Episode 128 - Disturbing trends in family business finances with Tim Yurek

In this episode of The Disruptive Successor Show, Jonathan Goldhill interviews Tim Yurek, the founder and CEO of Tier 1 Capital. With over 35 years of experience in financial consulting, Tim specializes in growing businesses, attracting and retaining top talent, planning for business succession, and converting business equity into cash. He has been featured on major media outlets such as Bloomberg TV and is a thought leader in his industry. In this interview, Tim and Jonathan discuss the disturbing trends that threaten family business owners, ways that people are losing control of their money, and how to retire from one generation to the next without bankrupting the next generation. Tim shares his personal story of how he got into the financial consulting industry and the epiphany moment that changed his life. HIGHLIGHT QUOTES Unlocking Employee Engagement and Motivation in Small Businesses: Strategies Beyond Equity Incentives - Tim: "Yeah. So it is very important for small businesses to find ways to attract, retain, and reward their people. But here's the catch. How do you do this without giving away equity? Because at the end of the day, it's a family business or it's a small business. And most business owners got into business to be in control so they can control their own destiny. If you start giving away equity, you're giving away your security, you're giving away your control." Ensuring a Prosperous Retirement and Smooth Transition for Small Business Owners - Jonathan: "And it's important that people who want to retire their businesses are able to retire in a lifestyle that they've grown accustomed to. And sometimes I just find that they're robbing from the next generation to save themselves or they haven't really planned for that next generation. So it's really nice to know that there's someone and that this is what you are doing, is helping people with this." Connect with Tim:LinkedIn: https://www.linkedin.com/in/timothy-yurek/Website: https://tier1capital.com/ If you enjoyed today’s episode, please subscribe, review, and share with a friend who would benefit from the message. If you’re interested in picking up a copy of Jonathan Goldhill’s book, Disruptive Successor, go to the website at www.DisruptiveSuccessor.com Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.