What Every Entrepreneur Needs to Know About Wealth Management with Brian Haloossim

Bill Walker (00:04):
Welcome back everyone to Aesthetic Appeal, Aesthetic Brokers' podcast, and we love to host the most relevant, most up-to-date applicable topics and themes and guests here across the country. For your listening pleasure today we have a very special guest going into the holiday season. Brian Haloossim is the national Senior Managing Director for business owners at Alliance Bernstein, where he oversees the west and central region for private client practice. Brian, welcome.

Brian Haloossim (00:41):
Thank you, Bill. Really appreciate you having me.

Bill Walker (00:44):
So for those who are tuning in, a lot of the very successful practice owners across the country in the aesthetic space, would you just give an overview of Alliance Bernstein as a firm and kind of what your mandate is and who you serve?

Brian Haloossim (01:03):
Sure, happy to. So from a firm perspective, we oversee about 130 billion for wealthy individuals and families. Most of those happen to be founders and entrepreneurs because it's such a main focus for the organization and the firm. The role that we play with them is really twofold. We're known as an investment management firm, so we are obviously entrusted the significant endeavor of managing money for these families, but also we go deeper in that we become a family office to the business owners and founders that we serve. So investment management I believe is kind of like the tip of the spear and there's a lot of additional value that we add no matter what stage of the life cycle we get to meet the business owner. So that's predominantly what we do for them.

Bill Walker (01:59):
In that particular field, how is Bernstein positioned to work with business owners?

Brian Haloossim (02:06):
So a number of ways. First, I'll just say I think it's important to understand structurally this is all we do as a firm. So we are a purist and that allows us to actually focus significantly on whatever it is that we really want to pay attention to. The founder and the entrepreneur has always been an area that is center stage at Bernstein, and what we've been able to do over the years is basically leverage resources both internally and externally to add value in a variety of ways. So just a little bit of example, if we need a founder early, a lot of times it's actually helping build the important and right team around them. So Bill, to be honest with you, you'd be an example of that, right? When we're dealing with somebody who's in the industry that you serve, they want someone who's an expert and they want to know that we have had experience with them, that maybe we vetted them, that we see what they're like with clients.

(03:08):
And so a lot of times it's maybe filling gaps. Sometimes they grow out of the CPA that they're with or they need a more experienced corporate attorney, or they might have other needs that we end up helping fill. We're the largest research firm in the world, independent, and that's actually critical because we're a source of intellectual capital to a lot of the business owners that we serve. And that manifests in a couple ways. We publish on a lot of really provocative themes. So just picking AI right now, it's great to know how that affects big public companies like Apple and Nvidia, but also it has an effect on privately held companies, all industries and sectors. So we tend to cover that. The other thing that we've done is we leverage that intellectual capital at forums and summits. So in April we're doing a women's entrepreneur forum focused on the consumer industry, and we're going to leverage people within our firm and partners outside of the firm and even things outside of business that we think are going to be interesting for the people that are going to be attending.

(04:20):
So we do a lot of that. I think the two areas though, or three areas that we really stand out is the planning that we do for founders, because I like to say you're in the business of maximizing value for your clients. I know how you think and I know you want to get them the best exit. We look at the world through the same lens of maximizing value, but just doing it differently through a lot of the planning that can be done before, during, and after a deal. And also just helping them understand the impact of the liquidity through thoughtful modeling and analytical framework. And then the last two things that I would just mention are we do manage money differently for founders. We can get into that if you want, but I think over our years of doing this, we've learned that there are distinct needs that founders have and customizing around that is really important.

(05:18):
And sometimes the legacy that someone's going to leave is not really going to be wealth. It could be wealth, and that brings some level of expertise that needs to be had in educating children and making sure that there are proper stewards and maybe there's even governance in place, but sometimes too they want to pass the business along. So it's a different conversation around succession planning and we want to get our arms around all of that. So over the years we've developed these various areas, and I'm just touching on a few where we can be relevant to that constituency.

Bill Walker (05:50):
A couple of the attractive qualities of Alliance Bernstein, that really I was introduced to when you and I first met, revolved around the idea of that proprietary intellectual property that you guys invest in very deeply to come up with your own analysis of macroeconomics and how that impacts the individual entrepreneur. I was thoroughly excited when I was told just how many entrepreneurs and founders that you work with and how that is such a core tenet for you all. And then if you would, would you talk about maybe how the relationship for these successful founders that have built something substantial in their business, how does that relationship start with you guys and how that maybe migrates into the planning phase for them for protecting wealth, for growing wealth and preserving for some what would be a family legacy of transition?

Brian Haloossim (06:58):
First, as you know, Bill, because you've met my wife, we're actually owners and operators. My wife operates two skincare companies.

Bill Walker (07:08):
Yes.

Brian Haloossim (07:09):
And I think coming from the world of a founder, understanding what the flight of a founder is, I think helps a little bit. But our advisor team, which is a national team and even in some cases global, we tend to go directly to business owners where appropriate. So believe it or not, we're at trade shows. Many of us are involved with YPO or EO, ACG, Association for Corporate Growth. There's a lot of other organizations that we tend to either frequent or be really entrenched in where we get to meet the founders early and build relationships. A lot of our business, by the way, just comes through other professionals. This is like CPAs and corporate attorneys, private equity investment banks who end up learning about the value add and know that we're going to be a great partner to them, that we're not competing with them because we don't do what they do, and we know how to collaborate with them effectively. So it starts there, and then what ends up happening is over time we ask really important questions like where's your business headed? What's the next three to five years look like? What's the final sort of objective? Is it a capital event? Is it leaving the business to children? Is it maybe leading it to your employees through a ESOP? We always want to know what the end game is for them.

Bill Walker (08:45):
Will you explain what ESOP is for our listeners?

Brian Haloossim (08:48):
Yeah, of course. So employee stock ownership plans allow you the opportunity to actually give your employees skin in the game and some ownership. And it's often something that most founders aren't aware of, but when they go and meet a good corporate attorney or estate planning attorney who maybe ask some experience with it or they get exposed to somebody like us who's published research on it, they realize that if they really care about their employees or their employees care deeply about the business and the transition is not going to be maybe to children, but it's going to be to the employees who maybe have worked at the company for a really long time. It's a very creative way to give them the ability to be involved in that.

Bill Walker (09:35):
Now Brian, I want to get into how you guys maximize value for business owners and maybe how you manage money a little differently than some other firms. But before we do that, I would like to kind of go back and hear, how did you come into Bernstein? What was your path? Because you have a very unique anomalous path to wealth management.

Brian Haloossim (09:59):
Yeah. I don't know how far back you want to go, but my career started in athletics.

Bill Walker (10:06):
And I'm an avid sports fan, so please start there. That's where I was hoping you would go.

Brian Haloossim (10:13):
Yeah. So I aspired at the time to coach collegiate basketball and was lucky enough at the age of 22 to be one of the younger assistants in division one college ball at Cal State Northridge and learned a ton there. In fact, it was like an MBA in life, in organization and executive functions and leadership. But I also learned really quickly that wasn't the lifestyle I wanted. And so I decided I'm going to sort of pursue an MBA. And actually along that path, I got to go backwards and coach high school ball at a college prep school here in LA, rebuilt their program. Actually, the school was phenomenal in that they let me get involved in a lot of other business endeavors. I helped with philanthropy there. I helped raise money for a capital campaign. I started their alumni giving, and I actually was able to create a bunch of summer programs while also running a very large basketball camp at the time.

(11:20):
So remember, I'm in my early twenties and I'm trying to figure my life out, but the school was wonderful in that they paid for a portion of my degree, my MBA, and when I was done, I was looking for a path in investment management. I was always interested in it at the time myopically to manage money for athletes. And while we do that, I realized it's a much bigger world. And one of the things I learned was that culture was really important. And as I started doing due diligence, the culture at Bernstein just grabbed me and the people and the way they operated and the structure was so different that it separated itself from everybody else. And I was lucky. They gave me a shot at a very young age to come in and be an advisor. And they taught me the business. Their training program has always been, our training program is one of the best in the country.

(12:22):
But I had a lot of the, I think, innate skills of building a network and building a business and advising people and leading people. And so it started as an advisor role where I built a big business all on the back of really working with founders, entrepreneurs, and then later was asked to help run parts of the business. And I think that's where the coach in me comes out, which is how I invest a lot of my time in developing the business of advisors around the country and being a partner to them and helping lead a big part of the business.

Bill Walker (12:57):
And you said something there about creating networks, and I will tell you that was one of the most impressive things when I first met you was the instant willingness to be giving of yourself and to really want to help connect very, very high performing individuals to fill gaps in their armor that they maybe didn't even realize that they needed to fill. And just very intuitive of building strong networks to help exceptional and very successful businesses benefit from knowing each other. Talk to me, if you would, about how you think of the entrepreneur who has developed some exceptional success for themselves and they're managing their own money. They've got some structures perhaps set up for their business, whether it's an S corp, an LLC, they're doing some creative more sophisticated things in their lives as a business owner, but at their core, let's use the aesthetic space for example.

(14:12):
At the core, they love the results that they get for their patients, and that's probably what's made them wildly successful. How do you think about maximizing value for them in their portfolios? How do you think about managing money differently for those types of business owners? Knowing what you know, and I want to get into the aesthetic space with you a little bit because you hinted at it, you're kind of a unicorn. Not only are you like a national managing director for complicated family estate wealth, but you also have this nod to the aesthetic space which everybody will connect with because you get it, you just get it. So please talk us through some of that if you would.

Brian Haloossim (14:57):
Yeah. So first of all, thanks for the comments around the networking. I actually believe very much in collecting great people and always want to try to add value. And I think that's where it starts. But being specific to your question, the way we think about the world a little differently is this, most investment conversations are around, look how great this product is. Look how great this performance has been for this service. Or I think that you should be in this allocation because it's worked for our clients and we just don't believe in that. We believe you have to first understand the owner their objectives, but you actually have to know the business and you have to know the risks in the business. You have to know if the business owner has gone through an exit, are they going to go through an exit? Are they a minority owner?

(15:56):
Are they a majority owner? Are they tax sensitive? What are the risks? If they are, for example, an owner of retained equity because they have a financial partner, like a private equity firm or even a strategic partner, when will they exit again potentially? And how do you think about tax? How do you think about risk? And also how do you think about return differently for them? So one of the things that I learned many, many years ago after dealing with business owner, after business owner was it's hard for a business owner to come into liquidity and then invest in the public stock market.

(16:39):
I've heard people call it legalized gambling. I've heard some people say they usually like to control the outcome and they feel like they have no control over equity markets. And a lot of times they've been living off their business, so they want income and they want to replace that income and they might want something a little bit more attractive than just bonds, like municipal bonds or some form of traditional fixed income. So what we've done here is we not only have the traditional services, but we also have unique risk management tools and tax management capabilities, but also a deep alternative platform that gives clients exposure more in tune the way they think about the world. And I'll give you a couple of examples, cuz I think it might make sense. So there are a lot of our founders like real estate, but a lot of them might not be familiar with opportunity zone real estate, which actually gives you a significant tax advantage where if you can sell a company and you're within 180 day window, you can actually take some of those proceeds that normally would've gone to Uncle Sam. You can invest in a property that's deemed opportunity zone, and just for everyone's benefit, it might've been deemed opportunity zone because they were trying to stimulate investment in that area or that neighborhood.

(18:08):
And for that investment, if you hold onto that real estate for 10 years or more, all the growth of the real estate will be tax free. And there's a little bit of tax deferral upon selling your company too that you could benefit from. So you get the deferral and you get this great gain that doesn't have tax on it in real estate. So that's a very simple example, but there's also other strategic things that we get involved with and that we do that are a lot more thoughtful around the business owner. And an example would be, just yesterday we met with a founder who said, look, I've been opportunistic with my business. Whenever I've seen an opportunity, I've moved my chips into that part of the business and I've done really well because I've been able to allocate capital to the right areas. Well, what he really liked about us was there's a whole part of our business where we look for unique opportunities where there might be a dislocation and they wanted to cap, and the investor wants to capitalize on it. That might not be the whole portfolio, but it might be part of it. And if you make sure that what you're investing in is going to behave different than their business, that's an added perk. So that's what I mean by tax risk and thinking about return differently.

Bill Walker (19:35):
Now let me ask this question. I think this would be a scenario that a lot of our listeners could connect with at some level. A lot of times we have clients that will go through a significant transaction where they're selling art or all of their business or they're receiving a large capital injection and it relates to a trigger that hits a liquidity event and they come into a large sum of money that was locked up but is now free. A lot of times what I see is they haven't had the proper planning in place six months or a year ahead of time as we start to go down this path together. And so for our listeners, let's say a med spa practice group or a plastic surgery center owner, they come into $10 million of capital and they're like, what can I do with this? What do I need to do? Would you maybe talk to some of the revocable trust, charitable trust, other aspects of planning that they need to think about maybe six months a year in advance?

Brian Haloossim (20:46):
Yeah. So the first thing we would do before we even get there is we determine something that we call core and surplus capital. Core capital is defined as the amount of money that they would need to live their lifestyle. So keep up with their spending and if they're fortunate and they have surplus capital, that means that they have a little bit more money than what's actually needed to live the life that they want. Usually that money is going to be the money that they will use to give to charity, maybe to children or maybe some discretionary spending that like buying another home or something like that, and so, second home. So if you determine that you've now empowered that business owner who just came in $10 million to first know what's absolutely needed, and we might manage that core money in a certain way, but let's assume that they only need $6 million of core capital and they have $4 million of surplus out of that 10 that you used as an example.

(21:55):
Now we're going to think about what can we do from a planning perspective with that 4 million for charity and children and maybe tax purposes and estate tax. So both income and estate to really maximize the value of the deal. And a couple of examples might be, you said it best earlier is better because there are ways that you might be able to gift stock of your company to a child because you've only gifted them a minority interest, and it's not marketable like the whole business would be, you can apply a discount to it. And there's certain trusts that you can use, I'll spare you just for the sake of the podcast, there are all these initials and acronyms and different names of trust grats and intentionally defective grantor trusts and things like that. But the premise is I'm going to discount the stock prior to a deal.

(22:54):
That's why it's going to be done way before an LOI or even an intent to sell. And then what you do is essentially you hope that when the business sells, you can transfer the wealth from the discounted value separated from what ultimately the business sold for to the children free of gift and estate tax. Sometimes people are charitable, they may use donor advised funds or foundations or even other strategies like charitable remainder trusts to give money to charity, get the benefit of a deduction, get that tax savings, and maybe even in some cases, if they're using for example, a charitable remainder trust, getting some of that money back to their pockets because they might be living off that income. So there's a gamut of things that can be done. Most of it can be done early ahead of time. There's still work that can be done during a deal or after a deal. It's just going to be more limited. And what I always tell people, and I'm sorry I'm going a little long, but what I always tell people is this, if they did exit the company though and they have retained equity and for some reason they weren't able to do planning the first time around, they can do a lot of good damage with the planning around the retained equity. And that's something that we often see people miss.

Bill Walker (24:21):
So you're leading me into my next question, which is what are some common issues that business owners bring to you guys that you see a lot today?

Brian Haloossim (24:32):
First, I think in general, one of the biggest things that we hear all the time is I think my business is worth 20 million or 30 million, but that's not really what they're telling us. What they're telling us is they think that's what they need to walk away, and sometimes they're not aligned because they're coming up with this number, but it's an artificial number one, it's not the number you might tell them their business is worth. And number two, it might really not even be what they need. Sometimes they might need less. And that's where the modeling comes in. And that's why we always tell people do the planning ahead of time. Biggest mistake though, Bill is just not taking advantage of things ahead of time prior to the deal. In fact, one of the biggest ones and can't really do it as much in service industries, but for example, if you're a skincare company and you have a product line, you could qualify for qualified small business stock, QSBS.

(25:40):
QSBS actually gives you the ability to avoid not just potentially $10 million of gain on the sale of your company, but up to $50 if you were to actually use that same strategy but gift stock to family members that you might want to be involved in this type of planning. So the main point is when you'd feel so burned, not knowing that you could have taken advantage of that. So that's why I really try to explain to people, yes, we manage money, but as a family office, this is the kind of knowledge and information that you want to impart through conversations. And then look, the last thing that I would just say is there are a lot of ways of being thoughtful about tax, and it's a cumulative effect. It's not just what you do before, but it's what you're doing prior to the deal, it's during the deal and even after the deal. And when you add it all up, there's a huge benefit, but a lot of times people think they might jinx the deal or hold up the deal or whatever it may be. And I would argue that that's really not the case if you're working with a really good advisor who can guide people.

Bill Walker (26:53):
Yeah, I concur. I absolutely concur. One of the things that I found value and was just the sound advice from really smart people that are gathered in a room together. Because one thing that I noticed, I was invited to a bespoke speaking event that Bernstein hosted a few months ago, and it was out in Rancho Santa Fe, and you brought in some pretty heavy hitters that were on their way over to Asia actually to partake in conversations. And I'm always impressed by the level of research and the acumen that comes with when somebody steps up and says something just how much thought was prepared and by dozens and dozens of people. Maybe if you could just touch on is it just one person that is managing the money, managing the relationship, managing the legal needs? Is it two or three people? How do you guys take that approach?

Brian Haloossim (28:06):
Well, I would just say this, first of all, I have a saying that the only division at this firm is a division of labor, but that division of labor is really important. So the advisor at the firm plays a critical role. They're client facing, they're guiding the client, they're advising the client, but they're bringing in a lot of different resources, but it's all about what the client needs. So we have a whole planning team. We have a whole team that focuses on family engagement, that's the team that really cares about the next generation and engaging families around, sometimes what can be really challenging conversations. We have the portfolio teams and they're definitely divided by different styles and types of investing. And we have all types of services and alternatives and different things that we do. And then obviously some of the most important people at the firm are the support people who are also first line of communication with the clients, running reports, helping us with modeling, getting clients, their cash flows and all of that stuff.

(29:21):
So when you become a big operation, you really have to be efficient, you have technology has to be leveraged, but you also have to tap into the right places when it's actually needed. And so I think we're fortunate that we can leverage those different parts of the business at any time and also create important dialogue and relationships, not just with the client, but even with their professional teams. So we just recently got a corporate attorney of a client on the phone with our private credit team, which is a team that provides liquidity to privately held companies that are growing really fast but can't get money from banks or maybe can't get the amount of money they wanted because of the regulation. Well, we have that group, we're not a bank, so it's obviously an investment service for our clients, but it also really important in the private equity world and in the investment banking world. And were able to get the corporate attorney on the call with the private credit team because they wanted some really important information about what financing looks like right now and what debt looks like in the marketplace. So we're not a financial supermarket, but anything related to the needs that our clients have or in particular the business owners that we serve have, we tend to bring in the right people.

Bill Walker (30:44):
I think one thing I will comment on that is definitely the experience that I've had personally I can say is you guys really are a straw that stirs the drink. If it's not in your wheelhouse, I've never not spoken to someone that you've connected me to that wasn't an expert in what was the issue at hand that I was looking at solving a problem. And I am thoroughly impressed by the stratosphere of human capital that you guys invest in because all the way from the support team, you talk about members of your La Jolla office, all the way up through the national level of meeting you. I've been extraordinarily pleased by how professional people are, how sharp they are in their field, and just how they treat people in general. I thought it was such a good topic to talk about with you. I want to pivot, if it's okay, I want to make sure we have time for this and let's talk about aesthetics, a couple companies that you're affiliated with through marrying up in society.

Brian Haloossim (32:03):
I definitely did.

Bill Walker (32:04):
If you would talk about Melissa and your guys' venture through Skin Thesis and take me through everything.

Brian Haloossim (32:12):
Yeah, actually this is my favorite topic, and as you know, the way we connected was we started on finance when we first met, and then we started talking about all the modalities and the technologies. And I think the person that was in the room with us, the advisor, Brandon, was like, I don't even know what you guys are talking about or saying, but it sounds interesting. Look, my wife has been in the aesthetic space for almost 20 years. She started way back in the day when she built one of the very first aesthetic clinics under Kate Somerville, which is a pretty well known brand. And when that business was sold to Unilever, my wife spun off and started Skin Thesis, which is an advanced aesthetics business that we currently have in West Hollywood. We're actually just about to complete a 4,000 square foot location for her, and we just signed the lease in Nashville, so we're expanding.

Bill Walker (33:14):
Nice.

Brian Haloossim (33:15):
Yeah, so we're excited in that my Bernstein's headquarters is in Nashville. My wife loves Nashville and feels like there's a great opportunity there, as I do. And so very excited about that. And then we have four kids and we just could not figure out what we wanted to use that we felt was safe on their skin. So Melissa started Milaj, which is a clean skincare line for kids ages five to 17, and that was a labor of love and a passion project for her. And she talks about it quite a bit, and obviously the two go well together. And so she's really focused on building those out. And I tend to help her in the evenings when I get home.

Bill Walker (34:01):
At nine o'clock at night.

Brian Haloossim (34:02):
Yes, yes.

Bill Walker (34:04):
Wow. Okay, so this is fascinating. So Milaj is a skincare product for kids five to 17. Obviously you have four kids, so I know that that probably was something that was an impactful thought, but how did you guys come about this idea of like, we've got to produce this, we've got to?

Brian Haloossim (34:26):
Just the need in the market. It was a gap. The gaps been magnified. So first it was because there was nothing on the market that we could trust. The gap just got magnified with the Sephora and Ulta beauty craze where you have 8-year-old and 10-year-old girls going in and first buying products they don't need, and then second buying products that they shouldn't even be putting on their face, particularly when you think about the harmful ingredients, toxic chemicals that tend to be in a lot of these products. And so Melissa basically said, we got to create this. Took her three years to formulate.

(35:12):
And by the way, we didn't know what we were doing. I mean, we just felt like there's a need here. And we went through the process, learned a ton, and we're beginning to pick up in that realm. And we actually see that other people feel like there's a need as well. We often joke around, my wife does with her clients and says, what does your child wash his or her face with? And usually the answer is water or soap or shampoo or maybe even their adult product. And none of those are going to serve young skin well. And so Melissa's real thought was, I'm going to teach prevention, I'm going to teach hygiene. I'm going to give them access to a simple t-shirt and jeans kind of brand. And so that was the focus. And it was obviously born out of the clinic where she was seeing a lot of clients and realizing they were always asking, what do you do for your kids? So that's how it came about.

Bill Walker (36:11):
This idea for skincare for kids, it is such a wonderful story and I love it, because so many people are focused on the concept of how do I repair my skin from all the damage that I've done unknowingly over the years of my life? And then as you see into the twenties, early thirties, population is so much more astute to protecting their skin as an adult. And I think this is such a leap forward in the mindset of how can we, it's like brushing your teeth, right? It is like you teach your kid to brush their teeth twice a day and it becomes just this automated habit pattern. Teaching your child how to protect their skin for the first critical 15 to 20 years of their life, it sets them up for habit patterns that are so positive.

Brian Haloossim (37:14):
You use the analogy my wife uses all the time.

Bill Walker (37:16):
Oh, really?

Brian Haloossim (37:17):
Yeah. That's part of her shtick.

Bill Walker (37:21):
I love it.

Brian Haloossim (37:22):
You teach your kids to brush their teeth, you teach them how to wash their hands. But one of the most important parts, and the bigger problem too is there's a reason the acne world is such a big market. We're not competing with that. We're actually trying to get in front of it. Now, you can't get in front of all of it, some of it's hormonal and there's some things that you can't control, but some of it is just hygiene. Some of it is just healthy habits. So even in the clinic, Melissa has a whole arrangement now for young children who want to come in who've reached an age where they could get some of the more gentle services that can be done for them. And many of them are really thankful that they were sort of on this regimen early and didn't wait too long.

Bill Walker (38:17):
Now you said 4,000 square feet and the West Hollywood location? Yes? That is an, I mean, that's a gorgeous, gorgeous facility I suspect.

Brian Haloossim (38:28):
We wanted something that would be a flagship. Melissa's fortunate that she has clients coming in from around the country to do a lot of the services that they deliver and get access to the clinic. So we're doubling the treatment rooms. We're creating a really unique space. And I love it because I like the real estate. Melissa loves it because it gives her a nice home.

Bill Walker (38:55):
Yeah, that's a nice home. A 4,000 square foot dream workspace in West Hollywood, sign us up any day. Now, talk to me about Nashville if you would, just briefly.

Brian Haloossim (39:07):
Yeah. So we're probably four or five months away. We signed a lease. We're going to be in an area called Wedgewood Houston, which is a very up and coming area.

Bill Walker (39:19):
Yes.

Brian Haloossim (39:19):
It's developing into the place that people are going to be in Nashville, amazing retail, a lot of residentials been built in that area. They're procuring restaurants from around the country, the best bars, coffee shops, there's a Soho house there, there's an Hermes there. There's a lot coming in both in terms of that sort of hip and luxury scene. And so we're right in that area and we feel like we have something to offer there as well. We've got a nice network there, going back to that concept, a lot of people that we've met through colleagues of mine and friends that we've built over time. And they've all told us there's really no one like Melissa with that level of experience in the kind of technology and sort of overall approach that she brings to the table. So we're excited for her.

Bill Walker (40:19):
So if you would just one more thing on the topic with Melissa and the practices, what's the number one piece of advice that she would give to an aspiring new business owner who is passionate about aesthetics, is passionate about skincare for client base, their nurse practitioner that's maybe looking to shift from a hospital setting to be an entrepreneur? What would be the piece of advice that you guys give them with regards to getting started?

Brian Haloossim (40:56):
Well, look, I know what my wife would say. I'm sure she'd say it better than whatever I'm going to try right now. But I think the first thing she would say is train under someone who's been really experienced and don't run before you can walk. As you know Bill, there's aesthetic clinics popping up left and right. But they're all not created equal, nor is the quality that they deliver. So I would say the first thing she would say is learn under really accomplished, experienced people. Go work for someone who's got a great reputation, who's known for quality. I think the second thing she'd say is also being a good injector or a good aesthetic sort of clinician, and it really just depends on also your executive functions and how organized your business is. And I think one of the things that Melissa's really proud of is her policies and procedures and her operational efficiency in the clinic is really attractive.

(42:06):
And I know you as an investment banker actually value that. That can add to the multiple for a business because when someone's coming in to potentially buy that company, they're going to look at it and say, my goodness, this has got everything that needs to be done. And I think that's really important when you're getting started, is understanding how to set up the business properly. And then the third thing is authenticity and quality. So Melissa does not just bring every service that is popular, she vets them, she really looks at efficacy, and then she combines those treatments in a way that is differentiating from a lot of other places. And I know that there are a lot of places that will offer treatments that aren't really that effective, but they're popular and she's not interested in that. So I know those are some things that she highlights a lot when she's been on podcasts and other opportunities for her to speak.

Bill Walker (43:08):
Final question, to give you the last word here, a piece of advice for entrepreneurs as they're starting out and they have that goal of making it and they're in the trenches and they're starting to see this momentum, they're like, I feel like I'm making it, I'm not quite there where I want to be yet. What's a great piece of advice that you would give them having lived it, having advised in it?

Brian Haloossim (43:35):
Yeah, I think having a great team around you is important. And a lot of entrepreneurs want to do it themselves for as long as they possibly can, but they don't realize that having a great team of professionals, it starts with a great CPA and a great attorney and hopefully a great advisor. And I also think, when I say team, I mean build relationships with bankers and get to know them early and ask questions and get information and make sure that your business is being set up appropriately for whatever that end objective is. And I would say that's really important for a lot of the founders. And also by being around all these professionals, you learn a lot about, maybe not what you might transact on now or what you might take advantage of now, but ultimately you might want to capitalize on or take advantage of in the future. So just knowing more and then being prepared to know when to implement it is really important. I find a lot of business owners are like, heads down,

Bill Walker (44:45):
Yes.

Brian Haloossim (44:45):
Blinders on. Don't bother me. I'm just focused on my business. But they don't realize there's a lot of people around them that could add value. By the way, I'll give you a compliment. Just in the first meeting that I was in with you, I ran back to Melissa and said, we got to get a meeting together with Bill. And we did, because there was just so many things you were talking about that even us being in the industry for 17 years were new to us. And so I value that type of relationship and I feel like others should too.

Bill Walker (45:22):
I appreciate that. I think you said it really well. All of these successful, highly motivated individuals, blinders on, running a mile sprint, and man, you get to the end and they say, Bill, I've built this dynasty. I want to retire in 12 months and how do we figure this out right now? And you're like, man, if you just would've had the conversation with a Brian or had the conversation with a Bill at 45 or at 50, or even at 55 because the runway may take you all the way through another 5, 7, 9 years where you really want to end up retiring, but you didn't even know that there's so many advantages to be derived from all of this head work of maybe you start plan X or plan Y or plan Z in your late forties, because that's when all of the chess pieces have to start getting put in place so that by the time you're ready to retire at 60 or at 65 or 70 or whatever, that you've got it set up and it's dialed. It's totally dialed in.

Brian Haloossim (46:43):
Yeah, absolutely.

Bill Walker (46:45):
Well, for all of our listeners, Brian is the national senior managing director for business owners at Alliance Bernstein, where he oversees their west and central regions for private client practice. I'm thoroughly impressed by the authenticity and the acumen that he and his team lead with, and it was a pleasure having you guys on the podcast today, and thank you so much for joining us.

Brian Haloossim (47:17):
Bill. I really appreciate you having me.