Tim Yurek: Three Disturbing Trends That Put Small Businesses at Risk

Episode 253 of Window Treatments for Profit

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55:17

253: Tim Yurek: Three Disturbing Trends That Put Small Businesses at Risk

Today With Tim Yurek:

Welcome to Window Treatments for Profit. Today, we’re talking about what we want from our business in the long-term—and more specifically, what we’re doing, or not doing, that threatens the long-term success and the next generation of our business. Now, I know that when you’re in the weeds with your business, it’s easy to put off that long-term planning. But what if you could make some smart changes today to pave the way for whatever you want for the future of your business outside of yourself? My guest today, Tim Yurek, is a highly accomplished financial consultant. As the founder and CEO of Tier 1 Capital, he has spent over 35 years helping thousands of people across the country achieve their financial goals. Tim is here for part 1 of a valuable conversation around succession planning, retaining key players for the next phase of the business, and protecting your retirement so you can move into that next phase.

Pick It Apart

[4:32] Tim breaks down the three disturbing trends threatening long-term business success (and shares some shocking statistics).

[12:31] Tim and LuAnn discuss the cash flow issues business owners face (and the key to breaking out of them).

[19:41] LuAnn and Tim talk about what it really takes to retain the future leaders of your business.

[32:51] Tim discusses why business owners aren’t planning for retirement or succession and how they can free up the funds needed to do so.

LuAnn and Tim Yurek’s Ah-Ha Moments

“It’s not the amount of money that you make—it’s how you’re using your money. We call that the financial golf swing. You could go out and buy the best golf clubs and think you’re going to be the best golfer. News flash—it doesn’t work that way. Or, you can improve your golf game by going down to the practice range and working on your swing.” -Tim

“If I already know who those key employees are, why am I not having those conversations to understand what is important to them to encourage them to stay and take over?” -LuAnn

“We don’t want to be fiscally irresponsible, but it’s fiscally irresponsible actually to not set ourselves up for the exit plan.” -LuAnn

More About Tim Yurek

Tim Yurek is a highly accomplished financial consultant, veteran, and thought leader in his industry. As the founder and CEO of Tier 1 Capital, he has spent over 35 years helping thousands of people across the country achieve their financial goals. His expertise includes growing businesses, attracting/retaining top talent, planning for business succession and converting business equity into cash. Tim’s success in the financial consulting field has been recognized on a global level, as evidenced by his seat at the Million Dollar Round Table – an independent association of the world’s leading life insurance and financial service professionals. He has also earned the distinguished honor of being designated as “Top of the Table” within the organization, which places him in the top 1% of professionals in his industry worldwide. With his extensive experience and impressive track record, Tim is well-positioned to offer valuable insights and strategies to his clients. He is committed to helping them achieve financial freedom by minimizing risk, increasing accessibility, and putting them in control of their money. His expertise and dedication have earned him a reputation as a trusted advisor and mentor to many, and his insights have been featured on major media outlets such as Bloomberg TV.