In this episode of Wealthyist, host Deanne Phillips, CFP® and Managing Director of Client and Community Engagement at Annex Wealth Management, interviews Dr. Suzanne Gehl (a board-certified family physician, former WAFP president, and owner of a solo Direct Primary Care practice in Hartford, Wisconsin.

Dr. Gehl explains Direct Primary Care (DPC) as a membership-based model that provides unlimited access to a personal physician without insurance billing for primary care. Key features include:

• Ultra-accessible care: Same/next-day appointments (30–120+ minutes long), 24/7 direct phone/text/email response (often within hours), telemedicine, home visits, and no waiting rooms or phone trees.
• Cost savings: Covers unlimited visits, point-of-care testing (e.g., rapid strep, urine tests), drastically discounted labs (90–95% off), and low-cost generic meds (e.g., 3-month supplies under $3). No copays, deductibles, or markups.
• Patient experience: Direct doctor interaction from the start, comprehensive histories/exams, in-office procedures (e.g., joint injections, EKGs), and proactive management—catching issues like undiagnosed hypertension, thyroid problems, or even cancer early.
• Business/employer angle: Companies can cover memberships to slash group health costs (examples: 16–42% savings in first year, preventing job offshoring by reducing expenses). Employees gain easy access, leading to better preventive care and fewer ER/urgent care visits.
• Differences from alternatives: More affordable than concierge medicine ($2,700–$40,000+/year, often bills insurance); no middlemen, fancy lobbies, or large staffs—keeps overhead low.
• Medicare integration: Practices opt out of Medicare (no billing/reimbursement), but patients can use it for hospitalizations/specialists. DPC complements (doesn't replace) high-deductible or catastrophic insurance for major needs.
• Advanced tools: Dr. Gehl highlights innovations like multi-cancer early detection blood tests (e.g., Galleri), genetic longevity profiling (e.g., via GB Insights or New Amsterdam Genomics for personalized prevention, supplement/medication guidance), and virtual specialist consults—enabled by small patient panels (500–700 max) for deeper research and faster implementation.

The discussion emphasizes DPC's growth since ~2010 (now ~9% of U.S. primary care docs), its efficiency for busy/high-net-worth individuals , and its wellness focus—promoting healthier lives, reduced overall healthcare spend, and better quality/quantity of life.

Deanne ties it to strategic choices for the wealthy: using DPC as a smart, proactive complement to insurance for time savings, cost control, and superior outcomes. Listeners can find DPC providers via dpcare.org.

This episode positions DPC as an empowering lifestyle upgrade—restoring the doctor-patient relationship while aligning health with financial savvy.

In this episode of Wealthyist, host Anthony Mlachnik, a senior wealth advisor at Annex Wealth Management, sits down with Amanda Payne, President and CEO of the Waukesha County Business Alliance (the local Chamber of Commerce). The conversation explores why Waukesha County ranks among Wisconsin's wealthiest and the top 200 in the U.S., highlighting its appeal as a hub for business success, family life, and community vibrancy.

Key highlights include:

• Attractions for the Wealthy: Amanda attributes the county's draw to a thriving business ecosystem, excellent schools, high quality of life, and family-friendly environment. As a fifth-generation Waukesha resident, she shares personal anecdotes, like her family's deep roots (e.g., her grandfather leading Waukesha Engine) and historical ties to local institutions like Carroll University.
• Economic Growth and Investments: The county saw a 35% surge in single-family housing permits in 2025, outpacing most areas except Dane County. Major corporate expansions were spotlighted, including GE Healthcare's $100M Waukesha campus upgrade, ABB's $100M New Berlin facility, Milwaukee Tool's $40M+ investments in Menomonee Falls and Brookfield, and Generac's new sites adding jobs. These reflect a booming economy, with biohealth emerging as a key cluster (boosted by Wisconsin's federal Biohealth Tech Hub designation and outpacing national job growth).
• Challenges and Trends: Discussions cover housing supply constraints (rising prices outstripping incomes), talent shortages for growing firms, and the appeal of short commutes compared to big cities like Chicago. Amanda notes the influx of high-net-worth individuals to areas like Lake Country, driven by proximity to Milwaukee's amenities (e.g., sports, arts). Future priorities include expanding I-94 to ease bottlenecks, reduce crashes, and support regional development, while maintaining small-town charm in places like Delafield.
• Small Businesses and Community Ecosystem: Over 90% of Waukesha businesses are small, forming the "heart and soul" of the county. Growth in larger firms fuels suppliers, restaurants, and shops, creating an interconnected ecosystem. Amanda emphasizes preserving this amid expansions from giants like Costco and Amazon.
• Workforce and Youth Engagement: Post-COVID shifts have aided talent attraction via remote work, low cost of living, and lifestyle perks (e.g., easy access to "up north" getaways). The Alliance runs programs exposing over 3,000 middle and high school students annually to local careers through tours, expos, and CEO interactions to foster retention and entrepreneurship.
• Community Leadership and Giving: Wealthy leaders excel by blending business success with philanthropy, board service, and employee support (e.g., helping with loans or cars). Programs like Leadership Waukesha County (30+ years running) build the next generation of civic-minded executives. Younger workers prioritize companies invested in community causes, as seen in initiatives like United Way campaigns.
• Wealth Transfer and Business Transitions: With a massive $70–120T U.S. wealth shift underway, Amanda stresses early planning for family-owned businesses (e.g., generational handoffs, ESOPs, private equity sales). Key is maintaining local involvement and community ties, especially as private equity from coasts enters for roll-ups. She sees rising interest among younger generations in buying/owning businesses, fueled by gig economy flexibility and entrepreneurial spirit.
• Differentiation and Collaboration: Waukesha stands out by prioritizing business growth, professional development, and regional partnerships (e.g., with Milwaukee 7). Anthony ties in Annex's fiduciary approach, emphasizing comprehensive client service aligned with community values.

In this engaging episode of Wealthyist, hosted by Anthony Mlachnik (Senior Wealth Advisor at Annex Private Client), he interviews Karisa Gretebeck, Manager of Volunteer Engagement at United Way in Greater Milwaukee and Waukesha County. With nearly 15 years at United Way, Karisa shares her journey from a small nonprofit to embracing the organization's global reach, brand strength, and collaborative impact in creating positive community change.

The conversation centers on evolving philanthropy among wealthy individuals, families, and corporations. Key highlights include:

• A growing desire for hands-on involvement beyond financial donations—volunteering, personal engagement, and exposing children to giving back to build a family culture of philanthropy.
• United Way's shift toward targeted "key initiatives" (e.g., eliminating family homelessness, stable employment, technology access, and health/well-being), allowing donors to see direct, systemic impact rather than contributing to a general fund.
• Corporate partnerships remain a cornerstone, with tailored workplace campaigns, volunteer events, and creative activations (e.g., packing meals or backpacks during company conferences or celebrations). Examples include manufacturers donating overstock products and a shoe company leadership team personally fitting donated shoes at a homeless resource fair.
• The intangible benefits of giving: mood boosts, mental health gains, social connection, and modeling values for employees and children.
• Creative giving ideas, such as donating appreciated stock or using donor-advised funds for tax advantages, and rolling commissions into community foundations (as Anthony notes with Annex's approach).
• Opportunities for deeper involvement via leadership donor networks (e.g., Women United, Technology United, Leadership Society) for high-level givers ($1,200+ annually), offering social events, advocacy, and focused issue dives.
• Practical starting points: Reflect on personal passions, browse United Way's website for volunteer/advocacy options, and connect with resources or consultants for guidance.

Karisa emphasizes that small commitments (even an hour a month) create ripple effects, and United Way excels at listening to align opportunities with personal/company values. Anthony ties it to broader wealth strategies, like tax-smart giving and leading by example.

The episode closes with touching stories of impact—like a young girl joyfully choosing her own daisy-patterned backpack—illustrating how collective small actions transform lives and inspire ongoing generosity. It's an inspiring look at modern, multifaceted philanthropy that goes far beyond writing a check.

This episode focuses on the realities of selling a business, especially in the lower middle market (businesses under ~$200M in revenue). Here's a breakdown of the main points Steve covers:

• Role of an Investment Banker (Sell-Side): They guide owners through preparation and the structured sale process to maximize outcomes. The biggest "competitor" is often the owner trying to sell DIY—possible, but owners usually miss value-creating opportunities due to lack of specialized expertise.
• Preparation (Ideally 3–5 Years in Advance): Start early to boost value. Common issues include over-reliance on the owner (e.g., as top salesperson), weak teams/systems, or messy financials focused on tax minimization rather than showing true earnings power (EBITDA).
  • EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) is the key metric buyers use as a proxy for cash flow.
  • Adjust for owner perks/non-recurring items to reveal "true" earnings.
  • Build transferable sales teams, pipelines, regional presence, clean books, accurate product costing, etc.
  • Example: A client left money on the table by not expanding regionally; the buyer did it post-sale and doubled the company.
• Valuation Basics: Often an EBITDA multiple (e.g., 5–10x depending on industry, size, growth; lower end ~5x for smaller deals, higher for stronger ones).
  Enterprise value = EBITDA × multiple.
  Equity value (what owner gets pre-tax) = Enterprise value − debt + excess cash.
  If the business depends heavily on the owner, multiples drop because it's less attractive/transferable.
• Sale Process and Timeline:
  • Preparation phase: Deep dive, recommendations (often referring to specialists like exit planners, financial consultants).
  • Active sale: 6–12 months typical (12 more realistic); faster (e.g., 60+ days) possible with a ready buyer and clean financials, but broad auctions take longer.
  • Outreach to many buyers (strategic/competitors vs. financial like private equity) via databases/relationships—often 100–700 prospects screened down.
  • Private equity has massive "dry powder" (~$3T mentioned), but some owners hesitate; strategics can be easier/faster due to industry familiarity.
• Team and Advisors: Quarterback the deal; recommend specialized M&A attorneys (not generalists), tax experts, etc., as day-to-day pros often lack deal experience and can slow/kill transactions.
• Post-Sale Realities:
  • Buyers often require "rollover" equity (e.g., 20–30% with PE buyers) for alignment/"second bite at the apple."
  • Transition periods: Sometimes walk away clean, but often 3+ years expected if the business isn't fully independent.
  • Plan early—build to sell (e.g., reference to books like Built to Sell).
• Other Notes: Emphasizes starting planning "yesterday," collaborating with advisors (financial, legal, tax) early, and avoiding last-minute tax-only focus after a sale.

This is practical, grounded advice for business owners thinking about exits. It stresses that while owners know their business best, specialized advisors like Steve's firm bring buyer perspectives and process expertise to capture more value.

In this episode of Wealthyist, host Tom Berkholtz interviews Khaleel Ali, Senior Education Savings Consultant at TIAA-CREF (the plan manager for Edvest, Wisconsin's 529 college savings plan). Khaleel shares his 16+ years in financial services and his six-year tenure with the Edvest program, which has been managed by TIAA-CREF since 2012 and boasts over $6 billion in assets (with recent figures showing $5.63 billion across 238,000+ accounts as of late 2024).

The discussion covers the basics of 529 plans: tax-advantaged accounts similar to retirement vehicles but dedicated to education expenses, with low entry (starting at $25) and triple tax benefits—tax-deferred growth, tax-free qualified withdrawals, and Wisconsin's generous state income tax deduction (up to $5,280 per beneficiary for 2026, with carryforward for excess contributions).

Key highlights include the plan's evolution through federal legislation (e.g., SECURE Acts), expanding uses beyond traditional college to K-12 tuition (up to $20,000/year in Wisconsin), apprenticeships, trade schools, student loan repayment (up to $10,000 lifetime), post-secondary credentials, and a major game-changer: rolling over up to $35,000 lifetime to the beneficiary's Roth IRA (after the account is 15 years old).

For affluent families, Khaleel emphasizes strategies like maximizing contributions beyond the state deduction (up to the annual gift tax exclusion of $19,000 per person or $38,000 for couples), front-loading five years' worth ($95,000) for time-value-of-money advantages, and dynasty-style planning by changing beneficiaries across generations. The maximum account balance for 2026 is $613,240 per beneficiary across Wisconsin plans.

Other topics include avoiding overfunding fears (thanks to rollover options), non-qualified withdrawal consequences (10% federal penalty + taxes on earnings), why even wealthy families benefit from the tax deferral over regular savings accounts, Edvest's strong reputation (consistent Morningstar awards, low fees, 25+ years of operation), flexible investment options (age-based, static, or custom), and easy access via the website (edvest.com) or customer service.

Tom shares a personal story of how his grandfather's Edvest account sparked his interest in finance, underscoring the plan's long-term impact. Khaleel encourages advisors and families to reach out for free consultations, highlighting Edvest's flexibility for anyone nationwide (though state tax perks are Wisconsin-specific).

The episode positions Edvest as a powerful, evolving tool in wealthy families' financial strategies—beyond just college savings, it's a versatile, tax-smart vehicle for generational education funding.

Guest: Jake Biernbaum, renowned horse trainer and founder of Pear Tree Ranch in Ocala, Florida. Known for his large YouTube following and expertise in natural horsemanship.

Key Points from the Episode:

1. Origin and Growth of Pear Tree Ranch
   • Founded in 2011 when Jake went independent after working with Parelli Natural Horsemanship.
   • Started with almost nothing — living on ramen and PB&J, no truck or trailer.
   • Grown into an international operation: clients fly in from Europe, South Africa, and across the US; offers in-person training, lessons, clinics, camps, and online video content (YouTube & Patreon).
   • Now a family business run primarily by Jake and his wife Stephanie (also a skilled trainer); their 8-year-old son Johnny helps occasionally but isn’t pushed into the horse world.
2. Training Philosophy
   • Focuses on developing both horses and humans, emphasizing that horses are “honest” while humans often complicate things.
   • Starts with the horse first to establish clear, reliable behavior, then teaches the owner to match that level.
   • Goal: Make clients independent (“I want you to not need me anymore”) while offering ongoing education for those who want it.
   • Motto: “Less crying and less dying” — safer, happier horses and riders.
3. Jake’s Background
   • Not a lifelong horse person — got into horses in his 20s after wilderness survival training (Tom Brown Jr.’s school), various odd jobs (bouncer, carpenter, daycare, etc.), and discovering Parelli Natural Horsemanship.
   • Spent years working for Parelli (from ranch hand to touring arena manager and instructor) before going fully independent in 2017.
4. Business Strategy & Growth
   • Located in Ocala, “Horse Capital of the World,” for the density of horses, warm climate, and lifestyle (palm trees, beaches).
   • Deliberately keeps the business small and family-run to avoid over-expansion risks; learned from past experiences with employees/interns leaving suddenly.
   • Diversifies income through scalable online content (YouTube, Patreon) — “making money while sleeping” — rather than just trading hours for dollars.
   • Offers various formats: private lessons, workshops, multi-day clinics/camps, and horse training programs.
5. Clients & Wealth Observations
   • Wide range: backyard hobbyists to Olympic-level competitors; some barely afford lessons, others spend hundreds of thousands on imported horses.
   • Notes that true success with horses requires consistent work and discipline — money helps (better horses, more lessons), but doesn’t replace effort.
   • Many wealthy clients are driven and hands-on because they built their own success the same way.
6. Work-Life Balance & Future Plans
   • Horses were once 24/7; now prioritizes family time, beach trips, and off-roading/camping in his customized Jeep to avoid burnout.
   • Future: Expand reach through online education and brand exposure (e.g., coaching competitors for “Road to the Horse” colt-starting championship).
   • Long-term legacy: Build the physical ranch into an asset that can be leased or handed to a dedicated successor; no pressure on son to take over.
7. Closing Wisdom: Five Stages Toward Mastery
   • Awareness → Understanding → Doing → Reproducing (consistent results) → Teaching

Follow Jake & Pear Tree at https://www.patreon.com/peartreeranch & https://www.youtube.com/@peartreeranch

In this episode of the Wealthiest podcast (hosted by Anthony Mlachnik, Senior Wealth Advisor at Annex Private Client), guest Chellee Siewert (President and Founder of Capture Sports & Entertainment) discusses how her firm helps professional athletes, entertainers, and organizations develop authentic philanthropic strategies.

Key highlights include:

• End-of-Year Giving Trends — About 30% of annual charitable donations occur in December, with examples like athletes hosting shopping events for kids, fulfilling both wants and needs (e.g., debate team ties for a high schooler).
• Building an Authentic "Why" — Capture guides clients to identify personal stories and passions, define 2-3 impact pillars, align philanthropy with their brand, and create realistic plans that fit busy lifestyles (from weekly involvement to a few annual events).
• Legacy Beyond the Game — Emphasis on defining identity outside of sports, building post-career legacies, and ensuring giving feels genuine and enjoyable.
• Heartwarming Stories — Touching anecdotes, such as Aaron Jones' "Yards for Shoes" campaign (donating shoes based on rushing yards, revealing a child's need for properly fitted new shoes), J.J. Watt events honoring veterans, and meaningful make-a-wish connections.
• Human Side of Athletes — Discussion of Vin Baker's recovery from addiction, losing over $100 million, and rebuilding his life, underscoring that athletes face public highs and lows like anyone else.
• Practical Structures and Benefits — Overview of giving vehicles: Donor-Advised Funds (DAFs) for tax-deductible donations, fiscal sponsorships (preferred for most clients due to compliance support), and private 501(c)(3)s. Insights on offsetting "jock taxes" (state taxes on games played away), donating appreciated stock to avoid capital gains, and leveraging league/team matching programs or awards.
• Team Support — Importance of a trusted core team (advisors, agents, accountants) to maximize impact, endorsements, and opportunities.

Chellee shares her own journey founding Capture 14 years ago to balance motherhood and entrepreneurship, starting with clients like J.J. Watt, and finding her "why" in amplifying athletes' ability to change lives. The conversation draws parallels between athletes/entertainers and busy executives in purposeful, tax-smart giving.