Episodios

  • Negotiating Business Sales - The Right Way (with Pete Benenati)

    Negotiating Business Sales - The Right Way (with Pete Benenati)
    Jul 17 2024

    Pete Benenati, founder of Benenati Law, brings over 30 years of experience to the current business transaction market. Pete represents both buyers and sellers and has learned over the years the best ways to make sure the deal works out smoothly for their clients, including a huge focus on tax planning throughout the entire process. Pete and I discussed the current business sales environment, how it’s changed over 30 years, and how current tax laws affect sales. We also talked about the best ways for business owners to negotiate their post-sale compensation, including salary, if they choose to continue to work after the sale. Finally, Pete and I covered the current and future estate laws, and the role they play in business selling strategies.

    If you’re looking to gain some insight on the hugely complicated world of business buying and selling, make sure to tune in to this week’s episode of P&L.

    Contact Pete at https://www.benenatilaw.com/

    “When you're selling a business, you're focused on that number for the sale of the business. But you don't get into the weeds. I get into the weeds. I've been doing this over 30 years. I still learn to this day that things come up that you don't expect.” - Pete Benenati

    This week on Priorities Lifestyle:

    • Getting “Into The Weeds” Of Business Sales

    • Maximizing Tax Efficiency When Selling A Business

    • Tax Deferral Strategies To Minimize Penalties

    • Negotiating Salary/Compensation After The Sale

    • The Importance Of “Quality Of Earnings”

    Our Favorite Quotes:

    • "Only thing you can depend on is the cash you get at close. If that cash is not enough to make you happy, don't do the deal because you don't know if the other deals are going to work out." - Pete Benenati

    • “The magic words in estate planning are ‘start early’. Start early.” - Rob Schulz

    • "Everybody always thinks the prenup is about divorce. It really isn’t in second marriages. It really is about making sure we avoid conflicts with children of each marriage for the surviving spouse.” - Eric Wessinger

    About Rob Schulz and P&L Priorities & LIfestyle Podcast

    The P&L: Priorities & Lifestyle Podcast is a show for business owners. In each episode, host and financial planner Rob Schulz sits down with business owners and the professionals that serve them to talk about business building, life, money — and the all-important transition out of the business, which inevitably happens to everyone who has ever founded a company.

    Email Rob at rob.schulz@schulzwealth.com with questions and comments, or to schedule a one-on-one conversation.

    Follow Rob on LinkedIn

    Follow Schulz Wealth on LinkedIn

    Follow Schulz Wealth on Facebook

    Order Rob’s book, Thoughts on Things Financial, on Amazon | Barnes & Noble | Kobo | iBooks | Kindle

    Subscribe to the podcast here:

    Apple Podcast

    Spotify

    Audible

    And, if you enjoy the show, please leave a review to help others discover the podcast.

    *You’re listening to P&L: Priorities & Lifestyle with your host Rob Schulz. Rob is the Founder and President of Schulz Wealth. All opinions expressed by Rob and his guests are solely their own opinions and do not reflect the opinions of Schulz Wealth. This podcast is for informational purposes only and should not be relied upon for investment decisions. Please refer to our website for more information: schulzwealth.com.
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    57 m
  • Taking Over The Family Business (with Eric Wessinger)

    Taking Over The Family Business (with Eric Wessinger)
    Jul 3 2024
    Eric Wessinger successfully managed a family business transition at Richards Supply over the course of around 10 years. His journey with the company began as a summer job, involving various roles while growing up, before he pursued a different career path for about a decade. Returning to Richards Supply with newfound perspective and experience, Eric now shoulders the responsibility of maintaining the family legacy and ensuring its success. When Eric returned to Richards with the intention of leading it, there was obviously a bit of employee resistance to the idea of the owner’s son taking over. To address this, Eric adopted a humble and honest approach, working with existing employees to make sure that the company’s culture and processes remained. And with two high school-aged children, Eric is pretty open to the possibility of involving them in the third generation of the family business. Contact Eric at https://www.richardssupply.com/ “It's not black and white; leadership is not ‘yes’ and ‘no’. It's not ‘on’ and ‘off’. Every person needs different things from you as a leader." - Eric Wessinger This week on Priorities Lifestyle: The Challenges Of Transitioning Business Within The Family Navigating Employee Pushback During A Leadership Transition The Importance Of A Five-to-Ten Year Plan For Transition Why Outside Experience Was Crucial To A Successful Family Business Transition Training The Next Generation To Take Over Surviving As A Supply Company During COVID Our Favorite Quotes: "It wasn't, ‘The owner’s son is coming in, and he's going to teach us all about how it works.’ This was, ‘Hey, the owner’s son is coming to join the company. We're all in this together. This is new for all of us. Let's learn this together.’" - Eric Wessinger “You know, it's two different things. You have ownership, that's one thing, and you have leadership, that's another. I think that we forget that a lot of the time, especially when we're doing transitions within generations. You can move those around and pull the levers differently.” - Rob Schulz "I know of family members that aren't involved in their family business and still want to be involved, still want to kind of have their say even though they have nothing to do with the business. I've been really blessed and lucky that I don't have that situation. I'm fully autonomous to run Richards the way I want, and my family allows me that freedom.” - Eric Wessinger About Rob Schulz and P&L Priorities & LIfestyle Podcast The P&L: Priorities & Lifestyle Podcast is a show for business owners. In each episode, host and financial planner Rob Schulz sits down with business owners and the professionals that serve them to talk about business building, life, money — and the all-important transition out of the business, which inevitably happens to everyone who has ever founded a company. Email Rob at rob.schulz@schulzwealth.com with questions and comments, or to schedule a one-on-one conversation. Follow Rob on LinkedIn Follow Schulz Wealth on LinkedIn Follow Schulz Wealth on Facebook Order Rob’s book, Thoughts on Things Financial, on Amazon | Barnes & Noble | Kobo | iBooks | Kindle Subscribe to the podcast here: Apple Podcast Spotify Audible And, if you enjoy the show, please leave a review to help others discover the podcast. *You’re listening to P&L: Priorities & Lifestyle with your host Rob Schulz. Rob is the Founder and President of Schulz Wealth. All opinions expressed by Rob and his guests are solely their own opinions and do not reflect the opinions of Schulz Wealth. This podcast is for informational purposes only and should not be relied upon for investment decisions. Please refer to our website for more information: schulzwealth.com.
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    50 m
  • The Genesis Of WeBuyHouses.com (with Jeremy Brandt)

    The Genesis Of WeBuyHouses.com (with Jeremy Brandt)
    Jun 5 2024
    Jeremy Brandt joined me on the show this week to talk about what it was like to create a household name in WeBuyHouses.com. We talked about what led him to flipping houses in the first place, how he realized that scaling it could work on a national scale, and we also dove into the cyclical nature of the industry. Jeremy’s survived multiple housing industry crashes and shares what strategies he uses in downturns to minimize losses and set himself up for success. Finally, we discussed franchising, why it was the right choice for his business, and what it’s like to run a company with the brand recognition of WeBuyHouses. Contact Jeremy at jeremybrandt.com "I think entrepreneurs, by definition, are very optimistic, and they really just feel success is right around the corner, the next thing's right around the corner. It's a thing that can hurt us, but is also kind of a superpower that lets us push through difficult times and create these successful businesses." - Jeremy Brandt This week on Priorities Lifestyle: Revolutionizing Real Estate: WeBuyHouses.com's Genesis Lead Generation for Real Estate Investors Brandt's Approach to Exclusive Real Estate Territories Why Franchising Made Sense For WeBuyHouses Staying Afloat In A Cyclical Industry How To Survive Industry Downturns Our Favorite Quotes: "I love real estate as a long term wealth building strategy and long term cash flow strategy. I think sometimes people go into it thinking it's going to be passive income and an airbnb is absolutely not passive income for most people." - Jeremy Brandt "I see you being somewhat risk smart in some of these decisions that you make that I applaud you with, because a lot of times we don't see that with entrepreneurs. They'll just chase all those bright, shiny things and not even think about the risk. But you've done just a really good job of developing all your businesses in a way that you're looking and going, yeah, no, I don't think I'm going to do that because I don't totally understand it or it's way off over here, or it's just not what I do." - Rob Schulz "But I only have the capacity to do so many things at a time, and it's much better and much better use of my time to focus on two or three really important, high value things that I can be laser focused on, then kind of pinging all over the map with every great idea that comes along." - Jeremy Brandt About Rob Schulz and P&L Priorities & LIfestyle Podcast The P&L: Priorities & Lifestyle Podcast is a show for business owners. In each episode, host and financial planner Rob Schulz sits down with business owners and the professionals that serve them to talk about business building, life, money — and the all-important transition out of the business, which inevitably happens to everyone who has ever founded a company. Email Rob at rob.schulz@schulzwealth.com with questions and comments, or to schedule a one-on-one conversation. Follow Rob on LinkedIn Follow Schulz Wealth on LinkedIn Follow Schulz Wealth on Facebook Order Rob’s book, Thoughts on Things Financial, on Amazon | Barnes & Noble | Kobo | iBooks | Kindle Subscribe to the podcast here: Apple Podcast Spotify Audible And, if you enjoy the show, please leave a review to help others discover the podcast. *You’re listening to P&L: Priorities & Lifestyle with your host Rob Schulz. Rob is the Founder and President of Schulz Wealth. All opinions expressed by Rob and his guests are solely their own opinions and do not reflect the opinions of Schulz Wealth. This podcast is for informational purposes only and should not be relied upon for investment decisions. Please refer to our website for more information: schulzwealth.com.
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    49 m
  • The Evolution Of Digital Marketing (with Brad McCormick)

    The Evolution Of Digital Marketing (with Brad McCormick)
    May 22 2024

    Brad McCormick, Principal at 10 Louder, joined Rob in the Schulz Wealth office to discuss all things digital marketing, including answering some common questions business owners have towards marketing. How do you start marketing if you haven’t before, and how much do you spend? How do you track success? And why should you continue to invest in marketing, even if it’s working? As Brad says in the episode, marketing is like the fuel that keeps an airplane in the air, and in the modern world, a business without marketing is gonna have a really tough time taking off. Join us to learn from an expert in the field on the evolution of digital marketing over the last two decades.

    Contact Brad at mccormick@10Louder.com

    "Everyone wants to grow. It's kind of like, every football team wants to win the Super Bowl, but only one or two teams go to the Super Bowl. Only a few brands or companies get to dominate their category. Why? Cause it's really freaking hard." - Brad McCormick

    This week on Priorities Lifestyle:

    • How To Properly Allocate Time And Money For Marketing

    • The Evolution Of Digital Marketing In The Last Two Decades

    • Data Analytics, And The Importance Of Tracking Your Marketing

    • What Makes An Effective Website

    • How Do You Measure Marketing Success?

    • Different Industries, Different Marketing Strategies

    Our Favorite Quotes:

    • "A winner is a loser that didn't give up and a successful brand is a non-successful brand that just kept at it, or all you have to do is last." - Brad McCormick

    • "The world is drowning in data, but thirsty for knowledge." - Brad McCormick

    • “The art of redesigning a website is not about HTML and code. It's about who are we as a company. It basically amplifies that.” - Brad McCormick

    About Rob Schulz and P&L Priorities & LIfestyle Podcast

    The P&L: Priorities & Lifestyle Podcast is a show for business owners. In each episode, host and financial planner Rob Schulz sits down with business owners and the professionals that serve them to talk about business building, life, money — and the all-important transition out of the business, which inevitably happens to everyone who has ever founded a company.

    Email Rob at rob.schulz@schulzwealth.com with questions and comments, or to schedule a one-on-one conversation.

    Follow Rob on LinkedIn

    Follow Schulz Wealth on LinkedIn

    Follow Schulz Wealth on Facebook

    Order Rob’s book, Thoughts on Things Financial, on Amazon | Barnes & Noble | Kobo | iBooks | Kindle

    Subscribe to the podcast here:

    Apple Podcast

    Spotify

    Audible

    And, if you enjoy the show, please leave a review to help others discover the podcast.

    *You’re listening to P&L: Priorities & Lifestyle with your host Rob Schulz. Rob is the Founder and President of Schulz Wealth. All opinions expressed by Rob and his guests are solely their own opinions and do not reflect the opinions of Schulz Wealth. This podcast is for informational purposes only and should not be relied upon for investment decisions. Please refer to our website for more information: schulzwealth.com.
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    56 m
  • Transitioning Your Business To ESOP (with Chris McKee)

    Transitioning Your Business To ESOP (with Chris McKee)
    May 8 2024

    Chris McKee returned to the show to discuss the recent transition of his company, Venturity, into an ESOP model. Rob and Chris discussed what it means to have a company be employee owned rather than selling to private equity, why it’s so impactful for employees to be able to build wealth within their careers, and how the process went. Rob and Chris also talked about why business owners need a team around them that can work well with each other in supporting the needs of the business. Join us to learn why ESOP is such a great option for founders looking to transition out of leadership.

    Contact Chris at chris@venturity.net

    "An ESOP transition tends to be much more successful than a typical, maybe capital based exit, whether it's private equity or strategic, if you want to ensure the longevity of your company." - Chris McKee

    This week on Priorities Lifestyle:

    • Going From A Carpenter To A Serial Entrepreneur

    • Selling A Company At 37 And Starting Over

    • Building Multiple Successful Companies

    • Learning When To Start Delegating

    • Pushing Yourself To Go Farther, Even When You Don’t Need To

    Our Favorite Quotes:

    • "Our team members, as they're getting ten, $20,000 in their ESOP account. It's going to be really meaningful wealth for their families." - Chris McKee

    • “As business owners, just be aware that it takes a team of people to support you. And what we try to do is we all try to communicate with each other and come up with fantastic solutions for our clients." - Rob Schulz

    • "You know what makes me feel great is, I'm very invested in the team's success going forward, not just as an owner, but they're my friends, and so I want to see them be successful so they can find meaning in their work as well.” - Chris McKee

    About Rob Schulz and P&L Priorities & LIfestyle Podcast

    The P&L: Priorities & Lifestyle Podcast is a show for business owners. In each episode, host and financial planner Rob Schulz sits down with business owners and the professionals that serve them to talk about business building, life, money — and the all-important transition out of the business, which inevitably happens to everyone who has ever founded a company.

    Email Rob at rob.schulz@schulzwealth.com with questions and comments, or to schedule a one-on-one conversation.

    Follow Rob on LinkedIn

    Follow Schulz Wealth on LinkedIn

    Follow Schulz Wealth on Facebook

    Order Rob’s book, Thoughts on Things Financial, on Amazon | Barnes & Noble | Kobo | iBooks | Kindle

    Subscribe to the podcast here:

    Apple Podcast

    Spotify

    Audible

    And, if you enjoy the show, please leave a review to help others discover the podcast.

    *You’re listening to P&L: Priorities & Lifestyle with your host Rob Schulz. Rob is the Founder and President of Schulz Wealth. All opinions expressed by Rob and his guests are solely their own opinions and do not reflect the opinions of Schulz Wealth. This podcast is for informational purposes only and should not be relied upon for investment decisions. Please refer to our website for more information: schulzwealth.com.
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    59 m
  • The Life Of A Serial Entrepreneur (with Bob McCarthy)

    The Life Of A Serial Entrepreneur (with Bob McCarthy)
    Apr 24 2024

    Bob McCarthy, a serial entrepreneur in a few diverse fields, joined me for a conversation on why he became an entrepreneur in the first place, what led him to sell his first company, and so much more. Bob was already hugely successful in his 30s, and we talked about what led him to continue his entrepreneurial pursuits even when he didn’t need to. We also talked about when he knew he needed to sell, when he decides to start delegating, the huge importance of a great GM, and what it was like to sell a company and go through a divorce at the same time. Join us to learn what the life of a serial entrepreneur has been like for Bob!

    Contact Bob at rmmsenior@gmail.com

    Join Entrepreneurs’ Organization at EONetwork.org

    "It doesn't matter if you're 37 or 67. If you don't use your brain, it goes away." - Bob McCarthy

    This week on Priorities Lifestyle:

    • Going From A Carpenter To A Serial Entrepreneur

    • Selling A Company At 37 And Starting Over

    • Building Multiple Successful Companies

    • Learning When To Start Delegating

    • Pushing Yourself To Go Farther, Even When You Don’t Need To

    Our Favorite Quotes:

    • "The people in the trench always have the answer." - Bob McCarthy

    • “[You need to have] the courage to be able to just go and tackle hard stuff, you know, and fail a little bit along the way. So figure it out and do something amazing with it." - Rob Schulz

    • "I would never run more than one company at a time. You can't give each one a hundred percent of your time, and no one's going to run it as good as you. And so with that focus being gone, where it could have been or could go is taken away.” - Bob McCarthy

    About Rob Schulz and P&L Priorities & LIfestyle Podcast

    The P&L: Priorities & Lifestyle Podcast is a show for business owners. In each episode, host and financial planner Rob Schulz sits down with business owners and the professionals that serve them to talk about business building, life, money — and the all-important transition out of the business, which inevitably happens to everyone who has ever founded a company.

    Email Rob at rob.schulz@schulzwealth.com with questions and comments, or to schedule a one-on-one conversation.

    Follow Rob on LinkedIn

    Follow Schulz Wealth on LinkedIn

    Follow Schulz Wealth on Facebook

    Order Rob’s book, Thoughts on Things Financial, on Amazon | Barnes & Noble | Kobo | iBooks | Kindle

    Subscribe to the podcast here:

    Apple Podcast

    Spotify

    Audible

    And, if you enjoy the show, please leave a review to help others discover the podcast.

    *You’re listening to P&L: Priorities & Lifestyle with your host Rob Schulz. Rob is the Founder and President of Schulz Wealth. All opinions expressed by Rob and his guests are solely their own opinions and do not reflect the opinions of Schulz Wealth. This podcast is for informational purposes only and should not be relied upon for investment decisions. Please refer to our website for more information: schulzwealth.com.
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    58 m
  • Business Insights From An Olympic Gold Medalist (with Adam Kreek)

    Business Insights From An Olympic Gold Medalist (with Adam Kreek)
    Apr 10 2024

    Adam Kreek, a Canadian Olympic gold medalist rower, competed in the heavyweight division at the 2008 Beijing Olympics and has since become a coach for high-performing executives and organizations. As if his Olympic gold medal wasn’t impressive enough, Adam also rowed across the Atlantic Ocean!

    He’s a supremely motivated athlete and person, and there are numerous parallels to draw between his athletic mindset and the mindset needed to win in business. Join Rob and Adam this week for a conversation on what it takes to make it to the Olympics, and what it takes to be a leader in your organization.

    Contact Adam at https://www.valuesdrivenachievement.com/

    "The gift of entrepreneurship and business building is personal development. It is perhaps the most intense form of personal development that might exist on this planet." - Adam Kreek

    This week on Priorities Lifestyle:

    • Rowing in the Beijing Olympics

    • The Atlantic Ocean Rowing Project

    • The Power of Teamwork

    • Why Family Support Is So Crucial, In Sports And Business

    • Why Teams Inspire Us To Push Ourselves Further

    Our Favorite Quotes:

    • “The hard thing about business is hard things. And what makes business the hardest is learning how to lead and manage and work with other people." - Adam Kreek

    • “I've done a lot of athletic competitions in the past. I still find that within business and the mental accomplishments and trying so hard within a team, trying to achieve something can still be very hard and very exhausting.” - Rob Schulz

    • "Stress is neither good nor bad, but thinking makes it so." - Adam Kreek

    • "It's about aligned values. It was about having difficult and long conversations and finding common ground. It's about teamwork." - Adam Kreek

    About Rob Schulz and P&L Priorities & LIfestyle Podcast

    The P&L: Priorities & Lifestyle Podcast is a show for business owners. In each episode, host and financial planner Rob Schulz sits down with business owners and the professionals that serve them to talk about business building, life, money — and the all-important transition out of the business, which inevitably happens to everyone who has ever founded a company.

    Email Rob at rob.schulz@schulzwealth.com with questions and comments, or to schedule a one-on-one conversation.

    Follow Rob on LinkedIn

    Follow Schulz Wealth on LinkedIn

    Follow Schulz Wealth on Facebook

    Order Rob’s book, Thoughts on Things Financial, on Amazon | Barnes & Noble | Kobo | iBooks | Kindle

    Subscribe to the podcast here:

    Apple Podcast

    Spotify

    Google Podcasts

    Stitcher

    Audible

    And, if you enjoy the show, please leave a review to help others discover the podcast.

    *You’re listening to P&L: Priorities & Lifestyle with your host Rob Schulz. Rob is the Founder and President of Schulz Wealth. All opinions expressed by Rob and his guests are solely their own opinions and do not reflect the opinions of Schulz Wealth. This podcast is for informational purposes only and should not be relied upon for investment decisions. Please refer to our website for more information: schulzwealth.com.
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    1 h y 3 m
  • What It Means To Sell Your Business (with Dane Craig)

    What It Means To Sell Your Business (with Dane Craig)
    Mar 27 2024
    Dane Craig is the founder of Dakota Distributing, a company he recently sold after over two decades. Rob and Dane focused on what it means to sell your business, how he came to that decision, and what it’s like for him in this post-sale environment. Craig affirms the importance of not only maximizing profits but also of building relationships within the industry, a factor that significantly contributed to his successful business transaction. One of Dane’s top priorities was his employee’s wellbeing, and his ability to still have a role at the company even after selling. Join Rob and Craig for a post-entreprenurial-themed conversation this week on P&L! Contact Dane at dane@dakotadistributing.com "If I ever got to the point where I was just running a business status quo and I was just there pulling a paycheck and not contributing as much, it was time to put it in the hands of somebody else to take it to another level, because I did not want to be complacent and I did not want to be a drain." - Dane Craig This week on Priorities Lifestyle: Navigating The Sale of Businesses with Varied Assets Getting Started In The Distribution Industry Delegating Responsibilities for Company Growth Timing and Valuation in Business Sales The Entrepreneur’s Journey, Post-Sale Our Favorite Quotes: "If I failed as a result of good work ethic and decent business decisions, then it wasn't meant to be." - Dane Craig "I think sometimes that transition after selling your business can [make you feel lost]. And then the best way to deal with it is to find something within your world that you can get excited about that fits within those boxes of what made you excited about getting in business in the first place." - Rob Schulz “Well, if I went for top dollar and sold to one of my multinational, multibillion dollar companies, they could have swallowed us onto their platform and released some employees. Okay, Dane's pocketbook would have looked good, but Dane's mind would have messed up because I hurt a lot of people.” - Dane Craig About Rob Schulz and P&L Priorities & LIfestyle Podcast The P&L: Priorities & Lifestyle Podcast is a show for business owners. In each episode, host and financial planner Rob Schulz sits down with business owners and the professionals that serve them to talk about business building, life, money — and the all-important transition out of the business, which inevitably happens to everyone who has ever founded a company. Email Rob at rob.schulz@schulzwealth.com with questions and comments, or to schedule a one-on-one conversation. Follow Rob on LinkedIn Follow Schulz Wealth on LinkedIn Follow Schulz Wealth on Facebook Order Rob’s book, Thoughts on Things Financial, on Amazon | Barnes & Noble | Kobo | iBooks | Kindle Subscribe to the podcast here: Apple Podcast Spotify Google Podcasts Stitcher Audible And, if you enjoy the show, please leave a review to help others discover the podcast. *You’re listening to P&L: Priorities & Lifestyle with your host Rob Schulz. Rob is the Founder and President of Schulz Wealth. All opinions expressed by Rob and his guests are solely their own opinions and do not reflect the opinions of Schulz Wealth. This podcast is for informational purposes only and should not be relied upon for investment decisions. Please refer to our website for more information: schulzwealth.com.
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    50 m