135 | The Portfolio Income Mistake That's Silently Draining Your Wealth with Russ Gaiser & Mike Hoeflich

139 | How to a Build a Sales Team so the Business can Scale with Mike Huey

Are you still the most important person in your sales process? For most entrepreneurs, the honest answer is yes and it's the single biggest thing capping their revenue, their company's value, and their freedom. In this episode of the Vital Wealth Strategies Podcast, host Patrick Lonergan sits down with Mike Huey, founder of Scalable Sales Solutions and a sales veteran with 30 years of experience building, breaking, and rebuilding sales organizations from coast to coast. Mike has taken companies from founder-led sales to national scale, including growing a seven-employee facility services business into a nationwide operation and today he helps business owners get the sales hat off so they can build something that runs, grows, and eventually sells without them. Patrick and Mike dig into the exact system that attracts A-player salespeople (and why hiring from inside your own industry almost guarantees you a B or C player), the compensation structures that actually drive new business instead of rewarding the wrong behavior, and the five sales metrics every owner should be tracking. They also cover the recruiting trick Mike uses to screen hundreds of applicants down to true A players, why you have to be willing to fire your top performer over a values violation, and how to know when your business is truly ready to scale or sell. Whether you're stuck as the bottleneck in your own company or preparing for an exit in the next five years, this conversation is a blueprint for turning a personality-driven business into a transferable asset. Key Takeaways: * If your business can't grow without you personally closing every deal, you own a high-paying job, not a transferable asset * A-player salespeople are attracted by five things: a sales playbook, a lead generation system, a CRM everyone uses, scorecards and accountability, and a compensation plan that rewards the right activities * Hiring salespeople from within your own industry usually lands you B and C players, true A players won't leave a strong book of business * Compensation plans should adjust every year; stairstep and hurdle models push reps toward new accounts, new territories, and new products * Track five metrics: sales activity, average deal size, close rate, repeat purchase rate, and referral rate * Culture comes down to two things, the right scorecards and core values and you must be willing to fire top performers over value violations * A business is only ready to scale when it cash flows completely with the owner stepped out of the process * Start exit planning long before the emergency: "life after the business" is one of the biggest reasons deals fall apart * This week's action step: identify the two or three things you're doing that hold the company back, and build a plan to offload them Learn More About Mike: * Mike Huey's website / consultation: mikehuey.com [mikehuey.com] * Leadership Blueprint: Accountability in Action by Mike Huey [https://www.amazon.com/dp/B0F6NNJFS2?lv=shuf&channelId=520&plpRedirect=mhFallback] * The Art of War for Business by Mike Huey [https://www.amazon.com/Art-War-Business-Leaders-Executives/dp/B0GS2Y3N16/ref=sr_1_1?crid=24CH2HIYCVL62&dib=eyJ2IjoiMSJ9.0fVrK25PwBkgrYpAqwD1q4iVQMxuHN5N33NcxTg0ldH4v8BWl8E-6pobs0BDfuwYIu-qtC95l_QwxT28SW2CGM8v5fE9x3OzuGtwt-NXq6WvkGMpIhzjgMGOkX95B3Iw7Ncy3YhhpYRXwOY0brhk3xGR1ogf9aW6l2k3hKWvj2r6_4cS3iziNg4z2yUFqdB3LrbLYtXUV6E5L5j1rb0WCTa8M_oaNLbxyBB01oxag5s.uqMi3qrz555rjDRdMuHKOxadbmvNIO3bf6WD0xi3NyE&dib_tag=se&keywords=The+Art+of+War+for+Business+by+Mike+Huey&nsdOptOutParam=true&qid=1783357736&s=books&sprefix=the+art+of+war+for+business+by+mike+huey+%2Caps%2C243&sr=1-1] * Make Your Company Scalable and Saleable by Mike Huey [https://www.amazon.com/Make-Your-Company-Scalable-Saleable/dp/B0DPKF2N8G/ref=sr_1_1?crid=JZ83EN4E85EK&dib=eyJ2IjoiMSJ9.r65y8n2WrZVtlqLCdvkv1ge9TJYrWG8DHqGAp5uOj1XGjHj071QN20LucGBJIEps.fDFlXEd2f5hSubZfEWtt-zZac7n3NuO2oVaCJNhhfB8&dib_tag=se&keywords=%E2%80%A2+Make+Your+Company+Scalable+and+Saleable+by+Mike+Huey&nsdOptOutParam=true&qid=1783357767&s=books&sprefix=make+your+company+scalable+and+saleable+by+mike+huey%2Caps%2C232&sr=1-1] Resources:    * Visit vitalstrategies.com [http://www.vitalstrategies.com/] to download FREE resources      * Listen to the podcast on your favorite app: Vital Wealth Strategies Podcast | Tax & Financial Strategies for Entrepreneurs [https://www.vitalwealth.com/podcasts/] * Follow on Instagram at https://www.instagram.com/vital.strategies [https://www.instagram.com/vital.strategies] * Follow on Facebook at https://www.facebook.com/VitalStrategiesPodcast [https://www.facebook.com/VitalStrategiesPodcast] * Follow on LinkedIn at https://www.linkedin.com/in/patricklonergan/ [https://www.linkedin.com/in/patricklonergan/] Credits:     * Sponsored by https://www.vitalwealth.com/Vital Wealth [https://www.vitalwealth.com/] * Music by https://open.spotify.com/artist/6ullBRZTTK0lT7fUqbgbKD?si=GlsDiJdeSg2bLkb3lxO0Ig&fbclid=IwAR1Gn1Jz2thWofOrFilg6HV1AcxV5AumMjNyTH_5xvrtQsnVuPElY9XzVFU&nd=1&dlsi=fed5b9538f23480eCephas [https://open.spotify.com/artist/6ullBRZTTK0lT7fUqbgbKD?si=GlsDiJdeSg2bLkb3lxO0Ig&fbclid=IwAR1Gn1Jz2thWofOrFilg6HV1AcxV5AumMjNyTH_5xvrtQsnVuPElY9XzVFU&nd=1&dlsi=fed5b9538f23480e] * Art work by Two Tone Creative  [https://www.twotonecreative.com/strategy-consulting/] * Audio, video, research and copywriting by Victoria O'Brien

138 | 83% of Businesses Fail Because of This… Here's How to Make Sure Yours Doesn't with Gretchen Roberts

What would it look like if your business finally stopped bleeding money through taxes, messy books, and financial blind spots and instead became the wealth-building machine it was always meant to be? In this episode of the Vital Wealth Strategies Podcast, host Patrick Lonergan sits down with Gretchen Roberts, CEO of Red Bike Advisors, a national tax, accounting, and advisory firm that has helped hundreds of business owners improve financial performance, reduce taxes, and build long-term wealth since 2009. Gretchen brings a rare combination of deep financial expertise and an operator's mindset as a multi-time entrepreneur herself, making her advice as practical as it is powerful. Whether you're drowning in disorganized books or already running a profitable business and looking to keep more of what you earn, this conversation delivers a clear roadmap for getting from financially stressed to financially free. Gretchen walks Patrick through her firm's proprietary SOAR Framework - Stabilize, Optimize, Accelerate, and Retire; a four-stage journey designed to take business owners from financial chaos to tax-efficient wealth creation. From cleaning up years of messy books and benchmarking profit margins against industry standards, to building a 10-year tax savings blueprint and creating a business that can run without you, this episode is packed with actionable strategies that apply no matter where you are in your entrepreneurial journey. Gretchen and Patrick also dig into cash flow planning, the danger of reactive tax decisions, and what it truly means to be "financially retired", not just done working, but free to choose. This is a must-listen for any entrepreneur who wants to build a business that funds the life they actually want. Key Takeaways: * Messy books are more common than you think and you can't grow, optimize, or sell a business without a clean financial foundation * The SOAR Framework (Stabilize, Optimize, Accelerate, Retire) gives business owners a clear, stage-by-stage path from financial disorganization to wealth creation * 83% of businesses fail due to cash flow problems, building a cash cushion of 3–6 months is a critical protection strategy * Your P&L is a management tool - knowing how to read it and track trends month-over-month can help you spot problems before they become crises * An S Corporation election is often the lowest-hanging fruit for tax savings, opening up significant self-employment tax reduction year after year * Tax strategy must fit your cash flow reality, a great strategy on paper can cause serious problems if it drains liquidity at the wrong time * Exit-readiness starts long before you're ready to sell, if the business can't run without you, it's not ready for the market * "Financially retired" doesn't mean stopping work, it means having the freedom to choose your role and step back from daily operations Learn More About Gretchen: * Official Website: redbikeadvisors.com [redbikeadvisors.com]  Resources:    * Visit vitalstrategies.com [http://www.vitalstrategies.com/] to download FREE resources      * Listen to the podcast on your favorite app: Vital Wealth Strategies Podcast | Tax & Financial Strategies for Entrepreneurs [https://www.vitalwealth.com/podcasts/] * Follow on Instagram at https://www.instagram.com/vital.strategies [https://www.instagram.com/vital.strategies] * Follow on Facebook at https://www.facebook.com/VitalStrategiesPodcast [https://www.facebook.com/VitalStrategiesPodcast] * Follow on LinkedIn at https://www.linkedin.com/in/patricklonergan/ [https://www.linkedin.com/in/patricklonergan/] Credits:     * Sponsored by https://www.vitalwealth.com/Vital Wealth [https://www.vitalwealth.com/] * Music by https://open.spotify.com/artist/6ullBRZTTK0lT7fUqbgbKD?si=GlsDiJdeSg2bLkb3lxO0Ig&fbclid=IwAR1Gn1Jz2thWofOrFilg6HV1AcxV5AumMjNyTH_5xvrtQsnVuPElY9XzVFU&nd=1&dlsi=fed5b9538f23480eCephas [https://open.spotify.com/artist/6ullBRZTTK0lT7fUqbgbKD?si=GlsDiJdeSg2bLkb3lxO0Ig&fbclid=IwAR1Gn1Jz2thWofOrFilg6HV1AcxV5AumMjNyTH_5xvrtQsnVuPElY9XzVFU&nd=1&dlsi=fed5b9538f23480e] * Art work by Two Tone Creative  [https://www.twotonecreative.com/strategy-consulting/] * Audio, video, research and copywriting by Victoria O'Brien

137 | How Entrepreneurs Use Real Estate to Build Wealth Without Becoming a Landlord with Chris Larsen

What if your business is generating great income but you're still not financially free? In this episode of the Vital Wealth Strategies Podcast, host Patrick Lonergan sits down with Christopher Larsen, founder and Principal of Next-Level Income, to tackle one of the biggest blind spots entrepreneurs face, building income without building lasting wealth. Chris brings over 20 years of real estate investing experience, an MBA in Finance, and a track record of over $2 billion in real estate acquisitions to the conversation. He walked away from an 18-year career in the medical device industry because he built something better, and now he dedicates his time to helping other entrepreneurs do the same. If you've ever wondered whether you're truly building wealth or just generating a bigger paycheck, this episode was made for you. Patrick and Chris break down the exact framework entrepreneurs need to achieve real financial freedom, including Chris's DIAL method for evaluating investments, the 7-year formula for replacing active income with passive income, and why owning a duplex is not the passive income strategy most people think it is. They also get into the power of real estate cycles, how to use depreciation to legally reduce your tax burden, and the generational wealth strategies that separate the Rockefellers from the Vanderbilts. Whether you're just starting to think about investing outside your business or you're ready to scale your portfolio, this conversation will challenge the way you think about money, freedom, and legacy. Key Takeaways: * Financial freedom is not a net worth number, it's the point where your passive income exceeds your monthly expenses * The DIAL framework helps investors identify what matters most: Depreciation, Income, Appreciation, and Liquidity * Owning small residential rentals is rarely passive, true passive income comes from partnering with an experienced operator * Real estate follows an approximately 18.5-year cycle, knowing where you are in that cycle determines which asset class makes the most sense * Buying the real estate your business occupies creates a powerful tax and wealth-building strategy * Diversification is critical, don't concentrate all your wealth in your business alone * Liquidity planning is non-negotiable, always maintain a minimum cash threshold to protect against black swan events * Teaching your children about money early and giving them real financial responsibility, is the foundation of generational wealth Learn More About Chris: * nextlevelincome.com * nextlevelincome.com/financialfreedombook * nextlevelincome.com/kids Episode Resources: * The Simple Path to Wealth by JL Collins [https://www.amazon.com/Simple-Path-Wealth-Revised-Expanded/dp/B0DQJMVM59/ref=asc_df_B0DQJMVM59?tag=bingshoppinga-20&linkCode=df0&hvadid=80264559055743&hvnetw=o&hvqmt=e&hvbmt=be&hvdev=c&hvlocint=&hvlocphy=93688&hvtargid=pla-4583864042563249&psc=1&hvocijid=12259141047151673049-B0DQJMVM59-&hvexpln=0] * The Secret Life of Real Estate and Banking [https://www.amazon.com/Secret-Life-Real-Estate-Banking/dp/0856832634/ref=asc_df_0856832634?tag=bingshoppinga-20&linkCode=df0&hvadid=80264559055743&hvnetw=o&hvqmt=e&hvbmt=be&hvdev=c&hvlocint=&hvlocphy=93688&hvtargid=pla-4583864043871633&psc=1&hvocijid=865586334049621129-0856832634-&hvexpln=0] Resources:    * Visit vitalstrategies.com [http://www.vitalstrategies.com/] to download FREE resources      * Listen to the podcast on your favorite app: Vital Wealth Strategies Podcast | Tax & Financial Strategies for Entrepreneurs [https://www.vitalwealth.com/podcasts/] * Follow on Instagram at https://www.instagram.com/vital.strategies [https://www.instagram.com/vital.strategies] * Follow on Facebook at https://www.facebook.com/VitalStrategiesPodcast [https://www.facebook.com/VitalStrategiesPodcast] * Follow on LinkedIn at https://www.linkedin.com/in/patricklonergan/ [https://www.linkedin.com/in/patricklonergan/] Credits:     * Sponsored by https://www.vitalwealth.com/Vital Wealth [https://www.vitalwealth.com/] * Music by https://open.spotify.com/artist/6ullBRZTTK0lT7fUqbgbKD?si=GlsDiJdeSg2bLkb3lxO0Ig&fbclid=IwAR1Gn1Jz2thWofOrFilg6HV1AcxV5AumMjNyTH_5xvrtQsnVuPElY9XzVFU&nd=1&dlsi=fed5b9538f23480eCephas [https://open.spotify.com/artist/6ullBRZTTK0lT7fUqbgbKD?si=GlsDiJdeSg2bLkb3lxO0Ig&fbclid=IwAR1Gn1Jz2thWofOrFilg6HV1AcxV5AumMjNyTH_5xvrtQsnVuPElY9XzVFU&nd=1&dlsi=fed5b9538f23480e] * Art work by Two Tone Creative  [https://www.twotonecreative.com/strategy-consulting/] * Audio, video, research and copywriting by Victoria O'Brien

136 | Why 90% of Family Wealth Is Gone By the Third Generation (And How to Stop It) with DJ Van Keuren

What separates the entrepreneurs who build lasting, generational wealth from those who watch it disappear by the second or third generation? In this episode of the Vital Wealth Strategies Podcast, host Patrick Lonergan sits down with DJ Van Keuren – Harvard educated family office real estate expert, founder of the Family Office Real Estate Institute, and a man who has personally managed real estate portfolios for some of the most prominent families in the country, including the Marriott family, to unpack the strategies, systems, and mindset shifts that turn entrepreneurial success into a lasting legacy. DJ brings decades of real-world experience navigating everything from luxury hotel acquisitions in New York City to distressed multifamily opportunities, and he doesn't hold back on exactly where wealthy families go wrong and what to do instead. Patrick and DJ dive deep into the four pillars of real estate wealth building - appreciation, depreciation, amortization, and cash flow and why the average family office allocates roughly 24% of its portfolio to real estate. DJ reveals the single biggest mistake business owners make once they accumulate significant wealth (hint: it's the same thing that made them successful in business, and they stop doing it), how to properly stress test a deal before you commit, why underwriting the operator matters far more than underwriting the deal itself, and why right now may be one of the most compelling buying opportunities in the 18.6-year real estate cycle. Whether you're evaluating your first syndication or building a multi-generational real estate portfolio, this conversation gives you the framework, the questions to ask, and the perspective to invest with confidence. Key Takeaways: * The average family office allocates ~24% of its portfolio to real estate, for good reason. Appreciation, depreciation, amortization, cash flow, and leverage all work together to build wealth in ways other asset classes simply can't match * The #1 mistake wealthy business owners make is applying zero structure to managing their own wealth, the same rigor (goals, strategy, quarterly reviews) that built the business needs to be applied to the portfolio * An Investment Policy Statement (IPS) is the foundation, it defines what you'll buy, what returns you're targeting, and whether future generations are part of the picture * Always underwrite the operator before the deal, a great property with a bad operator is a bad investment. Ask how they navigated the Great Recession, not just what returns they posted * Stress test every deal, model the worst case scenario (higher cap rate at exit, higher refinancing rates) and ask if you can live with that outcome before you commit * Real estate runs on an 18.6-year cycle, DJ believes we are currently at a prime buying point, with distressed multifamily assets hitting the market due to financial pressure, not property failure * Multifamily has historically never exceeded 11.6% vacancy - the resilience compared to commercial or office makes it a core holding for cash flow and downside protection * 70% of family wealth is lost by the second generation; 90% by the third - governance, family councils, and intentional planning are the antidote * Real estate's illiquidity is a feature, not a bug, it protects families from emotional decision-making and forces the long hold that builds real wealth * The optimal number of properties in a family real estate portfolio is 15, per FORE Institute research, funds can be an efficient path to that diversification without the management burden Learn More About DJ: * Family Office Real Estate Institute: fore.institute [https://fore.institute/] * DJ Van Keuren's personal website: djvankeuren.com [djvankeuren.com] Resources:    * Visit vitalstrategies.com [http://www.vitalstrategies.com/] to download FREE resources      * Listen to the podcast on your favorite app: Vital Wealth Strategies Podcast | Tax & Financial Strategies for Entrepreneurs [https://www.vitalwealth.com/podcasts/] * Follow on Instagram at https://www.instagram.com/vital.strategies [https://www.instagram.com/vital.strategies] * Follow on Facebook at https://www.facebook.com/VitalStrategiesPodcast [https://www.facebook.com/VitalStrategiesPodcast] * Follow on LinkedIn at https://www.linkedin.com/in/patricklonergan/ [https://www.linkedin.com/in/patricklonergan/] Credits:     * Sponsored by https://www.vitalwealth.com/Vital Wealth [https://www.vitalwealth.com/] * Music by https://open.spotify.com/artist/6ullBRZTTK0lT7fUqbgbKD?si=GlsDiJdeSg2bLkb3lxO0Ig&fbclid=IwAR1Gn1Jz2thWofOrFilg6HV1AcxV5AumMjNyTH_5xvrtQsnVuPElY9XzVFU&nd=1&dlsi=fed5b9538f23480eCephas [https://open.spotify.com/artist/6ullBRZTTK0lT7fUqbgbKD?si=GlsDiJdeSg2bLkb3lxO0Ig&fbclid=IwAR1Gn1Jz2thWofOrFilg6HV1AcxV5AumMjNyTH_5xvrtQsnVuPElY9XzVFU&nd=1&dlsi=fed5b9538f23480e] * Art work by Two Tone Creative  [https://www.twotonecreative.com/strategy-consulting/] * Audio, video, research and copywriting by Victoria O'Brien

135 | The Portfolio Income Mistake That's Silently Draining Your Wealth with Russ Gaiser & Mike Hoeflich

Are you leaving hundreds of thousands of dollars on the table with your retirement income strategy? In this episode of the Vital Wealth Strategies Podcast, host Patrick Lonergan sits down with Russ Gaiser III and Mike Hoeflich - co-authors of the #1 bestselling book Beyond Breakeven: The Essential Guide to Social Security Optimization and founders of Retirement Income HQ of America, to tackle one of the most misunderstood challenges facing entrepreneurs today: turning a lifetime of accumulated wealth into a reliable, tax-efficient retirement income stream. Russ and Mike have helped thousands of couples stop guessing with their benefits and start building math-backed income plans, and in this conversation they pull back the curtain on the strategies most financial advisors either don't know or won't tell you. Patrick and his guests walk through the five pillars of retirement income optimization, expose the hidden conflict of interest that causes most advisors to give subpar Social Security advice, and break down exactly how high-net-worth entrepreneurs can design a retirement where they potentially owe zero in federal taxes. From the dangers of dollar cost ravaging and sequence of returns risk, to the tax time bomb hiding inside most 401k accounts, to the overlooked trap that leaves surviving spouses financially vulnerable, this episode is packed with actionable, math-backed strategies that can permanently change your retirement outcome. Whether you're five years from retirement or already in it, this is a conversation you can't afford to miss. Key Takeaways: * Claiming Social Security at age 70 versus age 62 can mean at minimum 77% more monthly income for life * Most financial advisors have a built-in conflict of interest when advising on Social Security timing * Dollar cost ravaging, not dollar cost averaging, is the real risk retirees face when drawing from market-dependent portfolios * A large traditional 401k or IRA can become a tax time bomb at RMD age, forcing taxable withdrawals that spike your tax bracket and Medicare premiums * Up to $600–$700 per month in extra Medicare premiums (IRMAA) can be triggered by poor income planning * At least 15% of Social Security income is always tax-free, making it one of the most tax-efficient income sources available * The surviving spouse tax trap is one of the most overlooked risks in retirement planning * A successful retirement income plan starts with knowing exactly how much you need and just as importantly, how much you don't Learn More About Mike and Russ: * 📘 beyondbreakevenbook.com [https://beyondbreakevenbook.com/] Episode Resources: * The Intelligent Investor by Benjamin Graham [https://www.amazon.com/Intelligent-Investor-Third-Investing-Financial/dp/0063497476/ref=sr_1_1?adgrpid=1334807683360996&dib=eyJ2IjoiMSJ9.KlxwzEYN6nItyVP_hxVDHL8eAZ0t52Haq8bXV9AGyrduUM3WUj2BvcfCd3XO8kB2rCuzFTNTGpdiLCOZIOSI6H6NA9T50difLaEJesfRdI4QylmE0HC6dtETqPf-9M7WqguT1lHWEm6epcdjtZQqwTGVvHKD8V39zQMpLPGNCDsr_oftAmBlzHoZslfrFj8qN2zg4pBUUwWypkaPVGbbqlU6nY2C6tjuEqp7fiLAevg.hNdd9G5t5f_AMrI9K-K_eFmRP3oDG8UimxTwztN6CtE&dib_tag=se&hvadid=83425719894235&hvbmt=be&hvdev=c&hvlocphy=93688&hvnetw=o&hvqmt=e&hvtargid=kwd-83425832544692%3Aloc-190&hydadcr=21965_13325435&keywords=the+intelligent+investor+by+benjamin+graham&mcid=0c511cc5d0f1302c846c7b812858f07e&msclkid=61bfde3540d019ebd34ab42bbc8c9ebe&qid=1780415585&sr=8-1] Resources:    * Visit vitalstrategies.com [http://www.vitalstrategies.com/] to download FREE resources      * Listen to the podcast on your favorite app: Vital Wealth Strategies Podcast | Tax & Financial Strategies for Entrepreneurs [https://www.vitalwealth.com/podcasts/] * Follow on Instagram at https://www.instagram.com/vital.strategies [https://www.instagram.com/vital.strategies] * Follow on Facebook at https://www.facebook.com/VitalStrategiesPodcast [https://www.facebook.com/VitalStrategiesPodcast] * Follow on LinkedIn at https://www.linkedin.com/in/patricklonergan/ [https://www.linkedin.com/in/patricklonergan/] Credits:     * Sponsored by https://www.vitalwealth.com/Vital Wealth [https://www.vitalwealth.com/] * Music by https://open.spotify.com/artist/6ullBRZTTK0lT7fUqbgbKD?si=GlsDiJdeSg2bLkb3lxO0Ig&fbclid=IwAR1Gn1Jz2thWofOrFilg6HV1AcxV5AumMjNyTH_5xvrtQsnVuPElY9XzVFU&nd=1&dlsi=fed5b9538f23480eCephas [https://open.spotify.com/artist/6ullBRZTTK0lT7fUqbgbKD?si=GlsDiJdeSg2bLkb3lxO0Ig&fbclid=IwAR1Gn1Jz2thWofOrFilg6HV1AcxV5AumMjNyTH_5xvrtQsnVuPElY9XzVFU&nd=1&dlsi=fed5b9538f23480e] * Art work by Two Tone Creative  [https://www.twotonecreative.com/strategy-consulting/] * Audio, video, research and copywriting by Victoria O'Brien