The long-term success of a business depends on how smoothly it transitions from one generation to the next.
Therefore, having a well-designed succession strategy is crucial.
What other factors should we consider?
In this episode, Corey Heimensen tackles the topic of succession for families and business owners. Corey relates the series “Succession” aired on HBO to real life, and talks about the importance of having a solid plan and effective communication, along with the need to involve your family in the process.
Corey discusses:
The TV series “Succession” and how it relates to real succession stories
The challenges faced by family-owned businesses in transitioning from one generation to the next
The need for effective communication in the succession planning process
The process at Heimensen Wealth when it comes to succession planning
Why it is important to prepare someone before taking over a business
The significance of having difficult conversations during the succession process
The worlds of music and finance often intersect in life.
This intersection can offer a valuable perspective to explore our connection with money, happiness, and the pursuit of our aspirations.
In this episode, Corey Heimensen and Aric Johnson play a game where they relate song lyrics to finances and life as a fun tribute to Aric’s enjoyment of music for his last episode on the podcast.
Additionally, Aric shares about his next venture with Boys Town in Omaha to work with at-risk youth. Corey says goodbye to Aric and welcomes his new producer, Bill Tucker.
Corey and Aric share:
The idea that money can not buy love, but can provide security and joy
The concept of inheritance and the importance of not spending it, but creating a legacy
The lyrics of the song “Working for the Weekend” by Loverboy and the concept of living paycheck to paycheck
The lyrics of the song “Billionaire” by Bruno Mars and Travie McCoy, focusing on the concept of having material wealth and the importance of having a realistic plan
The complications and challenges that come with accumulating wealth
The importance of setting goals and saving a portion of your pay to reach those goals
Life is an ever-changing journey, filled with twists, turns, and unforeseen encounters.
The power of change shapes our lives, steering us in new directions and offering opportunities for personal and professional growth.
In this episode of The WIN Podcast, Corey Heimensen explores why change can be scary and how change could look in different situations. He reminisces about the journey of his podcast so far with the podcast’s producer and co-host, Aric, as they chat about the latter’s career change.
Join in as Corey shares the importance of embracing change in business and the significance of financial planning for the future.
Corey discusses:
The abundance of books about change that can be found online
The drive and mindset needed to build and maintain a successful business, as well as the importance of embracing change
The need to adapt to changes in the financial planning industry
The impact of health on retirement and the challenges of dealing with deteriorating health
Aric’s departure from the podcast to work with Boys Town to help at-risk youth
Navigating the world of wealth management and financial planning can often feel overwhelming, as there are numerous tax strategies, investment options, and estate planning considerations.
What are the latest worries of our clients?
In this episode, Corey Heimensen touches on some of the recent client conversations and the most common questions he is asked. Corey also talks about tax-free retirement accounts, trust benefits and more.
Corey discusses:
The misconception of special tax-free retirement accounts only available to the rich
What a trust is and its purpose as a planning tool
Investing in an era of high rates CDs
His opinion about listening to financial advice from famous personalities such as Dave Ramsey
The different factors to consider when deciding if buying land is a good investment
The importance of open communication between financial advisors and CPAs
Success is often attributed to a combination of passion, perseverance, and a relentless pursuit of goals.
Something that Angela Duckworth perfectly explains in her book “Grit.”
Ready to get inspired with the second part of the book reviewing segment?
In this episode, Corey Heimensen introduces us to Angela Duckworth’s book “Grit: The Power of Passion and Perseverance,” which explores the concept of passion and perseverance leading to long-term success. He emphasizes the importance of setting smaller goals along the way to achieve a big ultimate goal. Additionally, Corey touches on the significance of having a life philosophy and making a positive impact on the world.
Corey discusses:
An analysis of the word “grit”
His own experience with grit and how it varies depending on the task or goal
The importance of having an ultimate goal and a life philosophy that serves a common purpose and benefits others
Personal life philosophies emphasizing the desire to leave the world a better place and provide a better lifestyle for future generations
The importance of long-term financial planning and enjoying the rewards of hard work
How passion can be found in all walks of life, not just tied to money
Having a solid financial plan is essential for achieving financial freedom. And we understand that many require assistance to develop a successful one.
Thankfully, there are numerous books available to help us comprehend the importance of financial planning and guide us on how to get started.
Today, we dive deep into one such book.
In this episode, Corey Heimensen shares 11 takeaways from the book “The One Page Financial Plan” by Carl Richards and leads an exercise on creating a one-page financial plan.
Corey discusses:
11 key takeaways from “The One Page Financial Plan” book
Why people need to think about and identify “Why is money important to you?”
Reasons why you shouldn’t obsess over goals
The importance of being aware of how you spend and what you’re spending on every month
Why you should invest like a scientist
Creating a one-page financial plan in three steps
The importance of estimating cash flow needed in retirement and types of debts to include in a one-page financial plan
How having a financial advisor can be a game changer for your financial future
Do you know what finances and sports coaching have in common?
Both require careful planning, strategic thinking, and a long-term vision.
In this episode, Corey Heimensen chats with Bill Harmsen, coach at Dordt University, about achieving long-term success in coaching. Bill emphasizes the importance of having a strong vision, strategy, and structure, and that personal and academic growth for athletes is just as important as winning. Corey and Bill also talk about the importance of competitiveness in life and the need to enjoy the journey.
Bill discusses:
His background in coaching
Why vision, strategy, and structure are important in achieving long-term success
The role of long-term planning in coaching and how he learned this lesson in his first year of coaching
The impact of the Name, Image, and Likeness (NIL) policy and the transfer portal on college sports
The importance of finding an outlet for competitiveness after retirement
His approach to leadership and how he encourages his team to develop leadership skills
The challenges of managing people with different personalities and emotions
Sudden wealth can have a profound impact on our financial decisions and overall well-being, regardless of whether it comes as an inheritance or other unexpected windfall.
What should we do to properly manage unexpected wealth?
In this episode, Corey Heimensen delves on sudden wealth, specifically inheritance, using the Beverly Hillbillies show as an example and how it can influence financial decisions. He touches on the concept of lifestyle inflation and the importance of seeking professional advice when dealing with sudden wealth.
Corey discusses:
The recurring issue of the debt ceiling and how it can cause panic among individuals
Inheritance as an example of sudden wealth and how it can affect individuals and their financial decisions
Statistics on the average amount of inheritance received and how people spend it
How some people are afraid to spend or invest their inheritance and how to approach the situation
The concept of lifestyle inflation and how it can affect people’s spending habits
How people may spend lavishly on things without considering the consequences
The importance of having a professional team of advisors
The importance of setting restrictions/safety nets on investments or inheritance to keep people on the right path, and how professionals can help with this
Why having financial literacy in banking, credit cards, and bill payments is essential for long-term success
In today’s world, the pursuit of higher education and professional aspirations takes individuals down various paths.
That is why, this time, we’re asking a recent graduate to tell us about his experiences.
In this episode, Corey Heimensen is joined by Zach Springer, a recent graduate from the University of Iowa, to share his journey to law school and the process of preparing for law school admissions. They also touch on the comparison between the successful mind of an attorney versus a medical professional, the role of emotion in decision-making, and the importance of planning and perseverance in achieving long-term goals.
Corey and Zach discuss:
Zach’s path to law school, including his studies in political science and economics
The LSAT and how it tests logic rather than knowledge of the law
Zach’s interest in economics
The efficiency of markets and how it can be difficult for people to take the emotion out of their decisions
The importance of trusting the process in financial planning and not changing objectives mid-flight
Zach’s process of preparing for law school admissions and reveals his top three choices
The experience of meeting George Kittle, a famous Hawkeye football player who now plays for the 49ers
Their top three college bars and their most memorable experiences
Zach Springer is an incoming J.D. candidate at Harvard Law School. He will begin his legal education in the fall of 2023. Zach graduated summa cum laude from the University of Iowa in May of 2023 with degrees in Economics and Political Science, as well as a minor in Philosophy. Along with participating in the Honors and Presidential Scholars programs, he served as the President of the Phi Alpha Delta Pre-Law Fraternity. Zach was also an Undergraduate Student Government Senator for 2 years and mentored students in the political science and economics departments.
Zach’s mission-based goals, combined with his genuine enjoyment of learning about the law and collaborating with those around him, have confirmed his desire to enter the field of law. He hopes that the experiences he brings will allow him to have a positive impact on those around him and effectively contribute to the practice of law. Working with and learning from other students and faculty in his academic career and expanding his knowledge through internships and part-time opportunities have convinced him of his desire to work with entrepreneurs and other community businesses through legal work.
Throughout our lives, we will always be “in between” periods.
During these, we will face many struggles and points where our decision-making will be crucial for our success. We have to make the best of situations by focusing on “What’s Important Now”.
In this episode, Corey Heimensen plays a card game called “Yablon” (also known as “Red Dog” or “In Between”) to demonstrate the parallels between the game and life decision-making, particularly in finance. Corey chats about the concept of being “in-between” life events and the importance of planning and enjoying life.
Corey discusses:
The game Yablon (also known as Red Dog or In Between)
What Yablon teaches us about decision-making, risk management, diversification, risk-return in finance, and life in general
How decision-making is crucial for life
The importance of enjoying life and having fun experiences without stressing about the next hurdle
