Selling a business that you’ve worked to build for years or decades comes with an enormous number of considerations—not the least of which is easing the tax burden that accompanies a big sale. On the latest episode of Optimizing Your Financial World, we’re looking at four ways business owners who sell their companies might mitigate taxes. Let’s dive in!Chapters:0:00 - Introduction and overview on the topic of the day1:23 - Tax-related issues are top-of-mind concerns for business owners2:51 - Transferring your assets regularly over time4:35 - Selling your business through an installment sale approach5:51 - The risks associated with an installment sale approach7:58 - Opportunity Zones and how a business owner can leverage these when selling a business9:52 - Charitable remainder trusts can be a great solution11:47 - Addressing the income component with a charitable remainder trust13:33 - Which of these strategies makes the most sense for you?15:10 - How to get in touch with Mark and his team to discuss this futher16:05 - Closing remarks

If you’re an entrepreneur, the idea of selling your business may have crossed your mind more than once. If you ultimately decide to sell your business, you’ll likely encounter two main types of buyers: financial and strategic. It’s a good idea to consider which type of buyer is the right one for you and your company. On the latest installment of Optimizing Your Financial World, we’re exploring how these two categories of buyers could play an important part in how much you get for your company!Chapters:0:00 - Introduction and overview on the topic of the day1:31 - What can a entrepreneur expect when encountering a financial buyer3:26 - Where the seller fits into the financial buyer's vision for the sale of the company5:26 - Where financial buyers come from7:01 - How a strategic buyer approaches the acquisition of a company8:58 - A strategic buyer is looking into the greater value being created beyond the sale11:18 - The types of strategic buyers12:36 - How an entrepreneur can decide which type of buyer would be best for them14:14 - Advice for navigating deals with strategic buyers15:37 - How you can get in touch with Mark and his team 16:19 - Closing remarks

Even if you’ve done excellent planning for your golden years, it’s possible to make mistakes once you’re in retirement that can prove to be costly. On the latest episode of Optimizing Your Financial World, we’re examining some of the big mistakes that retirees tend to make along with potential solutions and, even better, ways to avoid making them in the first place.Chapters:0:00 - Introduction and overview on the topic of the day1:31 - Many people aren't aware of the financial risks that exist after they retire3:41 - The common mistake of overspending7:05 - Avoiding 'money talks' with family members9:57 - Using the 'wrong' withdrawal strategy for income12:53 - Stop making investing your part-time hobby15:36 - Being aware of the different scamming techniques out there18:01 - How to combat scammers in today's day and age20:55 - Just because you enter retirement, doesn't mean you should enter auto-pilot22:57 - How to get in touch with Mark and his team24:03 - Closing remarks

We all have financial concerns of some sort or another. On the latest episode of Optimizing Your Financial World, we're taking a closer look at some of the key concerns shared by many affluent individuals and families today. How many of these concerns are on your own list of issues to address? Chapters:0:00 - Introduction and overview on the topic of the day1:35 - Managing your wealth is like managing your health3:10 - Preserving your wealth over the course of your lifetime6:16 - Affluent people aren't always as "all set" as you would think8:34 - The enhancement of wealth over time10:45 - Taxes can create questions and uncertainty 13:08 - Estate planning is a crucial concern of the affluent15:52 - Asset protection and guarding your wealth is a top concern of the affluent18:08 - The charitable side of wealth planning20:34 - How to get in touch with Mark and his team24:24 - Closing remarks

We can be blindsided at any time by bad news. Perhaps it's a death, a job loss, or a natural disaster? Either way, these difficult life events make it hard to know whether we’re still on solid financial ground. In the latest installment of Optimizing Your Financial World, we’re taking a closer look at smart ways to regain much-needed clarity if you’re faced with major uncertainty, as well as steps you can take if you need to get back on track.Chapters:0:00 - Introduction and overview on the topic of the day1:47 - We're not immune from challenges and stressful events4:09 - The first move someone can make when experiencing sudden shock6:35 - Developing an in-depth assessment of a client's unique situation9:42 - Examining the existing financial strategies currently being leveraged12:15 - Are most people protected in the event of a sudden challenge in their life? 14:30 - Mark's advice for staying calm when faced with stress and a loss of control18:42 - How Mark's team navigates negative situations when an assessment reveals something bad22:07 - The bottomline and key takeaways24:17 - How to get in touch with Mark and his team25:21 - Closing remarksConnect with Mark Wade:WebsiteLinkedIn

Family banks are a tool that some very wealthy families use for a number of reasons, and they’re increasingly being adopted by more and more families across the net worth spectrum. On the latest installment of Optimizing Your Financial World, we’re looking at whether family banks could be a smart move for you! Chapters:0:00 - Introduction and overview on the topic of the day1:23 - What is a Family Bank? 2:36 - The types of initiatives that Family Banks fund4:26 - How a Family Bank can help build financial responsibility of a family member5:49 - A Family Bank can also assist with a business-building desire8:28 - Why Family Banks need to be formal in nature11:21 - Family Banks should be very tailored to a given family's needs and goals13:43 - Family Banks are not only reserved for those with significant assets16:34 - Leverage a team of professionals to assist in running your Family Bank19:45 - How to get in touch with Mark and discuss the topic further20:30 - Closing remarksConnect with Mark Wade:WebsiteLinkedIn

On the latest installment of Optimizing Your Financial World, we're discussing how you can become a savvy negotiator, which is a skill that comes in handy both professionally and personally. Highly successful self-made multimillionaires, high-caliber professionals and other high achievers are typically extremely successful negotiators. On this episode, we explore what they say and do get what they want when dealing with other people and how we all can take a page from their playbook.Timecodes:0:06 - Introduction and overview on the topic of the day1:45 - The habits of the most successful negotiators4:00 - The foundation of a smart approach towards negotiating5:38 - A win-win negotiation isn't always possible6:41 - You need to have a deep understanding of the issues at hand8:18 - "People smarts" 11:27 - How to enhance your "people smarts" over time13:30 - It's important to understand the desires of the people you're negotiating with14:00 - Look at deals your counter-parties have completed in the past16:40 - How to get in touch with Mark and his team17:44 - Closing remarksConnect with Mark Wade:WebsiteLinkedIn

One of the smartest financial moves that individuals and families can make is to learn what strategies are being used by people who are wealthier than they are. Primarily, this is done to see if they could benefit by adopting those same habits and best practices. On the latest episode of Optimizing Your Financial World, we're discussing one extremely valuable tool that the wealthy regularly use called a stress test. This process is leveraged for seeing how well positioned, financially, you really are!This episode is packed with some helpful takeaways for your own financial world. Let's get started!Timecodes:0:06 - Introduction and overview on the topic of the day1:40 - What is a stress test? 4:13 - Why stress testing is being used by extremely wealth people 6:00 - Stress testing isn't reserved only for very wealthy people8:43 - There tend to be more financial opportunities uncovered during a stress test12:12 - Why there tend to be more issues with wealth plans that aren't stress testing regularly13:38 - Stress testing can be an eye-opening experience 14:56 - The construction company analogy16:30 - The signs and signals you should be on the lookout for17:30 - How to get in touch with Mark and his team18:35 - Closing remarksConnect with Mark Wade:WebsiteLinkedIn

Believe it or not, it’s not always easy to inherit significant wealth. Many inheritors feel tremendous pressure to prove that they deserve the money and that pressure can lead to great things or big problems, depending on how well they navigate the situation. On the latest episode of Optimizing Your Financial World, we’ll explore ways that inheritors can feel more validated and comfortable with wealth.Timecodes:0:06 - Introduction and overview on the topic of the day1:40 - Inheriting significant wealth can present challenges to those beneficiaries4:08 - There are two categories of inheritors5:54 - Inheritors seeking validation and legitimacy7:08 - The issue with inheritors seeking out validation9:28 - Smart ways inheritors can go about achieving that level of validation10:53 - What if an inheritor isn't interested in the family business? 12:58 - Inheritors need to find what matters most to them15:06 - How to get in touch with Mark and his team16:18 - Closing remarksConnect with Mark Wade:WebsiteLinkedIn

We all have various personality traits. Some of us are introverts while others are extroverts, for example. But did you know you also have a wealth personality and that it can have a big impact as you pursue your financial goals? On the latest episode of Optimizing Your Financial World, we’re examining the topic of high net worth personalities — how to identify yours, and how you can put it to work as you seek to make smart decisions about your wealth. Timecodes:0:06 - Introduction and overview on the topic of the day1:58 - The how and why behind people's attitudes about money3:10 - Your wealth personality should match your wealth manager's5:00 - The most popular wealth personalities out there6:51 - The more nuanced types of wealth personalities9:50 - The benefits of working with a wealth manager that shares your wealth personality12:23 - How you can figure out your wealth personality16:36 - How involved do you want to be in your wealth planning matters? 18:28 - Can you have a mixture of these wealth personalities? 20:14 - How to get in touch with Mark and his team21:31 - Closing remarksConnect with Mark Wade:WebsiteLinkedIn

We all know people purchase life insurance for a lot of reasons and the most common being to take care of their loved ones. Still others might use life insurance to maximize income or to address business concerns. But on the latest episode of Optimizing Your Financial World, we’re going to examine a purpose for life insurance that many people aren’t aware of: Using life insurance for philanthropic giving so you can leave a charitable legacy.Timecodes:0:06 - Introduction and overview on the topic of the day1:40 - Life insurance isn't as vanilla of a financial solution as some may believe4:20 - Which kind of life insurance policies are pertinent to charitable giving strategies5:19 - Who would benefit from leveraging life insurance for charitable inclinations6:54 - How life insurance can be used to fund a charitable organization8:12 - Giving a charity the life insurance policy itself10:01 - How dividends come into play 12:10 - These efforts should be considered among other tax planning strategies13:36 - How you can get in touch with Mark and his team14:40 - Closing remarksConnect with Mark Wade:WebsiteLinkedIn

There’s no shortage of goals that we want to achieve for ourselves, our loved ones, and even our communities. But defining meaningful goals and pursuing them intelligently is a big challenge for many of us. On the latest installment of Optimizing Your Financial World, we’re looking at some ways we can develop a clear vision for our lives, translate that vision into actionable objectives, and go after those goals with gusto.Timecodes:0:06 - Introduction and overview on the topic of the day2:06 - It's important to talk about goal setting3:22 - People typically need assistance developing clear goals4:47 - The first step towards setting productive goals5:58 - Start with the end in mind!8:03 - Break your big vision down into small steps10:00 - Advice for focusing granularly on some key action items 12:41 - How many goals should you be setting for yourself?14:23 - Avoid these mistakes when it comes to setting goals16:35 - How to get in touch with Mark and his team17:56 - Closing remarksConnect with Mark Wade:WebsiteLinkedIn

The bad financial decisions you avoid can be just as important as the good financial moves you make. And while no one is perfect, highly successful people and families tend to avoid major slip ups. Today, we’re going to explore some wealth-destroying mistakes that highly successful people do a good job of sidestepping and how you can take a page from their playbook.Timecodes:0:06 - Introduction and overview on the topic of the day1:30 - High successful people avoid making costly mistakes3:06 - We can take away some lessons from the ultra affluent4:04 - Stop losing sight of your goals5:55 - Leverage a vision statement and be clear about what you want to accomplish7:18 - Work with an advisor who deeply understands your goals and aspirations11:16 - Utilize a second opinion on your financial world13:08 - The difference between a stress test and a second opinion16:47 - How you can get in touch with Mark's team17:59 - Closing remarksConnect with Mark Wade:WebsiteLinkedIn

There is an important question that business owners should be asking themselves: How confident are you that your business planning efforts are on track to get you the results you want and need? Unfortunately, many business and wealth plans aren’t fully aligned with their owners’ goals. On the latest episode of Optimizing Your Financial World, we examine how a business stress test can help entrepreneurs determine where they stand and what changes may need to be made to keep their companies on track!Timecodes:0:06 - Introduction and overview on the topic of the day2:30 - What is a stress test and what does it entail? 4:09 - Stress testing is focused on results5:40 - The human element plays a role in stress testing7:12 - How an entrepreneur can benefit from the stress testing process9:09 - How a stress test can address issues within exit planning11:00 - How stress test can help with asset protection planning efforts12:34 - Retirement planning can also be addressed via stress testing14:10 - Questions you should be asking yourself17:05 - Are you taking advantage of tax efficient strategies? 18:40 - How to get in touch with Mark and his team19:32 - Closing remarksConnect with Mark Wade:WebsiteLinkedIn

As we age, many of us will experience cognitive decline. It could be minor, but perhaps major. On the latest installment of Optimizing Your Financial World, we’re looking at some ways to potentially safeguard your assets from wealth-destroying mental money mistakes before that time comes. Here’s a look at how to do it!Timecodes:0:06 - Introduction and overview on the topic of the day1:55 - We lose the ability to make well-informed decisions later in life3:12 - How this cognitive decline can impact our financial decisions as well4:43 - Steps you can be taking to mitigate mental errors6:18 - Simplify your financial world!7:55 - The importance of financial transparency with your family and trusted advisors12:52 - The mistakes to avoid when it comes to dealing with cognitive decline16:09 - There are action steps you can be taking right now!17:40 - How to get in touch with Mark and his team18:30 - Closing remarksConnect with Mark Wade:WebsiteLinkedIn

While divorce rates in the U.S. have generally been falling for some time, the sad fact is that many marriages don’t work out. On the latest episode of Optimizing Your Financial World, we’re examining ideas and options for protecting financial assets in the event that a marriage, yours or that of a loved one, ends in divorce.Timecodes:0:06 - Introduction and overview on the topic of the day1:33 - Divorce has become a popular financial discussion in recent history2:27 - Couples should be factoring the potential for divorce into their wealth planning3:30 - It's not easy discussing the potential for divorce4:56 - Asset protection strategies available to you6:27 - Asset protection and property depends on which state you live in7:13 - Important concepts surrounding "marital assets" that people should understand9:37 - Leveraging a prenuptial agreement 12:00 - Utilizing trusts (DAPT's) for asset protection14:10 - Less complex asset protection strategies you can utilize16:34 - How to get in touch with Mark and his team17:40 - Closing remarksConnect with Mark Wade:WebsiteLinkedIn

Family conflicts can wreak havoc on a family-run business, especially when it comes time to transfer ownership of the company from one generation to the next! On the latest installment of Optimizing Your Financial World, Mark and Ryan examine a well-designed succession plan can reduce that risk and help facilitate a transfer that leaves everyone in the family satisfied.Timecodes:0:06 - Introduction and overview on the topic of the day1:18 - How important succession planning is when a family business is in play2:36 - Assessing the need for succession planning in the first place4:19 - Starting the process of developing a succession plan6:20 - Succession planning can avoid family conflict and foster harmony along the way8:15 - How a succession planning address the technical aspects of the family business10:33 - Putting your plan onto paper13:10 - The mistakes that creep into play when developing a succession plan13:33 - Keep your succession plan up-to-date!15:29 - How to get in touch with Mark and his team16:27 - Closing remarksConnect with Mark Wade:WebsiteLinkedIn

On the latest installment of Optimizing Your Financial World, we're examining the challenges that many parents face: raising a child with special needs. There are a number of financial planning strategies and solutions that can help parents navigate a path through the financial uncertainty that comes with raising a child with special needs.Let's dive into the tools at our disposal and how we can leverage them to make this financial uncertainty more manageable. Timecodes:0:06 - Introduction and overview on the topic of the day1:30 - There are considerable challenges when you have a child with special needs3:15 - The largest concerns that these parents encounter5:06 - The costs fluctuate dramatically, which introduces a lack of financial clarity7:11 - The first step in getting on top of your finances 8:20 - Government agencies can provide some assistance as well9:38 - The next-level strategies you can be considering here12:32 - How to help your child once you've passed on15:52 - Take a deep breath because there are financial solutions available for your family17:20 - How to get in touch with Mark's team18:39 - Closing remarksConnect with Mark Wade:WebsiteLinkedIn

We’re living longer than ever these days, which means our wealth may need to see us through what could be an extremely lengthy retirement. Did you initially plan for that? On the latest episode of Optimizing Your Financial World, we explore how an increasingly important aspect of wealth management, known as longevity planning, can potentially help position our finances for the long haul.We'll dive into the various strategies at play here and leave you with some key considerations for your future!Timecodes:0:06 - Introduction and overview on the topic of the day1:25 - Why living longer can present a double-edged sword scenario for us3:15 - How wealth managers are addressing the idea of living longer4:23 - How can you make sure your wealth is positioned to go the distance?5:00 - How concierge medicine comes into play6:58 - Some examples where concierge medicine is applicable for wealth families9:13 - Estate planning goes hand-in-hand with longevity planning efforts11:56 - Important questions you should be asking yourself or your advisors14:00 - Where to begin your longevity planning efforts? 15:56 - How you can get in touch with Mark's team for a second opinion or stress test16:47 - Closing remarksConnect with Mark Wade:WebsiteLinkedIn

When advisors truly know their clients, as people and not just as numbers on paper, they can better help them achieve financial and other goals. On the latest episode of Optimizing Your Financial World, we're exploring what client-centric advisors do to bring real value to their clients' lives, as well as how you can determine if your current advisor is truly client-centric. Sit back, relax, and enjoy another thought-provoking conversation!Timecodes:0:06 - Introduction and overview on the topic of the day1:59 - An increasing number of advisors are focusing deeper on their clients2:41 - What is a client-centric advisor? 7:02 - Being curious and consultative 8:40 - A client-centric should implement a proven process11:33 - Assets shouldn't be at the forefront of a client-centric advisor's conversations13:58 - Not every client-centric advisor is going to have the same process16:44 - The bottomline: What working with a client-centric advisor can do for you!18:09 - How to get in touch with Mark's team19:00 - Closing remarksConnect with Mark Wade:WebsiteLinkedIn