Business Leaders & CYA
August 9, 2023
On today's episode of the "The Runway Decade Podcast," hosts Bill Bush and Pete Bush, advisors at Horizon Financial Group have decided not to have a guest and instead engage in a conversation with each other, reflecting on their journey and possibly discussing future plans. They mention having gained publicity through national magazines, open houses, and book signings, which improved distribution.
- 01:29: Bill and Pete reflect on the past year and the amount of content they have produced. They express curiosity about where their endeavors will lead in the future.
- 01:48: They mention that a significant portion of their business involves working with business leaders, particularly in the context of retirement plan management and consulting. They emphasize that dealing with business leaders is a substantial part of their professional activities.
- 02:55: The hosts delve into the characteristics of business leaders in more detail. They highlight that many business leaders have been with their respective companies for a significant period, contributing to the company's growth.
- 03:01: Leaders often receive attractive compensation packages, including benefits and perks, and they tend to have substantial account balances in retirement plans like 401Ks.
- 05:41: Business leaders often have extra perks, including equity ownership or synthetic equity arrangements. They might be offered deferred compensation plans or non-qualified deferred compensation plans as part of their compensation packages.
- 06:25: The host highlights several obstacles that business leaders face, including lack of time, being scattered across multiple financial accounts, procrastination, lack of knowledge, and disinterest in financial planning.
- 08:20: The host discusses their book "The Runway Decade" and its purpose. They clarify that the book isn't meant to provide specific solutions or advice for individual situations, as everyone's financial circumstances are unique. Instead, the book guides readers on how to think about financial planning and retirement transition by posing the right questions.
- 10:27: By going through the matrix and checking off what they know or don't know, people can identify areas where they need assistance and guidance. This process prompts them to consider questions such as retirement income projections, account balances, benefits, and contingencies for unforeseen events.
- 13:32: Bill and Pete discuss an upcoming event called CYA 360 (Cover Your Assets 360), which focuses on addressing the various risks that business leaders and owners face, both in their businesses and their personal financial lives.
- 15:06: The host emphasizes the significance of the runway decade for business owners and how CYA 360 can be particularly valuable during this time.
- 18:20: The hosts reflect on the guests who have appeared on their podcast over the past year.
Three Key Points
- For owners of the business, there is a direct link between their stake in the company's equity and the outcome of an exit or transition. However, business leaders who are professional managers, such as CFOs, HR officers, or operations leaders, might not have equity ownership, but they contribute significantly to the company's success and its equity value.
- Many people initially focus on investment planning when they think about financial advisors, as it's a common perception. However, the matrix illustrates that financial planning encompasses various areas that impact an individual's financial life.
- Bill and Pete emphasize that business owners are familiar with the industry-specific risks they encounter, as well as the economic factors affecting their businesses. However, they might not give the same level of attention to their personal wealth and the translation of their business success into their personal financial situation.
- "A business leader doesn't necessarily have to be the founder or owner; it could also refer to an executive responsible for leading and advancing the business." – Pete
- "Organizing your finances can provide a sense of control and understanding over your financial situation." – Pete
- "CYA 360 is an event that catches the attention of business leaders and owners because they're accustomed to considering risk management for their businesses." - Bill