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Financing Your Small Business with David Miller of Enterprise Bank (Ep. 24)

Finance, Financial, Financial Advisor, Financial Services, Investing, Investment, Money, Podcast, Retirement, Uncategorized, Wealth Management, , , , , , , ,

Are you a small business owner? Get ready for a deep dive into the world of financing for small business owners with Senior Vice President of Enterprise Bank, David Miller.

If you’re interested in learning more about what it takes to secure loans and grow your small business, then join us as we chat with David Miller about the numerous financial options and selling opportunities for your small business.

David shares his insights on the tools and resources available to small business owners, including the SBA loan program, the five Cs of credit (character, capacity, capital, conditions, and collateral impact), the options available for selling your business and what it takes for entrepreneurs and small businesses owners to secure financing. 

David discusses:

  • What is considered a small business according to Enterprise Bank
  • The unique lending needs of small business owners
  • The SBA loan program, what it is, and how it can benefit your business
  • The five C’s of credit and how they are used to determine the financing for a small business owner
  • What you can do to ensure you can secure financing 
  • Various options one can take when buying/selling companies. 
  • And more

Resources:

Connect with David Miller:

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About our Guest:

In September of 2003, David Miller assumed a position with Enterprise Bank in Allison Park, PA (north suburban Pittsburgh) as a Senior Vice President & Relationship Manager. His responsibilities at Enterprise Bank Presently include: Providing complete business banking services to small business clients across Western Pennsylvania. Underwriting conventional and SBA guaranteed commercial loan transactions. Managing the Bank’s business development efforts thru networking with existing Bank Customers, professionals, economic development agencies, and small business resources. Consulting with small business owners and principals on their financial needs and providing tailored and complete financial solutions for growing businesses. Providing referrals to small business technical assistance resources to help client businesses in implementing their growth strategies. Utilizing economic development, governmental and gap financing programs to supplement bank financing to provide overall lower costs of borrowing and more favorable loan structures to client businesses. Cross-selling of deposit and fee for service lines of business including bookkeeping, marketing, title insurance, online banking, and real estate services.

Presently, David Miller co-manages a Bank staff of seven commercial lenders/relationship managers and serves as the lead Business Development Officer for the Bank.

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Using Life Insurance as an Asset in Your Portfolio (Ep. 23)

Finance, Financial, Financial Advisor, Financial Services, Investing, Investment, Money, Podcast, Retirement, Uncategorized, Wealth Management, , , , , , , ,

In this episode, Bobby Samuelson, President and CEO of Life Innovators, breaks down the complexities of traditional fixed income investing options, and explores how life insurance can be used as an asset in your overall portfolio.

He breaks down how whole life insurance can be a versatile financial instrument, used for the protection of families and businesses, while helping build and enhance wealth. Bobby covers the unique benefits that differentiate whole life insurance from other financial instruments, how it works, its uses, and flexibility.

Bobby discusses:

  • His journey: Past work and what he’s currently doing as the president of Life Innovators
  • Why demand is on the rise for whole life insurance and annuities
  • The stability and returns trade-off of an insurance policy vs. a fixed-income portfolio
  • The complexities associated with investing in bonds
  • The benefits of whole life insurance
  • And so much more!

Resources:

Connect with Bobby Samuelson:

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About Our Guest:

Bobby Samuelson co-founded Life Innovators in 2018 and has been President and CEO since its inception. 

Bobby was formerly Senior Vice President and Head of Life Insurance and Annuity Product Development and Pricing at Brighthouse Financial and Vice President of Life Product Development at MetLife. 

Prior to joining MetLife in 2013, Bobby was a consultant to life insurers, distributors and high-end agents. He is the third generation of his family to work in life insurance. He is also the Executive Editor of The Life Product Review since 2012. 

Bobby is a regular keynote speaker at corporate and industry events.

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How Much Life Insurance Can You Own? (Ep. 22)

Finance, Financial, Financial Advisor, Financial Services, Investing, Investment, Money, Podcast, Retirement, Uncategorized, Wealth Management, , , , , , , , ,

It’s impossible to measure the value of a human life. Who you are as a person, and what you mean to your family, friends, and your community, cannot be measured or a dollar value placed upon it. If you suddenly died, such a loss would be permanent, profound, and irreplaceable. Your future earnings potential is about the only thing that is replaceable through proper life insurance protection.

In this episode, we discuss the different mindset people tend to have when insuring material possessions vs. their own life. We also discuss how much life insurance you may be able to acquire based on your age and income, and why trying to figure out coverage amounts based on a needs analysis is the opposite of what most people truly want.

By the end of this episode, you’ll gain a deeper understanding of how life insurance companies can determine the amount of coverage you’re eligible for, and what you can do to help protect the lifestyle you and your family worked so hard to create.

Jim discusses:

  • The importance of life insurance to help ensure that your family can maintain their lifestyle and financial security in the event of your death
  • Why insurance companies won’t allow someone to over-insure their property, income, or life
  • How trying to take a needs approach to determining your life insurance coverage is the opposite of how you treat your career
  • Life Insurance coverage amounts for business owners vs non-business owners
  • And a lot more!

Resources:

Connect with McGovern Wealth Group:

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The Benefits of Employee Stock Ownership Plans for Business Owners with Ken Alter (Ep. 21)

Finance, Financial, Financial Advisor, Financial Services, Investing, Investment, Money, Podcast, Retirement, Uncategorized, Wealth Management, , , , , , ,

With years of experience in helping businesses plan their exit strategies, Ken Alter, Managing Director at Planning Alliance, shares his insights on the mechanics of ESOPs(Employee Stock Ownership Plans), their benefits for both employers and employees and how they can be used as an effective tool for selling a business while maintaining control and achieving tax savings. 

If you’re a business owner looking to plan your exit strategy, this episode is a must-listen!

Ken discusses:

  • What an Employee Stock Ownership Plan (ESOP) is, and how it differs from other qualified plans
  • How ESOPs can be used as a tool for business owners to sell their businesses while maintaining control and achieving tax savings
  • Why ESOPs are attractive from a tax standpoint
  • The benefits of ESOPs for employees 
  • What employees can do to contribute to this plan
  • And so much more!

Resources:

Connect with Ken Alter:

Connect with McGovern Wealth Group:

About Our Guest:

Kenneth L. Alter is a Managing Director with and Board Member of Planning Alliance. He provides financial, business, estate planning, and investment management solutions for entrepreneurs, their businesses, entrepreneurial families, and family (and multi-family) offices nationwide.

Since joining Planning Alliance in 2011, Kenneth has been a noteworthy leader in the wealth management space. In 2022, Forbes* ranked Kenneth as one of the Top 100 financial security professionals in the United States and as Top 5 in the state of New Jersey. He is active in various industry organizations, including Finseca, which represents the financial services industry on various legislative and regulatory issues that come before Congress and various federal agencies.  He also speaks at financial industry conferences nationwide and serves on the Living Balance Sheet faculty. He holds his Life, Accident and Health Insurance licenses along with FINRA Series 6, 7, 63, and 65. 

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Retirement Accounts, Are They Worth the Investment? (Ep. 20)

Finance, Financial, Financial Advisor, Financial Services, Investing, Investment, Money, Podcast, Retirement, Uncategorized, Wealth Management, , , , , , , , , ,

While retirement accounts have powerful tax advantages, they might also have significant disadvantages if we don’t understand the rules. 

In this episode, Jim McGovern discusses retirement accounts and how individuals need to think critically about how these accounts work, know the rules of the game as they stand today, and consider their circumstances before deciding to invest in them. 

Jim also warns against the misconception that investing in retirement accounts saves tax money.

Jim discusses:

  • The advantages and disadvantages of retirement accounts 
  • Understanding the impact of changing tax rates
  • Factors to consider when deciding to invest in retirement accounts
  • Additional insights and tips on retirement account planning
  • And more

Resources:

Connect with McGovern Wealth Group:

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Protecting Against Risks of Lawsuits, Accidents, and Property Loss with Mike Moore (Ep. 19)

Finance, Financial, Financial Advisor, Financial Services, Investing, Investment, Money, Podcast, Retirement, Uncategorized, Wealth Management, , , , , , , , ,

Insurance is often marketed based on finding lower prices, but it’s time to take a closer look at the quality of the coverage you’re purchasing.

In this episode, Michael Moore, CAPI, CPRM, PLCS, of Marsh McLennan Agency joins the show to discuss how accidents and other risks can lead to multi-million dollar lawsuits, and how to improve the way you protect your property, assets, and future income with higher quality insurance.

Mike discusses:

  • Umbrella insurance – what it covers and why you should own it
  • Liability exposures you may not be protected against
  • Common deficiencies in auto and home insurance coverage
  • The rising threat of cyber attacks and identity theft
  • How to use your annual income and assets to estimate available coverage amounts 
  • And more

Resources:

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About Mike Moore: 

Mike Moore is responsible for marketing and sales at Marsh McLennan Agency. He assists successful families with their property and casualty insurance needs. Mike uses a variety of risk management techniques including risk avoidance and risk transfer to tailor a plan specific to your family. He represents the best carriers that specifically serve the high net worth families.

Mike has expertise in helping families with their high-valued custom homes, vehicles, liability, and valuable article coverage. His goal is to develop a comprehensive risk management plan to ensure that you and your family are prepared for the unexpected and your assets aren’t vulnerable to litigation or loss.

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Estate Planning Built On Dynasty Trusts with Jerry Wegley (Ep. 18)

Finance, Financial, Financial Advisor, Financial Services, Investing, Investment, Money, Podcast, Retirement, Uncategorized, Wealth Management, , , , , , , ,

You want to make sure your protection in your estate plan is complete and it’s engineered with extreme conditions in mind. Yet many people have wills and trust with safety features that expire when the beneficiaries at a certain age.

In this episode, Jim McGovern talks with Jerry Wegley, an attorney with KnoxLaw about why dynasty trusts should be the centerpiece of a family estate plan. He explains where some of the traditional approaches to estate planning fall short and assets may be unnecessarily exposed to creditors, divorcing spouses, transfer taxes and other issues.

Jerry discusses:

  • The misconceptions with trusts
  • How trusts have evolved over the last 20 years
  • The specifics of creating a trust and the rules each position is to follow
  • Why efficient tax planning is built into a dynasty trust
  • And more

Connect With McGovern Wealth Group:

Connect With Jerry Wegley:

About Our Guest:

Jerry Wegley’s practice focuses on asset protection and business succession planning. He helps people protect their assets from taxes, creditors, future ex-spouses and ex-in-laws, and nursing homes, so they may choose who benefits from their assets (themselves, their children, charities, etc.). His previous experience as a CPA helps him advise business owners wishing to keep their business operating after their exit; whether it be by their child or other family member, their employees or another party that will carry on their legacy. He is available to speak on business and tax topics, sophisticated estate planning strategies, asset protection, wealth preservation, long-term care planning, business succession and special needs planning. He also serves as Vice President on Knox Law’s Board of Directors.

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All The Ins And Outs of Student Loans With Mackensie Ellis (Ep.17)

Finance, Financial, Financial Advisor, Financial Services, Investing, Investment, Money, Podcast, Retirement, Uncategorized, Wealth Management, , , , , , , , , ,

If you’re feeling stressed about your student loans, we hope this episode can provide relief and support to help you clear your debts.

With the latest announced student loan forgiveness program, there have been many prompting questions about ways to control student loan debt. 

In this episode, Jim McGovern talks with Mackensie Ellis, manager of Business Development at GradFin, to discuss ways you can create a great action plan for your student loan debt. Mackensie will walk you through the loan forgiveness program, who qualifies, the go-to resources.

Mackensie discusses:

  • The repayment options that are available for student loans
  • The details regarding the student loan forgiveness program and who qualifies for it
  • How to strategically lower interest rates and free up cash flow while paying your student loans
  • Why now is the best time to be a public service worker if you have student loan debts
  • And more

Resources:

Connect With McGovern Wealth Group:

Connect With Mackensie Ellis:

About Our Guest:

Mackensie started as a Business Development Associate at GradFin in November 0f 2019. Prior to GradFin, she attended the University of Pittsburgh and received her degree in psychology. Mackensie has always had a love for sales which is what drew her to GradFin. She is originally from Pittsburgh and now lives in Philadelphia!

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How To Create A Buy-Sell Agreement (Ep.16)

Finance, Financial, Financial Advisor, Financial Services, Investing, Investment, Money, Podcast, , , , , , , , ,

One of the most important documents that a business owner should have is a buy-sell agreement which doesn’t seem to get a whole lot of attention.

In this episode, Jim McGovern shares a step-by-step process for creating a buy-sell agreement without losing out on the value of your business. He will give you tips on how to get started and keep your business protected.

Jim discusses:

  • What a buy-sell agreement is and why it is important
  • The basics of how a buy-sell agreement works
  • Why this agreement is better off being a standalone document
  • Four topics commonly addressed in a buy-sell agreement 
  • Five tips for creating a buy-sell agreement
  • And more

Resources:

Connect With McGovern Wealth Group:

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Knowing The Value of Your Business With Jason Early (Ep.15)

Finance, Financial, Financial Advisor, Financial Services, Investing, Investment, Money, Podcast, Retirement, Uncategorized, Wealth Management, , , , , , , , , , , ,

98% of business owners don’t know the value of their business. Yet, most business owners are banking on the sale of their company someday to fund their retirement. 

In this episode, Jim McGovern talks with Jason Early, president of BizEquity, to discuss why you deserve to know the value of your business and what you can do with this information.

Jason discusses:

  • The importance of a business valuation
  • How often your business should have a valuation and how you can benefit from it
  • How inflation and interest rates are putting pressure on the value of a business
  • The time commitment and preparation needed for a business valuation
  • And more

Resources:

Connect With McGovern Wealth Group:

Connect With Jason Early:

About Our Guest:

After nearly a decade in financial services and technology/consulting, Jason joined BizEquity as CRO leading the sales, marketing, and customer success teams. As President, Jason partners with the leadership team to shape the vision and serve the team to deliver on BizEquity’s mission. Jason is the co-chair of Pavilion Philadelphia, and former board member of the American Ireland Fund, American College Alumni Board, and the Brian H. Early Foundation.

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