Episode 5: Asset management is crucial for everyone, including business owners who want to pass on their assets to future generations.

From wills and business continuity plans to tax strategies, these are some aspects that we need to pay attention to when it comes to estate planning.

In this episode of the Exit Planning Toolkit miniseries, Marc Campbell and Chris Girbés chat with Cara Koss, Partner at Arnold & Porter Kaye Scholer LLP. Listen in as they talk about the value of estate planning for business owners and the key considerations to keep in mind.

They discuss:

• The importance of core estate planning documents such as wills and powers of attorney
• The two aspects of business succession planning
• The concept of the lifetime estate and gift tax exemption and how it affects individuals with taxable estates
• What you need to know about qualified small business stocks (QSBS) ‘stacking’
• Using QSBS ‘stacking’ to achieve tax goals
• The risks of last-minute estate planning before selling a business and the need for early preparation
• Strategies to minimize taxes even after selling a business
• And more!

Connect with Marc Campbell:

• LinkedIn: Marc Campbell
• Five Oceans Advisors

Connect with Christopher Girbés:

• LinkedIn: Christopher Girbés
• Five Oceans Advisors

Connect with Cara Koss:

• LinkedIn: Cara Koss
• Arnold & Porter Kaye Scholer LLP

About our Guest:

Cara Koss focuses her practice on advising high net-worth individuals, both domestically and internationally, on a wide range of sophisticated matters, including estate planning, trust and estate administration, lifetime gifting, family office formation and counseling, asset protection, business succession planning, and tax compliance.

Cara specializes in structuring tax-efficient wealth transfer strategies for clients designed to preserve family legacies through the generations, protect assets from potential creditors, and incorporate clients’ philanthropic and other non-tax objectives. She has expertise in the settlement of complex estate matters, including disputes between family members and audits with the Internal Revenue Service (IRS).

Cara is nationally recognized for her cutting-edge expertise in the use of assisted reproductive technology (ART) and estate planning. She is a frequent lecturer on these and other topics, having presented to local and national professional organizations, including the Heckerling Institute on Estate Planning and the American Bar Association. Cara has also been recognized as a Fellow of the American College of Trust and Estate Counsel (ACTEC) and as a Top Attorney in Chambers and Washingtonian magazine.

Episode 4: Navigating the complexities of tax compliance during a business exit is a critical aspect that demands careful attention.

What do we need to consider?

In this conversation of the Exit Planning Toolkit miniseries, Marc Campbell and Chris Girbés chat with Louis Hamel, Partner at HW LLP, about the tax considerations to keep in mind during a business exit. They delve into the potential risks of tax compliance issues, particularly at the state and local level, and how they can impact a transaction.

Additionally, they touch on Qualified Small Business Stocks (QSBS) and everything you need to know about moving to a state with lower income taxes.

They discuss:

• The need for founders and c-suite entrepreneurs to be proactive in addressing state and local tax compliance issues
• All things QSBS and its overlooked benefits (and exemptions) in the tax code
• The Section 1045 rollover
• The value of assembling a team and strategically positioning oneself for the best long-term results
• When it makes sense to move to a state with no income taxes and the implications of such a move
• The concepts of residency and domicile for tax purposes
• And more!

Resources:

• Estate Planning Strategies for Business Owners with Cara Koss (Ep. 5)

Connect with Marc Campbell:

• LinkedIn: Marc Campbell
• Five Oceans Advisors

Connect with Christopher Girbés:

• LinkedIn: Christopher Girbés
• Five Oceans Advisors

Connect with Louis Hamel:

• LinkedIn: Louis Hamel

About Our Guest:

Louis Hamel understands the key aspects of building successful long-term client relationships: personal attention, trust, integrity, responsiveness, and the importance of proactive thinking.

Beyond this foundation, Louis has the innate ability to connect with people by understanding their needs, asking the right questions, and seeing the big picture. This approach is why he is more than just a CPA. Instead, he’s a true advisor – going beyond the numbers by providing valuable advice and practical solutions.

Louis specializes in advisory services for closely held businesses, from start-up enterprises to large privately owned firms. Areas of expertise include consulting for tax issues, business formation, and succession and estate planning. With over 15 years of experience, Louis has expertise in a variety of industries, including manufacturing, distribution, real estate, and professional services, among others.

Episode 3: Embarking on the journey of selling your business can be exciting and daunting at the same time. Whether you’re a seasoned entrepreneur or a first-time seller, understanding the intricacies of the process is vital to a successful outcome.

In the first part of the Exit Planning Toolkit miniseries, Marc Campbell and Chris Girbés sit down with David Young, partner at Cooley LLP, to talk about the art of selling your business.

Marc, Chris, and Dave delve into the importance of seeking guidance before signing a letter of intent (LOI) and the need for sellers to include crucial details in the LOI. They also explore the due diligence process, reasons why deals fall through, and the value of maintaining trust.

Additional talking points include:

• Why sellers of a business should seek guidance prior to signing the letter of intent (LOI)
• The key considerations in a business sale
• The benefits of having a team in place
• The importance of being organized and having a well-structured data room
• The problems that commonly arise during the due diligence process
• Insight into the seller’s perspective and the advantage of convincing the buyer to speed up the process
• The difference between an asset sale and a stock sale in terms of tax implications
• The value of structuring stocks in a deal to minimize the tax impact
• And more!

Connect with Marc Campbell:

• LinkedIn: Marc Campbell
• Five Ocean Advisors

Connect with Christopher Girbés:

• LinkedIn: Christopher Girbés
• Five Ocean Advisors

Connect with David Young:

• LinkedIn: David Young
• Cooley

About Our Guest:

David Young concentrates on the representation of emerging growth companies and the venture capital firms, strategic investors, and investment banks that finance these companies.

In addition to providing strategic counseling, his practice encompasses venture capital financings, public offerings, mergers and acquisitions, equity compensation matters, SEC reporting and disclosure, intellectual property licensing, complex corporate partnering transactions, and corporate governance.

David represents both public companies and private venture-backed companies in the technology, life sciences, and media/entertainment sectors and also frequently represents venture capital firms and other investors in financings and underwriters in public offerings.

Over his career, David has practiced for a considerable period of time in San Diego, Los Angeles, Palo Alto, and Seattle and is able to leverage his familiarity and contacts in these various markets to the benefit of his clients.

Episode 2: In a world driven by financial success, it’s vital to work alongside professionals who prioritize more than just the bottom line.

In this episode, Marc Campbell and Chris Girbés talk about Gen X and Gen Y founders and C-suite entrepreneurs as their ideal clients while discussing how they serve them according to their unique processes.

Marc and Chris emphasize the need for a clear process that goes beyond the basics of traditional wealth management and how their framework focuses on their very own Life Strategy alongside the “what is enough” mindset.

Marc and Chris cover:

• The evolution of traditional wealth management and the importance of connecting financial planning with broader life goals
• The importance of having a quantifiable and achievable mindset when it comes to building wealth and making financial decisions
• Career, finances, health, relationships, and fun: Five Oceans Advisors’ five distinct areas and the value of developing priorities and goals for each
• Ways they integrate their clients’ financial and life strategies using a liabilities-driven approach that matches future spending with current and expected assets
• The power of community
• And more!

Resources:

• Career, Finances, Health, Relationships, and Fun: The Framework of Five Oceans Advisors with Marc Campbell and Chris Girbés (Ep. 1)

Connect with Marc Campbell:

• LinkedIn: Marc Campbell
• Five Oceans Advisors

Connect with Christopher Girbés:

• LinkedIn: Christopher Girbés
• Five Oceans Advisors

Episode 1: Welcome to the first episode of The Five Oceans Podcast: The Exit Planning Toolkit Miniseries with Marc Campbell and Chris Girbés, founders of Five Oceans Advisors!

In this inaugural episode, Marc and Chris unveil their beginnings in the financial world and the life experiences that have shaped them into who they are today. Additionally, they explain how they met, the concept of Five Oceans, and how having an entrepreneurial spirit has been crucial to their success.

Marc and Chris discuss:

• Ways career, finances, health, relationships, and fun relates to their firm’s name
• Chris’ background and how it led him to become a financial advisor
• Marc’s background, including his experience breaking the all-time scoring record in high school soccer
• Marc’s entrepreneurial spirit and his various business ventures, including starting a comedy theater and an online content company
• Chris’ experience of starting a carpet cleaning business while waiting for a football contract
• The origin of Five Oceans Advisors and how they came together through a cold email
• Their entrepreneurial spirit and how it fits into their desire for a life well-lived, which is the through line of their work at Five Oceans Advisors
• And more!

Connect with Marc Campbell:

• LinkedIn: Marc Campbell
• Five Oceans Advisors

Connect with Chris Girbés:

• LinkedIn: Chris Girbés
• Five Oceans Advisors

About Your Hosts:

Prior to Five Oceans, Marc Campbell, CFP®, was a Financial Advisor and Chairman of the Board at TCI Wealth Advisors, a $3 billion multi-office Registered Investment Advisory firm.

But as a lifelong entrepreneur, Marc realized it was time to jump back into the excitement of building a new business. And there couldn’t have been a more perfect partner for this new venture than Chris Girbés.

They believe that entrepreneurs need specialized financial advice. As such, they are committed to delivering an offering that addresses their unique needs and life strategy opportunities.

Before Five Oceans, Chris Girbés, CFP®, spent the past decade working in various capacities within the financial services industry.

As an entrepreneur, Chris never shied away from sales or from taking a risk. However, the opportunity presented itself to start Five Oceans and do this business the right way with his friend and mentor, Marc Campbell.