Exit Planning – Maximizing Outcomes

How Defined Benefit Plans Help Business Owners Slash Taxes and Catch Up on Retirement (Ep. 61)

By Jim McGovern | May 20, 2025

How Defined Benefit Plans Could Help Business Owners Slash Taxes and Catch Up on Retirement (Ep. 61)

Are you a business owner with high income—but even higher tax bills? Are you feeling behind on retirement savings?

In this episode of Maximizing Outcomes®, Jim McGovern welcomes back Tom Wyatt to unpack one of the most overlooked yet powerful tools for high-income business owners: Defined Benefit Pension Plans.

You’ll learn:

How defined benefit plans can potentially save you hundreds of thousands in taxes annually
Why these plans my be ideal for late-stage retirement catch-up
How they differ from 401(k)s and profit-sharing plans
When to use cash balance plans for greater flexibility
Why you can still set one up after the tax year ends
How to use them for succession planning and buyouts

Tom shares real-world examples—including one client who’s pension contribution allowed for a $288,000 deduction in a single year while keeping 87% of it for himself.

Whether you’re a solo entrepreneur or run a business with employees, this episode will help you rethink how to retire smarter and lower your tax bill in the process.

Related Episode:

Episode 28: Retirement Planning Essentials

Episode 29: Retaining Key Employees with Non-Qualified Retirement Plans

📩 Have questions? Reach out to Jim at info@mcgovernwealth.com or visit mcgovernwealth.com

🎧 Don’t forget to subscribe and share this episode with other business owners who want to Maximize Outcomes® in their life.

Please note individual situations will vary, individual results will be unique and determined on their own merits. 7938432.1

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Selling Your Business to Private Equity: A Deep Dive with Bobby Kingsburry (Ep. 60)

By Jim McGovern | April 1, 2025

Selling your business may be the biggest financial decision of your life — and for many owners, private equity can be a smart, strategic way to exit. In this episode of Maximizing Outcomes®, Jim McGovern is joined by Bobby Kingsbury, Managing Partner at MCM Capital Partners, to discuss how private equity firms evaluate businesses, what makes a company attractive to investors, and what owners can do today to prepare for a successful exit.

Whether you’re actively planning your exit or simply building toward a future sale, this episode offers an inside look at how private equity really works — with actionable tips to increase business value and avoid costly mistakes.

You’ll learn:

When private equity makes sense as an exit strategy
How PE firms like MCM Capital evaluate companies
What factors drive EBITDA multiples and valuation
The biggest mistakes business owners make when selling
How to build a business private equity wants to buy
What the PE deal process looks like from start to finish