As an entrepreneur, you work hard to ensure financial stability for yourself and family, but are you giving enough attention to the money after it hits your bank account? Our guest this week is someone who has seen first hand how wealth impacts people. He’s a devoted leader who puts client advocacy at the core of his firm’s approach, and who has been recognized with numerous accolades. Joining the show this week is CEO & Co-Founder at Lexington Wealth Management, Michael Tucci!
Mike sits down with host Mark Stiles to share his experiences as a CPA, the involvement of his company as a SAP for EO Boston, and the ways entrepreneurs need to be managing their finances.
Takeaways:
- For many people, the emotional aspect of their wealth is as important as the financial aspect. While it is reassuring for clients to know that their money is safe during hard times, it is important to check in with them on a personal level.
- While many entrepreneurs have detailed knowledge of their KPIs, marketing plans, and strategies, their investment plans lack attention. To reduce ambiguity, entrepreneurs need to assess the value of their business and tie it into their investment plan.
- Creating an investment plan for an entrepreneur needs to also be tailored to their business. The stability of the industry is a crucial factor. More varied businesses need a more stable plan, while more stable industries can take more risk.
- When looking to assess the value of your business, it’s important to have a trusted partner. When assessing value, Lexington Wealth takes a holistic approach; reviewing growth patterns, checking expenses, and factoring in your business’s industry.
- Going to market is an exciting time for any entrepreneur, but you need to be aware of the commitment. Going to market is a months-long process that takes a good chunk of your focus, potentially causing your numbers to slip, hurting your evaluation.
- An often overlooked aspect of financial planning for entrepreneurs is estate planning. Many consulting firms can help with estate and pre estate planning, highlighting the importance of finding a firm that specializes in working with entrepreneurs.
Links:
Quote of the Show
- “Our thought process is if we can really understand our client, they'll tell us more things. The more things they tell us, the better we can plan.” - Michael Tucci
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