Learn how to position your business for success from Patrick Callahan, Attorney and Wealth Management Expert at RESA Connect Atlanta in partnership with AmericasMart Atlanta. Get a sneak peek of what you will learn during his sessions in this episode of Stager Talk with Shell Brodnax!
About Patrick Callahan
Patrick Callahan is Of Counsel with Kan Clark, LLP focusing his practice on trust and estate planning, business planning, asset protection, and tax planning. Patrick also specializes in working with non-US citizens on inbound estate and business planning and for US citizens on outbound estate and business planning.
Before joining Kan Clark, LLP, Mr. Callahan provided financial consulting services through several national financial networks, co-founded a boutique business and estate planning law firm, and provided international tax consulting to multi-national Fortune 500 companies through Arthur Andersen and Deloitte Tax. Leveraging his background and expertise, Mr. Callahan almost exclusively represents business owners and high-net worth clients whose dynamic needs require strategies that tie together business, tax, financial, and legal planning. His business clients span a wide variety of industries, and he regularly assists business owners with exit strategies, family business succession planning, business purchase and sale transactions, executive compensation and retention strategies, domestic and international tax planning, and trust & estate planning. In addition to his role with Kan Clark, LLP, Mr. Callahan currently provides financial consulting services through his separate firm, Xception Advisory Group, LLC. Any financial services through Xception Advisory Group are entirely separate and distinct from his legal practice with Kan Clark, LLP. Patrick lives in Peachtree Corners with his lovely wife, Elisabeth, and their three energetic daughters, Fiona, Keira, and Alexandra.
About Patrick’s Session How to Retire a Millionaire
This is the million-dollar question that depends on your business model. In this presentation, we highlight the distinctions between a “practice” and a “business”. It’s important for you to choose one model over the other because it ultimately impacts many business decisions that align with that model. We’ll highlight pros and cons for a compare & contrast discussion to better guide you in making that decision.
If you’re a Solo Practitioner, you have a ‘practice’.
The way you become a Millionaire is saving for retirement. Your retirement assets are liquid and you will live off your ‘retirement millions’ by drawing out/down on the assets.
If you identify as a Team Leader, you have a ‘business’.
The way you become a Millionaire is building your business. The difference is, your retirement assets are illiquid, and you need a strategy to generate liquidity.
After drawing the line between a “practice” and a “business”, we discuss more in depth about key strategies for each model.
About Patrick’s Session Exit Strategies- What To Do Now, To Sell Later
This session will help you determine where you are in your business now, and what changes you need to make to ensure that your business is profitable and attractive to a potential buyer.
An overview of objectives:
Solo Practitioner
Budgeting for business & personal
Tax strategies
Retirement plan options, including 401(k), SEP-IRA, defined benefit plan
Other personal financial planning such as protecting your income
Employing support staff without going into the ‘business’ approach
Business Planning
Tax strategies
How to position your business for sale
Management Team – Critical whether you plan to hold company into ‘retirement’ or sell to a third party
Management incentives and retention strategies
Systems & organization
Learn more about RESA Connect and Register here.
Felicia has a background in production design and studied at Academy Of Art University where she had a focus in Motion Pictures And Television. In her free time you can find her reading about the latest marketing trends or hanging out with her husband in Disneyland.
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