Episode 125: How To Retire

Episode 125– Planning for Retirement Today we are joined by Michael Collette, Michael Scott, and Brendan Sheehan. Each of these guys are involved in CrossFit in some form but are also founders of Waymark Wealth Management. Today we will be having a very valuable conversation about how exactly you retire from CrossFit and what steps you can be taking now to ensure you are prepared! Preparing early for retirement is critically important as less than 10 percent of people will actually retire and make the transition into the life that they want at some point. Retiring and becoming financially independent has a different definition for everyone. As a small business owner, you get to set a goal for what independence mean. Determining your vision of retirement is an important first step in order to determine tactical goals that are achievable within the short term to achieve the long-term results you desire. One important component when defining goals for retirement is to define values for your retirement plan such as health, religion, stability and more. This can be greatly important when choosing which instruments and wealth building activities to apply your effort too. One way in which this can be defined is through going through an exercise like the Core Value Exercise provided by Waymark Wealth Management. (See the Show Notes at www.twobrainbusiness.com/retire) After this initial discovery, it is important to get started with a defined plan toward retirement. Most business owners will have around three different themes that they feel are important and a plan can be developed to cultivate these themes and build them an actionable plan towards retirement. One of the most important first steps is to manage your cash flow and make sure that you are not spending more than you make. It is then about matching the core values with appropriate retirement options and sticking with a plan! As always if you have further questions be sure to reach out to Two Brain or any of the guests on our show! Due to the influx of questions around this issue, we are planning a follow-up episode to address all of your questions so be sure to contribute to the discussion! Timeline: 0:30 – The founding and story of CrossFit Prototype by Michael Collete 2:28 – Michael Scott’s story of owning a CrossFit gym and founding a wealth management firm 5:04 – How Brendan became involved in CrossFit and built Waymark Wealth Management 6:04 – How do you actually retire from owning a CrossFit Box 8:13 – The components of a good retirement plan 14:24 – Defining your values when preparing for retirement 16:24 – How do core values influence the way that you prepare for retirement 18:17 – The changing vision of an entrepreneur 21:12 – How much diversity should you have in a retirement plan 28:56 – Where to start regarding retirement if I have no current plan 33:55 – What type of options should be considered with a retirement plan 40:10 – What does a typical benefit package look like for employees 41:27 – Cash Flow is King! 42:56 – Setting up a succession plan for your business 51:10 – Two Brain Stories with Sherman Merricks Contact Brendan with Waymark Wealth Management: https://www.waymarkwealth.com/ 508 621-5621 Contact Scott: 580-414-2177 michaelscott@bampartners.com Contact Michael: 774-275-0403 michaelcollete@bampartners.com