Matt Michel joined me this week for a deep dive into the psychology of a business owner when selling their business. We spoke about the differences between owning a “job” and owning a “business”, the importance of culture both within your business and your family, and the careful balance of passing down wealth. Matt shared the ways that selling a business results in a loss of identity, and the ways that business owners can cope with the “loss” that accompanies those sales. He also spoke about his books, and why it’s so important to him to write these stories down for future generations.

Tune in this week on P&L to learn how to prepare for life after your business.

Contact Matt Michel at mattmichel@mail.com

"It's the biggest transaction of your life, right? This is not a DIY project." - Matt Michel

This week on Priorities Lifestyle:

• How selling a business can result in a loss of identity and purpose

• Preparing for the day after selling a business

• Instilling a cultural approach to wealth management within your family

• Why storytelling is so significant when passing down family legacies

• Matt’s upcoming book and what led to its creation

Our Favorite Quotes:

• "Culture is everything. Strategy has to be executed to work. Culture is self-executing." - Matt Michel

• "Man, could my children and grandchildren learn a lot from some of the mistakes I've made, right?" - Rob Schulz

• “Most people own a job, not a business. It does not become a business until you can leave it for a month and it still operates without you." - Matt Michel

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.

Tammy Silvas, Founding Attorney of Silvas Law, joined me this week to talk about the unique challenges of estate planning for business owners, whether they be solo or in a partnership/corporation. We talked about why estate planning is so crucial, including death, divorce, and disillusionment, and why so many entrepreneurs make the mistake of keeping things too close to the vest. Along the way, Tammy also shares with me some interesting and creative ways to ensure these transitions go smoothly, including the idea of putting the business in a revocable trust.

Tune in this week on P&L to learn about estate planning as an entrepreneur.

Contact Tammy Silvas through www.silvaslaw.com

“Communication is key and we need to have regular communication. Don't just do a plan and set it aside." - Tammy Silvas

This week on Priorities Lifestyle:

• Why business estate planning is so unique

• Regular updates are crucial in estate planning

• The importance of business continuity

• Why so many entrepreneurs keep things close to the vest

• The use of revocable trusts to protect your business

• Navigating financial transitions with attorneys

Our Favorite Quotes:

• "Your life's going to go through ups and downs and it's going to take your business with you because it’s all personal.” - Tammy Silvas

• “Making sure that you've got some leadership that can continue the business is an ongoing concern, so it doesn't turn into a fire sale.” - Rob Schulz

• "I think most of the infighting comes when people are surprised." - Tammy Silvas

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.

Bill Roth, CEO of HardTarget, joined me this week for an informative, but somewhat scary episode of P&L. We talked about the growing world of cyber threats, how these attacks have become significantly more sophisticated over the years, and how they might become much more effective through the use of artificial intelligence. Bill shared some proactive, practical tips that anybody can use to protect their identity, including restricting how much personal information we share on social media, staying vigilant and cautious online, and implementing security measures to make sure our accounts aren’t hijacked.

Tune in this week on P&L to learn how to protect your family from cyber threats.

Contact Bill Roth through his LinkedIn profile: https://www.linkedin.com/in/bill-roth/

“There's so many more sophisticated attacks now happening that look real, that feel real, and that's why this is so important." - Bill Roth

This week on Priorities Lifestyle:

• Why cyber threats continue to grow

• What Bill sees as the future of these threats

• Stop oversharing personal information online

• The role of AI in cybersecurity

• Protecting you and your family’s identities

• Proactive, practical cybersecurity measures

Our Favorite Quotes:

• "If there's one sort of tidbit I'd leave each listener with, it’s to challenge yourself on how to reinvent what you're doing." - Bill Roth

• “I guess one of the main things that we have to come to grips with is we have to understand that there are people that want to do us harm.” - Rob Schulz

• "If you can turn a hard thing into a game, you can make it much more tenable." - Bill Roth

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.