Retirement Plans and Profit Sharing Insights [THA 211] - a podcast by Carm Capriotto, AAP

https://youtu.be/ZD47C73nuv4
Sabrina Gatewood and her husband have owned a shop since 1994. She is the bookkeeper for the shop. She does all the taxes, pays bills, etc. as well as creates paychecks. She has been a financial advisor since 2011. She helped her husband and other business owners like him to plan for retirement. She also helps with group health plans and voluntary benefits. Sabrina can also open 401K plans and simple IRAs. Listen to Sabrina’s previous episodes https://remarkableresults.biz/?s=%22Sabrina+Gatewood%22 (HERE).
Greg Skolnik is the owner of Motor Works, Inc. in Rockville, MD.  He is certified as a Master Automobile Technician and holds the prestigious L-1 advanced engine performance and emission analysis certification. Greg also received his (AMAM) degree from the Automotive Management Institute. Greg has a four-day workweek and has been doing pre-scheduling for years. He is also a part-time coach for Elite World Wide. Listen to Greg’s previous episodes https://remarkableresults.biz/?s=%22Greg+Skolnik%22 (HERE).
Key Talking Points:You gotta pay attention to your peopleMost small business owners are freaking out over how much things cost
Pay to PlaySocial security was never designed to be a retirement plan
401K is just one area to take care of your employeesYou don’t go to church to be converted, you go to church as a reminder!
88% of workers view a 401k as an important benefit in looking for a jobYou definitely need to take care of your employees, they are our bread and butterA good way to reward good employees is with benefits
Most of the people that have been doing this for a long time are starting to wonder “how am I gonna get out of this (career or shop owner)How hard is it to sit down with a certified financial planner and do this?There are many options out there
Find someone you can trust and guide youA standard IRA
Put together plans to take care of your employees, it’s the right thing to doOffer employees a meeting with a financial advisor along with that 401k, this will show them where their money is going each paycheck
Accountant or Financial Planner first?BothSafe harbor programUpside and DownsideDownsideCashflow is king
Start-up admin costsAdmin time to keep the program going
UpsidePut away maximum amountsRoth IRA - tax free
Benefits your employeesTax savings for shop owners
Your investing, not paying a billSaving money is not sexy, Investing is
Your moving money from one pocket to the otherFinding a great financial planner Usually a referral
Final WordsSabrinaEveryone’s shop is differentNo cookie cutter approach
Your never gonna go wrong helping someone else get what they needGregIt’s a spoke in a wheel
It’s just one of the spokesHolidays are another spokes
All the spokes - we put together as a package to make us more attractive to the top talent than the shop down the streetResources:
A special thanks toSabrina Gatewood and Greg Skolnik for their contribution to the aftermarket.Books Page https://my.captivate.fm/books/ (HERE)
Listen to all https://remarkableresults.biz/remarkable-results-radio-podcast/ (Remarkable Results Radio), https://remarkableresults.biz/for-the-record/ (For The Record) and https://remarkableresults.biz/town-hall-academy/ (Town Hall Academy) episodes.

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