Our guest for this episode is Derek Weatherford, Market Executive with BMO Private Bank. Derek's long standing background in wealth management, especially in the area of philanthropy made him the perfect guest for this topic!

There are many options and directions a business owner can take when it comes to making donations. We can give to our church or other favorite charity, but for many of us, it doesn't stop there, and for many business owners, being involved with how the money is used at some level is an appealing way to move into what I call the "Next Act" or life-after-business. 

When it comes to philanthropy it's important for a business owner to make decisions based upon their values and aligning them with their goals and dreams. For many owners, leaving a legacy is high on the priority list and getting involved as a philanthropist at any level really helps to round out that objective. 

Derek discussed Donor Advised Funds and the fact that owners can be as much or as little involved with how the money is used as they want. Staying active in some capacity and using much of their acquired knowledge through involvement in Donor Advise Funds can be the perfect path for those who want to stay somewhat productive after they hand over the keys in a business exit. 

When you know you want to make an impact, ask yourself these questions about any given philanthropic path:

1. Is it Mission friendly? (aligned with your company Mission or family Mission)

2. Is it Tax friendly? (talk to your CPA and financial adviser)

3. Is it Values friendly? (does the path align with who you are)

For more of Derek's advice and tips, check out the show now.

To learn more, contact  Derek.Weatherford@bmo.com or find him here
Find Julie here.


Thank you to this month's Sponsors! Sunbelt Business Advisors and Baker Tilly

The EPI Twin Cities Chapter 2024 Owners Forum is TODAY, October 3rd! There is still time to register and attend! Click here for the details.