The Wealthy Wallet

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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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
[email protected]

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
[email protected]

4:50 What are the primary steps involved in a divorce?

6:02 What are the most common misconceptions people have about getting divorced?

7:12 What facts do courts typically consider when it comes to dividing marital property?

9:32 How is child custody determined?

11:51 How long after can someone go back to court and try to get back child support?

12:58 What is a prenup and a postnup?

14:27 How can someone best prepare for their first meeting with a divorce attorney?

16:21 Have you noticed any trends with divorce? Are they on the rise, or going down?

18:36 What do you find most rewarding about family law?

21:19 Can you share a success story or case?

25:19 Monika explains taxes in a divorce

Our guest today on The Wealthy Wallet is attorney Leslie Barrows:
https://www.BarrowsFirm.com

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
[email protected]