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Ep. 86 Keys to Building an Amazing Corporate Culture and a Rockstar Team

Fostering a Thriving Corporate Culture in a Hybrid World

With hybrid work environments becoming the norm, many companies struggle to maintain a strong culture, attract top talent, and build cohesive, high-performing teams. At Centura Wealth Advisory, we have implemented innovative strategies to create an engaging, supportive, and productive workplace—whether employees are in San Diego or working remotely across the country.

In this episode of Live Life Liberated, Derek Myron, Founder and CEO and Jonathan Freeman, COO, discuss the principles behind Centura’s workplace culture, including leadership practices, team-building traditions, and the importance of communication and trust.

The Challenges of Expanding a Team Across the Country

Centura has grown rapidly, expanding from a primarily San Diego-based firm to a national presence with remote employees across the U.S. This shift has presented challenges, including:

Maintaining cohesion among in-office and remote employees
Ensuring new team members align with Centura’s high standards of excellence
Developing an engaging and supportive culture that encourages long-term retention

“Not everyone is walking the same halls or in the same meetings, so leadership must be intentional about creating cohesion and camaraderie,” says Freeman.

Building Culture Through Intentional Practices

A strong culture doesn’t happen by accident—it requires deliberate actions from leadership. At Centura, several practices help reinforce team unity and engagement:

Waffle Wednesdays – A weekly tradition where Centura’s leaders serve breakfast to the team, fostering an open and collaborative environment.
The 48-Hour Rule – Employees are encouraged to directly address workplace concerns within 48 hours to prevent unresolved issues from festering.
FreshBiz Thinking – A problem-solving mindset that encourages collaboration across departments to tackle challenges efficiently.
Business Coaching with Mitch Simon – Monthly leadership development sessions that enhance team dynamics and communication.

“Culture isn’t just one aspect of the game—it is the game. If you don’t foster it daily, it can quickly degrade,” says Freeman.

The Power of Communication & Trust in High-Performing Teams

At Centura, clear communication is the foundation of team success. A few key principles help maintain alignment across the organization:

Managing Promises: Employees follow a structured approach to commitments—either agreeing, declining, promising to promise, or renegotiating.
Condition of Satisfaction (COS): Before making a commitment, employees clarify expectations to ensure alignment.
No Daylight in the Say-Do Gap: Team members are expected to follow through on commitments, fostering accountability and reliability.

By instilling these habits, Centura ensures that every team member is empowered to take ownership of their work while maintaining trust across all levels of the organization.

Final Thoughts: Creating a Rockstar Team

Building a high-performance team requires intentional leadership, clear communication, and a commitment to continuous improvement. Whether through leadership coaching, structured team-building exercises, or fostering a culture of accountability, Centura’s approach demonstrates that a strong corporate culture leads to better client outcomes and employee satisfaction.

“An organization is only as strong as its weakest link. If we invest in our people, develop their skills, and foster a culture of collaboration, we create an environment where everyone thrives,” says Myron.

To learn more about Centura Wealth Advisory and its unique approach to leadership and culture, listen to the full episode now.

Disclaimer

The information covered and posted represents the views and opinions of the guest and does not necessarily represent the views or opinions of Centura Wealth Advisory. The content has been made available for informational and educational purposes only. The content is not intended to be a substitute for professional investing advice. Always seek the advice of your financial advisor or other qualified financial service provider with any questions you may have regarding your investment planning.

Centura Wealth Advisory (Centura) is an SEC-registered investment advisor with its principal place of business in San Diego, California. Centura and its representatives are in compliance with the current registration and notice filing requirements imposed on SEC-registered investment advisors in which Centura maintains clients. Centura may only transact business in those states in which it is notice filed or qualifies for an exemption or exclusion from notice filing requirements. Past performance is no guarantee of future results. Tax relief varies based on client circumstances, and all clients do not achieve the same results.

November 8, 2023

Caucasian man enjoy outdoor luxury lifestyle with alcoholic drinks while catamaran boat sailing at summer sunset. Healthy handsome male relaxing outdoor leisure activity with tropical travel vacation trip

NEWS, PODCASTS

Ep. 85 How Centura Creates Value for High-Net-Worth Individuals

As wealth increases, financial planning needs become more complex. Centura Wealth Advisory (Centura) specializes in serving high-net-worth and ultra-high-net-worth individuals, helping them optimize taxes, protect assets, and structure their wealth efficiently.

In this episode of the Live Life Liberated podcast, Kyle Malmstrom and Sean Clark, MBA, share insights into Centura’s Liberated Wealth® process and discuss advanced planning strategies that help clients retain and grow their wealth.

Why Centura Stands Apart

Many wealth management firms offer broad financial planning, but Centura focuses on above-the-line planning, meaning income tax, wealth transfer, and balance sheet optimization. These elements help clients reduce tax liabilities and optimize their overall financial picture.

“Being able to save people money on income taxes is unique. Wealth transfer is another area, but really income tax planning is where we move the needle.” — Sean Clark

Unlike traditional firms that focus on marginal tax bracket adjustments or standard wealth management, Centura dives deep into the tax code to find advanced strategies tailored to individual client needs.

The Importance of Early Planning

Timing is critical when it comes to tax and wealth transfer planning. Centura categorizes planning windows into three phases:

Gold Period: Before receiving an LOI (Letter of Intent) for a business sale, when the most impactful planning can occur.
Silver Period: Between receiving an LOI and the end of the tax year, when meaningful strategies can still be implemented.
Bronze Period: After the tax year closes, where options become limited.

“The worst conversation is, ‘I just signed my LOI yesterday. What can I do?’ Well, you could have talked to us six months ago.” — Kyle Malmstrom

The best outcomes happen when planning starts 12 to 36 months before a major liquidity event. However, even last-minute strategies can still create value when executed properly.

Centura’s Due Diligence Process

With over 50 advanced planning strategies, Centura ensures every recommendation is thoroughly vetted. The firm employs a rigorous due diligence process that includes:

Analyzing tax and legal risks to ensure compliance.
Assessing economic viability to confirm financial benefits.
Evaluating custodians and sponsors to select the best partners for implementation.

“These aren’t garage-band strategies. If you get it wrong, you’re going to face issues. You need people who have done this dozens of times and know the nuances.” — Kyle Malmstrom

This level of scrutiny prevents clients from falling into risky or unproven tax strategies and ensures they receive proven, reliable solutions.

Who Benefits Most from Centura’s Planning?

Centura’s services provide the most value to individuals who:

Earn $2 million+ in income or have a net worth of $20 million+.
Have complex tax issues that persist over multiple years.
Are experiencing a money-in-motion event, such as the sale of a business or real estate.
Need customized tax and wealth strategies beyond traditional financial planning.

For these individuals, Centura aims to deliver at least 5x ROI on tax savings relative to its fees.

Optimize Your Wealth with Centura

If you’re looking for sophisticated tax and wealth strategies tailored to your unique financial landscape, Centura Wealth Advisory can help.

Connect with Centura:

(858) 771-9500
LinkedIn: Centura Wealth Advisory

Disclaimer

The information covered and posted represents the views and opinions of the guest and does not necessarily represent the views or opinions of Centura Wealth Advisory. The content has been made available for informational and educational purposes only. The content is not intended to be a substitute for professional investing advice. Always seek the advice of your financial advisor or other qualified financial service provider with any questions you may have regarding your investment planning.

Centura Wealth Advisory (Centura) is an SEC-registered investment advisor with its principal place of business in San Diego, California. Centura and its representatives are in compliance with the current registration and notice filing requirements imposed on SEC-registered investment advisors in which Centura maintains clients. Centura may only transact business in those states in which it is notice filed or qualifies for an exemption or exclusion from notice filing requirements. Past performance is no guarantee of future results. Tax relief varies based on client circumstances, and all clients do not achieve the same results.

October 25, 2023

FINANCIAL PLANNING, INVESTING, PODCASTS

Ep 71: Inside Centura’s Elite Advisor Collaboration Program

At Centura Wealth Advisory, we believe that collaboration is key to achieving financial success for their clients.

In Episode 71 of our podcast, Live Life Liberated, we discussed our new program, the Elite Advisor Collaboration Program (EACP), which aims to help financial advisors achieve success by collaborating with other top-tier professionals.

Collaborating for Success

EACP Overview

The EACP (Elite Advisor Collaboration Program) is a program designed to help financial advisors find like-minded professionals who are collaborative and committed to achieving success. The program encourages transparency and openness to collaboration.

Benefits of Collaboration

Derek Myron, a 24-year veteran of the financial advisory business, believes that collaborating with other top advisors is the fastest way to grow and learn. Collaboration with estate planning attorneys, CPAs, and other financial advisors can provide better solutions for clients and elevate the quality of service.

Building a Culture of Continuous Improvement

Jonathan Freeman, from Intel Corporation, sees the value in building a real enterprise that is the best in the business in serving clients. By implementing a culture of continuous improvement, he believes that a competitive advantage can be achieved.

Collaborative Opportunities

The EACP offers various ways to collaborate, such as study groups and joint cases. The program is open to financial advisors who are committed to achieving success and providing the best solutions for their clients.

Iron Sharpens Iron

The EACP’s philosophy is that iron sharpens iron. By collaborating with other top-tier professionals, financial advisors can elevate their game and achieve success that would be difficult to achieve alone.

The Five Pillars of Financial Planning

In addition to the EACP, Centura Wealth Advisory has five pillars that we use to achieve their clients’ financial goals.

Pillar 1: Marketing and Business Development

The first pillar is marketing and business development, which involves getting new clients to the table.

Pillar 2: Financial Planning

The second pillar is financial planning, which starts by understanding the client’s current situation and their North Star, which is their future state of where we are headed.

Pillar 3: Investments

The third pillar is investments, which includes liquid and illiquid investments that will help clients achieve their financial goals and maintain their lifestyle.

Pillar 4: Insurance Solutions

The fourth pillar is insurance solutions, which provides tax-efficient vehicles to deliver estate solutions.

Pillar 5: Practice Management

The fifth and final pillar is practice management, which focuses on how to run the team, find and grow people, and run systems and processes efficiently.

Centura Wealth Advisory’s Financial Advisor Program

Centura Wealth Advisory also offers a program for financial advisors to learn more about their pillars and best practices. The program walks the advisors through a brief introduction of the program and the different elements of the pillars. We collaborate with the advisors, who choose one or two pillars that interest them the most and an area where we think we can teach the most. The program aims to build trust by exposing thoughts and solutions.

Building Trust through Collaborative Approaches

Centura Wealth Advisory values collaborative approaches to building trust and achieving financial success. We believe that partnering with other professionals or witnessing and participating in their process can be a great way to learn and build trust. For example, we share how an advisor introduced them to an ultra-high-net-worth client, and we worked side by side through their financial planning process, achieving a great outcome for the client. The advisor also learned about Centura Wealth Advisory’s approach and solutions.

Commitment to Financial Success and Freedom

Centura Wealth Advisory is dedicated to helping clients achieve financial success and freedom. We believe that financial success is not just about accumulating wealth but also about living life liberated. Their team of experienced professionals provides customized solutions to meet each client’s unique needs, whether we are just starting out or are already well-established.

Partnering with Centura Wealth Advisory

If you’re looking for a partner to help you achieve financial success and live life liberated, Centura Wealth Advisory may be the right choice for you. Their team of experienced professionals is committed to providing customized solutions that meet your unique needs and help you achieve your financial goals.

Learning More about Centura Wealth Advisory and Our Services

To learn more about Centura Wealth Advisory, our Elite Advisor Collaboration Program, and five pillars of financial planning, visit our website or listen to their Live Life Liberated podcast. By taking the first step towards financial freedom and partnering with Centura Wealth Advisory, you can start living life liberated today.

Connect With Centura

At Centura Wealth Advisory, we go beyond a traditional multi-family office wealth management firm to offer advanced tax and estate planning solutions which traditional wealth managers often lack in expertise, knowledge, or resources to offer their clients.

We invest heavily into technology and systems to provide our clients with fully transparent reporting and tools to make informed decisions around their wealth plan.

Read on to learn more about our 5-Step Liberated Wealth Process and how Centura can help you liberate your wealth.

Disclosures

Centura Wealth does not make any representations as to the accuracy, timeliness, suitability, or completeness of any information prepared by any unaffiliated third party, whether linked to or incorporated herein. All such information is provided solely for convenience purposes and all users thereof should be guided accordingly.

We are neither your attorneys nor your accountants and no portion of this material should be interpreted by you as legal, accounting, or tax advice. We recommend that you seek the advice of a qualified attorney and accountant.

For additional information about Centura, please request our disclosure brochure as set forth on Form ADV using the contact information set forth herein, or refer to the Investment Adviser Public Disclosure website (www.adviserinfo.sec.gov). Please read the disclosure statement carefully before you engage our firm for advisory services.

March 8, 2023

wealth advisors discuss Pass through Entities

NEWS, PODCASTS, TAX PLANNING

Ep. 70: Everything You Need to Know about Pass-Through Entities

Pass-through entities are a popular business structure for small business owners that allow profits and losses to pass through to the owners’ personal tax returns instead of being taxed at the corporate level.

In Episode 70 of the Live Life Liberated podcast, Chuck Levun, a tax and business attorney with Levun, Goodman and Cohen, shares his expertise on pass-through entities with host Kyle Malmstrom. The podcast covers a range of topics related to pass-through entities, including S corps, LLCs, partnerships, and more. Chuck offers insights into the advantages and disadvantages of each structure and how to choose the right one for your business.

This blog highlights the limitations and drawbacks of S corporations compared to partnerships and LLCs, as discussed by Chuck and Kyle in the podcast, and emphasizes the importance of tax planning for small business owners. Whether you’re just starting out or have been running a successful business for years, there’s always more to learn about how to minimize your tax liability and maximize your profitability.

What Are Pass-Through Entities?

Pass-through entities are designed to “pass through” income, deductions, and tax liabilities to individual owners or partners. Unlike traditional corporations, which are subject to corporate-level taxes, pass-through entities avoid double taxation, simplifying the tax process and often reducing overall tax burdens.

Types of Pass-Through Entities

S Corporations (S Corps): Offer limited liability protection and avoid corporate taxation but come with strict ownership and operational rules.
Limited Liability Companies (LLCs): Combine liability protection with operational flexibility.
Partnerships: Provide flexibility in ownership, management, and tax deductions.

Each structure has its own strengths and limitations, making it critical for business owners to evaluate their unique needs before making a choice.

Comparing Pass-Through Entity Types

S Corporations

S corporations combine limited liability protection with the tax benefits of a pass-through structure. Shareholders report profits and losses on their personal tax returns, avoiding corporate taxes. However, S corporations come with notable limitations:

Ownership Restrictions: S corporations can only have up to 100 shareholders, and shareholders must be U.S. citizens, resident aliens, or certain types of trusts.
Loss Deductions: Loss deductions are limited to the shareholder’s basis, which excludes debt. This restriction can limit the ability to offset losses.
Compliance Requirements: S corporations face stricter rules regarding ownership structure and operational practices.

Partnerships and LLCs

Partnerships and LLCs offer significantly more flexibility in terms of ownership, management, and tax treatment. Key advantages include:

Broad Ownership: These entities allow for a wider range of investors, including individuals, corporations, and foreign entities.
Debt in Basis: Debt is included in the owner’s basis, allowing for greater loss deductions and more flexible debt management.
Adaptable Structure: Partnerships and LLCs are less restricted by regulations, making them ideal for businesses that need to pivot or grow quickly.

For businesses involved in real estate, partnerships and LLCs often provide smoother refinancing options and greater ease in managing cash flow without triggering additional tax liabilities.

Key Considerations for Business Owners

When choosing a pass-through entity, it’s important to consider several factors:

Ownership Flexibility: Partnerships and LLCs allow diverse ownership structures, making it easier to bring in capital or new partners.
Loss Deduction and Debt Management: Partnerships and LLCs provide better options for deducting losses and managing debt compared to S corporations.
Regulatory Simplicity: Partnerships and LLCs are less regulated than S corporations, offering more adaptable frameworks for businesses needing to pivot or scale.

Benefits of Tax Planning and Choosing the Right Entity

Careful tax planning is critical when selecting the right business structure. By evaluating the advantages and disadvantages of each entity type, business owners can minimize their tax liability and maximize profitability. For instance, partnerships and LLCs often allow for more strategic use of debt and losses, while S corporations may provide simplicity for smaller businesses with limited ownership needs.

Avoiding Common Mistakes with Pass-Through Entities

Mistakes in entity selection can lead to unnecessary tax burdens, compliance challenges, or operational inefficiencies. To avoid these pitfalls:

Understand Ownership Rules: If your business plans to bring in outside investors, partnerships or LLCs may be a better fit than S corporations.
Factor in Real Estate Holdings: For businesses holding real estate, partnerships and LLCs are typically more advantageous due to their treatment of debt and refinancing.
Plan for Future Growth: Choose a structure that aligns with your long-term goals, whether that means raising capital, expanding operations, or managing tax obligations effectively.

Why Professional Guidance Matters

The intricacies of pass-through entities require careful consideration, particularly for businesses with complex operations or growth plans. Working with a tax professional or business consultant ensures you fully understand the implications of your chosen structure and can plan effectively for the future. Their expertise can also help you navigate ever-changing tax laws and regulations.

Connect With Centura

At Centura Wealth Advisory, we go beyond a traditional multi-family office wealth management firm to offer advanced tax and estate planning solutions which traditional wealth managers often lack in expertise, knowledge, or resources to offer their clients.

We invest heavily into technology and systems to provide our clients with fully transparent reporting and tools to make informed decisions around their wealth plan.

Read on to learn more about our 5-Step Liberated Wealth Process and how Centura can help you liberate your wealth.

Disclosures

Centura Wealth does not make any representations as to the accuracy, timeliness, suitability, or completeness of any information prepared by any unaffiliated third party, whether linked to or incorporated herein. All such information is provided solely for convenience purposes and all users thereof should be guided accordingly.

We are neither your attorneys nor your accountants and no portion of this material should be interpreted by you as legal, accounting, or tax advice. We recommend that you seek the advice of a qualified attorney and accountant.

For additional information about Centura, please request our disclosure brochure as set forth on Form ADV using the contact information set forth herein, or refer to the Investment Adviser Public Disclosure website (www.adviserinfo.sec.gov). Please read the disclosure statement carefully before you engage our firm for advisory services.

February 22, 2023

NEWS, PODCASTS

Ep. 69:The Importance of Passion and Professional Help in Starting a Business

Starting a business can be both exciting and challenging. Many entrepreneurs start their businesses out of passion, hoping to create something new, solve a problem or fill a gap in the market. However, passion alone is not enough to ensure the success of a business. A range of skills, including effective communication, problem-solving, and financial management, are also essential.

In this blog post, we discuss the importance of passion and professional help in starting a business, with a focus on Tony Chen’s journey from academia to entrepreneurship. We explore how his experience with planning and selling his business highlights the value of seeking professional help, finding passion in work, and taking on new challenges.

Learn From Our Client, Tony Chen: From Academia to Entrepreneurship

Tony, a lifelong entrepreneur and business owner, recently shared his story on the Live Life Liberated podcast. Let’s take a look.

From Psychology to Business: A Lifelong Entrepreneur

Tony’s story began in academia, where his focus was on understanding human behavior and psychology. However, as he progressed through his post-doctoral studies, Tony discovered a desire for a more dynamic and challenging environment. The business world offered precisely that, leading him to transition into entrepreneurship.

For decades, Tony built and managed successful businesses, learning valuable lessons along the way. His entrepreneurial journey was filled with highs and lows, as is often the case, but his passion for problem-solving and innovation kept him motivated.

One key insight Tony shared is the importance of adaptability in business. The ability to embrace change and tackle unforeseen challenges head-on was a cornerstone of his success. For entrepreneurs, this mindset is essential, especially when preparing for significant transitions like selling a business.

Passion in Business: Tony’s Insights

When asked about his transition from academia to business, Tony noted a significant difference between the two:

“In academia, one often repeats the same process and uses the same tools, while in the business world, each day brings new challenges that require different decisions.”

Tony’s story is a testament to the fact that successful entrepreneurs can come from diverse backgrounds and can have a wide range of experiences. His journey shows that it is possible to find success by following one’s passion and taking on new challenges.

Preparing to Exit: The Importance of Early Planning

By 2019, Tony decided it was time to sell his business. Knowing how complex the process would be, he sought guidance from Centura Wealth Advisory to ensure everything went smoothly.

Pre-LOI Planning

Before signing a letter of intent (LOI), Tony and his team focused on evaluating the company’s financial health, identifying potential buyers, and aligning the sale with his personal goals. Early preparation was critical to maximizing the business’s value and ensuring a successful outcome.

Post-LOI Planning

After the LOI was signed, the focus shifted to finalizing the sale. This stage required careful negotiation, tax planning, and a seamless transition for everyone involved. With Centura’s support, Tony was able to navigate these steps effectively.

The Liberated Wealth Process®

Centura’s Liberated Wealth Process played a central role in guiding Tony through the sale and preparing him for life afterward. This approach helped him clarify his goals, understand his options, and feel confident in his decisions.

Tony described the experience as smooth and rewarding, crediting Centura’s expertise for making a complex process manageable.

Building the Right Team

Tony’s story highlights the importance of working with professionals who bring specialized expertise. Selling a business involves complex financial, legal, and tax considerations—areas where having the right team can make all the difference.

Tony’s team included:

Wealth Advisors: To align the sale with his long-term financial goals.
Tax Professionals: To handle the tax implications of the transaction.
Legal Experts: To protect his interests throughout the sale process.

This collaborative approach allowed Tony to focus on what he did best as a business owner, leaving the technical details to his trusted advisors.

Managing Wealth After the Sale

Once the sale was complete, Tony’s focus shifted to managing his wealth. Centura helped him create a strategy to preserve and grow his assets, tailored to his goals and risk tolerance.

Exploring Alternative Investments

Tony also explored alternative investments, such as private equity, real estate, and hedge funds. These non-traditional options helped him diversify his portfolio and work toward achieving higher returns. With Centura’s guidance, he was able to make informed decisions that suited his financial objectives.

Advice for Entrepreneurs

For those considering selling a business, Tony had two key pieces of advice:

Start planning early: Early preparation can uncover opportunities to increase the value of your business and ensure a smoother transition.
Build the right team: Having experts in finance, tax, and legal matters is crucial for navigating the complexities of a sale.

Tony also stressed the importance of structuring the business to meet best practices well in advance. Taking the time to make these adjustments can significantly improve the outcome of a sale.

Key Takeaways

Tony’s journey offers practical lessons for business owners:

Adaptability and a willingness to embrace change are essential.
Passion is a great starting point, but success comes from preparation and strategic thinking.
Professional guidance can help business owners achieve their goals and avoid costly mistakes.

At Centura Wealth Advisory, we’re here to help entrepreneurs navigate major transitions, plan for the future, and take control of their wealth.

Connect With Centura

At Centura Wealth Advisory, we go beyond a traditional multi-family office wealth management firm to offer advanced tax and estate planning solutions which traditional wealth managers often lack in expertise, knowledge, or resources to offer their clients.

We invest heavily into technology and systems to provide our clients with fully transparent reporting and tools to make informed decisions around their wealth plan.

Read on to learn more about our 5-Step Liberated Wealth Process and how Centura can help you liberate your wealth.

Disclosures

Centura Wealth does not make any representations as to the accuracy, timeliness, suitability, or completeness of any information prepared by any unaffiliated third party, whether linked to or incorporated herein. All such information is provided solely for convenience purposes and all users thereof should be guided accordingly.

We are neither your attorneys nor your accountants and no portion of this material should be interpreted by you as legal, accounting, or tax advice. We recommend that you seek the advice of a qualified attorney and accountant.For additional information about Centura, please request our disclosure brochure as set forth on Form ADV using the contact information set forth herein, or refer to the Investment Adviser Public Disclosure website (www.adviserinfo.sec.gov). Please read the disclosure statement carefully before you engage our firm for advisory services.

February 8, 2023