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Interview with Nate Birkholz, Director of Business Development at Dew Wealth Management

⏱️ 20:36 🎤 Robert Clinkenbeard, Nate Birkholz
AUDIO EPISODE
Interview with Nate Birkholz, Director of Business Development at Dew Wealth Management
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Chapters

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  • 0:00
    Introduction & Sponsor
    Robert introduces the podcast, its mission, and new sponsors, BombData and Ertu, highlighting their contributions to the industry.
  • 2:31
    Meet Nate Birkholz
    Nate Birkholz introduces himself, explaining his background as an attorney in tax and investment law, and his role at Dewell Wealth, a firm specializing in fractional family office services for first-generation business owners.
  • 4:12
    Proactive Tax Planning
    Nate discusses the importance of proactive tax planning over reactive tax preparation, advising business owners to work with a tax planner to strategically structure their business and income throughout the year.
  • 7:11
    Distinguishing Tax Advisors
    Nate explains the difference between a CPA and a fractional wealth advisor, illustrating how his firm collaborates with CPAs to ensure comprehensive tax strategy implementation and review.
  • 10:48
    Integrating Personal & Business Finances
    Nate highlights how closely intertwined personal and business finances are for owners, offering strategies like paying children through the business to reduce taxes and fund Roth IRAs.
  • 13:29
    Exit Strategy & Diversification
    Nate discusses the importance of having a clear exit strategy for businesses, emphasizing the need to diversify investments beyond the business to build a 'safe piece' for retirement.
  • 16:29
    Building Your Deal Team
    Nate advises on when business owners should consider hiring a fractional wealth advisor, typically when revenue reaches around $1 million, to manage their team of professionals and free up time for business growth.
  • 19:44
    Key Tax Deduction: QBI
    Nate stresses the significance of optimizing the Qualified Business Income (QBI) deduction, noting that many businesses miss out on maximizing this 20% deduction due to errors or lack of planning.

Speakers

R
Robert Clinkenbeard
Host — The Commercial Landscaper Podcast
N
Nate Birkholz
Director of Business Development at Dew Wealth Management

Key Takeaways

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Engage a 'tax planner' rather than just a 'tax historian' to proactively structure your business and income for tax benefits throughout the year, not just at tax time.

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Understand the distinction between a CPA and a fractional wealth advisor; your CPA handles preparation, while a wealth advisor helps strategize and implement complex tax and financial plans.

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Consider paying your children through your business for legitimate work; this can create tax deductions for your business and allow them to fund Roth IRAs, leveraging tax-free growth from a young age.

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Get a comparable valuation for your business early on to understand its market worth, which is crucial for effective exit planning and retirement funding.

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Actively diversify your wealth beyond your business by putting tax savings into passive investments, hedging against potential business failure and securing your future.

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If your business reaches around $1 million in revenue, consider engaging a fractional wealth advisor to manage your 'deal team' (CPA, legal, banking) and free up your time to focus on growth.

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Review your Qualified Business Income (QBI) deduction carefully; many businesses miss optimizing this 20% deduction, which can lead to significant tax savings, and ensure your CPA considers wage components and business aggregation.

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