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

You will learn:

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

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

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

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

Episode 49 – Why a Valuation Analyst Is Critical for Planning – With Guest Greg Clark

Tim Scannell — Wed, 07 Oct 2020 09:00:00 -0500

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

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

In this episode, you will learn:

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

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

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

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

Episode 48 – Choosing the Right Executor

Tim Scannell — Wed, 23 Sep 2020 09:00:00 -0500

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

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

In this episode, you will learn:

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

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

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

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

Episode 47- How to Deal with Conflict in Family Business

Tim Scannell — Thu, 27 Aug 2020 09:00:00 -0500

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

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

In this episode, you will learn:

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

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

Resources: Hightower Great Lakes

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

Episode 46 – Finding Your Advisor Glass Slipper

Tim Scannell — Wed, 12 Aug 2020 09:00:00 -0500

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

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

In this episode, you will learn:

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

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

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

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

Episode 45 – Using Incentive Programs to Keep Key People

Tim Scannell — Thu, 30 Jul 2020 09:00:00 -0500

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

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

In this episode, you will learn:

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

Tune in now to hear options for incentive programs!

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

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

Episode 44 – Seven Steps of Exit Planning Part 2

Tim Scannell — Wed, 22 Jul 2020 09:00:00 -0500

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

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

In this episode, you will learn:

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

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

Resources: HighTower Great Lakes | Episode 43

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

Episode 43 – The Seven Steps of Exit Planning — Part 1

Tim Scannell — Wed, 08 Jul 2020 09:00:00 -0500

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

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

In this episode, you will learn:

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

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

Resources: HighTower Great Lakes

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

Episode 42 – An Entrepreneurial World — Part 2 with Guest Stewart McMillan

Tim Scannell — Fri, 03 Jul 2020 09:00:00 -0500

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

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

In this episode, you will learn:

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

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

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

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

Episode 41- An Entrepreneurial World — Part 1 with Guest Stewart McMillan

Tim Scannell — Wed, 01 Jul 2020 09:00:00 -0500

Starting your own business can be a daunting task. Yet it might just be what the world needs.

In part one of this mini-series, Tim Scannell is joined by Stewart McMillan to discuss the impact entrepreneurs will have after COVID-19. Stuart recounts his experiences with his entrepreneurial father and the impact it had on his future within the business and beyond.

In this episode, you will learn:

How Stuart’s father started a business and the struggles they faced
Advice Stuart has learned over the years
The importance of mentoring others who may be earlier in their career
And more!

Listen as Tim Scannell and Stewart McMillan discuss the realities of entrepreneurship.

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

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

Episode 40: Introducing Susan Gellatly of BenchStrength Coaching

Tim Scannell — Mon, 29 Jun 2020 09:00:00 -0500

When it comes to your financial assets, transferring them to the next generation in succession can be a sensitive situation.

In this episode of The Wealth Stream Podcast, Tim Scannell is joined by Susan Gellatly of BenchStrength Coaching to discuss methods and strategies for generational wealth transfer. They discuss Susan’s career as a coach and how she has helped young women navigate the corporate world.

In this episode, you will learn:

What relationship management is and how it can be used to achieve greater success with clients
How to effectively transfer wealth and assets where multiple parties are involved
How Susan has helped coach young women to become successful future leaders in the corporate world through her company
How she became a successful coach and what led her to open up her own firm
And more!

Join us to learn about generational wealth transfer!

Resources: HighTower Great Lakes | BenchStrength Coaching

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

Episode 39 — Using Mastermind Groups to Leverage Your Success

Tim Scannell — Fri, 26 Jun 2020 09:00:00 -0500

Whether you are a business owner, CEO, financial advisor, or perhaps all three, having a group of like-minded professionals that you can reach out to for support is crucial when it comes to your success.

In this episode of the Wealth Stream Podcast, Tim Scannell discusses the ins and outs of mastermind groups. You might be surprised to find that most successful entrepreneurs and advisors are strong advocates of these peer-to-peer mentoring groups.

In this episode, you will learn:

How to join a mastermind group
How to find the right group of like-minded professionals
About the benefits of belonging to a mastermind group
Why Tim prefers smaller mastermind groups
And more!

Tune in now to consider what you could gain by joining a mastermind group.

Resources: HighTower Great Lakes: (219) 246-5370

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

Episode 38: Advanced Planning with High Net-Worth Clients

Tim Scannell — Wed, 24 Jun 2020 09:00:00 -0500

When it comes to life insurance as an asset, there are a number of ways you can utilize it for your benefit.

On this episode of The Wealth Stream Podcast Tim Scannell and special guest Kirk Hill give us the rundown on utilizing life insurance for advanced financial planning.

In this episode, you will learn:

Appropriate and inappropriate uses for life insurance
How investment in long term care has evolved
The best time to purchase insurance given the current circumstances
How low interest rates are affecting business during the current global situation
And more!

Join us to learn about advanced planning techniques and how changes in tax law and interest rates may affect you.

Resources: HighTower Great Lakes: (219) 246-5370

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

Episode 37 — Tax Avoidance vs. Tax Evasion

Tim Scannell — Wed, 10 Jun 2020 09:00:00 -0500

Did you know that there is a way to avoid paying taxes that can help you to enhance your wealth and generate cash flow that is supported by the government?

In this episode of The Wealth Stream Podcast, Tim Scannell shares his insight into the world of tax planning, including tax avoidance. You’ll be surprised to know how much money you could potentially be saving.

In this episode, you will learn:

What tax avoidance is and how it differs from tax evasion
What an opportunity zone credit is
Why having a Roth IRA may be particularly beneficial for younger people
New tax laws and how those changes may affect you.
And much more!

Join us now to learn about tax avoidance and the ways you can utilize it to protect your wealth.

Resources: HighTower Great Lakes

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

Episode 36: The Importance of Understanding Your Value — Part Two

Tim Scannell — Wed, 27 May 2020 09:00:00 -0500

As a business owner, it’s important to understand what drives the value of your business.

In this episode of the Wealth Stream Podcast, Tim Scannell returns with part two of his series on value drivers to share how to get the most out of your business when you exit.

In this episode, you will learn:

The final six value drivers to be aware of when exiting your business
Why having great internal management helps improve the overall value of your business
How having a proven growth strategy can help you once you’re ready to sell
Why business scalability drives value
And much more!

Join us now to learn about the different value drivers and how you can make sure you’re getting the most out of your money.

Resources: HighTower Great Lakes: (219) 246-5370 | Episode 35: The Importance of Understanding Your Value — Part 1

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

Episode 35: The Importance of Knowing Your Value — Part 1

Tim Scannell — Wed, 13 May 2020 09:00:00 -0500

Do you know what drives the value of your business?

In part one of this miniseries, Tim Scannell explains what value drivers are, and shares how understanding them may be of benefit to you should you choose to sell your business.

In this episode, you will learn:

The first three value drivers to be aware of
Why making the business successful without you increases its value
Why having scalable and repeatable processes is crucial
And more!

Join us now to learn about value drivers and how they can help you get the most out of your business.

Resources: HighTower Great Lakes: (219) 246-5370

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

Episode 34 – 10 Questions Every Business Owner Should Be Asking

Tim Scannell — Wed, 29 Apr 2020 09:00:00 -0500

What is your plan for retirement? Will you lock the doors and close your business on your last day? Have you considered a successor to carry on your legacy?

In this episode, Tim Scannell takes us through the top 10 questions as a business owner; your financial team should be asking you, especially as you move closer to retirement. You need to surround yourself with the right team that through advanced planning will ensure you get the most out of your years of blood sweat and tears from building your business.

In this episode, you will learn:

How to address things like wealth enhancement, wealth transfer, wealth protection and charitable giving
It is never too early to start thinking about your exit strategy
Do you know the actual value of your business
And more!

Tune in and learn what steps you can take to make sure you are taking a good look at your business and succession planning!

Resources: HighTower Great Lakes: (219) 246-5370

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

Episode 32 – Answering the Top Questions About Advanced Planning for Your Estate — With John Wiktor

Tim Scannell — Wed, 01 Apr 2020 09:00:00 -0500

When you eventually pass on your estate to the next generation, do you know if your loved ones will be protected from creditors?

In this episode, Tim Scannell is joined by John Wiktor from HMB Legal Counsel to answer the most common questions about advanced planning for estates. Together, Tim and John share experiences and examples from the client accounts they mutually work on.

In this episode, you will learn:

What the threshold for the “death tax” is
How to make your asset transfer more meaningful
What to consider before moving to a no-income-tax state
The importance of having creditor protection
What the big advantage is to giving your kids money through a trust rather than as an outright gift
And more!

Tune in now to get the answers you’ve been looking for about advanced planning for your estate.

Resources: HighTower Great Lakes: (219) 246-5370 | John Wiktor’s Email | John Wiktor: (312) 242-3305

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

Episode 31 – How to Be Tax-Efficient With Your Charitable Giving

Tim Scannell — Wed, 18 Mar 2020 09:00:00 -0500

Are you hoping to give more to your favorite charities and save money in taxes at the same time?

In this episode, Tim Scannell uncovers strategies that may allow you and the recipients of your generosity to get the best bang for the buck. Contributing straight from your required minimum distribution (RMD) or even donating an asset are just two of the many options that you will hear about in this informative episode.

In this episode, you will learn:

About one of the most tax-efficient strategies you can do
How to use appreciated stock to avoid capital gains tax
At what age you can start making donations from your RMD
What features and tax strategies donor-advised funds offer
And more!

Tune in to learn tax-efficient strategies for your charitable giving. Think before you write that check!

Resources: HighTower Great Lakes: (219) 246-5370 | 5 Wealth Management Challenges Facing Construction Industry Family-Owned Businesses

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

Episode 30 – Exploring the Top Concerns of Commercial-Industry Business Owners

Tim Scannell — Wed, 04 Mar 2020 09:00:00 -0500

Tim Scannell’s clients generally have five primary concerns around wealth preservation, wealth enhancement, wealth protection, charitable giving, and transferring wealth. As it turns out, business owners in the commercial industry are no exception.

In this episode, Tim Scannell shares the takeaways from his study that identifies the biggest concerns of family business owners in the commercial industry. In addition to interviewing the owners, Tim captures the perspective of children who work in these businesses as well as CPAs and an attorney. This conversation will give you insight into how these individuals are thinking about finances, what challenges they’re having, and what you can learn from them.

In this episode, you will learn:

About the rapidly changing aspects of the construction industry
How changes in technology are shifting how business is done
How to take advantage of CEO groups
What “role drift” is
The importance of working ON the business as well as IN the business
And more!

Tune in to hear the takeaways from Tim’s study about the biggest concerns of business owners in the commercial industry.

Resources: HighTower Great Lakes: (219) 246-5370 | White paper

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

Episode 29 – 6 Signs That Your Kids Are Entrepreneurial

Tim Scannell — Wed, 19 Feb 2020 09:00:00 -0500

Are your children — your heirs — clearly passionate about your business? Do they express their vision for the future? Will they problem-solve their way to prosperity?

In this episode, Tim Scannell uncovers six traits that entrepreneurial kids tend to possess. Using examples from his own life and that of his clients, Tim shows you how to prepare your children for success, especially if they are showing the true traits of being entrepreneurial.

In this episode, you will learn:

How to properly prepare your heirs to receive wealth
What the six traits of an entrepreneur are and how to develop them
Who might be best to talk to your kids about the future (it might not be you!)
And more!

Tune in now and learn how to get a sense of whether your kids are entrepreneurial!

Resources: HighTower Great Lakes: (219) 246-5370

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

Episode 28 – Start Living in Your Optimal Financial World

Tim Scannell — Wed, 05 Feb 2020 09:00:00 -0500

Wouldn’t it be great to have the confidence of knowing your wealth is preserved, your assets are protected, or even that the next generation is equipped to manage their wealth?

In this episode, Tim Scannell discusses how entrepreneurial business owners, even with the most complicated financial situations, can achieve their optimal financial world. Listen in as Tim walks you through questions that will test your knowledge of your business and personal finances with the purpose of uncovering how you can improve and live more optimally.

In this episode, you will learn:

How the services from a virtual family office can help you stay on track
What level of service entrepreneurs of all stages (i.e. super wealthy or on their way) could use from a family office
Keys to building your professional team
And more!

Tune in now and learn what changes you could make to achieve your optimal financial world.

Resources: HighTower Great Lakes: (219) 246-5370

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

Episode 27 – 3 Keys to Wealth Protection That Every High-Earner Should Know

Tim Scannell — Wed, 22 Jan 2020 09:00:00 -0500

Everyone wants to protect their wealth, no question about it. But have you considered that if you’re a high-income earner, you’re more vulnerable to litigation?

In this episode, Tim Scannell unwraps strategies for shielding your wealth, with a special focus on asset protection strategies. This is a must-listen conversation in which Tim walks you through three takeaways that not enough high-earners know while sharing client-examples along the way.

In this episode, you will learn:

Which question Tim asks his clients first about their risk and why
Who to include in your team of professionals
What Tim does to help clients avoid lawsuits and motivate creditors to settle
Why insurance can be a low-cost, high-benefit way to protect yourself
Why transparency is a critical part of asset protection
And more!

Tune in now and gain clarity on how you can protect your assets!

Resources: HighTower Great Lakes: (219) 246-5370

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

Episode 26 – 4 Ways the Super Rich Manage Their Wealth

Tim Scannell — Wed, 08 Jan 2020 09:00:00 -0500

What separates the rich from the not-so-rich?

In this episode, Tim Scannell uncovers the answers by sharing four major things the super-rich do to manage, grow, and protect their wealth. He also shares how the HighTower Great Lakes team helps their clients address the primary concerns that inspire these four habits.

In this episode, you will learn:

About the five concerns that people tend to have about their wealth
What the HighTower Great Lakes team does to help clients address these concerns
How the super-rich go about finding and working with top experts
What it means to work with advisors that focus on the human element
The importance of paying attention and knowing what you’re agreeing to
And more!

Tune in now and learn how to start managing your wealth like the super-rich!

Resources: HighTower Great Lakes: (219) 246-5370

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

Episode 25 — How to Stay One Step Ahead With Cybersecurity — With Sarah Khan

Tim Scannell — Mon, 30 Dec 2019 09:00:00 -0500

Protecting client data is of great importance to the HighTower Great Lakes team. That’s why they’ve enlisted Sarah Khan to help protect clients and advisors from digital threats.

Today, Tim Scannell is joined by Sarah, HighTower’s chief information and security officer, to explore how she works behind the scenes to protect clients. Sarah also shares steps you can take today to keep yourself and your information safe.

In this episode, you’ll learn:

About Sarah’s role at HighTower Great Lakes and how it benefits clients
How Sarah and her team ensure that clients’ information is kept safe
The value in using two-factor authentication
Sarah’s tips and tricks for protecting your data from hackers
And more!

Join Tim and Sarah now for an information-packed episode on how you can stay safe with cybersecurity!

Resources: HighTower Great Lakes

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

Episode 24 – An Inside Look at the Investment Process — With Steve Billimack CIMA®, CAIA®, AIF®

Tim Scannell — Mon, 23 Dec 2019 09:00:00 -0500

HighTower Great Lakes has a highly certified and diverse team of professionals — including Steve Billimack.

When serving high-net-worth clients, the core of HighTower Great Lakes’ planning always boils down to investment consulting. As someone who focuses the most on the investment process, Steve joins Tim Scannell today to discuss what he does and what he brings to the table for clients.

In this episode, you’ll learn:

About Steve’s background with compliance and research
How he applies his experience to his everyday work with clients
What Steve hears clients say they love most about HighTower’s planning process
How Steve protects clients from a compliance and due diligence standpoint
About the client-niche that Steve serves and how planning for them is different
What Steve’s hobby is when he’s not working with clients
And more!

Listen now to learn about Steve Billimack and get an inside look at the investment process!

Resources: HighTower Great Lakes | Contact Steve: 312-962-3826

| stevebillimack@hightoweradvisors.com

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

Episode 23 – The Wealth Management Process: Part 2

Tim Scannell — Wed, 11 Dec 2019 09:00:00 -0500

Once you’ve finished the discovery part of HighTower Great Lake’s wealth management process, it’s time to dive into planning.

In part two of his mini-series, Tim Scannell gives you an exclusive preview of how the wealth management process unfolds across the next four meetings. This is your chance to explore the process and find out how you could benefit from Tim’s thorough, client-centric approach.

In this episode, you will learn:

Which types of analyses are done during the investment plan meeting
What the purpose of the mutual commitment meeting is
How all new documents and statements are organized and prioritized during the follow-up meeting
What types of issues are discussed in the advanced planning stage
How Tim and his team help clients plan for both anticipated and unexpected transition points

Tune in to learn more about the wealth management process and what to expect when working with Tim Scannell and his team.

Resources: HighTower Great Lakes | Episode 22 – The Wealth Management Process: Part 1

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

Episode 22 – The Wealth Management Process: Part 1

Tim Scannell — Wed, 27 Nov 2019 09:00:00 -0500

Get ready for a tour of HighTower’s process that addresses clients’ advanced planning needs!

In today’s episode, Tim Scannell discusses the wealth management process at HighTower Great Lakes. He sheds light on how he gets to know clients during the first stage called the discovery process and which types of information he is most interested in gathering.

In this episode, you will learn:

What the wealth management process looks like at HighTower Great Lakes
The different aspects covered in the wealth management process
The kinds of information gathered during the discovery process
The main priorities covered with each client during the discovery process
About different types of client personalities (e.g. The Family Steward, The Independent, etc.)
And more!

Tune in to learn how Tim and his team get to know their clients during the first stage of the wealth management process.

Resources: HighTower Great Lakes

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

Episode 21 – Cash Balance Plans Explained — With Mary Stines

Tim Scannell — Wed, 13 Nov 2019 09:00:00 -0500

Are you looking for a way to ease your tax bill and attract employees to your company?

In this episode, Tim Scannell interviews special guest Mary Stines of Crowe LLP. Mary uses her immense knowledge of taxation and years of experience to answer all of your questions about cash balance plans (CBPs). She even provides highlights from a real-life example of how a company has benefitted from this type of plan.

In this episode, you will learn:

What a cash balance plan is
Whether a CBP will work with your current 401(k) plan
Whether there are restrictions or limits for CBP contributions
As a company owner, what you need to be aware of regarding CBP
And more!

Tune in now and learn about cash balance plans — their benefits to you may be worth more than you know.

Resources: HighTower Great Lakes: (219) 246-5370 | Mary Stines: (574) 239-7824

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

Episode 19 – The Power of the Pen to Leave a Legacy

Tim Scannell — Wed, 16 Oct 2019 09:00:00 -0500

Did you know that the pen is mightier than the sword? The power of the pen is eternal, which means that thinking and communication can greatly impact people’s lives.

In this episode, Tim Scannell discusses how writing is the key to preserving your history and legacy.

In this episode, you will learn:

How good communication works to create transparency, which helps other generations understand the value of their inheritance
Which tools are used to pass the legacy to the next generation
How writing and recording stories makes a difference
Key things that you should know about writing and choosing your audience
And more!

Tune in and learn how to start writing to preserve your history and legacy!

Resources: HighTower Great Lakes | Scribe | Tucker Max | The 7 Habits of Highly Effective People by Stephen Covey

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

Episode 18 – Return on Life Part 2: Using Your Money to Improve Your Life

Tim Scannell — Wed, 02 Oct 2019 09:00:00 -0500

When you only focus on rate of return, you’re focusing on the future. But it’s possible that you’re not spending money to enhance your life today.

In today’s episode, Tim Scannell tells you about the survey he and his team use to measure satisfaction in three areas: well-being, progress, and freedom. Listen in as Tim explains each area and how the experience of taking this survey can help you enhance your life.

In this episode, you’ll learn:

About the survey used at HighTower Great Lakes to measure satisfaction in key areas of life
An overview of the three major sections that make up the satisfaction survey
About rates of return you’ve never heard of and why they matter
The importance of reinvesting in further education
The role that philanthropy can play in your overall well-being
And more!

Tune in to learn about the satisfaction survey and find out how you can fill one out!

Resources: HighTower Great Lakes | Episode 17 – Return on Life: Part 1 | Satisfaction Survey

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

Episode 17 – Return on Life: Part 1

Tim Scannell — Wed, 18 Sep 2019 09:00:00 -0500

Are you overly concerned with your return on investment? Well, it turns out that there are more life-altering factors to consider than ROI.

In today’s episode, Tim Scannell introduces a perspective-changing approach called “return on life.” He explains how this process differs from a return-on-investment focus and explains why ROI is only one part of the equation.

In today’s episode, you will learn

Why focusing only on ROI is problematic
What it means to change the conversation from return on investment to return on life
The three key areas that the return on life process focuses on
The definition of “fiscalosophy”
What is included in the eight sections of the return on life questionnaire
And more!

Join Tim now to learn how the return on life process can shift your investment-focus for the better!

Resources: HighTower Great Lakes

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

Episode 16 – Family Office Services Part 2: Making Life Easier

Tim Scannell — Wed, 04 Sep 2019 09:00:00 -0500

Would family office services make your life easier? If so, what is the first step to getting started?

In part two of his mini-series, Tim Scannell explores these questions and talks about which tasks clients are most excited to hand over to his family office service.

In this episode, you’ll learn:

Some of the most common services families seek out within the family office services
About the different functions of a single family office versus multi-family office services
What having a virtual family office involves
How Tim helps families in emotionally difficult situations make decisions for family members who need support
The three sections that make up the family needs assessment at HighTower Great Lakes

Tune in to find out how you could benefit from family office services.

Resources: HighTower Great Lakes | Episode 15: What You Didn’t Know About Family Office Services

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

Episode 15 – What You Didn’t Know About Family Office Services

Tim Scannell — Wed, 21 Aug 2019 09:00:00 -0500

In what instances would you need family office services?

There are straightforward situations and then there aren’t. The latter is where family office services come in. Today, Tim introduces the family office services at HighTower Great Lakes and explains what the services involve for different clients.

In this episode, you’ll learn:

Why HighTower Great Lakes offers family office services
What the family office services entail
How family office services can help with the most complicated situations
The process of preparing the next generation to take over a business
The two levels of services offered within family office services
And more!

Tune in to learn what family office services are all about and how you can benefit from them.

Resources: HighTower Great Lakes

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

Episode 13 – Advanced Planning Part 2: Asset Protection for Special-Needs Beneficiaries

Tim Scannell — Wed, 24 Jul 2019 09:00:00 -0500

In part two, Tim Scannell covers another major topic under advanced planning: asset protection. He discusses how children or grandchildren with special needs can be supported by their families without experiencing an interrupting in the benefits they receive.

In this episode, you’ll learn:

What is involved in wealth protection for special-needs beneficiaries
Solutions to prevent special-needs beneficiaries from losing their support services
Useful tools to help families who are concerned that their children might make poor financial decisions
And more!

Tune in to discover what financial solutions are available for families with special-needs wealth beneficiaries.

Resources: HighTower Great Lakes | Episode 12: Advanced Planning Part 1: Preparing Beneficiaries and Prenuptial Agreements

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

Episode 12 – Advanced Planning Part 1: Preparing Beneficiaries and Prenuptial Agreements

Tim Scannell — Wed, 10 Jul 2019 09:00:00 -0500

Change is inevitable and the way we deal with it can have a far-reaching impact on our lives. According to Tim Scannell, this is where advanced planning comes in.

In part one of his mini-series, Tim discusses how advanced planning can help prevent future problems that usually arise from four tough situations. Tim offers guidelines in today’s episode to help you handle two of these scenarios: preparing beneficiaries who have special needs and navigating prenuptial agreements.

In this episode, you’ll learn:

The meaning of advanced planning
Why it’s important to gather information in the advanced-planning process
About the three essential pieces of an estate plan
How Tim and team help protect beneficiaries who have special needs
Why prenuptial agreements are an unpopular but crucial area of advanced planning
The true meaning and purpose of a prenuptial agreement
And more!

Join Tim now and learn how to live greater today and prepare for life’s big changes!

Resources: HighTower Great Lakes

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

Episode 11 – The Softer Side of Planning: Downsizing and Retirement

Tim Scannell — Wed, 26 Jun 2019 09:00:00 -0500

Do you know about the softer side of financial planning?

Planning isn’t all about conducting technical quantitative analyses. In fact, Tim Scannell and his team spend half of their time helping clients with more subtle planning items, called “transition points.”

Today, Tim explains how you can prepare for two major transition points—downsizing and retirement.

In this episode, you’ll learn:

About HighTower Great Lakes’ unique approach to financial planning that additionally focuses on transition points
What the common examples of transition points are
About popular downsizing-misconceptions
How Tim Scannell helps clients’ parents downsize
About Tim and his wife’s experience with using a five-focused checklist when they downsized

Join Tim now to learn what goes into the process of downsizing and how he can help you through it!

Resources: HighTower Great Lakes

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

Episode 10 – Do You Understand the Fiduciary Planning Process?

Tim Scannell — Wed, 12 Jun 2019 09:00:00 -0500

There are many terms used in the financial industry, and differentiating between similar ones can be confusing. Do you know the difference between a “fiduciary” and a “broker”?

Today, Tim Scannell answers that very question. Not only that, but he also gives insight into how the fiduciary process works, particularly at Hightower Great Lakes.

In this episode, you’ll learn:

The key differences between brokers and fiduciaries
Why the fiduciary process can be compared to that of a dietitian
The fee structure of a fiduciary versus a broker
How the fiduciary process at Hightower Great Lakes operates
And more!

Tune in now to learn about the benefits of having a fiduciary on your side!

Resources: HighTower Great Lakes | HighTower Whiteboard Animation: Brokers vs. Fiduciaries

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

Episode 9 – The Family Bank

Tim Scannell — Wed, 29 May 2019 09:00:00 -0500

Inheriting wealth is harder than it sounds. Too often, younger generations misuse wealth because they don’t know how to preserve it or how to make wise spending decisions.

The family bank could be the solution.

In today’s episode, Tim Scannell gives you a behind-the-scenes look at how clients use family banks to educate their children, protect their assets, and channel money in a direction that aligns with their values.

In this episode, you’ll learn:

The three most popular reasons for creating a family bank
Examples of how family banks create educational experiences for adult children
The benefits and drawbacks of using a family bank
Different priorities a family bank can address
How a family a bank can encourage certain behaviors in younger generations
And more!

Listen in now and learn how you could use a family bank to provide younger generations with support and education!

Resources: HighTower Great Lakes

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

Episode 8 – What is a Lifelong Learning Plan?

Tim Scannell — Wed, 15 May 2019 09:00:00 -0500

What role does a lifelong learning plan play in multi-generational wealth transfer?

Tim Scannell is picking up from where he left off in his previous episode on multi-generational family meetings. Today, Tim talks about the importance of having a lifelong learning plan, what the plan entails, and how it can help families during wealth transitions.

In this episode, you’ll learn:

About the role of a lifelong learning plan in transferring wealth between generations
Why it’s beneficial for families to create a lifelong learning plan
The #1 concern that clients have during generational wealth transition planning
Factors to consider when creating a lifelong learning plan
And more!

Tune in to learn how a lifelong learning plan can help you and your family navigate your financial future!

Resources: HighTower Great Lakes | Episode 7 – Multigenerational Family Meetings

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

Episode 7 – Multigenerational Family Meetings

Tim Scannell — Wed, 01 May 2019 09:00:00 -0500

Do you know how to prepare for the successful transition of family wealth?

You’re about to find out.

In today’s episode, Tim Scannell discusses a powerful tool that helps families pass on their legacy to their heirs—family meetings.

Here’s what you’ll learn about in today’s episode:

The primary goals of multigenerational family meetings
Tim’s approach to introducing his clients to the concept of family meetings
The importance of transferring wealth as well as the history behind the wealth
How Tim conducts a multigenerational meeting from start to finish
What a lifelong learning plan is
And more!

Tune in now to learn all about multigenerational family meetings and how Tim Scannell can help you!

Resources: HighTower Great Lakes |

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

Episode 6 – How to Leave a Legacy through Charitable Giving and Philanthropy

Tim Scannell — Wed, 17 Apr 2019 09:00:00 -0500

Preparing to transfer your wealth to the next generation is important, but it’s also important to consider how philanthropy can help prepare the next generation to receive your wealth.

In this episode of the Wealth Stream podcast, Tim Scannell of HighTower Great Lakes shares how he and his team encourage clients to engage their families in their philanthropic legacy giving.

In this episode, you’ll learn:

How protecting a family brand is equally as important as protecting financial assets
How philanthropy helps open up the conversation about money and saving with children and grandchildren
Why you should ask ‘why’ to your mentors when choosing the organizations to support
Why using philanthropy as a part of your overall financial plan is such a great tool
The importance of speaking with families about current philanthropy and moving towards an organized family plan for charitable giving
And more!

Join Tim now to learn all about charitable giving!

Resources: HighTower Great Lakes

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

Episode 5 – Looking Downstream: Part 4

Tim Scannell — Wed, 03 Apr 2019 09:00:00 -0500

So, you’ve sold the family business — now what?

In part four of Tim Scannell’s Looking Downstream mini-series, Tim discusses the way his team helps clients protect their funds for generations to come.

In this episode you’ll learn:

The way that HighTower Great Lakes protects clients’ wealth
Why HighTower Great Lakes definition of wealth encapsulates so much more than financial assets
Tim’s process for multi-generational family meetings
The importance of focusing on transition points in life — and being prepared for positives and negatives that come from those
And more!

Tune in now to learn how you can protect your wealth for generations to come!

Resources: HighTower Great Lakes | Looking Downstream: Part 1 | Looking Downstream: Part 2 | Looking Downstream: Part 3

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

Episode 4 – Looking Downstream: Part 3

Tim Scannell — Wed, 20 Mar 2019 09:00:00 -0500

When exiting your business, it can be difficult to anticipate what to expect when dealing with potential buyers.

Luckily, Tim Scannell is here to help! In part three of his mini-series on navigating the selling of your business, Tim helps you prepare to enter the marketplace and present your business to potential buyers.

In this episode, you’ll learn:

What buyers want to know before they purchase your business
How Tim helps business owners find buyers that will carry on the business’ culture and values
What your team resumé includes and why it will matter to potential buyers
The different categories of buyers and what they typically look for in businesses
And much more!

Tune in now and gain the insight you need to enter the marketplace with confidence!

Resources: HighTower Great Lakes | Looking Downstream: Part 1 | Looking Downstream: Part 2

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

Episode 3 – Looking Downstream: Part 2

Tim Scannell — Wed, 06 Mar 2019 09:00:00 -0500

Did you know that fly fishing and owning a business share many similarities?

In part two of his five-part series, Tim is back to explain how business owners can prepare to “enter the river” and successfully navigate the next steps in their business exit strategy.

In this episode, you’ll learn:

How Tim helps clients look downstream to prepare their businesses for an exit down the road
At what point business owners are ready to “enter the river” (and what that entails)
Tim’s recommendations for one of his current clients—a management team that is buying a family-owned business
Why Tim recommends that every small business have a chief financial officer
The importance of being adaptable during the planning process
And much more!

Tune in now to learn a new way to think about exiting your business!

Resources: HighTower Great Lakes | Looking Downstream: Part 1

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

Episode 2 – Looking Downstream: Part 1

Tim Scannell — Wed, 20 Feb 2019 09:00:00 -0500

Fly fishing and generational wealth planning have more in common than one might think, according to Tim Scannell.

In part one of his five-part series, Tim explains why he encourages clients to “look downstream” to create generational financial plans that build wealth far into the future.

In this episode, you will learn:

Why Tim strategically helps clients focus on their long-term planning in finance
About the importance of building the right team to execute the client’s goals, rather than defaulting to the team that’s been around the longest
About Tim’s experience with building a standout team (both internally with staff and externally with buyers) and the difference it makes in the long-term
And much more!

Join Tim for part one of this miniseries and don’t forget to look for the next episode!

Resources: HighTower Great Lakes

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

Episode 1 – Meet Tim Scannell, Managing Director of HighTower Great Lakes

Tim Scannell — Fri, 01 Feb 2019 09:00:00 -0500

In this premiere episode, you’ll meet Tim Scannell, the managing director and partner at High Tower Great Lakes Wealth Management. Tim is a Chartered Professional Accountant and a CERTIFIED FINANCIAL PLANNER™ professional.

Tim works with entrepreneurs and business professionals to proactively plan for their financial futures. He helps his clients set financial goals that launch them on the path to success.

In this episode, you will learn:

Why Tim chooses to work mostly with family-owned businesses
How High Tower Great Lakes Wealth Management remains active in the community
The importance of “transition points” in building lifelong wealth
Who Tim Scannell is and why he does what he does
And more!

Tune in now and get to know Tim Scannell in this debut episode of The Wealth Stream podcast!

Resources: HighTower Great Lakes

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