The Small-Business Playbook: Strategy, Taxes, and Timing | The Informed Investor 42

Episode 42: What happens to your life—and your wealth—when the business you built becomes one of your biggest risks?

We dive deep into the unique challenges facing small-business owners who are navigating growth, managing their own wealth, and planning for an eventual exit. Featuring insights from Pat Collins and Michael Goodman, two seasoned professionals at Greenspring Advisors, this conversation tackles the critical intersection between personal financial planning and business strategy.

You'll hear why so many small-business owners delay succession planning, and how that hesitation can limit future options. From the "silver tsunami" of retiring owners to the emotional complexities of letting go, they explore why exit planning isn't just a financial decision—it's a personal one.

They also break down the most common pitfalls, including overreliance on a single asset (your business), lack of diversification, and gaps in risk management like insurance and tax planning. You'll also learn practical strategies to increase business value, prepare for a successful transition, and build a coordinated team of advisors (from CPAs to attorneys) to help guide the process.

But numbers only tell part of the story. Pat and Michael also examine the behavioral side of exit planning: identity, purpose, and what life looks like after the deal is done. Whether it's consulting, philanthropy, or rediscovering passions, we explore how to prepare for the next chapter in life.

In Episode 42 of The Informed Investor, Dimensional's Mark Gochnour, Head of Global Client Services, sits down with Pat Collins and Michael Goodman from Greenspring Advisors. In addition to their discussion about running and selling a small business, they also touch on smart retirement strategies, including how much income you should save and the need for flexibility between traditional and Roth accounts. Whether you're a small-business owner thinking about selling—or just starting to plan—this episode offers key insights to help you maximize not just your exit, but life beyond it.

LINKS FROM TODAY'S EPISODE: 

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Mark Gochnour on LinkedIn https://www.linkedin.com/in/mark-gochnour-9a23598a/

Michael Goodman on LinkedIn https://www.linkedin.com/in/michaelgoodman3/

Pat Collins on LinkedIn https://www.linkedin.com/in/j-patrick-collins/ 

Learn more at https://www.dimensional.com/