7:20 What exactly is an exit strategy, and why is it important for owners to have one?

9:11 At what stage should a business owner think about an exit strategy?

10:11 What are key components of a successful exit strategy?

13:29 What are some common mistakes that business owners make when they're planning their exit?

18:19 How does a business owner determine the value of what their business is worth?

20:33 How do you help people navigate the psychological aspect of someone exiting their business?

23:09 Can you share some challenges that you have faced when you have helped clients?

25:27 What are the top three pieces of advice you would give a business owner who is starting to think about exiting?

26:53 Are there any books or resources you recommend?

29:07 How can people reach out to you? What's the best way?

29:39 Monika Hengesbach's tax tips when exiting your business

Today on episode 12 of The Wealthy Wallet, podcast host Monika Hengesbach has Russ Ray, a financial planner from Ameriprise, in studio. Russ emphasizes the need for early and comprehensive exit planning for business owners, noting that 50% of business exits are unplanned due to unforeseen circumstances. He covers key exit strategy components, common mistakes like delaying planning, and strategies for managing taxes, including using C corporations and donor-advised funds for tax relief.

Work with Russ Ray:
https://www.ameripriseadvisors.com/russ.ray

The purpose of this podcast is to give you tax tips, strategies, information on new tax law changes, and give you new tools to help you navigate life's unexpected financial curveballs, all in hopes to give you more money to put back into your wallet.

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Support the Podcast:
If you enjoyed this episode, please consider leaving a review and sharing it with your friends! Your support helps us continue to bring you the latest.

Podcast Host Monika Hengesbach has more than 30 years of experience in financial services. She’s an enrolled agent, an NTPI Fellow, and CEO at Decision Financial Services.

Work with Monika Hengesbach:
https://www.DecisionFinancial.com

DECISION FINANCIAL
535 Silicon Dr. Ste 101
Southlake, TX 76092

Office: 1-817-268-9352
Fax: 1-800-860-6042
contact@decisionfinancial.com

On today's episode of The Wealthy Wallet, Monika Hengesbach continues the discussion on retirement planning, addressing concerns among seniors about their readiness. She cites statistics showing widespread worry, with 79% believing there's a retirement crisis and 55% fearing they won't have enough savings. Monika explains Social Security benefits, including eligibility, benefit calculations, and gender disparities. She also covers early and delayed retirement impacts, recent legislative changes like the Secure 2.0 Act, and the challenges young adults face in achieving financial independence. Monika concludes with her personal retirement planning insights and a preview of the next episode on business exit strategies.

The purpose of this podcast is to give you tax tips, strategies, information on new tax law changes, and give you new tools to help you navigate life's unexpected financial curveballs, all in hopes to give you more money to put back into your wallet.

Podcast Host Monika Hengesbach has more than 30 years of experience in financial services. She’s an enrolled agent, an NTPI Fellow, and CEO at Decision Financial Services.

Subscribe:

Don't miss an episode! Subscribe on your favorite podcast platform.

Support the Podcast:

If you enjoyed this episode, please consider leaving a review and sharing it with your friends! Your support helps us continue to bring you the latest.

Work with Monika Hengesbach:
https://www.DecisionFinancial.com

DECISION FINANCIAL
535 Silicon Dr. Ste 101
Southlake, TX 76092

Office: 1-817-268-9352
Fax: 1-800-860-6042
contact@decisionfinancial.com

1:15 Tell me why you chose to go into bookkeeping.

1:54 What exactly does bookkeeping entail?

2:24 Are there some common challenges that businesses face when they're doing their bookkeeping?

4:28 What key financial reports should business owners or entrepreneurs be looking at regularly?

6:27 What advice would you give business owners regarding their bookkeeping practices?

7:48 More on the reason why proper bookkeeping is essential

13:21 You should never pay a vendor or a contract labor person without getting a W-9 filled out first

14:17 Can you tell us your journey that has led you to retiring?

16:42 What are some of the biggest fears and concerns about retiring?

17:30 How does one emotionally prepare for retirement?

18:00 What steps do you take to financially prepare for retirement?

21:23 What are some of the biggest challenges you faced in regards to getting ready for retirement?

23:00 How do you think retirement today is different from previous generations?

24:15 What role do you think society should play to support retirees?

Our guest today on The Wealthy Wallet is our beloved bookkeeper Yvonne Hambright.

The purpose of this podcast is to give you tax tips, strategies, information on new tax law changes, and give you new tools to help you navigate life's unexpected financial curveballs, all in hopes to give you more money to put back into your wallet.

Podcast Host Monika Hengesbach has more than 30 years of experience in financial services. She’s an enrolled agent, an NTPI Fellow, and CEO at Decision Financial Services.

Work with Monika Hengesbach:
https://www.DecisionFinancial.com

DECISION FINANCIAL
535 Silicon Dr. Ste 101
Southlake, TX 76092

Office: 1-817-268-9352
Fax: 1-800-860-6042
contact@decisionfinancial.com