The Wealth Stream Podcast

Once you have decided what your next passion after business is, the next step is bringing that passion to life. In part two of the Passion Series, Tim Scannell and Stewart McMillan continue to describe the landscape of exiting a business and working toward your next big passion. They also highlight the importance of not doing everything by yourself, which is one of the lessons Stewart learned when...

A lot of business owners feel like their business is their biggest passion, and they will lose purpose after exiting the business. However, exiting a business can be the perfect opportunity to explore your next big passion! In part one of the Passion Series, Tim Scannell speaks with returning guest Stewart McMillan. Stewart talks about his journey of selling his business and following his passion,...

Sometimes, it is hard to find your passion after you have exited your business and retired. Our guest, Rocky Schiral li, 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. He then relates his story to the experiences of many other people in...

Eventually, everyone exits their business.  When that time comes, how can you ensure you’re getting the best price possible? What are buyers looking for? In this episode, Tim Scannell runs through the six power ratios that most 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 mos...

People don’t like to talk about death and people don’t like to talk about money—and people really don’t like to talk about these things with their parents. However, sometimes the most important conversations are the ones that are the hardest to have.  In this episode, Samantha Pietruszynski discusses how to approach having “the talk” with your parents and highlights the benefits of addressing it e...

Parenthood is a huge step filled with many unknowns. And if you start to consider the financial uncertainty that comes with parenthood, it can start to feel extremely overwhelming. Luckily, it doesn’t have to be!  In this episode, Justin McCurdy, co-worker of Tim Scannell, walks through four key areas where you can plan for parenthood to erase uncertainty and alleviate stress. Justin discusses: Na...

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.  However, it is important to think about your exit strategy well before you plan to leave.  In this episode, Tim Scannell lists 10 things that you should start thinking about so that when it comes time to retire, the transition of your business...

We all have a freedom point, and for each of us, that point is different. The freedom point of one person is completely different from the freedom point of another. In this episode, Tim Scannell speaks about what he means when he says ‘freedom point’ and why it is important in retirement. Tim helps you understand why knowing your freedom point is important and some things that you might want to co...

Have you ever thought about nurturing your business like a child, so that when it comes time for you to exit the business, it can be independent and stand on its own? In this episode, Tim Scannell 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 y...

As a business owner, there are three things you don’t want to be overly reliant on when setting up and structuring your business. In this episode, Tim Scannell introduces us to the Switzerland discount, explaining why you want to avoid being Switzerland when it comes to your business. Tim details three things business owners should not be overly reliant on, and explains why being reliant on key cu...

During the pandemic, business owners had to adapt their products and services. What if you could create a product out of your service? In this episode, Tim Scannell 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.  Tim discusses...

There are plenty of non-business related things business owners think about when planning their exit. Numbers are critical, but they’re not everything. Valuing your business is not rocket science, it’s more personal. In this episode, Tim Scannell 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 t...

If you own a piece of art or an art collection, you don’t want to make the mistake of not properly protecting and insuring your art. There are several measures you should take to protect your art to avoid costly losses and mistakes.  In this episode, Tim Scannell outlines five key mistakes people make trying to protect and ensure their art collection. Tim highlights the importance of seeking an ex...

The sandwich generation are those adults who are raising their kids while also caring for their aging parents. Naturally, this time period comes with a lot of financial responsibility, among other things. In this episode, Tim Scannell aims to help the sandwich generation manage the financial situations of both their family and their parents. Tim lays out five key areas for the generation to consid...

As a business owner, exit planning is something that you only get one shot at. Have you considered growth through acquisitions as an exit plan? In this episode, Tim Scannell is joined by 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 succes...

Setting up a special needs trust for your child with special needs is always a tough conversation to have. But having that conversation in the first place goes a long way in easing stress about the future. In this episode, Tim Scannell is joined by Keith Wolak, an attorney and Certified Public Accountant at Hoeppner Wagner & Evans LLP for a conversation around special needs trusts. Keith speak...

Many people share similar concerns about their finances, like ensuring you have enough money to meet all your monthly needs, and ensuring you have enough money to retire comfortably. But what about the wealthy? Are there specific financial concerns that only pertain to them? In this episode, Tim Scannell looks at five financial concerns he regularly hears people are concerned about. Tim discusses...

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. Using a detailed client example, Tim explains ways to ensure a fair wealth distribution to all of your successors, an...

When experiencing economic downturns or just shifts in the market, it’s important to not allow emotions to run your decision making. In this episode, Tim Scannell introduces listeners to Donald Stellin, a financial advisor for Hightower Great Lakes. 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. Don...

Running a family business is complex—it’s easy to overlook simple things and then find your business in a complicated scenario. In this episode, Tim Scannell 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. Tim discusses: Why your team may be working with...

Samantha Pietruszynski is in the hot seat today, she’s kicked Tim out of the interview chair! She is an associate wealth advisor for Hightower Great Lakes and she has brought along Wesley Barnes, Chief Operating Officer of Hightower Great Lakes. In this episode, Samantha introduces us to Wes, we learn about his journey to becoming a CERTIFIED FINANCIAL PLANNER professional and more. Wes shares the...

Policy changes can affect numerous things, and for Blair Anderson, knowing everything there is to know is something he strives to be on top of when those changes happen.  In this episode, Tim Scannell introduces listeners to Blair Anderson, CEO and partner at Hightower Great Lakes. Blair shares a bit about his history as an advisor, how he approaches his work, especially when policy changes arise,...

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 consider...

Financial planning is important, no matter what stage of life you are in. So as a youth who has just begun accumulating wealth, what are some key financial decisions you need to think about? In this episode, Tim Scannell and Justin McCurdy, associate wealth advisor at Hightower Great Lakes, answer this question. Going through the investment management and advanced planning process, Tim and Justin...

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....