Build Your Own Family Office—Start Saving Taxes and Building Wealth Today!
Build Your Own Family Office—Start Saving Taxes and Building Wealth Today!  
Podcast: Small Business Tax Savings Podcast
Published On: Wed Jan 22 2025
Description: Send us a textWhat if you could apply the wealth-building strategies of billionaires to your own small business? In this episode, Mike Jesowshek demystifies the concept of a family office, traditionally associated with the ultra-wealthy, and explains how small business owners can adopt similar strategies to build wealth, optimize taxes, and create a legacy. He details the roles and responsibilities within a family office, such as tax strategists, attorneys, and financial advisors, and outlines actionable steps for organizing finances, assembling a team, and reviewing progress regularly. Mike emphasizes starting small, documenting plans, and growing the family office alongside business success, offering practical guidance for sustainable financial management.Discover how to create a family office tailored to your goals by tuning in![00:00 - 02:11] Why Small Business Owners Need a Family OfficeMike explains what a family office is and how it manages wealth.The principles of family offices can be scaled to any income level.Prioritize creating a financial safety net alongside business investments.[05:13 - 10:23] Key Roles in a Family OfficeMike breaks down the core components, including tax strategists, financial advisors, attorneys, and bookkeepers.A well-structured team can significantly enhance tax efficiency and wealth growth.[10:24 - 16:12] Building Your Family OfficeSteps to get started: organize finances, fill roles, and align the team with personal goals.Mike stresses the importance of due diligence when selecting advisors.Even small steps, like self-managing roles initially, can lay the foundation for success.[16:13 - 21:40] Continuous Improvement and DocumentationMike encourages regular reviews and adjustments as the business evolves.He suggests documenting roles and plans for clarity and legacy planning.Consistent reviews and clear documentation prevent stagnation and ensure long-term success.[21:41 - 24:13] Closing Thoughts and ResourcesMike reiterates the value of taking action and starting small.Proactive implementation leads to significant financial benefits.Direct Quotes:"A family office is kind of like a CEO-level approach to managing wealth." - Mike Jesowshek, CPA"You get to pick and choose what your family office looks like—start small and grow as your business grows." - Mike Jesowshek, CPA"Think of your family office as a tool belt: each role is a tool that helps you achieve your goals." - Mike Jesowshek, CPA"Don’t just fill a role to fill a role—do your due diligence and make sure the people you choose align with your vision." - Mike Jesowshek, CPACheck out this episode’s blog: https://www.taxsavingspodcast.com/blog/build-your-own-family-office-start-saving-taxes-and-building-wealth-today______Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com/-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/YouTube: www.T