Overflow Wealth Advisory

09/10/2024

Hi all! I’m no longer Overflow! Thank you for all the support, but I felt the Lord lead me to a different firm! Still doing the same stuff just with more fire power! Follow Legacy & Succession to follow more!

07/29/2024

Are you in the oil and gas industry?

Planning on starting a company or currently own a business in the oil and gas industry?

Mark your calendar for the evening of August 29th!

Would love to catch back up with my oil and gas buddies! It's been too long!

Fun fact: I majored in Petroleum Engineering and was VP of the Society of Petroleum Engineers at OU too!

So with that said, I'm extremely honored and humbled to have been invited by Philipp Piplits to speak in front of some talented Petroleum Engineers and oil and gas business owners.

I will be providing value on how to create a company that is "Built to Sell"

Would love to see you at the next SPE YP OKC - Society of Petroleum Engineers Young Professionals Business Showcase!

***If you haven't liked my page or followed me then go to Overflow Wealth Advisory Would love the support!

07/15/2024

ZZZ's 😴

**business owner wakes up after several minutes of the attorney talking

Attorney: Does that work for you?

Owner: Sure! Whatever you say! Just keep me out of trouble

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It's important to have trusted legal counsel looking holistically at your personal and business

You should not be reaching out to an attorney only during a bad crisis.

You need to have them review and implement your contracts frequently so nothing slips through the crack. Even if you have to pay a little more $$$

You wouldn't buy life insurance after you died. So why would you treat your legal counsel any differently?

Also, choosing the right attorney when selling your business is crucial. Most likely the buyer is coming in with big guns and this isn't their first rodeo.

Is your attorney ethical enough to tell you if they don't have the capacity to take on the complexity of your deal?

These are questions you should be asking your biz attorney

Thanks Patrick Lane at Ball Morse Lowe PLLC for helping me out with the video!

06/28/2024

"The LOI signed, what do I do next?"

CPA: Huh? You sold your business?!

"Yeah, how can I make sure I don't pay a bunch in taxes?"

CPA: Please don't tell me you did an asset sale...

"Not sure what that is but I'm basically selling all of my equipment and stuff. "

CPA: SMH

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Do you know that an asset sale is taxed at federal AND State income tax rates? And a stock sale is taxed at Federal Capital Gains rate and Net Investment Income Tax (in Oklahoma)?

Are you familiar with a section 338 (h) (10)??

Business owners, we know you're not great at planning, but come on! Talk to your advisors way in advance of entertaining offers from buyers.

Hear from my friend Tyler Heidebrecht at Fleming Tax and Financial discuss some of the tax repercussions of selling your business!

06/26/2024

Thank you Oklahoma Bar Association Estate Planning section and Melissa Brooks for hosting me at their Lunch and Learn.

Also, a big shout out to Roberto Seda for getting me plugged in and helping me craft my presentation to fit the desired content for estate planning attorneys.

Do you need MCLE, CPE, or CE? Let me be your guest presenter, I promise you won’t be disappointed.

What did we talk about?

1️⃣ Exit Planning
- What is it?
- Why is it important?
- How do you do it?
- When do I bring it up in conversation with my clients?

2️⃣ Estate Planning Strategies for UHNW Business owners
- IDGT’s
- ING’s
- ILIT’s
- Fund and Unfunded IDGT/ILIT Strategies
- Deferred Sales Trust
- Estate Freezes
- IRC Section 303, 6166, 2032A, and more!
- FLP’s
- Charitable giving Strategies
- Wealth Replacement Trusts

3️⃣ How can you provide business succession package in your practice?
- I have pre-made slide decks to walk your client through questions
- Templates to help with Succession Planning
- Gave the opportunity for 1-on-1 consulting to help you craft a “Business+” package for your business owner clients 🚨

We covered a lot and my goal is to provide quality information for Niche Continuing Education.

06/21/2024

"I can't find good help these days"

Are you struggling to find and retain clients?

So are a lot of business owners. You're not alone!

However, there are many business owners who are getting more than enough good help because they focus on their human capital

Your human capital can make or break your company.

Part of helping your employees stay is understanding benefits.

I heard from a roofer recently who told me a story of a buddy who worked with a roofer for many years and asked why he stayed so long. He said that he had great benefits, even though he could have been paid a higher wage over at another competitor.

So, how do you start heading in the direction to boost human capital? Take a listen to our 4th video of the "Advisor Series" with trusted advisor Holly Peppler with Strategic Benefit partners!

06/14/2024

Who offers the cheapest premiums on insurance policies?

Wrong question to ask

Your question should be more centered around "Who will take the time to understand my goals and vision both in my business and personally to be able to provide key solutions that fit my overall financial health?"

When choosing an insurance agent, keep this in mind.

Find the right person who will provide solutions in your best interest and not their bank account.

Ask you insurance agent to look at all areas of risk and explain in detail.

Don't be afraid to ask "why"

There are plenty of insurance agents preying on business owners.

Why?

Because you have the most risk out of all their clients!

Take your insurance seriously and work with an advisor who is a true advisor not just a broker who provides cheap insurance

Enjoy video 3 of 10 of the "Advisor series" with Brian McPherson of Shelter Insurance



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If you found this helpful, consider resharing ♻️ and follow me for more content like this.

Send me a DM if you are a middle market business owner looking to remove yourself from your biz in 1-7 years 👋

06/07/2024

The bank only wants your money

Not true! Banks would not exist if it weren't for business owners

The bank and the banker have a wealth of knowledge that most business owners don't tap in to.

They can provide more value to you then giving you a good interest rate on your deposits and loan

Treat them as an advisor and ask them questions about how they think a buyer would view your business

Continue to work with them to decrease your credit risk and give you 3rd party advice on relationships you can benefit from

Most bankers are extremely connected in their community and know an advisor for pretty much anything you need. They would love to refer you!

Bankers like Lydell Williams at First Liberty Bank can provide more resources than a free round of golf (although that's a nice feature haha).

Continue building relationships with many banks but make sure you have a primary banker that always has your back

06/05/2024

These 3 M’s are what successful business owners focus on 😎

1. Mindset

You’ve been running your company for years and have developed in to a mature company employing dozens of people… Break off “start up” mode and enter in to being the owner of a business.

Create value not just revenue
Decentralize yourself from the business
Provide scalable systems in place

2. Margins
Know your margins intimately
Make decisions on how it will affect your net profit not just revenue
Use margin techniques to make quick and effective decisions

3. Mentorship
Don’t do it along
Yes, you’ve been running your company for over a decade but even Michael Jordan had a coach and mentor 😳

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If you found this helpful, consider resharing ♻️ and follow me for more content like this.

Send me a DM if you are a middle market business owner looking to remove yourself from your biz in 1-7 years 👋

06/04/2024

I'm proud to know Craig and blessed to have found Capitaliz. They are making huge strides in the industry and provide maximum value to business owners.

Capitaliz is the major component to my tech stack and how I generate report. Go to my website to see a video of me walking through a report
https://www.overflowwealthadvisory.com/who-we-serve

If you are a business owner or know of someone else that needs a strategy to accelerate their value, contact me.

This article explains what I do and how I walk through questions and strategy with business owners.

Understanding your customers' needs is the first step in creating a significant company using value acceleration.

05/24/2024

"I'll never retire"

Good!

That's what most business owners say.

Exiting your business doesn't mean that your life stops, and it shouldn't mean that.

You should be moving on from your business to pursue passions with more purpose.

Whether that means being the board of advisor and a full time grandparent or serving with a non-profit and finding ways as a philanthropist to create a better world around you and much more!

Most business owners don't have a clear direction on what it looks like on the the other side of the fence. They just know that the grass is greener once the liquidity event hits. But that's not always true...

If you don't have a plan, you will be sitting on your couch trying to figure out what you're going to do and you may end up buying another business because you're so bored...

So what's the takeaway?

Work with your trusted advisor to personally plan after the exit and use that to help you decide on the direction of your company.

P.s. Actually write down what your day is going to look like in "retirement" and ask yourself if that's truly what you want.

05/17/2024

Want to know what separates business owners who sell their company for a premium versus those that don’t? Let’s break down some common characteristics that can aid your journey to a premium exit

Don’t roll your eyes, but the most important characteristic is….. Mindset!

I know, you hear this from everyone on just about any type of improvement you want to make in your life, but the data speaks for itself.

The second most important characteristic is the value creator owner finds time to work ON the business.

What does that even mean?

Take time out of your daily operations and look at your vision of where you want the company to be.

Now optimize your processes and systems, review your financials (do you understand your NET profit margins and working capital? Inflows and outflows?), create intentional acts to cultivate a healthy culture, find ways to delegate responsibilities, etc.

It’s not rocket science, but is HARD to do when you’re working 60+ hours, you’re always putting out fires, trying to grow revenue. That’s what every business owner goes through, but the owners who run their company at a high level, prioritize working on their business over working IN the business.

If you’re like me, you’ll probably need a consultant/coach to keep you
accountable and look at your company through a different lens.

Exit planning is ultimately just an acceleration of all the years you haven’t worked “on” the business. That’s why those that go through exit planning many years in advance of selling, will find that they become best in class for their industry therefore they get best in class multiples when they sell.

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