Steel City Growth | Unlocking Wealth Strategies for Business Owners - Brian Laraway - Steel City Growth

Unlocking Wealth Strategies for Business Owners - Brian Laraway - Steel City Growth - Episode #18

August 21, 2025 / 52:10/E18

What does it mean to be financially free as a business owner?

Today’s guest, Brian Laraway, Managing Partner, Vice President, and Wealth Manager at Bury Financial Group, provides a masterclass in financial lessons. The discussion covers the importance of aligning personal goals with business objectives, strategies for growing and selling a business, and the significance of early financial planning. Brian also delves into specific financial tools like 401(k) plans, SEP and simple IRAs, deferred compensation, and long-term care insurance. The conversation ends by addressing common mistakes business owners make and the impact of financial literacy on overall economic well-being.

Takeaways:

Begin with the End in Mind: Define your long-term personal and business goals, then work backwards to create a step-by-step plan to achieve them.
Get Your Personal Finances in Order: Don’t neglect your personal financial planning, even if most of your wealth is tied up in your business.
Diversify Your Wealth: Don’t rely solely on your business for your financial future. Build assets outside your business, such as retirement accounts and investments.
Participate in Retirement Plans: Set up and actively participate in retirement plans like 401(k)s or IRAs for yourself and your employees.
Educate and Involve Your Team: Promote financial literacy among your employees and encourage them to participate in retirement plans and benefits.
Hold Yourself Accountable: Schedule regular check-ins (quarterly or annually) to review your financial and business plans, and find an accountability partner if needed.
Protect Your Business Value: Address potential risks and liabilities in your business to make it more attractive to buyers and increase its value.

Quote of the Show:

“I love what I do. I want people to be financially independent. I don't want them to have to worry about all this stuff, but it's hard work. They need leadership. They need guidance.” - Brian Laraway

What problem can the listeners help you solve?

He wants to see an improvement in financial literacy among Americans. He wants business owners to get their financial house in order so that they can lead employees toward financial success.

Chapters:

00:00 Introduction to Business Wealth

00:24 Welcome to Steel City Growth

00:51 Meet Brian Laraway

01:43 Strategies for Business Growth

02:16 Financial Freedom and Planning

03:30 Importance of Personal Financial Planning

04:07 Regrets of Business Owners

05:10 Retirement Planning Insights

06:31 Succession and Exit Planning

08:10 401(k) and Employee Benefits

09:25 Tax Saving Strategies