Tag Archives: Investmet Planning

Who is up for Selling Hotdogs on the Beach

Tuesday, May 28, 2013

So there I was ready to teach a class full of 4th graders about entrepreneurship.  I had carefully prepared my presentation, but as I heard the teacher instructing the students to listen to me for the next few hours, I thought she was making a big mistake.  What do I know about 4th graders other than I was one 41 years ago!  As the 26 students looked at me, I wondered if I would connect with at least one future entrepreneur in the group.

I was intrigued when I first learned about the Junior Achievement Our Region program because it uses hands-on activities that introduce students to entrepreneurship with a secondary focus on social studies, geography, business, economics, ethics, writing and math.  I wanted to volunteer, but I wondered what I was in for when those 52 eyes stared up at me.

The fun began when we played the “Hot Dog Stand” game.  We reviewed the basics such as how important it is for businesses to make money, and we had a lively discussion about what businesses do with the money they make. Then I separated them into groups of five to figure out how to sell hotdogs at the beach. The nine-year-olds fascinated me as I watched them discover all the tasks involved in selling a simple hotdog. With the profits, most agreed that they should buy more hot dogs to sell the next day, but a few chose to buy iPhones or shoes and saw the consequences.

The kids identified why business owners need to find employees with good people skills, pay them fairly, and need to be good and ethical community members. The students also learned how pricing, marketing and food costs affect profit and the ability to support families.  For a few in the group, the hot dog stand became personal as they shared stories about their parents who worked so hard in their businesses.  When I started the program, I hoped to connect to just one aspiring entrepreneur, but the children taught me that I had underestimated them.  I saw the entrepreneur spark in most of the kids that day, and I hope I fed the flames!

I spend most days preparing, implementing, monitoring and adjusting comprehensive plans to manage wealth that my clients have accumulated.  We navigate complicated tax rules, law changes and volatile markets for clients and proactively adjust their plans accordingly, so they can live independently and pass wealth to their family and favorite charities.  We offer programs like Our Region to our clients’ children and grandchildren to prepare them for inheriting the wealth their parents and grandparents have accumulated.  As these children learn how hard it is to earn, accumulate and then keep wealth, they will be better prepared to inherit it.

At the head of the class, I listened to 4th graders talking about landscaping, lumber, food, shipping and other businesses they wanted to start.  If this class has anything to say about it, our future is bright if the youth find mentors who can help them navigate the complications of business. When you see the entrepreneurship spark, give it what it needs to nurture that burning desire as early as possible. If we have more entrepreneurs creating jobs, more people will catch their personal, professional, financial or other trophy fish they are going after, and more importantly, have control over how they catch it, choosing the rivers and streams they fish in.

Tim Scannell, CPA, CFPTM provides Personal and Business Tax Planning, Estate Planning, Investment Management, and Generational Wealth management to his clients. “We strive to deliver transparent, proactive, independent, and comprehensive planning and communications to the families we work for”.

Entrepreneurs will make your day!

Wednesday, May 8, 2013

While vacationing recently in Steamboat Springs, Colorado, I wanted to test my skiing skills on Mt. Warner.   By chance, I stumbled across the One Stop Ski Shop in downtown Steamboat, and I met a group of expert ski entrepreneurs.  John fitted me for ski equipment in a way that displayed his passion for skiing and his desire to make sure I got the most of my skiing experience.  I sensed that the owner and his two employees relish their independence in running a business that is in tune with their outdoor lifestyle.   Their web states, “We’re not greedy. We aren’t in this to get rich; we’re in this so we can live here and ski a lot, so if you spend your dough with us, we get to eat occasionally!”  So I helped feed them that day. :)  Wealth Management, Fly Fishing, Entrepreneurship, Investment Planning, Estate Planning, Tim Scannell, Valparaiso, Hightower Advisors!

Twelve inches of new snow arrived that night and snow was expected to fall all the next day. Armed with new ski equipment and very little skill, the next morning I stood in line for the first gondola ride to the top of mountain.  Friends who are more expert skiers took the day off because they prefer “visibility” when they ski (silly).

As I rode the chair lift to the top of the mountain, the snowfall was thick and blinding.  I could see only one, maybe two skiers in the chairs in front of me.  As I exited the chair at the top of the mountain, I could hear more skiers than I could see. The temperature was cold, but the sweat caused by my anticipation and excitement kept my gloves toasty warm.  Whether due to bravery or ignorance, I started down my first of many runs that day with almost child-like glee. I skied Mt. Warner for the next six hours, and the whole time, I was engulfed in adrenaline, laughter, terror, excitement, fear and lots of fun. John’s tips and recommended equipment made the difference.  I’d had my best ski experience ever because of a chance connection with a passionate entrepreneur and my openness to his ideas.

I’ve crossed paths with avid entrepreneurs like John more times than I can count, and I learn something positive from each encounter. I recently prepared a comprehensive estate and income tax plan for a business owner who introduced me to an idea that will enable me to help clients teach their children how to handle inherited wealth.  In the 26 years I’ve assisted families pass wealth to the next generations and favored charities, I’ve learned that the primary reason why some plans fail is lack of processes needed to transfer the experience and knowledge needed to receive, protect and grow the wealth that is inherited.  My client gave me another tool that I will now pass to my clients because I was open to learning new ideas.

To catch the personal, professional, financial or other trophy fish you are going after, keep your eyes and ears open to new ideas, especially when you run across a passionate entrepreneur. Each mentoring experience will help you determine the best way to catch that fish. And as an entrepreneur yourself, you will have control over how you catch it, choosing the rivers and streams or oceans you fish in.

Tim Scannell, CPA, CFPTM provides Personal and Business Tax Planning, Estate Planning, Investment Management, and Generational Wealth management to his clients. “We strive to deliver transparent, proactive, independent, and comprehensive planning and communications to the families we work for”.

Scannell Wealth Management is a team of investment professionals registered with HighTower Securities, LLC, member FINRA, MSRB and SIPC & HighTower Advisors, LLC a registered investment advisor with the SEC. All securities are offered through HighTower Securities, LLC and advisory services are offered through HighTower Advisors, LLC.


HighTower Advisors LLC, its affiliates and HighTower Advisor’s Financial Advisors do not provide tax or legal advice.  You need to consult your legal and tax professional when making any investment. 


Scannell Wealth Management Group is registered with HighTower Securities, LLC, member FINRA, MSRB and SIPC, and with HighTower Advisors, LLC, a registered investment advisor with the SEC. Securities are offered through HighTower Securities, LLC; advisory services are offered through HighTower Advisors, LLC.

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