Champlin & Associates Financial Insights 2024

A Message from Amanda and Peter

Dear Readers,

As we navigate the ever-changing landscape of finance together, we are reminded of the importance of staying informed and empowered. Our magazine is dedicated to providing you with the essential financial resources and education needed to make confident decisions about your financial future.

Each issue is crafted with care to deliver insights that are both informative and actionable. From unique strategies to thoughtprovoking questions, our goal is to equip you with the knowledge necessary to navigate the complexities of the financial world with ease.

We understand that financial literacy is a journey, and we are committed to being your trusted companion every step of the way.

Whether you’re a novice investor or a seasoned professional, we strive to deliver content that is relevant and valuable to your financial goals.

Thank you for allowing us to be a part of your financial journey.

Warm regards,

AMANDA L. WILLIAMS is a multifaceted financial professional, celebrated as a Financial Educator, Author, and Financial Advisor. Her expertise has garnered her appearances on prominent networks like NBC, ABC, CBS, and FOX, as well as features in respected publications like Yahoo Finance, Wall Street Journal’s Market Watch, and the Buffalo News, among others. Amanda is notably the Co-Author of “Retire Abundantly” and “Retire Like a Shark,” and she holds the esteemed position of CEO at Champlin & Associates.

PETER OWH is a distinguished figure in the financial services sector, boasting a remarkable 21-year career marked by numerous leadership accolades. Central to his achievements is his unwavering dedication to guiding and uplifting fellow financial advisors, a passion that has consistently driven his success.

Dale Franklin

WhenDale Franklin answered the phone on a Saturday morning in 1980 he had no idea that it would change his life and set him on the path to his future career. Up until then he had kind of floated through life working at many diverse jobs such as farmer, landscaper, truck driver, country store manager, and administrative assistant. He was currently buying and rehabbing a couple of apartment houses.

His friend needed a favor. He was working at a local gas station/repair shop. An employee hadn’t shown up for work on that very busy Saturday and he needed an extra man to get through the day. Dale agreed to help out and impressed the owner enough that day to get an offer for full time employment.

Dale worked there for the next four years and learned a lot about tires, auto repair, marketing, and business management and found that he really enjoyed it. So, in 1984, with his first of four children on the way he decided to start his own tire and automotive repair facility. He named it Partner Tire & Service and opened it about 50 miles from his old employer in the town of Colchester Vermont.

A lot of mistakes were made in those first few years but he learned from those mistakes and built a strong business with a great reputation. He eventually built his dream home, raised his family, put his four children through college, and accumulated an impressive retirement nest egg.

Along the way he was sought out and asked to join the Board of Directors for NETSA, the New England Tire & Service Association. Over the 20 years Dale was on the Board he watched as NETSA became one of the biggest and most influential regional tire and automotive associations in the country. From training to tradeshows and college scholarships to member services NETSA has excelled over the years. It has constantly and consistently re-evaluated

and changed with the times to maintain value for its membership.

So that brings us back to Dale Franklin. It’s now 2024 and he is 68 years old. It is time to start thinking about winding down his career. Over the last few years he has relinquished more and more of the day to day duties to his leadership team. But to take the next step he needed some professional assistance and he wasn’t sure where to go or how many service providers needed to be involved. This is what he needed help with:

• Business evaluation for possible sale

• Update General Power of Attorney

• Update Durable Power of Attorney for Health Care

• Update Last Will and Testament

• Creation of Family Trusts

• Oversight and Possible Consolidation of Retirement Accounts

• Oversight of Life & Long Term Care Insurances

• Optimization of Social Security Benefits

Dale found all these services “under one roof” with one of NETSA’s newest benefits offered by Champlin & Associates. If you have a need for any or all of these services, they can provide them. Dale has been working with Champlin & Associates for about a month now and he has stated, “Although we are only one month in on a process that will take perhaps another six weeks or so the process has been fairly smooth and very professional. It is wonderful to have it all accomplished in one place so that the strategies intermesh into one cohesive plan. I think any NETSA member who is at a similar point in their life could benefit from a conversation with Champlin & Associates.”

New England Tire & Service Association

MISSION: New England Tire & Service Association’s purpose shall be to benefit the public by supporting independently owned tire dealerships and automotive service centers.

We’ve been a vibrant Association for over 60 years, starting in 1952. We have over 500 members of independently owned businesses.

We provide these tire businesses with information, training, tire industry-related events and other benefits.

NETSA

was started in 1952 as a non-profit corporation. Our first president was Joseph Abel from Rutland, Vermont, who has been followed by fifty-five Presidents who had businesses throughout New England. In 1999 the board of directors initiated the first Mission Statement and began to work on a new set of bylaws. Around the same time, they decided to start a Scholarship Program to help our members and their employee families with the growing costs of higher education. The association started giving away three $500 scholarships and has grown over these 24 years to awarding twenty $2,000 scholarships, and in 2023, we awarded a $5,000 scholarship to celebrate our $500,000 Scholarship Milestone.

We have also worked hard to present New England with an annual Trade Show. It started as a 10,000-square-foot show at many different alternating locations throughout New England. In the early 2000s, our board members decided to move the trade show to Mohegan Sun to see if we could increase our attendance. Our show took off and is now the largest regional tire and service association show in the country.

We are an active and growing association of over 500 members, offering many benefits to help them save thousands of dollars by using them. Our Legislative Committee has testified and helped pass or defeat legislation in all 6 New England States and we continue to be active in this role. We also have an annual golf tournament to help raise funds for our scholarship program that draws some avid golfers and those just out to have fun.

We look forward to our future in the tire industry and the growth of the association and its members.

Katie Maguire Executive Director

855-638-7248

Katie@netsa.org

Netsa.org

NETSA members

Schedule your strategy session today using the NETSA Member Only Booking Page in the QR Code below:

Maple Woods Enterprises: Your Secure and Compliant IT Partner

Founded in 2016, Maple Woods Enterprises stands out as a Veteran-Owned Small Business (VOSB) specializing in safeguarding your organization’s IT environment. They go beyond basic cybersecurity by offering a comprehensive suite of managed and consulting services in cybersecurity, risk management, and compliance.  Maple Woods is also certified by the CMMC Cyber Accreditation Board as a Registered Practitioner Organization (RPO).

Unwavering Security Expertise:

MWE’s team of seasoned professionals possesses in-depth knowledge of the ever-evolving cybersecurity landscape. They empower you to confront cyber threats head-on with services like:

• Cybersecurity and Vulnerability Assessments: Uncover weaknesses in your IT infrastructure before attackers can exploit them.

• Penetration Testing: Simulate real-world cyberattacks to assess your defenses and identify areas for improvement.

• Disaster Recovery Planning: Ensure business continuity with a well-defined plan for recovering from any disruption.

• Managed Network Operations Center (NOC) & Security Operations Center (SOC) Services: Benefit from 24/7 monitoring and incident response expertise to quickly identify and address security threats.

• Security Incident Response Planning: Be prepared to effectively respond to security breaches, minimizing damage and downtime.

Mitigating Risk, Achieving Compliance:

MWE recognizes that security extends beyond technical solutions. They offer robust risk management services, helping you:

• Identify and Analyze Potential Security Risks: Gain a comprehensive understanding of your organization’s vulnerabilities.

• Develop Risk Management Frameworks: Establish a proactive approach to mitigate security risks based on identified priorities. Furthermore, MWE understands the importance of adhering to industry regulations. Their compliance

services ensure you meet the demands of relevant standards, including:

• CMMC 2.0: Comply with the Cybersecurity Maturity Model Certification (CMMC) framework, a vital requirement for Department of Defense (DoD) contractors.

• ISO 27001: Achieve international recognition for your commitment to information security management.

• PCI-DSS, HIPAA, SOC 2: Navigate the complexities of compliance specific to your industry with expert guidance.

A Tailored Approach, Trusted Partnerships:

MWE prioritizes understanding your specific needs and challenges. They leverage a consultative approach, tailoring their services to address your unique security posture and compliance requirements. Additionally, MWE has cultivated a network of trusted hardware and software vendors, ensuring you receive the best possible solutions and expertise aligned with your organization’s specific needs.

The Maple Woods Advantage:

MWE caters to businesses in various industries, particularly those handling sensitive data or subject to strict security regulations, such as healthcare providers, financial institutions, and government contractors. With a proven track record of success and an unwavering commitment to excellence, integrity, and client satisfaction, MWE is your trusted partner in building a robust and lasting cybersecurity program.

The President and Founder of Maple Woods Enterprises is Army Veteran, Sergeant First Class (Retired) Rob Edwards.  While a member of the Ohio Army National Guard, Rob balanced the demands of a high military operation tempo with multiple overseas deployments and intense leadership demands with a successful 20+ year civilian career which spanned assignments in the financial, government, managed services, retail, and manufacturing industries, culminating with the establishment of Maple Woods in 2016.

Rob passionately focuses the same core values which allowed his military teams and units to excel to all areas of his business and is a trusted advisor and partner to the organizations he supports.  Rob is an Operations, Cybersecurity, Compliance, and Risk expert and holds many credentials including CISSP and CISM.  He has also been certified as a Registered Practitioner (RP) by the CMMC Cyber Accreditation Board, along with earning the important Registered Practitioner Organization (RPO) designation for his firm.

Nile Marple: The Shops on West Ridge

The Shops on West Ridge is America’s most unique shopping destination, providing a one-of-a-kind shopping experience. The Shops on West Ridge is operated by Nile Marple, 3rd generation owner, behind his father, Doug Marple, and founders (Nile’s grandparents) Homer and Ellen Marple. Homer and Ellen started the Craft Antique Co-Op in Hilton in 1990. The original building (an old applesauce canning factory) tragically burned down in 2000. The Shops persevered and reopened in the current location on West Ridge Road in January of 2001. The Shops on West Ridge is stronger than ever, and the family owned and operated business of 34 years (and counting) is thriving.

The Shops on West Ridge currently houses over 200 locally owned shops in a 55,000 square foot building, located at 3200 West Ridge Road in Greece, NY. Customers will be amazed at the variety of amazing pieces available!

Vendors sell everything from antiques, collectibles, furniture, home goods, jewelry, lamps, paint, comics, records, food items, art supplies, and MORE! The Shops truly has something for everyone. Every style, every age, and every budget. Thousands of new pieces arrive each and every week! Customers can take a break from shopping in the Midway Lounge, which features 3 flat screen TVs and 9 leather chairs. Or they can recharge by staying for a delicious lunch or a fresh baked-good at the in-house cafe’. Customers can even get a chance to spin the giant 8-foot-tall prize wheel. The Shops on West Ridge hosts numerous special events and sales dates each month. Check out the website – theshopsonwestridge.com –or follow The Shops on West Ridge on Facebook, Instagram, and YouTube.

Matthew Champlin

Who Am I?

I am the Upstate NY Area Sales Manager for Cartessa Aesthetics - The Fastest Growing Laser and Aesthetics company in North America. We offer over 15 different energy-based systems, plus skin analysis, skincare, regenerative medicine, etc. All to help practices provide world class treatments and results. Our primary customer base is Plastic Surgeons, Medical Spa’s and Dermatologists.

I am also a United States Air Force Veteran, a devoted husband of nearly 7 years, an extremely involved father to 3 beautiful children (Miakoda - 11, Fitzgerald - 5 & Finley - 3), an avid bowhunter, a powerlifter, occasional carpenter, and often times contractor for house projects.

What Do We Do?

We provide hand-selected & world class technology from a variety of global manufacturers that we have carefully and meticulously vetted. This has enabled us to avoid any rigorous R&D, and the often-associated millions

of dollars in company costs that come along with it. This advantage allows us to offer technology at an extremely competitive price point, and also offer superior technology, that our competitors simply cannot compete with.

What Is My Role at Cartessa?

I started my career with Cartessa 3 years ago as the Area Practice Consultant, but quickly found myself in the role of Area Sales Manager. As the ASM, I cover a massive geographical territory here in NY State. Everything from Poughkeepsie & North, across the entire state, is my “territory.” My role is to discuss the issues or gaps in technology that various practices have, and then evaluate a system, or systems, that provide the best solution for them. Then provide various financial options, provide in-depth discussion on assets available to them once they’ve partnered with Cartessa, and allocate any additional resources they may need. My extremely detailed approach, and thorough evaluation of their practice, practically guarantees their success with our technology, plus an overwhelming amount or resources and support, will provide future opportunities to help them grow once again.

Practice Highlight...

As I have worked to grow the region and establish key practices in each geographic area, I would like to highlight a handful of partners that have made tremendous progress, and investments, with myself & Cartessa.

• Balanced Beauty - Owned by Dr. Arun Nagpaul - Geneva, NY - He owns our VirtueRF, TetraCO2, PhysiQ & Chrome

• Island Aesthetics - Owned by Karen Paolini, NP - Grand Island, NY - She owns our MotusAZ+, Skinwave & our new Helix

• Escape Aesthetics - Owned by Dr. Keneth Hall - Rome, NY - He owns our VirtueRF, TetraCO2, Skinwave & Chrome

• Spa Cascada - Owned by Amy Snider - Saratoga Springs, NY - She owns our VirtueRF, Subnovii, MotusAZ+ and Glimpse

• Jenna Goldsmith, NP - Owned by Jenna GoldsmithWilliamsville, NY - She owns our TetraCO2 & 3 Skinwave’s

The Future for Me...

I plan to continue my career at Cartessa for the foreseeable future as I genuinely enjoy this industry, but also because I absolutely love this company, the mentorship I have received from my Executive Vice President - Matt DeGrandpre, and I am in the middle of a record-breaking year this year. All great things, and really excited to continue to grow this region with Cartessa.

Matthew Champlin Area Sales Manager

Upstate New York

Cartessa Aesthetics

C: (585) 386-9499

Attardi

Our Services:

Dental Implants

Same-Day Crowns

Sedation Dentistry

Sleep Apnea Treatment

Porcelain Plus

Teeth Whitening

“Great service, very quick/painless recovery process. For anyone nervous about wisdom teeth removal, rest assuredyou are in great hands with Dr. Vella and his staff. ” - T Miles

Champlin & Associates Team

Amanda Williams CEO

Amanda L Williams is a versatile financial expert known for her roles as a Financial Educator, Author, and Financial Advisor. Her expertise has landed her appearances on major networks like NBC, ABC, CBS, and FOX, and features in respected publications such as Yahoo Finance and the Wall Street Journal’s Market Watch. Co-authoring “Retire Abundantly” and “Retire Like a Shark,” she holds the CEO position at Champlin & Associates.

Growing up in the family business alongside Brad, Amanda brings a rich legacy to her financial endeavors. She takes pride in guiding clients through complex financial landscapes, prioritizing clarity amid challenges. Beyond her CEO duties, Amanda devotes time monthly to organizations like Home Start Hope, not only volunteering but serving as Board President. Balancing her professional and personal life, she’s a dedicated mother of five, alongside her husband JR. When not with her family, she enjoys running—a cherished pastime.

Peter Owh, CEPA, RICP President

Peter Owh is a respected figure in finance with a 21-year career filled with leadership accolades. His passion lies in supporting fellow financial advisors, which now drives his role as President at Champlin & Associates. Here, he focuses on educating and aiding business owners and individuals in crafting tailored strategies for business, retirement, and estate planning.

Outside work, Peter is dedicated to community service, holding key positions in churches and nonprofits, promoting stewardship. He also partners with NETSA to provide financial education and benefits. In his free time, Peter enjoys golf, tennis, and relaxing on cruise vacations.

Brad Champlin Chairman to the Board

Brad L. Champlin, a respected figure in financial education, boasts a versatile career spanning authorship, public speaking, and retirement advisory. He’s well-known from his appearances on major media networks like NBC, ABC, CBS, and FOX, as well as platforms such as Yahoo Finance and the Wall Street Journal’s Market Watch. Co-authoring notable books like “Retire Abundantly” and “Retire Like a Shark,” Brad also founded Champlin & Associates, aiming to optimize financial futures for various professionals.

Outside his professional realm, Brad served his community as the youngest town supervisor in Yates County for five terms and enjoys family life with his wife, four adult children and eight grandchildren. He embraces adventure through flying, motorcycles, and camping, showcasing his commitment to personal growth and community enrichment.

Brad Champlin’s journey from military service to entrepreneurship and mentorship underscores the power of dedication and lifelong learning.

Jacob Champlin Office Manager

Jacob Champlin’s journey from the US Marine Corps to Champlin & Associates highlights his commitment to local service. Originally from Rushville, NY, he excelled as an Infantryman in California’s 2nd Battalion 4th Marines, showing readiness in global crises during his deployment in Australia.

Now serving as an Office Manager, Jacob guides clients towards financial goals, drawing on his diverse experiences. Back in Rochester, he dedicates himself to community service. Beyond his professional life, Jacob finds fulfillment in the exhilaration of running and martial arts, constantly challenging himself physically and mentally. His passion for outdoor pursuits and sport bikes is contagious, always eager to share these adventures with family and friends.

community matters

American Cancer Society – Hope Lodge

American Cancer Society Hope Lodge communities offer a home away from home for people facing cancer and their caregivers when cancer treatment is far away.

“Hotel cost was a big concern. We’d be hurting financially if it wasn’t for Hope Lodge,” commented Emily, a former Hope Lodge guest. “The Hope Lodge staff is wonderful and accommodating. There’s everything we would have had in a hotel and more.”

Hope Lodge communities provide relaxing guest suites with private baths, as well as inviting spaces with all the comforts of home, including a communal kitchen, dining area, laundry rooms, and places to gather or find a quiet respite –all at no cost to guests.

It offers grace during the storm. It was a safe harbor where I made forever friends and had an instant support system from staff and others receiving treatment.”

Hope Lodge makes it possible for cancer patients to access their best chance for effective treatment, while easing the financial burden on families during an extremely difficult time. The Lodge relies on the financial and volunteer support of the community to provide this service.

In Rochester, the American Cancer Society B. Thomas Golisano Hope Lodge on Goodman Street has 30 guest rooms to house cancer patients and their caregivers. In 2023, the lodge provided just under 15,000 nights of free lodging for 868 guests who traveled from 24 different states to receive their treatments at one of the many health centers in the city. That’s a savings of nearly $1,750,000 in lodging costs!

“Rochester Hope Lodge is so much more than a place to lay your head for treatment,” noted Deb, a cancer patient who traveled over ten hours to receive her cancer care in 2018-20. “It’s a place where you receive a sudden calmness.

Hope Lodge guests don’t just find a place to stay – they find a community of support and an emotional connection with others facing the same journey. While financial donations are always needed to support the operation of the facility, volunteers provide the comfort and warmth that transform the place from a normal hotel into a comfortable, welcoming, and supportive environment.

“Coming together around good food is a great way to connect with the community and share stories over a shared experience,” stated University of Rochester School of Medicine and Dentistry student volunteer Jae-Hee. “Serving the community through food in their most vulnerable time is a special way in which to connect.”

You will definitely help to end cancer as we know it, for everyone, when you support Hope Lodge.

Discover the ways in which you can make a difference by visiting cancer.org/hopelodgerochesternygive.

Mercy Flight

MISSION: An independent, non-profit organization of air medical professionals, devoted to integrity, compassion, and excellence providing critical care to the sick and injured.

Intimes of medical emergencies, the reassuring presence of Mercy Flight Central in our skies represents not only a commitment to saving lives but also a testament to the collective strength of our community working together for the greater good.

Mercy Flight Central was founded as a non-profit in 1992 to provide air medical services to New York State residents and beyond. Since its inception, the organization has served more than 17,000 patients and grown to over 70 employees.

Renewing their commitment to the communities that they serve, MFC recently purchased a fleet of four brand new AW119Kx helicopters. Each aircraft is equipped with state-of-the-art technology and staffed by skilled pilots, flight paramedics, and flight nurses.

President & CEO Erin Reese stated “I am proud of my team’s dedication to bringing these new aircraft into service. They have embraced change while learning new skills. Our new helicopters will help us continue to serve our community, being there for them when they need us most.”

Critical care air medical services such as MFC help to bridge the gap between remote areas with smaller hospitals and larger medical facilities with more specialty care. In emergency situations where every minute counts, the response of Mercy Flight Central can make a huge impact.

Mercy Flight Central is standing by 24/7/365, ready to provide high quality patient care to the critically ill or injured when they need it most.

mercyflightcentral.org

Home Start Hope & Hope Furnished

HomeStart Hope provides women in need with brand new household essentials in a personal shopping experience, completely free of charge. The women are referred to us from places like Willow Domestic Violence Center, YWCA, Family Promise of Greater Rochester among many others. We provide necessities like pots & pans, dishes, bedding, towels and so much more. This experience relieves a great deal of financial burden but it’s so much more than that. They are received without judgment, our volunteers are warm and welcoming which allows them to shop with dignity and respect.

Not only do these women not have basic household things, they usually don’t have furniture either. Our newest program, Hope Furnished was created to help meet those needs as well. We have a team of volunteers who meet with the women to determine what her needs are as well as what feeds her heart and the hearts of her kids as well. We know that it’s often the smallest things that make them all feel seen and heard! We have a collection of gently used furniture pieces which our volunteers pull from and then set up “HGTV-style” for the families. They not only transform spaces but hearts as well!

Home Start Hope is a 100% volunteer run organization which relies on donations. Your generosity makes it possible to continue these much-needed services. For more information visit our website at homestarthope.org.

Have you planned for these contingencies?

The 5 D’s Death Disability

Imagine right now; you are in the middle of an intersection and are T-Boned. What do you want your family, management team, and ownership team to know? What happens to your loans? Are the beneficiaries on your assets and life insurance correct? Who should family and management talk to for advice? Do you have a documented plan for those impacted by this event? What obligations does your business have to your estate for the value of your shares?

The 5 D’s Death Disability

Have you planned for these contingencies?

Imagine right now; management team, your assets and life a documented plan estate for the value Now imagine that papers are? Do you passwords that enable invoke a purchase

Now imagine that you had a stroke and cannot talk or write. Does your family know where your important papers are? Do you have a power of attorney for financial and medical matters? Do others have essential passwords that enable them to pay your bills or interface with customers, vendors, etc.? Will this event invoke a purchase of your shares? How will it be paid? Who has the right to vote your shares?

Divorce

Divorce

Your spouse announces that he/she has grown apart from you and now wants to end your marriage while the two of you are still friends. How will your shares be valued in a divorce? Do you have a prenuptial agreement? How will the changes in your finances impact the cash needs of the company? Do you know your options on how to create a non-adversarial process to make the decisions needed to unbundle your financial affairs at the end of a marriage and mitigate the impact on your business?

Disagreement Distress

Disagreement

Your spouse announces of you are still friends. will the changes in create a non-adversarial marriage and mitigate When multiple partners with a productive business. How will

When multiple partners enter into a business, is it all roses and rainbows? They rarely prepare for conflict with a productive exit clause. Like all relationships, business partners sometimes decide not to co-own a business. How will your interest be valued? How will it be paid?

Distress

2020 has taught all never imagine. Many products. What was interruption? Good everyday disaster incidents, and critical

2020 has taught all of us some painful lessons regarding business interruptions and external threats we could never imagine. Many businesses suffered disruption to their business's productivity and the delivery of their products. What was the strength of your back up system? What insurances did you have to cover business interruption? Good contingency planning includes risk reduction strategies and policies to protect against everyday disaster situations, including data breaches, property disasters, supply chain disruption, work safety incidents, and critical employee loss.

CEPA’s work together to create a plan that you currently have in place, what you may annually.

CEPA’s work together to create a plan that will “De-Risk” the negative impact of these events. CEPA’s will help you assess what you currently have in place, what you may need to do as your systems grow and change, and why this process should be reviewed annually.

Financial Road Map to Success

Additional Services

E S T A T E P L A N N I N G

•Estate/death funeral and state tax estimates

•Estate liquidity

•Gifting strategies

•Estate planning for dependents

•Charitable planning strategies

•Estate planning utilizing private annuities

• Assessing the Wealth Gap

• Assessing the Profit Gap

• Assessing the Value Gap

• Review the 5 D’s: Death, Divorce, Disability, Distress, Disagreement

• Assessing the 4 C’s (Customer Capital, Human Capital, Structural Capital, Social Capital) from Buyer’s perspective

ATTENTION BUSINESS OWNERS

Are you looking for additional tax deductions today that provides tax-free income in retirement?

Below is an illustration of the tax code and how H.E.N.R.Y.’s various buckets of money will be taxed and reported:

H E N R Y => High Earner Not Rich Yet THEIRS => THE IRS

There is a little-known tax advantaged strategy that you can overlay on top of traditional retirement plans that will provide you with tax deductions and tax deferral today and provide you with a tax-free non-reportable income in retirement.

BENEFITS:

100% tax-deductible to the business or partnership

Only 30% to 40% of the contribution is taxable to the participant

Reduced taxable income

Plan assets fully protected from creditors

Zero interference with any current qualified plan assets or contributions

May be used for any personnel selected by the business owner

10 Reasons Why it’s Critical to Know Your Business Value

Are you one of the 98% of business owners who do not know what their business is worth?

Annual/Quarterly Financial Planning

Business Sale/Exit

Insurance Coverage

Attracting Investors

Set & Attain Long-Term Goals for You & Your Family

Business Growth & Expansion

Legal/Tax Planning

Retirement Planning

Raising Capital

Gain Confidence in Knowing the Value of Your Greatest Asset

Planning for Retirement, Preparing Your Business for Sale

by Jim Parker

For anybody who has spent a large part of their life dedicated to running their own business, the thought of retirement can be an emotional issue. Added to that are the financial aspects that need to be taken care of, one of which is the potential sale of what could be your most valuable asset, your business.

According to Forbes magazine, over 40% of business owners were born before 1964 and so for this generation, planning for retirement becomes more relevant each year.

Data from the Exit Planning Institute shows that 75% of business owners would like to exit their business within the next 10 years.

Preparing for the sale of your business could mean the difference between maximizing value at the time of sale, or leaving money on the table that could have been yours to spend during your retirement.

When it comes to putting a plan into place, there are two key elements, and at least two key professionals that

Let’s Chat

If you are going to be selling your business, whether now or in the future, I’d love to chat with you!

Please note that at least 90% of my listed businesses sell, compared to the national average of 10-20%. There is no charge for my Brokers Opinion of Value (BOV) and assessment, and you are under no obligation to proceed with my services.

you should work with. One element is the consideration of matters relating to estate planning, taxes, and how best to invest the proceeds of your sale. Having a financial advisor that you trust on your team is vital to ensuring that you are fully utilizing all of the tools available to you to benefit in the most financially advantageous way.

The other point to focus upon is making sure that you take the steps to maximize your retirement proceeds by achieving the best possible sale price, and this is where an experienced business broker such as myself is able to be of assistance.

I can provide you with a free assessment of your business that will help in the following areas:

• Identify any red flags that may prevent the sale of the business (or at the very least reduce the amount you sell for) such as legal problems, client concentration issues, poor financial records or contracts.

• Highlight the key value drivers within your business that you should focus on to increase profitability and therefore maximize your final sale price.

• Offer advice with regard to what buyers are looking for most in a business, and how to position your business in the best possible light.

In addition to this assessment, I am also able to provide you with a no-cost, noobligation Brokers Opinion of Value (BOV) that will provide you with the Most Probable Selling Price (MPSP) of your business and allow you to assess whether now is the time to sell, or whether you should focus on the value enhancing steps we identified during the assessment stage.

Selling your business and beginning your journey into retirement can be a life-changing experience. By partnering with the right professionals along the way, and taking steps early in the process to prepare, you maximize your chances of a successful outcome.

About the author: Jim Parker

(407) 927-8999

jimp@bossgi.com www.jimparkerbusinessbroker.com

Jim Parker is a nationally known Business Broker, with nearly 25 years of experience, and is the Founder and President of Boss Group International. He specializes in selling businesses with gross sales between $1 million and $10 million.

Jim served three consecutive terms as the State Chairman of the Business Brokers of Florida (BBF), an organization boasting nearly 1,000 members. He is also one of twelve esteemed individuals on the Board of Governors for the International Business Brokers Association (IBBA), a body of nearly 3,000 members.

Throughout his career, Jim has earned numerous accolades, including more than 50 industry awards. He has also earned the elite status of being one of fewer than 20 people worldwide to possess all four of these prestigious designations:

• M&AMI (Mergers and Acquisitions Master Intermediary)

• CM&AP (Certified Mergers & Acquisitions Professional)

• MCBI (Master Certified Business Intermediary)

• CBI (Certified Business Intermediary)

Will Your Life Insurance Expire Before You Do?

Robin Director of National Accounts Life Insurance Settlements Inc.

By Robin S. Weinberger, CLU, ChFC, CLTC and Peter N. Katz, JD, CLU, ChFC, RICP

Whenwas the last time that you took a good look at your life insurance policies? If you have had them for a while, chances are you will be quite surprised to find they are most likely not performing as originally illustrated. To keep them in force, you might be required to pay a lot more money than you had planned. If term insurance, the policy could be reaching the end of the conversion period or the premium guarantee period when premiums often become unaffordable.

Consider This

You should also regularly review whether your insurance is still meeting your objectives. Perhaps your needs have changed since you purchased the policy, making it unnecessary. Here are some questions you should ask yourself. Have you had a change in your family situation such as the death of a beneficiary or divorce? Have you retired or sold your business? Have your finances changed or has the need for estate liquidity been reduced?

Broker

The best way to get information to help answer these questions is getting a policy review done with your financial advisor. It can help you determine your current need for the coverage in addition to finding out how much your policies will cost to maintain. Sometimes, when policyholders learn how much the premiums will be going forward, they either lapse or surrender the policy.

Game-Changing Alterative

There is, however, a not widely-known alternative to lapse or surrender available to older insureds called a life settlement. It is the sale of a policy to an investment company for more than the surrender value. Unfortunately, most policy owners are unaware of life settlements and, therefore, miss out on the opportunity.

Real-Life Situation

Take, for instance, the story of a recently widowed 76-year-old with a $500,000 universal life policy. Faced with mounting premiums and no longer in need of coverage, she assumed surrendering her policy was her only option. She called her advisor to get help in surrendering her policy. The cash surrender value was about $20,000. Fortunately, her advisor knew about life settlements and, as a result, he was able to obtain an offer for her of $73,000. The woman was, of course, thrilled. Had she called the insurance company directly, they would have sent her a check for $20,000 and never told her that there was another alternative.

Reclaim Control of Your Financial Destiny

When you purchased your policies, you likely made the assumption that they would pay off at the time of your death. You owe it to yourself, and to your beneficiaries, to work with your advisor to have your policies reviewed to be sure that sufficient premiums are being paid to keep them from lapsing. And, if it is determined that you no longer need, want or can afford the coverage, then exploring the option of a life settlement could be a way to recover a lot more cash for your policy.

Discover

To see what Champlin & Associates say about the benefits of life settlements, check out champlinandassociates.com/life-settlements Peter Life Settlement

LIFE INSURANCE AUDIT

Life insurance is an important part of an overall financial plan. Regular reviews can determine whether the policy is performing according to expectations and meeting financial objectives.

DID YOU KNOW… As a trustee of an Irrevocable Life Insurance Trust (ILIT), it’s generally advisable and often required by law to review the life insurance policy annually!

Our objective Life Insurance Audit will help fulfill your fiduciary duties by reviewing:

Policy Performance

Policy Ownership and Beneficiary Designations

Policy Terms and Riders

Policy Performance Comparison

Tax Considerations

It’s essential to document these reviews to demonstrate compliance with trust administration requirements.

Whether your life insurance policy is individually owned or owned by an ILIT, contact us today to see if the Life Insurance Audit is appropriate for you.

LIFE SETTLEMENT VALUATIONS

Are you thinking of cancelling your life insurance policy?

Perhaps the original need for the life insurance policy has diminished or the premiums have become unaffordable. Before you cancel any of your life insurance policies (including term policies), you should have your life insurance policies appraised so that you can make the most informed decision.

WHY USE US?

Potential offers with only an illustration and medical review

Multiple companies bidding for your policy

Superior offers

Excellent communication throughout the process

Policies of any size are welcomed, including policies ranging from $50,000 to $50 million

what clients say

“Wehave been with these guys for more than a decade. That says something about how they approach client relationships. Their advice extends beyond traditional or cookie cutter solutions, while maintaining a solid base.”

— Sam Donovan

“Iam happy to recommend Champlin & Associates to guide your financial investments. The team spent time studying my financial situation, listened to my needs/goals - and then presented a path forward to safely grow my retirement savings. They do all this within a warm and friendly atmosphere. The entire team gives me their full attention. They relate to me with authentic and sincere interest. Their financial guidance is sharp and professional. Working with them is satisfying, both for the security of knowing my investments are in good hands and in the pleasure of working with such genuine people.”

— Don Scheg

“Our family has been with Champlin & Associates for many years now.  Brad and Amanda have earned our trust and confidence by consistently taking the time to understand our needs on a holistic basis and develop and evolve a financial plan that takes many important life and monetary factors into consideration. We will always be grateful for their valued guidance and advisement.”

— Rob & Laurie Conti

This advertisement contains an unpaid and unsolicited or solicited testimonial. The experiences and views shared by the reviewers may not necessarily represent the perspectives of all clients. Any reviewer discussion of individual investments and/or performance or results should not be construed as indicative of the experience of all clients, nor does it offer any assurance or indication of future results.

“Severalyears

ago, we placed our available funds, and our trust, with Champlin & Associates, relying upon expertise we ourselves lacked to plan for our retirement. In the ensuing years, our investment grew far beyond our expectations. Champlin & Associates kept us informed, regularly recommended the best options for us and listened to us as our business and personal lives evolved. It is only because of their steadfast care for our financial well being that we are now able to comfortably enjoy retirement. We should also mention that over the years we referred several of our clients to Champlin & Associates with confidence that they would be in good hands.”

— John Tyo

“I’veworked

with Champlin & Associates, specifically Amanda, for many years now. From the initial meeting, it was clear she was genuinely invested in my financial well-being. As life has changed (marriage, children, new house), Amanda has been there to continuously guide me on my financial journey. Now, as a family, we are meeting financial goals I would have never thought possible. I would wholeheartedly recommend Champlin and Associates to anyone who is looking to set their family up for a financially successful future.”

— Lindsey & Rob Asselin

“We have found every interaction with Champlin & Associates to be very informative and helpful in planning our financial future. We would recommend them to anyone that is looking for help in that area. Not only are they helpful, they are just flat out nice people!”

— Darren & Ginny Crosse

Reading Into Success

Retire Like A Shark

Top North American Advisors Share Keys to Retire Well in the

New Book, Retire Like A Shark

The number of people retiring spiked in 2020, increasing over 33 percent in the last decade, growing from approximately 34 million in 2010 to over 46 million in 2020, according to Statista.com.

Many successful people are heading into retirement with little or waning confidence.

There are no easy answers to retire in today’s world filled with uncertainty and challenges never before faced by retirees.

Yet, there are tried and true keys, methods, and tips to increase your ability to retire with confidence. That’s the idea behind the newest book, “Retire Like A Shark,” from Kevin Harrington and Scott Keffer. They have assembled an all-star cast of wealth, financial, investment and business advisors from across North America to write a chapter on the keys to retire with confidence, security and joy.

Kevin Harrington, a best-selling author and original Shark on ABC TV’s Shark Tank, and Scott Keffer, a best-selling author and business growth coach, along with their coauthors - Brad Champlin & Amanda Williams; and 33 other top advisors – each contributed an original chapter to the book.

Readers will discover tax, financial, and investment keys, methods and tips, along with an opportunity for additional retirement resources, from over 30 leading authorities.

Retire Abundantly

Are You Ready?

You only retire once, so you might as well get it right. If you are already retired, or just about to retire, do you want to say, “I hope I have just enough money to scrimp and save my way through old age and medical bills so I don’t have to depend on the kids?”

Or…

Would you rather say, “I can finally enjoy the life that I promised myself and my family years and years ago?

A life of freedom to become the person you want to be, doing the things you want to do, with the people you want to be with, making the difference you want to make.

If the last option sounds like the best one to you, then you are reading the right book at just the right time. This book is NOT about how to simply retire. (There are tons of books and tons of people who can help you do that.)

This book will show you how to RETIRE ABUNDANTLY

Champlin & Associates positions itself for growth with executive team transitions

Brad Champlin has made a career out of always being there for his clients, especially during challenging times.

“I have never wanted to leave them in the lurch,” he said, stressing the importance of having a plan in place both at work and in one’s personal life.

Champlin is taking that same approach with his business, Pittsford-based Champlin Associates, which recently announced transitions to its executive team.

It is a move that not only expands the firm’s offerings, but also positions the business well for the future, he said.

As part of the changes, Champlin is now chairman of the board, while Amanda Williams is the CEO and Peter Owh is the firm’s president.

As a result of the transition, Williams and Owh will be working with all new clients and will oversee the firm’s future growth.

The decision reflects the company’s commitment to modernity, transparency and aligning with global business standards, its leaders said.

“The change represents more than just title adjustments; it signifies our dedication to staying relevant in an ever-evolving marketplace,” Williams said. “We believe this shift better encapsulates the scope and responsibilities of our executive leadership role, emphasizing our focus on strategic direction, vision and driving sustainable growth.”

The company — which has been in business for some two decades — helps business owners, independent women

and career professionals reduce taxes, increase income and create a legacy.

The veteran, family and woman-owned financial advisory and planning firm helps clients develop a financial road map to success. The process starts with a complimentary and confidential 57-minute lifestyle retirement assessment.

Williams, who is Champlin’s daughter, started working at the firm in 2013. She was named president in 2020. Additionally, Champlin’s son, Jacob, is the company’s office manager.

The company now serves high net worth and ultra-high net worth clients in nearly 20 states across the country.

In addition to planning and advisory services, Champlin and Williams have co-authored two books: “Retire Abundantly” and “Retire Like a Shark.”

Owh joined the company a little over a year ago but had known Champlin and Williams since 2017, working adjacent to the business as a managing partner with another company.

Champlin said Owh was a good fit with the firm from the start, given his experience in, and knowledge of, the industry.

Owh will use his experience to expand the company’s business consulting services, helping business owners get ready to sell their businesses.

He noted a focus will be on aligning one’s personal and business goals as well as taking steps to derisk one’s business and create value.

“A lot of times, the wealth inside these businesses goes to waste,” Owh said,

noting that most business owners can’t sell their businesses when they are ready to because they can’t find a buyer.

Additionally, the firm’s leaders will stay on top of regulatory changes in the industry and do their due diligence regarding cybersecurity, Owh said.

Champlin said one area the firm excels in is in the support it gives its clients with long-term planning, in addition to its work as wealth managers.

“We’ve had very good success in this business, and I don’t think it’s by accident,” he said, adding the firm has helped many clients meet, and exceed, their long-term financial goals. “It’s satisfying to know we’ve had that impact.”

The Champlin team poses for a group photo. (Photo by Rann Photography)

■ ANDREA DECKERT