News & Insights

  • Business Leaders Conference: 5 Takeaways

    February 13, 2018

    Business Succession Planning & Wealth Transfer for Business Leaders:
    Carrie Gallaway, CFP®, CeFT Managing Partner | YorkBridge Wealth Partners
    John Larkin, CPA, ABV, Partner | Markowitz, Fenelon & Bank
    Melissa Sidor, Esq., Counsel | Campolo, Middleton & McCormick

    In order to grow and sustain a successful business, you must have a team. Your team can include not only your family, business partners, and employees, but also your financial advisor, accountant, attorney, and insurance provider. Spending the time and money to develop a strong and well-versed team is pertinent to avoid any rifts and difficulties down the road. Having a well-developed team with knowledge of all business plans, documents, and information is key to successfully building your estate and succession plan. Working with your team to put together a well thought out business strategy will allow you to properly value your business. This information will tell you what needs to be done in order to increase that value or whether it is time to sell the business.

    Market Outlook Commentary:
    Jeffrey Schulze, CFA, Director, Investment Strategist | ClearBridge Investments

    Jeffrey Schulze breaks down the anatomy of a recession during his market outlook commentary. What should we look for and where are we headed? It is important to know the difference between noise and the signal. Discipline is key to differentiate between the noise and an opportunity. For example, a government shutdown is noise and the economy is a signal, specifically look for economic data moving. ClearBridge uses twelve data points in order to predict the next recession which fall into four categories: financial, inflation, consumer, and business activity. For example, building permits, the price of oil, average hourly earnings, and consumer spending are data points where you might see indicators of a future recession.

    The Current State of Health Care:
    Jeffrey Lane, Partner | YorkBridge Wealth Partners
    Dr. Thomas McGinn, Deputy Physician-In-Chief & Senior Vice President | Northwell Health

    Where does the US stand in the current healthcare environment? Dr. McGinn believes in 10-15 years, the US will essentially be a system of systems. There will be large-scale consolidation, with the US run by a small number of large systems. Hospitals, such as Northwell Health, are focusing on alternative revenue streams like call centers and procurement. People likely to not take our insurance are younger and healthier people which means the remaining pool is sick and elder people which means the premiums will increase for them. Northwell Health is looking to improve the actual care model for patients by changing the food served in the hospitals, focusing on bedside manner, and ensuring that our patient notes are communicated properly to the whole medical team making it easier for patients.

    Philanthropy & Charitable Giving:
    Andy Stern, Managing Partner | YorkBridge Wealth Partners
    Loretta Davis, Executive Director | The Retreat
    Stephanie Diamond, Managing Director, Business Development | Schwab Charitable

    Business strategy can tie in with personal philanthropic and financial goals. As a business owner or individual, you can give more than just money to a charity of your choice. For example, you can give labor or materials. It is important to understand your capacity of how much you can give. Get your employees involved with the charity as well to keep them in the know. Make sure to keep your business goals in mind.

    Joseph Plumeri, Vice Chairman, First Data Board of Directors & Best Selling Author of “The Power of Being Yourself”

    As a business owner, it is important to have a vision, passion, and purpose. These qualities are key to having a successful business and career. Constantly ask yourself “what else?” What else can you do to provide amazing results? Go beyond your limitations. As a leader, you are given the opportunity to make a difference to add value to your employees, your community, and your family. Make sure to be compelling, not competent. Evoke interest and be captivating. Don’t accept anything less than outstanding from yourself, your employees, your community, and your family.



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