What's Next? explores how business owners and their families can optimize a business sale or other wealth event to strategically plan for their futures. Join Terry Cook, CFP®, CIMA®, founder of Parcion Private Wealth in Bellevue, Washington, as he interviews experts from across the financial services industry to help listeners determine what's next.
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In part two of this conversation, Terry Cook and Nick Rosenthal move from the mechanics of the new law into the planning decisions that follow. They walk through how census tract redesignations work and what the next cycle of zones might look like, explore the Rural Opportunity Fund provision and who it actually serves, and use the Laurel Apartments project in East Austin as a real-world example of what success looks like in this program. They also cover how Opportunity Zone investments sit alongside installment sales, charitable structures, 1031 exchanges, and tax-loss harvesting strategies and close with the investment questions that matter most before committing capital.
0:45 – Census tract redesignations: what the next cycle of zones might look like
5:57 – Rural Opportunity Funds: what changed, who it's for, and how Griffin thinks about it
11:25 – A Washington state footnote: solar and wind farms as rural OZ examples
15:09 – The Laurel Apartments, East Austin: what the program looks like when it works
18:06 – How refinancing events and operating distributions work during the hold period
22:38 – Why the long-term tax-free growth is the headline, not the deferral
26:32 – How Opportunity Zones work alongside installment sales, 1031s, and charitable structures
32:00 – Why real estate belongs in a post-sale portfolio, the investment argument
35:01 – The tail cannot wag the dog: how Parcion evaluates OZ fund quality
35:54 – Questions every sophisticated investor should ask before committing capital
39:00 – The single mindset shift Nick wants business owners to walk away with
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11 May 2026TRANSCRIPT
Opportunity Zones 2.0 (Part 1/2)
Join Terry Cook as he speaks with Nick Rosenthal, co-CEO of Griffin Capital, to walk through what changed in the Opportunity Zone program on July 4th, 2025, and why it matters for business owners preparing for a sale. Nick shares how permanence transforms the planning conversation, how the rolling five-year deferral and restored basis step-up work together, and what a disciplined, investor-aligned approach to Opportunity Zone funds actually looks like. Tune in to understand one of the most significant updates to the tax code for business owners in years.
2:42 – Who is Griffin Capital and what do they focus on
6:27 – Co-investment alignment: $300 million of leadership capital alongside investors
8:18 – Plain-English explanation of how Opportunity Zones work
9:46 – The origins of the program and whether it has delivered on its promise
13:12 – Criticism of the program and how Griffin evaluates the spirit versus the letter
17:13 – The five changes that matter most: starting with permanence
21:49 – The rolling five-year deferral clock and why it democratizes timing
25:24 – The restored 10% basis step-up and how it pairs with passive loss strategies
28:38 – What to expect in Part 2
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Host Terry Cook interviews Mike McGrann, exploring strategies for constructive family dialogue about generational wealth and legacy preservation.
8 Jun 2024
AI Implementation for Business Owners with Natalie Pierce
Join Terry Cook as he speaks with Natalie Pierce, a leading expert in AI and partner at Gunderson Dettmer. Discover how business owners and leaders can harness the power of AI to transform their operations, enhance efficiency, and stay competitive. Natalie shares insights on generative AI, the importance of prompt engineering, and best practices for AI adoption in the workplace. Tune in to explore the future of AI in business.
If you are interested in learning more about how Parcion can support you, please contact us at info@parcionpw.com or visit www.parcionpw.com (www.parcionpw.com).
00:54 – Episode introduction
1:30 – Natalie Pierce explains her role at Gunderson Dettmer and her expertise in AI
3:20 – What is Artificial Intelligence? What isn’t it? What is Generative AI?
6:08 – Generative AI versus Machine Learning
10:20 – Training a workforce to use this technology
12:50 – Prompt engineering and upskilling the workforce
18:40 – The dark side of AI, including cybersecurity threats and deep fakes
21:30 – Explanation and importance of a closed enterprise solution
24:45 – Best practices and examples for business owners implementing AI
31:15 – Augmented versus virtual reality
33:50 – Cobots and their use
38:40 – Considerations for employers deploying general or HR AI powered tools
42:00 – Contact information for Natalie Pierce and further resources
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22 Apr 2024
Unlocking Generational Wealth Conversations with Mike McGrann
In this episode of What's Next? from Parcion Private Wealth, host Terry Cook and guest Mike McGrann, from the Fidelity Center for Family Engagement, discuss legacy preservation and wealth communication. They tackle fears surrounding wealth's impact on future generations and strategies for constructive family dialogue. As a subject matter expert on families of wealth and family-owned firms, Mike shares insights on maintaining healthy relationships around wealth, emphasizing the importance of open communication to prevent misunderstandings and conflicts. If you are interested in learning more about how Parcion can support your generational conversations, please contact us at info@parcionpw.com (mailto:info@parcionpw.com) or visit www.parcionpw.com (http://www.parcionpw.com/).
1:00 – Episode introduction
2:52 – Addressing the fear of money ruining kids by utilizing better conversational tools
4:45 – Creating distance with hierarchical behavior
8:20 – Statistics around wealth transfer
10:00 – Defining what "Legacy" means to you
13:20 – Using intentional reflection to define your legacy and relationship to wealth
14:00 – Intended and unintended outcomes and consequences
15:40 – Voice versus vote
16:00 – Peership and commitment to mutuality
18:40 – Real life example of a conversation about wealth with a 14 year old around shoes
21:40 – Real life example of a conversation about wealth with estate planning and family dynamics
25:03 – Fair versus equal
29:20 – Wish versus fear
32:00 – Developing a healthy respect for wealth in your children
36:22 – Takeaways and strategies for constructive family dialogue
44:25 – Fidelity Center for Family Engagement's mission and passion to support family businesses
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6 Sept 2023
How to Use Employee Stock Ownership Plans (ESOPs) to Optimize Your Business with Ted Lape
In this episode of What’s Next?, host Terry Cook is joined by Ted Lape of Lazear Capital Partners to discuss ESOPs, a tool commonly used to facilitate succession planning, allowing a company owner to sell their shares to support their goals and transition flexibly out of the business. Ted has an impressive 30-year history in the banking industry and has helped many clients with setting up an ESOP at their company. More information about ESOPs can be found in our whitepaper “How to Successfully Exit Your Business with an Employee Stock Ownership Plan (ESOP)” available on our website www.parcionpw.com (www.parcionpw.com) or at www.lazearcapital.com/ (https://www.lazearcapital.com/).
1:35 – Ted’s introduction to ESOPs
2:44 – What is an ESOP?
3:30 – How are ESOPs different from ESPPs (Employee Stock Purchase Plan) or other employee stock
ownership plans?
5:30 – Mechanics, steps, and benefits of ESOPs, timeframe
7:55 – How is an ESOP different from a direct sale?
13:20 – Advantages
14:20 – Disadvantages
14:58 – Example when ESOP is the right solution
18:40 – Financing options and involvement
24:40 – Why don’t more business owners choose to exit with an ESOP?
26:20 – Cost and professionals involved
30:50 – How an ESOP can help ensure a legacy for a business owner
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1 Aug 2023
An Intro to the Stanford Seed Program with JoAnna Halk and Mark Phelps
In this episode of What’s Next?, JoAnna Halk, an associate director for the Stanford SEED Program, and Mark Phelps, a retired serial entrepreneur and Stanford SEED coach, join host Terry Cook to discuss the benefits of the SEED program, the unique opportunities it presents to business owners, and effect that it’s had on participating companies across Africa and Southeast Asia.
More resources at www.parcionpw.com (http://www.parcionpw.com) and https://www.gsb.stanford.edu/seed (https://www.gsb.stanford.edu/seed).
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6 Feb 2023
Managing the Transition of Selling Your Business and Other Lifequakes with Bruce Feiler
For this episode, Terry Cook is joined by Bruce Feiler. Bruce is the author of seven New York Times bestsellers, including Life Is in the Transitions and Secrets of Happy Families. His three TED Talks have been viewed more than 4 million times. In their conversation, Bruce and Terry dive into navigating challenging life and family moments and discuss Bruce's new book, The Search, about finding meaningful work.More resources at www.parcionpw.com and www.brucefeiler.com.
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23 Jan 2023
Venture Capital Explained with Brendan Wales
Join Terry Cook and Brendan Wales, general partner of Fuse, an early-stage venture capital firm, as they discuss all things venture capital, including how firms like Fuse operate and the opportunities available to interested investors. More resources at www.parcionpw.com and www.fuse.vc.
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18 Aug 2022
Donor-Advised Funds - A Primer with Colby Bircher
Join Terry Cook and Colby Bircher, vice president of charitable planning at Fidelity Charitable, as they discuss how donor-advised funds can be used as a tool for impactful philanthropic planning and the advantages of this form of charitable investing. More resources at www.parcionpw.com and www.fidelitycharitable.org.
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5 Apr 2022
Private Aviation 101 with Craig Ross
Join Terry Cook and Craig Ross, CEO and Founder of Aviation Portfolio LLC as they discuss all things private aviation – from the various models currently in vogue to trends in private jet travel. More resources at www.parcionpw.com and www.aviationportfolio.com.
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31 Dec 2021
360-Degree Insurance Planning for Wealth Events with Lorrie Baldevia
Join Terry Cook and Assured Partners Agency COO Lorrie Baldevia as they discuss what business owners should consider – both from a business and a personal perspective – when navigating insurance planning and potential consulting services for a successful business transaction.More resources at www.parcionpw.com and www.assuredpartners.com.
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24 Nov 2021
Engaging M&A Attorneys for Business Transactions with Tana Materi
Join Terry Cook and Carney Badley Spellman Mergers and Acquisition Attorney Tana Materi as they discuss what business owners should consider when choosing a mergers and acquisitions lawyer and share some tips for a successful transaction.More resources at www.parcionpw.com and www.carneylaw.com.
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29 Oct 2021
Engaging Investment Bankers for a Business Sale with Brian Murphy
Join Terry Cook and Meridian Capital Investment Bank President Brian Murphy as they discuss what business owners should consider when choosing an investment bank and how to go about the search for an investment banker.
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20 Sept 2021
Keys to Estate Planning with Eric Fahlman
Join Terry Cook and Fahlman Olson & Little, PLLC Co-Founder Eric Fahlman as they discuss estate planning basics and tools, such as Spousal Lifetime Access Trusts (SLATs) and Intentionally Defective Grantor Trusts (IDGTs) and walk through a client case study, highlighting aspects that might apply to others going through a wealth event.More resources at www.parcionpw.com and www.faolaw.com.
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20 Aug 2021
Overcoming Gender Bias to Amplify Women’s Voices with Kendall Anderegg
Join Terry Cook and Mutual Materials President Kendall Anderegg as they discuss unconscious gender bias in the workplace, what it means to be a strong female leader in a male-dominated industry and how colleagues can demonstrate effective allyship.More resources at www.parcionpw.com and www.mutualmaterials.com.
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22 Jul 2021
Introduction to M&A for Business Owners with Michael Butler
Join host Terry Cook and Michael Butler, co-founder and CEO of Cascadia Capital, as they discuss what every business owner needs to know before selling a business. From selecting an investment banking partner to deciding whether moving forward with a sale is the best decision for you, Michael and Terry share what they’ve learned from their joint decades of experience overseeing mergers and acquisitions. Learn how business owners and entrepreneurs can optimize a sale in Parcion’s whitepaper at parcionpw.com/whitepapers and visit www.cascadiacapital.com for more information on Cascadia Capital.
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10 Jun 2021
Exploring Opportunity Zones Part 2 with Peter Ciganik
In the second episode of our two-part series on Opportunity Zones, we dive into the “nuts and bolts” of this investment structure through the eyes of a developer. Host Terry Cook welcomes Peter Ciganik, managing director of strategy, research and investor relations at GTIS Partners, to share his insights on what factors to consider when evaluating a potential Opportunity Zone investment. Learn more about opportunity zones in Parcion’s whitepaper at https://parcionpw.com/whitepapers and visit https://www.gtispartners.com for more information on GTIS Partners.
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13 May 2021
Exploring Opportunity Zones Part 1 with Greg Porter
In the inaugural episode of What’s Next?, CBIZ Berntson Porter Managing Director and co-founder of newly acquired Berntson Porter & Company, Greg Porter, joins Parcion Private Wealth’s Terry Cook to discuss the benefits of Qualified Opportunity Zone investments, a powerful tool that can significantly help mitigate the tax implications of wealth events such as the sale of a business. Learn more about opportunity zones in Parcion’s whitepaper at https://parcionpw.com/whitepapers and visit https://www.bpcpa.com/ for more information on Berntson Porter, now CBIZ Berntson Porter.
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Inside a recent episode
Opportunity Zones 2.0 (Part 2/2)
Published 11 May 2026 · Transcript excerpt
[…] And you get deferral over a set planning horizon that allows you to implement other strategies to potentially minimize or eliminate that gain. It's really just a phenomenal construct for investors to combine minimization, planning and investment outcomes. And the key on all that is that the investment thesis is there and that you're with strong partners to implement that. And it's the only thing I can point to because I don't know why more CPAs don't lead with this for clients selling a business with large embedded unrealized gains that they're looking to realize. Like this is... one of the most phenomenal strategies out there, and it should be part of any mitigation strategy. […]
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