Family-owned businesses are beneficial to the economy in more ways than one, but there can be challenges along the way. Especially when there is a pandemic and a recession involved.
Overcoming these challenges and passing the business down from one generation to the next is no easy feat.
In this episode, Greg DuPont chats with Don Kirkham, vice president of Kirkham Building System, about what it’s like to work in a family-owned business that has passed through multiple generations. Additionally, Don explains what Kirkham Building System does regarding pole-framed construction and how the process works.
A brief description of his background and what he does for his family’s business – Kirkham Building System
Why pole-framed construction is more cost-effective than traditional construction
How supply chain issues have affected the industry
Kirkham Building System’s costs and the process of working with them
How the National Frame Building Association can help you find the right builder in your jurisdiction
How their family business has passed through multiple generations and the benefits they have derived from it
Don Kirkham, is the fourth generation of Kirkhams to work in the post-frame building industry. Don started with his father’s company in 1991 working as a crewman in the summers. He remembers the hard work in the hot summers as a time of learning and great experience. He then worked his way up, learning all the facets of the trade. He served as a planner and sales representative while attending OSU. After college Don became the Sub-Contractor Coordinator and worked closely with General Foreman. He continued on and became General Foreman coordinating the efforts of the entire construction department. Don has also been the company Safety Officer. From 2008 to 2012 Don left the industry and became the Service Advisor for a successful Automotive Shop in Westerville, where he developed the personal fortitude to work closely with many customers. In October 2012, Don returned to KBSI to lead business development and proudly worked alongside his father to continue the tradition of quality and experience that is KBSI.
Don is an avid reader and believes personal development is essential. He continues his education through safety training, personal studies, seminars, and reading. Don lives in Powell, OH with his wife. His son and daughter also both work for KBSI.
As our parents age, sometimes it’s necessary to find a place where their quality of life will be better.
Many difficulties can arise in this process, such as the financial part and the emotional conversations we need to have with them.
In this episode of Your Financial Advocate, Greg DuPont is joined by Sarah Dixon, community relations director at Bluebird Retirement Community, to talk about the transition from in-home care to an assisted facility and how we can have these tough conversations when it comes to helping our parents.
Her background in healthcare and how she got introduced to the hospitality industry
The transition from working in large corporations to a privately owned business
The different ways families approach assisted living facilities
The different levels of assistance care
The financial preparation needed before applying for an assisted care space
Things to consider when families are searching for facilities
A few details about Bluebird’s dementia care unit
How should conversations about transitioning to a specialized facility should be tackled
The process of becoming an entrepreneur has never been nor will ever be easy.
However, if you are passionate about what you do and have experience, you can be successful.
In this episode of Your Financial Advocate, Greg DuPont sits down with Dr. Bimbo Welker to talk about his experience after leaving his role as the director of Veterinary Medicine at the Ohio State University to start his own food animal and equine veterinary services business in his 60s.
Dr. Welker discusses:
His background as a veterinary professional for 30 years
His experience after leaving his job in the academic world and starting Welker Veterinary Services
The steps he had to take to start this business without any prior experience
The economic differences between working for someone versus being a solo practitioner
Dr. Bimbo Welker is a 1980 DVM graduate of Texas A&M University and completed an MS in Veterinary Clinical Sciences at Ohio State in 1984. Dr. Welker has worked as a Clinical Associate Professor in the OSU College of Veterinary Medicine based at the Marysville clinic providing clinical service and teaching since 1991. After 28 years of providing veterinary service to the Marysville community, he retired from the OSU Large Animal ambulatory clinic in 2019 to found Welker Veterinary Services.
We often think that to have more money in our pockets, we constantly have to look for new ways to make more.
But there are different strategies only a few know that can help reduce or defer the amount of taxes we pay. So, how can we cut down on that 40% chunk of overall taxes that are part of our lifetime income?
In this episode, Greg DuPont is joined by Jason Pueschel, Founder and Managing Director of Alternative Wealth Management. Here, Jason breaks down several methods to lower or mitigate taxes to relieve payers in different areas such as the capital gains in real estate.
What Alternative Wealth Management does within the financial industry
What are the 1031 exchange and the Delaware Statutory Trust (DST) and how these can help reduce or defer taxes
Various tools for capital gains reduction in transition
Things to know about Opportunity Zones and their three main benefits
Jason Pueschel has led the design, syndication, and capital raise of several alternative investment platforms. Over the past few decades, he has assisted Financial Advisors and Investors in the diversification of portfolios and reduction of tax exposure. With a focus on Internal Revenue Code tax incentives, Jason provides unique strategies to create efficient transitions of real estate and capital.
Prior to establishing Alternative Wealth Management, Jason directed sales at several top investment companies, including; Salomon Brothers, Smith Barney, and Warburg Pincus. At Old Mutual Investment Partners, Jason and his associates launched the first alternative investment offerings in the Merrill Lynch Consults Program. As Managing Director at Four Springs Capital, he led the design and syndication of several Delaware Statutory Trusts (DSTs) and 1031 focused real estate investment programs.
Jason is a graduate of Bentley University, where he received a Bachelor of Science degree in Economics and Finance. He has held his FINRA Series 7 and 63 Licenses since 1993.
52% of people turning 65 are going to need some type of long term care over their lifetime. Aging parents is something many of us are going to have to deal with at some point in our lives.
In this episode, Greg DuPont talks about how important it is to start budgeting for your future healthcare costs and figuring out how your parents can budget for theirs. With the right planning, you can make this inevitable journey a lot smoother.
The nationwide average cost of elderly care per month
The difference between long term care and assisted living
How many retirees end up with dementia or some health issue
Strategies to help you save on long term care in the future
Do you believe that history tends to repeat itself? The markets have been down recently and if it is anything like the past, it could be down for a while.
In this episode, Greg DuPont goes back as far as 1897 to explain how the markets have been working and how trends tend to repeat themselves. In order to improve at what we do, we have to learn from the past to avoid the same mistakes.
The history and trends of the market
The Shiller PE ratio and the S&P 500
Who is going to be affected by the markets the most
In the previous episode, we talked about some challenges real estate investors may face as well as the opportunities for them.
In this episode, Richard Davis is back to dig into more specifics about real estate. If you are currently looking for additional sources of income, tune in today for some tips and tricks you can use to start earning with these opportunities in real estate.
Niches to add to your real estate portfolio
The major opportunity in real estate with baby boomers
Rick Davis is an experienced Real Estate Agent, Commercial Builder, New Home Builder and Insurance Adjuster, licensed and experienced in commercial and residential real estate sales construction and restoration. He was first licensed in Real Estate in 1972, then in Construction in 1976. He is licensed in Pennsylvania, Maryland and Florida.
With real estate at all time highs, what kind of opportunities are there available to make the most out of it?
In this episode, Greg DuPont is joined by Richard Davis, an expert in what is happening in the real estate industry currently. He explains how you can make the most of the housing industry when it comes to figuring out if you should sell, buy, or rent your house/properties and the best ways to do it.
The opportunities for individual investors in real estate
The problems with interest rates and inflation when purchasing a home
Why a cap rate is important in real estate investing and what it means
Rick Davis is an experienced Real Estate Agent, Commercial Builder, New Home Builder and Insurance Adjuster. licensed and experienced in commercial and residential real estate sales construction and restoration. He was first licensed in Real Estate in 1972, then in Construction in 1976. He is licensed in Pennsylvania, Maryland and Florida.
Are we headed towards stormy seas when it comes to inflation and the economy?
In this episode, Greg DuPont talks about why he believes there are some big changes that are going to happen to our lives in the next 10 – 20 years. With new technology, we can expect a longer life span, and with that comes many more possibilities we did not think possible.
The economic, demographic, and sociological changes on the horizon
Have you had to cut back on your daily spending recently? With inflation increasing rapidly and interest rates rising, our purchasing power is quickly decreasing.
In this episode, Greg DuPont is joined by Kirk Chisholm to talk about why a recession is happening. You may want to put your money into stocks or cryptos to avoid losing to inflation, but is that a good idea during a time like this?
Greg and Kirk discuss:
Predictions for economy growth in the foreseeable future
How your monthly payments could double with inflation
Is a recession happening?
Stocks vs Bonds vs Cash vs Gold during a recession
Kirk Chisholm is a Wealth Manager and Principal at Innovative Advisory Group, an independent Registered Investment Advisor located in Lexington, MA. He has been providing wealth management services to individuals, executives, entrepreneurs, and their families since 1999. He is an outside the box thinker, risk manager, inflation expert, blogger, podcaster, and all-around interesting guy. Kirk is dedicated to developing lasting relationships with all of his clients and their families. One of the benefits of working with Kirk is his patience, empathy, and his ability to provide clear and easy-to-understand explanations to complex financial topics.