Proactive Risk Management & Building Your Team of Advisors

Susan Bryant [00:00:00]:

My husband has a business, and one of the guys that he buys stuff from ended up in a lawsuit with a really big kinda like a pharmaceutical type company. And, he lost. Okay. They ended up in a settlement process, but he was selling those products just as a sole proprietor. Mhmm. So when they settled that lawsuit, he had declared bankruptcy. They did give him the opportunity to reorganize and so he could start reselling under an entity because that's the only way they were gonna get the settlement money is if he kept selling this stuff, so they permitted the reorganization. But, yeah, I mean, he was personally bankrupted.



Susan Bryant [00:00:36]:

And I I remember my husband telling me that, oh, he had declared and I was like, wasn't he operating in a in a business entity? And he's like, no. And I was like, oh my gosh.



Celeste [00:00:48]:

You're like business what it was.



Susan Bryant [00:00:50]:

Even. But it just goes to show you that still that stuff is still happening. Yep. It is still happening.



Celeste [00:01:00]:

Welcome to Planning Reimagined, a podcast from the planning experts at Robin Glenn and RX Investment Partners for wealthy families and successful business owners. When you think of business planning, what pops into your head? Maybe you see a spreadsheet, profit margins, or maybe a headache or 2, but there's so much more going on behind the scenes for every successful business, especially to keep it afloat when things get rough. So today, we're gonna dive deep into what you can do to create a solid foundation for your business to protect against those unexpected risks. So you're not just reacting to fires, but you're really preventing them. Hi. I'm Celeste Moya. Welcome to another episode of Planning Reimagined, where your wealth journey meets our expert insights. Today, we kick off a series that's focused on everything related to business planning.



Celeste [00:01:53]:

So everything from setting up your business for success to that big exit in the future along with the post sale planning that is very often overlooked. But first, today, we're gonna start with what you need to do now to protect your business. So let's dive in. So today, I'm thrilled to have with us Susan Bryant, who's the CEO and founder of Unboxed Advisors. Thank you so much for joining us, Susan. Thanks for having me, Celeste. It's a pleasure to be here. Thank you.



Celeste [00:02:19]:

Thank you so much. So Susan brings over 20 years of experience as a CPA, certified tax planner, licensed investment adviser representative, and she and her team do exactly what we talked about, you know, in this beginning. They help, business owners prevent those fires instead of just always having to react to them. And her team and her provide comprehensive business support, including tax, accounting, and operational strategies. So we're gonna have a great conversation today talking about business risk and all the things that go with being a business owner. So most business owners we work with tell us that they spend the majority of their time putting out fires. Right? It's the the big fires and the little fires, but they spend a lot of time doing it. So before we dive into what techniques they can use to prevent that, first, let's talk about what's at stake here.



Celeste [00:03:06]:

So you've undoubtedly worked with countless business owners through the years. And in your experience, what are the most significant risks that biz business owners tend to overlook or underestimate? And how can these risks impact their business long term success?



Susan Bryant [00:03:23]:

Yeah. Well, they're vast and many, and they are very tailored specific to specific businesses. I mean, every business is so influenced by its owner that those risks can look different, or maybe the magnitude of the risks can be different. But I would say it's a few different components. 1st is, like, the sales and marketing. Like, are you creating a strategy to help you sell your way to a more valuable business? Or are they relying upon the owner or other key individuals to make that happen? Maybe they don't know who they're serving in the right way. Is that the most profitable customer? Are they selling the most profitable things? Like, kind of all of those components is really important. And then, operationally, have they thought through all the things that could go wrong? Have they really examined their operations from a procedural standpoint, from a, I would play fundamental issues that could be present, that could be anywhere from, like, customer concentration to, material shortages.



Susan Bryant [00:04:29]:

We saw lots of that during COVID. Right? Have they thought of any of those things that could go wrong? And then on, like, the kind of the finance, HR, you know, how are you handling your money and your people? Like, to me, that's sort of, like, how I think about all the different things we should be starting to examine in a business.



Celeste [00:04:48]:

And that's so many moving parts for a business.



Susan Bryant [00:04:50]:

Oh, so many and they can't do it all, which is why they're putting out fires because there's really no way for them to lead all of that effectively as one person.



Celeste [00:05:01]:

It's just impossible. And then if their expertise is required for the business, then also do that. Right? Like, do the daily job to actually bring in the money.



Susan Bryant [00:05:09]:

Yes. They're working too.



Celeste [00:05:10]:

Yes. So we always say working in the business versus on the business. Yeah. And so there's so much to it. Something that you mentioned is, you know, relying a lot on that specific business owner and those key people. And we'll talk more about it as we, you know, kinda get into the conversation. But on our side, we see that as a huge risk. We talk about people don't always die in order, you know, sadly.



Celeste [00:05:31]:

Right. Sometimes it's that next generation that you thought was gonna manage the business or that, you know, that other key person within the organization that really had that expertise. So I feel like that's something, my dad being a business owner himself, he's immortal, you know, so he's he's fine. But I feel like that's, like, their sense. Like, they're just always gonna be around. That person's always gonna be around, and that's a very much a key risk. Another thing you mentioned, maybe expand on it just a little bit, is, like, the sales the marketing side of things. I think business owners don't realize that nowadays marketing is at our fingertips.



Celeste [00:06:05]:

Things like podcast. Right? So many different things. I don't know if you're seeing what are some of the things that your business owners are doing, kind of just foundationally to start. Nothing scary, you know, on the marketing side of things.



Susan Bryant [00:06:15]:

Yeah. I think one of the things is a lot of them are just throwing spaghetti at the wall and see what sticks, and there is no strategy. So this is sort of, like, the planning that you were you guys are doing on, you know, for those key employees, for what happens if your life is gone or you're disabled. Like, all you gotta be planning on that side too. And so many of these business owners are they're kinda doing what they know how to do. They're not necessarily exploring all the things that could be done.



Celeste [00:06:43]:

Yeah.



Susan Bryant [00:06:43]:

And so there's just a limitation of knowledge. I mean, you can't you don't know what you don't know. Right. And so there is a risk, an inherent risk in that. And that is is that there's opportunities that are passing you by because you are not able to, just from a bandwidth standpoint, able to go and learn all those things, which is why you've gotta go get the right people on your team to help you start addressing those. Surround yourself with



Celeste [00:07:04]:

the right team. And sometimes we tell even our just, you know, individual clients have that board of directors almost that really is your circle that's gonna help you be successful at anything that you do. So, inevitably, at some point, business owners, whether it's voluntary or not, are going to have an exit, right, from their business.



Susan Bryant [00:07:22]:

That's true.



Celeste [00:07:24]:

And so from your perspective, what are the steps that from the very beginning a business owner should be taking to ensure that when they do decide to step away, voluntarily or not, that their business can thrive. And how does this impact their family or maybe the next generation of business owner?



Susan Bryant [00:07:40]:

Yeah. So it was interesting. My business partner, Catherine, is, in the process of, obtaining the SEPA certification, and she was telling me about one of the things that she was learning there is is that when business owners, think about their business, it's the same chemical in their brain that's activated when they think of their children. Wow. Absolutely.



Celeste [00:08:05]:

That's their baby. I But that Yeah.



Susan Bryant [00:08:07]:

So I think one of the things that's interesting is when you start talking about planning, you know, you're not planning to give your kid away.



Celeste [00:08:15]:

Right.



Susan Bryant [00:08:15]:

Right? Or, like, leaving it to somebody else's kids. I'm so excited. I'm kidding. No. I'm with you. Definitely. We all have had those parenting moments 100%. But that it kind of leads you down this.



Susan Bryant [00:08:27]:

Like, if you really are serious about leveraging the business to amplify your financial position, there has to be a separation between the emotional connection you have to that business and the financial result that you want. Yeah. And the sooner you can get there from a business owner and start asking yourself a question about, but what's best for the business instead of what's best for how I feel about my business, then that really starts to change what it is you begin to working on and how you wanna invest in it, how you're going to begin that succession planning process, and maybe what terms you wanna negotiate as a part of that deal. And so that's I think that's a really big game changer there, is that shift for the business owner.



Celeste [00:09:12]:

And so through the series, we'll also expand later in another episode about exit planning, but something that we see is just business owners don't run their business day to day. Like, one day, you may sell it. You may hand it off. You may just decide, you know, I'm gonna ride into the sunset. So it they don't treat it that way. They're treating it like a baby. And that's so fascinating that she learned that because that makes perfect sense. We always say it's their baby.



Celeste [00:09:39]:

That's why sometimes they overvalue it or they, you know, see it differently than other people. We what we see the most is they're just not from day 1 thinking of that exit. And although maybe it may not be there and it may be very far away, you always have to have everything in order to be able to be successful at that point



Susan Bryant [00:09:58]:

in time. Yeah. And I I think the thing is is that I don't know if they're really ever thinking about the end. Mhmm. I think they are more thinking about possibilities. I mean, that's what is it. That is truly at the core of entrepreneur is thinking about what could be the that's why they love they love it. It's like a game.



Susan Bryant [00:10:17]:

Like, what else can we do? Like, we we wanna try to invent and reimagine everything that we can in the business. And so it seems like it's contradictory to being an entrepreneur, which would be contradictory to your core values. Right. Like, you would be opposition to be thinking about the end. Right. And so I think that that is one of the hurdles is that we have to reposition that into a new beginning. And so, I myself went through sort of a transition, I guess, just a little over a year ago, when I exited my prior firm. And there is a moment where your your identity is wrapped up in this business.



Susan Bryant [00:10:54]:

But I I really do believe there is a moment where you have to have a talk with yourself and say, look. I'm not defined by the business. All those same qualities that you have as a business owner, all the things that and lit you up every day, got your set your soul on fire, really kept you motivated. Those things are still inherent in you. You're just gonna bring that to the next thing that you



Celeste [00:11:18]:

do. Yeah.



Susan Bryant [00:11:18]:

So You're,



Celeste [00:11:18]:

like, part therapist too. That's amazing. I had such a great way to that. Absolutely.



Susan Bryant [00:11:23]:

So is you're not defined by the the business. You defined the business. It's the opposite way around. And so you get to define the next thing in your life, whether that is running a charity, volunteering, moving in academics, or or doing nothing, just hanging out with the grandkids or whatever it is to you. But you will bring all those wonderful things that you brought to the business. You'll bring to that other activity.



Celeste [00:11:47]:

Yeah. That's a great way to put it. It's definitely hard to separate, but that's why we also see a lot of very successful serial entrepreneurs who they, you know, sell one business and start another. And I think that's the right mentality to your point of saying, okay. Well, this one, I may be planning for an exit, but it's just gonna lead to maybe a different opportunity. So we see that quite a bit. So I am sure throughout the years that you worked with business owners, you've seen both the well prepared and the unprepared businesses that don't really handle unexpected events in the best way possible because it didn't have the planning in place. So can you share some examples that you've seen of when a business had to go through some unplanned exit or crisis and the consequences that followed?



Susan Bryant [00:12:26]:

Yeah. One thing one instance that comes to mind was a woman who came to me, maybe, maybe 2 years ago, something like that, and she was running a business that her husband had started. And he had become ill and passed away. And she now had a business. And, of course, she was not the person who any had any customer relations. She didn't know anything about accounting or tax or HR. I mean, literally, she went from being kind of like an admin person in the business to now having to run the whole thing. No life insurance, bunch of customers left, and they were just struggling in every possible way.



Susan Bryant [00:13:09]:

Cash flow, bandwidth. I mean, she wasn't even she didn't even have time to grieve, really, because she had a business to run and she had bills to pay. And to me, that is probably the greatest example of poor planning. Right? These it's this like you said, your dad was immortal or whatever, but you're just not. And you do not wanna leave a spouse or a business partner or any other person that you truly care about with a giant mess to deal with in your absence. It's just it's strong.



Celeste [00:13:41]:

Yeah. It's strong. It's not fair to them. I actually saw a very similar situation. There was a wife with teenage daughters, so there was it was a very, obviously, unplanned it was a very unexpected death, and, they were left in the same type of situation. They weren't very successful in moving the business forward. She ended up selling it for probably half of what it was worth because she just needed to offload it for the liquidity. They didn't they had business.



Celeste [00:14:06]:

They had, you know, assets within the business, but no liquidity to continue without her husband, you know, in the picture who truly was kind of the brains behind the business. She was not even an admin in it. She was not involved



Susan Bryant [00:14:17]:

at all. Yeah.



Celeste [00:14:18]:

But there was no other partners and nobody else. And so she ended up just kind of, you know, fire selling it, to be able to continue. And that's what she had to do. But you're right. There could have been so much better planning. They would have protected them for I mean, they could have still maintained the business. Somebody else could run it. So many things that can happen.



Celeste [00:14:35]:

But so let's just talk about all the let's not talk anymore about all the somber things.



Susan Bryant [00:14:38]:

Oh, yeah. I know.



Celeste [00:14:40]:

It's a reality. It's important for our audience to know, like, this happens. If you don't plan for it, that's not a plan. So there's something that we need to do. Not planning is not not a plan.



Susan Bryant [00:14:50]:

Right.



Celeste [00:14:50]:

So you have to do something.



Susan Bryant [00:14:51]:

You have to. And, recently, I was reminded of the word inertia. This, like, you have to fight it. Like, you've got to do something. Fight the inertia. Fight that desire to stay in this sorely place where of stagnation. Move. Make yourself move.



Susan Bryant [00:15:10]:

Make yourself go do the planning. Figure out how much life insurance you need. You know? All the things that could go wrong, figure out what you could be doing to have a better outcome. Yeah. But just fight the inertia.



Celeste [00:15:21]:

Because inevitably, life's not perfect. It doesn't follow this little pretty script, so, things go wrong. Right?



Susan Bryant [00:15:28]:

Right. It's like that, that meme where it's, like, the success from here to here, but it's like I want it to all squiggly. Yeah. We've all seen that. That's life. I mean, what can go wrong will go wrong. We are gonna be faced with all sorts of challenges. So and then just keep readjusting.



Susan Bryant [00:15:44]:

That's the other thing that I see a lot of business owners. Like, they neglect to go back and revisit things. And I know we're trying to move away. Yes. We're trying to move away from the somber things, but go back and revisit this stuff because things change in a business, in your life. I mean Absolutely. I mean, I'm sure you've probably seen instances where, like, somebody is listed as a beneficiary on some insurance, and it's like that person is



Celeste [00:16:05]:

Their ex spouse that they hated. Oh my gosh. The time.



Susan Bryant [00:16:07]:

Yeah. Scared. Okay. Yeah.



Celeste [00:16:08]:

I can't tell you how long how often that happens, but, you know, it happens. Once again, it's that's why it's important to not only plan, but keep going with the planning continuously. It's a continuous process.



Susan Bryant [00:16:19]:

Is that



Celeste [00:16:19]:

replanning? Is it replanning? Revisiting. Revamping.



Susan Bryant [00:16:23]:

I like it. I love it. I mean, we should just call it replanning. Yeah. Replying. I like it. I like that. I'm a that's a new dictionary for



Celeste [00:16:28]:

you. Aligns with our podcast. That's how



Susan Bryant [00:16:30]:

it works.



Celeste [00:16:30]:

Yeah. So, clearly, you know, there's a lot at stake for business owners. They have a lot on their plate running their business, being in the business, making the money, you know, supporting staff. They're they have a lot of responsibility on their shoulders.



Susan Bryant [00:16:40]:

Emmons.



Celeste [00:16:41]:

But the good news is that if they do, implement the right strategies, a lot of this can be mitigated. We can't predict everything, but we can try to protect as much as possible. Right? So now let's talk about some of the practical steps business owners can take to protect their business. 1st, you know, let's talk about getting what we can refer to as our business house in order, both from a legal perspective, from a financial perspective, tax perspective. When a business is just getting started or maybe they've already been established for a while, what foundational elements do you think they need to prioritize so that they're not just surviving as a business, but they're really thriving in it? Wow.



Susan Bryant [00:17:24]:

Again, a lot a lot of things. So I think this harkens back to sort of the core team. Right? So it's are you mitigating the core risks that would hurt you the most from a business standpoint and correlate that with the person who is responsible for making sure that you've thought through from every possible angle how to mitigate that risk. Right? So I'm thinking if you're talking, like, accounting and tax, how are you working with your accountant, and what is that person responsible for from a relationship standpoint? Maybe that's proactive tax planning. Maybe that's keeping your books and records updated every single month. That could be an audit on an annual basis. Right? So there is some type of scope of work and a back and forth in that relationship, same with your business attorney. You're gonna have your contracts reviewed, maybe your employment agreements reviewed.



Susan Bryant [00:18:13]:

Like, to me, it's correlating that to your core team. So that's accountant, attorney. There could be multiple attorneys in there. And then I really think it's, like, the financial advisory piece. Mhmm. So what are you doing with excess money that comes out of your business? And that kind of links into your personal. But those sort of, that's kind of your core team, and then you got the subset of people who are helping you as your business continues to grow and expand. And that could be anything from HR consultant to IT consultant.



Susan Bryant [00:18:43]:

We talk about, like, different types of insurance that you might need. Oh, my goodness. Endless. Right? So that's the way I sort of look at it. It's like these building blocks. Yeah. But we we gotta start with the foundation, and that really is accounting tax records, legal compliance. Right? We've got the walls built, and then we start making the house pretty.



Susan Bryant [00:19:01]:

Right. And that's when we start decorating with all of our other advisers who are making this thing all all the more valuable because we know all the i's are dotted and the t's are crossed.



Celeste [00:19:10]:

Yeah. And and, you know, that goes back to what I mentioned, kinda that board of directors because as business owners and I think we've all been guilty at some point. We're like, I'll just do it myself.



Susan Bryant [00:19:18]:

Right? Yeah. Yeah.



Celeste [00:19:19]:

I'm sure you've seen it over and over where somebody decided, I'm gonna do my own taxes, and then they bring them to you all. And now they owe a bunch to the IRS because they didn't know what they were doing.



Susan Bryant [00:19:28]:

Happens all the time. Yeah. Yeah. You know, I one of the other things that I really think about is, like, you have to start with sort of a a an evaluation process. This is the important of going through some type of annual business planning, whether that's a executive strategy, maybe with a management team or your board of directors, advisory board, whatever you wanna call it. People are gonna help you think about what those risks are in your particular business. You know, maybe a start up, they've got a lot more risks that are associated with, I don't know, compliance with their investor reporting than maybe an established business or one that's founder owned and operated with no investors. And what they're really just concerned about is tax mitigation.



Susan Bryant [00:20:10]:

Like, those are the types of things I think they have to go through that process of, like, let's ask ourselves, what are those threats? What are those things that we need? And then who is it that's gonna help us to mitigate that threat?



Celeste [00:20:21]:

Who has the expertise to do it? Because at the end of the day, it's much more expensive when you don't, have that support, have those advisers around you. You think you're saving yourself, but long term, it can be much more expensive for lots of different reasons. Oh my gosh.



Susan Bryant [00:20:35]:

Okay. So my husband has a business, and one of the guys that he buys stuff from ended up in a lawsuit with a really big kinda like a pharmaceutical type company. And, he lost. Okay? They ended up in a settlement process, but he was selling those products just as a sole proprietor. Mhmm. So when they settled that lawsuit, he had declared bankruptcy. They did give him the opportunity to reorganize and so he could start reselling under an entity because that's the only way they were gonna get the settlement money is if he kept selling this stuff. So they permitted the reorganization.



Susan Bryant [00:21:10]:

But, yeah, I mean, he was personally bankrupted. And I I remember my husband telling me that, oh, he had declared bank. And I was like, wasn't he operating in a in a business entity? And he's like, no. And I was like, oh my gosh. You're



Celeste [00:21:24]:

like business money.



Susan Bryant [00:21:26]:

Cannot even. But it just goes to show you that still that stuff is still happening. Yep. It is still happening. I mean and then, of course, you know, we get into, like, even people with LLCs or other business entities who are not following the appropriate rules to even allow for those entities to provide the liability production. I mean, it seems basic, but it still happens. Yep. I mean, people just I think the thing is we're moving so fast.



Susan Bryant [00:21:57]:

We just the people are making mistakes. There's a lot



Celeste [00:21:59]:

of pressure, especially at the beginning. Right? There's that financial pressure if you don't have the investors and all maybe not all of the, financial help that you may want, and you're putting in a lot of money into the business, maybe not getting a lot out. And your mind is in a different place than just all of the other things that you don't wanna worry about. Maybe I know I'm guilty of. When I don't like something, I procrastinate. Right? And so you're probably putting that aside thinking I'll get to it get to it, and I won't, which is why, once again, yeah, it's very important to find those advisers that have the expertise and the space to help you. At the end of the day, it's just gonna lead to the longevity of the business. And what you said right now is so important for business owners to remember too.



Celeste [00:22:38]:

Your business impacts your personal life. So they are tied together one way or another. We've seen so many scenarios in which we have recently, we actually worked with a client who very successful IT company, has grown immensely, I mean, in the, you know, millions and millions. And he never set it up in a way that was proper. So everything was a pass through. And, fortunately, nothing has happened in his business to this day where it was gonna impact his family, but he needed to do a complete restructure, which was much more expensive than if he would have just done it from the beginning. But he lost track of time, essentially. He was just in the business.



Celeste [00:23:17]:

It was growing. It was growing. And at some point now, he has this giant business, but it's not structured properly. And he could have had a huge tax issue, you know, or lawsuit and lost everything. So



Susan Bryant [00:23:28]:

Yeah. I mean, this is maybe the benefit of the replanning. Like, just because it also is good right now doesn't mean it's gonna be good later, or maybe you overlooked something. And I think that also speaks a lot to the advisers that you might surround yourself with. There is sort of a time and a place for the different skill sets and likely the different price points that you can afford and what you need based on kind of what knowledge might be rendered. So I would say that that's another thing to go back and revisit is just keep evaluating the people that you're working with and making sure that they've got the right expertise that lines up with what you need and where you're going.



Celeste [00:24:03]:

Mhmm. So when it comes to, like, financial records, you know, tax records, I know that's really one of your areas of expertise. Many times, I I feel like part of having the house in order, as basic as it may seem, is that stuff isn't in order. So what are the key things on the financial tech side that you see that tend to kind of get out of control that really people need to be focusing on keeping in order?



Susan Bryant [00:24:25]:

For the smaller businesses, you're right. It's just basic bookkeeping, keeping the books and records updated. Although, sometimes you'll be surprised that when you come across a company that's maybe 5 plus $1,000,000, and they're not keeping their books and records updated because they make money. Yeah. So it's like they don't you don't have to worry about cash. Right. It's just more of a tax exercise, if you will. We're gonna file tax returns.



Susan Bryant [00:24:47]:

We gotta get the books updated. But that is systemically, in order to do all of this other planning, the accounting records have to exist in a proper format. And I like to remind people that accounting is a discipline, so it should be disciplined. So Yeah. Yeah. Absolutely.



Celeste [00:25:05]:

Yeah.



Susan Bryant [00:25:05]:

So that means you need to be getting things done on time, accurately, asking questions, and making sure you got the right oversight, leadership and accounting really matters. You cannot just abdicate that responsibility to someone else. That's usually when things go terribly wrong. Right? Phony employees on payroll, you know, embezzlement, blah blah blah blah, and all those types of things. You know, that's when that is not properly overseen, that's where that goes. So I would say making sure that you've got good processes and procedures and that you have thought been thoughtful about maintaining all the appropriate records so that you can go back and you can see what those underlying transactions are related to. Then once you're gonna have that all working, then it's shifting your focus from looking at the past to what do these numbers tell us about the future. That's when you can begin to expand your horizons into tax planning, forecasting, budgeting.



Susan Bryant [00:25:57]:

Right? And those are the types of infrastructures that allow you to be more disciplined about what it is you're gonna be measuring yourself against in the future. Mhmm. So, from a record keeping standpoint, I don't think there would be a person alive who said that you should not maintain a, the appropriate, documentation related to those tax positions you're making, especially the more maybe gray they would become, the more important it is to maintain all of that documentation. Work with an experienced professional, who can really help you to ensure all of that those records are maintained properly. 3 open tax years, keeping that in mind. It was funny because I was just I had this conversation with the Intuit representative. So, I mean, it's kinda crazy how these things happen. But when you subscribe to QuickBooks online, it will keep charging your credit card.



Susan Bryant [00:26:50]:

But if you turn off your subscription or your credit card just, you know, expires Yeah. The the subscription will go inactive. Your data will remain out there for 1 year, and that's it. And then it just goes away. And so I oh, I was talking to the Texas State Board of Public Accountancy. I was talking about I was talking to one of their attorneys. And I said, but what do you do about that? Do you have to keep paying for it? Like, can you just download all this stuff? Like, what should what should accountants be advising their clients to do? And she's like, yeah. Technically, if you were the accountant, like, the admin in charge of the account and my client was I was doing it for them and then they left me, I should maintain that for them for those 3 open open tax years, which means I would foot the bill for that.



Celeste [00:27:33]:

Wow.



Susan Bryant [00:27:33]:

And I'd be required to have that. If I didn't, then I would be at risk. Wow. And so yeah. I mean, it's just stuff like this. I mean, technology is now, like, sort of infiltrating these decisions of, like and that's one of the most common accounting platforms for most businesses to use is QuickBooks Online. And so you start thinking about data. Yeah.



Susan Bryant [00:27:53]:

Like, I don't know. There's just a lot there's a lot there.



Celeste [00:27:55]:

There's a lot of evolution in just the business space in in general. So, you know, to to kind of expand on that, risks have changed too, right, because of technology. Yes.



Susan Bryant [00:28:07]:

AI. Welcome AI.



Celeste [00:28:08]:

So what are some of the new things that you're we'd be advising clients on that they need to be aware of from a, you know, technology perspective or new risks that are are emerging as we speak?



Susan Bryant [00:28:18]:

Mhmm. Well, definitely, everything, cybersecurity. I mean, that's one of the questions who we ask now is, like, who is your IT person? We talk to them, and we ask about that. And do you have the proper insurance? And a lot of times, I don't even most of the time, they don't even really have a very clearly defined plan, or they don't even really understand what it is they might be at risk about. So that for sure is one of those things that we are spending time on is asking about that. From an accounting and tax perspective, strictly, I mean, really, it's data. It's data protection, especially other people's data. Mhmm.



Susan Bryant [00:28:57]:

What kind of information do they have? I mean, I know we've all been through the PCI compliance, but employee data, ransomware, where, you know, making sure that we've got the right protections in place from a hacker perspective. And, I I know, like, I've talked to other people who are in that industry specifically, and they're like, you as a small business owner are likely more at risk than, like, the city of Miami or something



Celeste [00:29:21]:

like that.



Susan Bryant [00:29:21]:

It's it's absolutely crazy. One of the guys that's, in one of my pro advisers groups who sells cyber insurance, he actually posted on LinkedIn that if you get hit with a, like a rant like a ransomware attack, that if you pay the ransom, the FBI can actually penalize you because you're not supposed to pay to get your data back. I did not know that.



Celeste [00:29:45]:

I did not know that either. See, once again, a thing that, as business owners, may just not be thinking of. You think, oh, well, I'm just gonna pay for it. I need my data back. That makes that's crazy that they would have to you know? The FBI is involved in something like that. I I



Susan Bryant [00:30:01]:

I suppose so. I think it's more like So



Celeste [00:30:02]:

you don't know what you don't know.



Susan Bryant [00:30:04]:

You do not know what you don't know. Yeah. Yeah. So I I that's why I really encourage people, my business owners, like, like, go to some of these networking events where you can hear, experts speak about this. Tune into podcasts like this. Expand your horizon. That does not mean that you have to know everything or know how to fix it, but it is sort of letting curiosity lead the way on, is there something of this that could pertain to my business, and when do I know I should be raising my hand Right. To say I need help with this.



Susan Bryant [00:30:34]:

This could be a risk in my business.



Celeste [00:30:36]:

If those major bureaus can be attacked by hackers, I mean, inevitably, smaller, midsize businesses are exposed. Right?



Susan Bryant [00:30:43]:

Yeah. So we can't letter every week, like, your data has been Oh, yeah.



Celeste [00:30:47]:

Absolutely. I think everybody's social recently is out there. I don't know. It's somewhere in the black market. But it it just we have to be realistic of the fact that this is a whole new thing to deal with. Like, you know, when, social media came, we had to adopt it and accept that's a way to get the message out. We have to, you know, adopt it. Cybersecurity is important now.



Celeste [00:31:06]:

It's a real thing. People are doing it every single day and trying to attack it in so many different ways. So it's better to, eyes wide open, go into it and say, I'm gonna protect my business. I think we all, in one way or another, have sensitive information. To your point, you may not have your client's social, but you have your employee's social information. Yep. You have, you know, bank accounts, so many different things. So being realistic.



Celeste [00:31:27]:

One other thing kind of as we tie in practic practicality in a business and then also thinking, you know, exit in the future, how often do you recommend businesses do a business valuation and and keep that up to date?



Susan Bryant [00:31:43]:

Yeah. I think at the point at which they are starting down the, personal financial planning road to say, okay. I'm getting close to perhaps we need to exit. That's the time in which I recommend you get evaluation Because you need to integrate that into your overall personal financial plan. Like, what is this business actually worth? Is this gonna help me achieve my goals? And then and then pulling in other business advisers to say, is there anything now that we have that information that we need to be considering? Like, Oh, no. That business is worth so much. Now, potentially, you owe estate taxes. Like, is there other planning things we need to do before we pull the trigger on, you know, selling this business? So that's that's where step 1 is, like, at the point at which you're contemplating this and and you want to perhaps sell, like, you kinda have to know what that's gonna look like for you personally.



Susan Bryant [00:32:32]:

So and that would be more from a founder led. You know? Those are the business owners I'm typically working with. So what I would think would be a lot different if you're talking about, like, something owned by private equity or maybe something that was gonna be taken public. I mean, I mean, there's so many variables there. But for the person the business that's owned by an individual, it's definitely at the point at which they are. How much money do I really need to live my life the way I want to the rest of my life?



Celeste [00:32:56]:

Yeah. That makes sense. And so even those smaller businesses or midsized businesses, what about when there's multiple partners involved? Right? So now you're because now you're also adding and this is something that we see that's often missed. Inevitably, you're adding spouses in the background that might end up being your business partner one day if you don't plan properly. So what do you advise from, you know, documents, or what other practical things should partnerships like that have in place when there's more than one partner?



Susan Bryant [00:33:25]:

Yeah. Okay. Well, definitely, buy sell agreements. Definitely, cross purchase life insurance. Definitely that. And then outside of that, alignment with those people. Like, where are you going versus where do they want to be? I have seen too many instances. One one time, I had a meeting, and there were 3 guys.



Susan Bryant [00:33:46]:

It was a business that was owned by 3 gentlemen. And they were 2 of them were about the same age. 1 was a little bit younger. And the exercise was I brought them into the office and I sat them down, and I just gave them a blank piece of paper and I had them write down, where do you wanna be in 5 years? Where do you wanna be in 10 years? Where do you wanna be in 20 years? And they all wrote down their answers, and every single one of them had a different response. And in some cases, they were actually rowing against each other. Like, they were not working together to get to the same place. Fast forward, I think it was, like, last month and the month before, they sold their business. The only reason that they were able to get to that point was because they got on the same page and started figuring out, like, oh, that's what do you want? Okay.



Susan Bryant [00:34:32]:

Well, well, how does that reconcile with what I want? So, I mean, I think there's some mechanical things, but then there's also this philosophical, are we moving in the same direction thing that has to that has to happen too. So, otherwise, is it time to execute on that buy sell agreement? You know, if your if your vision has changed or someone just needs to leave, you go back to those documents that you so thoughtfully and mindfully created. You can rely upon them, and then you can remove that as a risk.



Celeste [00:34:59]:

But But when they're not there, then you, you don't have that thoughtful planning, right, in place. We had a situation with, it was 3 different business partners. 1 of them passed away. They did not have this buy sell agreement in place. And so the wife of the deceased partner came into the business, and She had a lot of strong opinions that the other 2 didn't agree with. So but they also didn't have the liquidity to buy her out. It was it was a huge mess for them, and it was very stressful. Eventually, they ended up selling that business too because it was the only way to kind of get out of that situation, pay her out, and just move on and do something different.



Celeste [00:35:34]:

Right? But that could have also been a different situation where they just say, here's your money, and we're gonna move on in the direction that



Susan Bryant [00:35:41]:

we Yeah.



Celeste [00:35:41]:

Our vision.



Susan Bryant [00:35:42]:

I mean, honestly I mean, who could have predicted that? Right? You don't know what someone's spouse is gonna do. So better that you have planned in advance what you want versus what just by default might happen. Right. I mean, that's just it's it's actually very irresponsible and careless, and that's what we try to impress upon these business owners. Like, is it really important? These are, like this is an adult thing. Yeah. Yeah.



Celeste [00:36:09]:

You own a business. You're an adult thing.



Susan Bryant [00:36:11]:

Okay. So we need to get the adult documents in place. Right. Like, that's a really big thing because we do not want to create messes, especially if someone has passed away. Like, it is hard enough to lose your loved one. Now you gotta deal with all this other stuff. Like, it's hard on everybody, and it can be prevented. So I just say, you know, you just gotta adult.



Susan Bryant [00:36:32]:

Yep. You gotta you gotta do it. Bite the bullet. You gotta bite the bullet, do it, and and pay the professionals to get it done because it will be worth it if you just take the time, invest the the the in the planning now to avoid the the the really, which is gonna be a tragedy later. Right.



Celeste [00:36:50]:

And it's first that it's that foundational part that's the heavy lift. Because even when we talk about that replanning, you know, going forward, it's just adjusting little things here and there, you know, maybe new wording in certain documents. You have a new partner you have to involve. But it's not that giant heavy lift that's in the beginning. And big picture, it's such a huge protection, financial protection for the business, for their families, for their estates going forward. So yeah. Absolutely. I mean, all of those things that you covered, and that's just kind of high level.



Celeste [00:37:20]:

Right? Oh, yeah. There's so much more. Some of the things you said at the beginning that people should also keep in mind is that evolution of your business. Sure. You sell this widget, but is that widget still the right one for you? Do you need to pivot to a different widget? Because now the market doesn't want that widget. You know? So I feel like there's that's why it's so important to have those advisers that can be guiding you in the right direction. I think this is a good point time too for you to share. At Unboxed Advisors, you guys do things very differently, which is great, and I love it.



Celeste [00:37:48]:

Share a little bit about what you do for your clients at at Unboxed.



Susan Bryant [00:37:52]:

Yeah. So I get this question a lot, and then I say, well, it depends. You know? It's just the typical accounting answer for everything. Because you will find and I know I I know that you experience this too that when you start working on, with a client and they have just been neglected by for so long by all these professionals in their life, they need a lot of help. And so we start uncovering all the biggest risks and all the biggest priorities in their financial picture. So we start with the business. There's always a business at the core, and we stabilize accounting, start working on planning because if we can save tax dollars, I mean, that's an immediate ROI. It's huge for every business owner.



Susan Bryant [00:38:33]:

And then we start talking to all the other advisers. We're helping them to assemble that that team, that board of directors team that you mentioned and start talking about what do we want here? Where are we going? What are we trying to accomplish? What are our biggest risks? And then we go through and we just start tackling these things. And, usually, there's a lot of tasks that need to get done, but more importantly, there's a lot of projects that need to be led, initiatives that need to be led to get them to the point where now they don't have to worry about all of those things. It's just off their plate. And truly entrepreneurs, I mean, they need to be that it doesn't need to be on their plate. Yeah. Right. They are not good at it.



Susan Bryant [00:39:10]:

Yeah. I mean, like, I could count. Like, countless times people come into come into my office, and first thing they say is, I'm not an accountant. Yeah. I've got it. Clearly. Yes. That's why you're here.



Susan Bryant [00:39:20]:

I know that. But they need to be focused on making money, doing the thing that they can do the best. You know? This is, like, the the the kissing babies and shaking hands kind of thing. Right? Right. Go do that stuff. Like, you're great at it. And leave this, this financial work to our team. It will lead the way.



Susan Bryant [00:39:41]:

That doesn't preclude you from making decisions. Right. It just makes the decision being a lot easier because now you don't have to be the one to go through, like, well, should I do this or that? Let me go research this. Like, I talked to financial advisers. I talked to estate planning attorneys. Like, this is what we do is we go figure it out for you and bring you fleshed out options that have been well thought out and mindfully created so that you can actually make good decisions. And make money. Yeah.



Susan Bryant [00:40:06]:

And make money. And, I mean, one of our, clients said, like, I'm just trying to out earn all my mistakes. I'm like, that is awful.



Celeste [00:40:15]:

Yeah. That's a lot of responsibility.



Susan Bryant [00:40:17]:

It's sad. I mean, like, let's how about this instead? Let's not make mistakes or reduce the risk of mistakes, and then you don't have to work for 5 extra years. Like, that sounds a lot better. Okay? Like, I would rather us have that perspective than just, like, the we're trudging through life feeling like, well, well, I guess we'll just never really overcome this. I I feel like that's a horrible way to live.



Celeste [00:40:43]:

So Absolutely. Yeah. Well, your your clients also have the benefit through you that you see all these other businesses. You see maybe what has gone wrong here or the new things that are popping up that you need a plan for.



Susan Bryant [00:40:54]:

Wow.



Celeste [00:40:54]:

Or we do go to all the networking events where we learn about other businesses and other business lines of what's going on in the world from a financial, legal, tax perspective. Right? And so it's impossible for individual business owners to have all of that, but you have the ability to see it from a, you know, 1,000 feet up and be able to direct it back to their business as applicable. So we do the same thing where we just we're seeing so many different clients that have different issues, but they kind of correlate. And we can help, you know, establish those solutions based on what we're seeing big



Susan Bryant [00:41:26]:

picture. It's just cross application of knowledge. Right. Right? And then also being able to know other advisers where it's like, hey. I know the expert who can solve this.



Celeste [00:41:37]:

It's not me. But Yeah.



Susan Bryant [00:41:39]:

But you know enough. And we don't know everything about our particular I mean, it's impossible to know everything. And so Yep. It's really impossible for the person who is also got to run a business, a family life, go on vacation,



Celeste [00:41:53]:

like, cook dinner. Pseudo or imaginary work life balance. It's supposed to



Susan Bryant [00:41:57]:

happen in that. Thing. I don't I don't really know what that is either.



Celeste [00:42:00]:

But Unicorn thing that's



Susan Bryant [00:42:01]:

out there.



Celeste [00:42:02]:

But yeah. Absolutely.



Susan Bryant [00:42:03]:

Yeah. So I I feel like that's really what the new breed entrepreneur has to recognize, which is I need to know how to do it what it is I knew I do best, focus on that, and hire the right people to lead every other initiative for me. Lead it. Not just no. I'm not saying do it. I'm saying lead because leadership is a lot different than just delegation.



Celeste [00:42:28]:

And I said jokingly, you know, make money, but that is how you make money. I mean, you have to be able to do your business to make the money and have the other people that do all those things that you don't even want to do anyway. You know? So and that they do well. So, you know, talking about making money, we let's also talk about now protecting the money. We've we've we've referenced insurance multiple times. And, you know, obviously, in our firm, Rob and Glenn, insurance is our focus. We try to make sure that it's integrated into their planning. It's I always say this.



Celeste [00:42:56]:

Insurance is not the plan. It is part of the plan. But I nobody's ever told me I wish I didn't have that insurance when that check comes through. Right? Because they're grateful to have it at the moment when it is very much needed. I have another colleague that says we're kind of sometimes the last ones to come into the picture, but when that times get rough, it's the first thing. It's like the first line of defense is that insurance. So let's just talk about how insurance planning kind of plays into business planning too and some of the key types of, insurance that business owners should be thinking of. So I know I frequently get the question of, do you also solve a key person or key man as it's been referred to, insurance? Because people think it's something completely different than what it is.



Celeste [00:43:41]:

And, really, it's just a life insurance policy on that key person to ensure that if something happens to them, there's business continuity. There's so many businesses where there's one person that has either the, intellectual expertise or holds all the locks. We work with some family offices where there's that one person that knows all the secrets. We say jokingly all the where all the bodies are buried. But if that person is lost, you know, in the interim, there is a lot of disruption to the business. So it's just having, many times, it's it's as simple as a term policy, a short duration term policy for that key person. The other key thing I say, I'd love to hear your perspective on this, is that business owners forget they are a key person. And you they well, we've seen this many times where they're like, well, I need to insure my CFO, my COO.



Celeste [00:44:33]:

And I'm like, well, what about yourself? Like, what's gonna happen if something happens to you? Because they just assume that or they just forget that they're a key person. I'm I'm sure you've seen this too.



Susan Bryant [00:44:42]:

Oh, absolutely. I would probably say in 80% of the businesses, when we start working with them, there's not the pro proper insurance in place. It's either nonexistent or very low.



Celeste [00:44:55]:

Right.



Susan Bryant [00:44:55]:

And it only might exist because maybe a bank required it.



Celeste [00:44:58]:

Yeah. For a loan



Susan Bryant [00:44:59]:

or something. Exactly. That's the only reason it's there. So, so I would say that, yes. One of the things that the business owners just don't think about is what would happen if they're not there. Yep. It it just doesn't cross their mind. And what they don't know is that that business is gonna need money to replace them.



Susan Bryant [00:45:23]:

And it's gonna take a while to replace you as a person who literally started this thing or has been running it for some extended period of time. Maybe it has been the visionary for that organization and has charted the course for the next however many years. You are integral to the success. And if you are not there, who is going to replace you? Like, the business will need money in order to facilitate that process. Like, you gotta I mean, first off, it's not gonna happen immediately. There's gonna be probably a dip in the performance of the entity, and then you find somebody, and then you gotta rebuild it. And, really, that's all in an effort to preserve that value for whatever ownership stake your heirs have, so that



Celeste [00:46:05]:

you see stocks drop. So the business, you know, value goes down in the interim. Not a good time to sell. Not a good time to sell.



Susan Bryant [00:46:11]:

Right. Wait for it to come back and Right. And then satisfy, you know, whatever, liabilities are back to the estate so that your family can benefit from that. So, I mean, really, you're looking out for the people you care for the most, and that includes your team too at at work. Right? Because you don't want those people to have to suffer and everybody pick up a bunch of extra hours and, like Yeah. They're in crisis mode now because you're not there. So cash just solves most business problems.



Celeste [00:46:36]:

It pays salaries. You know, it's gonna help. Like, as you said, there's inevitably there's disruption in a business when somebody a key person is lost. Even the most well oiled machines. I've seen businesses that had all of their documents, everything in place, and and they did have the insurance, and they did have liquidity, but there's still disruption because, you know, that's a key person that's no longer there to run the business. The other thing we talked about earlier were buy sell agreements. I see very often where, I was just working with, a doctor's office where they did have their buy sell agreement in place, but it was never funded. So if they ever had a situation in which they did have to buy out another partner or there was a disability or death, anything like that, they didn't have the liquidity because all of their money for the past 5 years has been going back into building the business, which makes perfect sense.



Celeste [00:47:24]:

Right? So I see that



Susan Bryant [00:47:26]:

quite a bit. It doesn't. It doesn't. I mean, I think this is one of those things where it's like, business owners get very shortsighted. Right? So maybe they're trying to, like, oh, let me drive down the taxes. I'll buy a bunch of equipment. But what they're forgetting about is, like, you cannot put all of your eggs in one basket, and a business is a big basket. Yeah.



Susan Bryant [00:47:43]:

So, I mean, you really do have to be thinking about making sure you've got that funding available, not just for the business, for your business partner, but for yourself. So, you know, getting money out of the business is a good thing too. I mean, don't wanna have everything tied up in that. Yeah. Absolutely. Smart.



Celeste [00:48:01]:

So it's very important that when those buy sell agreements are set in place. And once again, it's simple as a term policy. We do have some legacy business owners that, you know, it's a family business we work with in Texas. You know? We have several families that are HVAC families that have had that business super successful, had it for years, giant companies, and they're probably never gonna sell or maybe we don't know these days, but they may not sell in the near future to somebody else. So there's still that intimate there that ongoing, kind of risk when it comes to the other family members, the spouses of the other family members. And I've seen too many stories or too many situations in which it wasn't funded. So just important for them for our audience to remember, buy sell agreement is great. Make sure it's funded so you have the liquidity to use it if necessary.



Susan Bryant [00:48:45]:

Agencies. So follow through.



Celeste [00:48:47]:

Yeah. Follow through. And hire an adviser to make sure you follow through. That's right. They're gonna



Susan Bryant [00:48:51]:

whip you into shape there.



Celeste [00:48:52]:

Yeah. And the the last thing we come across a lot is disability. So we are 3 I think this is the current statistic is we are 3 times more likely to have a disability during our working years than suffer a premature death. So we've talked about life insurance. Wow. We don't talk about what if I can no longer I'm alive, but I can't even work in the business. Like, what happens? We had 2 brothers, out in Texas who they had a, like, a cement company, super successful. One of them did all the operations.



Celeste [00:49:24]:

One of them was always out in the field, and they had developed these huge teams of people. Well, the one out in the field had a disability as a major car accident, was no longer able to work, and the one operational didn't know how to run the field. Right? And there was a lot of disruption in their business because they didn't have I mean, they had some liquidity, but there was also loss of revenue coming in. He wasn't building having the same revenue, the same income for his family. And there's ways to not just protect the individual to get some income for their disability, but also protect the business. So there's you know, disability, many times you think about it as it's just an individual protection. Like income protection. Right.



Celeste [00:50:03]:

Compensation. Exactly. It's just gonna compensate me for income I'm not getting. But there's other specialized types of business, types of insurance where if there is a disability of a partner, it can compensate the business so that in the interim, they can continue as well. So once again, it's just building resilience into the business.



Susan Bryant [00:50:20]:

Yeah. Yeah.



Celeste [00:50:21]:

So that's what insurance it gives you liquidity. It gives you protection, but it's giving the business that resilience to keep going, when the unexpected happens. And like we said, it it inevitably will because life is a squiggly line. It's not that straight line. That's right.



Susan Bryant [00:50:35]:

Yeah. So Risk management. You know? What are your biggest risks? And I could totally see that being a major risk in a business with any professional. I mean, disability is just it can happen. I mean, hey. We live in Dallas. Like, you take your life in your hands when you're on the freeway out there. So The whole road around here.



Susan Bryant [00:50:55]:

I don't know. Yeah. So, I mean, the risks are real.



Celeste [00:50:58]:

Yeah.



Susan Bryant [00:50:59]:

You just never know. Yeah. I mean, it's like and this is why surgeons, like, like, ensure their hands and things like that. Right?



Celeste [00:51:05]:

Absolutely. It's



Susan Bryant [00:51:06]:

a kinda concept to, like, you'd probably need to think about that in your business if you are the key person who's rendering you that service.



Celeste [00:51:13]:

Yeah. Yeah. Absolutely. And that's an area, especially in the medical field, where we see disabilities can be a huge impact to what they can do. But, yeah, insurance can sometimes be that that unsung here. I know it's not, like, the sexiest thing to talk about, and people are like, oh, it's so expensive. That's another misconception, how expensive it is. It doesn't always have to be super expensive, but it's just working with the right advisers that are Yeah.



Celeste [00:51:35]:

Once again incorporating it into the planning versus just seeing it as the planning



Susan Bryant [00:51:39]:

for this. Agreed. And I I I do feel like the thing about insurance is that most people have a it's a there's bad there's misperceptions. And those need to be clarified, and people really should understand it's a component of an overall financial goal. Right? It's like a tool. Yep. Absolutely. It's a financial tool.



Susan Bryant [00:52:00]:

It's it's available, and it should be leveraged in the instances where it's most appropriate. Yep. So



Celeste [00:52:06]:

And don't just pretend like it's not gonna happen and and ignore it. Yeah. Right. I know it's a cost, but there is good ways and good reasons to incorporate it into the plan. Yeah.



Susan Bryant [00:52:15]:

Find it all the time, I'm sure, instances where it's like, woah. That is I mean, how much risk do you wanna take? And that's the that's the other thing. I mean, sometimes maybe people got so much money. They're just gonna self insure it, and they're like, I wanna take that risk. It's not worth it to me to pay money. But I would say this. So few it was not the majority. Most people really would not have the financial means to continue on with the devastating loss in their life.



Susan Bryant [00:52:39]:

And it's just is it worth it? Right. And business owners understand leverage and essence at the end of



Celeste [00:52:44]:

the day, you're leveraging the insurance company. You know? You're not gonna pay dollar for dollar one day if there was that need for it. And so I think that's another misconception of, well, I can just self insure. And, yes, you know, like you said, some people will, and that's okay too. But it's also are you factoring in, like, the the time value of money, the loss of money that you can use towards your business that, you know, that you won't have. So I could go on and on. I have so many stories of people that were prepared, not prepared. You do too, so we can be here all day.



Celeste [00:53:13]:

But this has been great. I think you've covered so many great things. You've brought to light so many if nothing else, the most important thing for our audience to take away is there's so much to to to know, and you don't have to know it by yourself. There are advisers that can help guide you. There's, organizations like yourself where you can quarterback that for them and then bring in the right advisers, as it makes sense. So they don't have to be worried about what are all the fires that are out there. They just have to worry about the day to day, you know, running their business, bringing in that revenue, being happy, spending time with their family, you know, having some free time at the end of the day. So this has been really great.



Celeste [00:53:53]:

I really hope that this our audience takes this back, and it encourages them to, take a look at their business. So if there was one thing you were gonna tell them, soon as you're getting your office today, one thing they need to do, what is that for our business owners?



Susan Bryant [00:54:06]:

Hire the right professionals, and leadership matters. Those two things.



Celeste [00:54:10]:

Yeah. Absolutely. No. That's that's great advice. So, Susan, for our audience that wanna connect with you, what is the best way to get in contact with you?



Susan Bryant [00:54:19]:

Visit me at unboxedadvisors.com. Email me, susan@unboxedadvisors.com. I'm real active on LinkedIn, so you can hang, hang out with me there and would love to join the conversation.



Celeste [00:54:30]:

Thank you so much, Susan. This has been great. And on that note, I hope that our audience now feels better prepared to go out, tackle all those business risks, and take action today. Also, don't miss our next episode, which will be around exit planning, whether it be because you're selling your business, you're handing it off, or like I said before, you're just riding off into the sunset. It's gonna be great information you don't wanna miss. Also, don't forget to check our show notes for links, resources, Susan's contact information. And if you enjoyed what we shared today, please hit that like button, subscribe, and also share our podcast. So as always, thank you so much for joining us for this episode of Planning Reimagined where your wealth journey meets our expert insights.



Celeste [00:55:12]:

See you in the next episode. Thanks for listening. Don't forget to like and subscribe, and please be sure to follow on your favorite podcast player. To connect with us, you can email us at hello at robinglenn.com or schedule some time with us via the link in the show notes. You can also find us on Instagram and TikTok at hello Robin Glenn.