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Main Street Business

#449 Recession Proof Your Small Business

Main Street Business

Mark J Kohler and Mat Sorensen

Tax Reform, Entrepreneurship, Business, Irs Updates, Tax Tips, Legal Compliance, Business Structure, Tax Prep, Accounting, Tax Strategies, Management, Financial Reporting, Estate Planning

2.4584 Ratings

🗓️ 29 August 2023

⏱️ 24 minutes

🧾️ Download transcript

Summary

In this enlightening episode of the Main Street Business podcast, hosts Mark J Kohler and Mat Sorensen explore strategies for recession-proofing small businesses. They discuss the importance of financial reviews, debt management, and identifying new revenue sources, among other things. The emotional and intellectual challenges of recession-proofing a business.Predicting business reshuffling in a recession and the survival of the fittest theory.The significance of serving clients effectively d...

Transcript

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0:00.0

This topic can be hard to digest intellectually.

0:03.5

It can be hard emotionally. To recession proof your business, you're not going to see this one coming. There's going to be some like shuffling. There's going to be, everybody's businesses is going to get shook a little bit. And the strong are the ones that survive. They have clients. They have customers and they don't know how to serve them. Go meet with that person. Say, hey, can I buy you out?

0:21.4

Do you want out?

0:22.5

Some people are like, just take over the loan on my trailer and my lawnmowers.

0:26.9

You can have the damn business.

0:28.1

Welcome everybody to this week's episode of the Main Street Business Podcast.

0:31.6

My name's Mark Kohler, CPA attorney, author, influencer, Main Street business owner, freaking loving the American dream. And I'm here

0:40.6

with Matt Sorensen, the self-directed guru of America, who wrote the book, self-directed

0:44.9

IRA handbook. We're here to help you guys recession-proof your business. Can we do it? Yeah, let's do it. I mean,

0:50.8

we're entrepreneurs, business owners, lawyers, and Mark's also, I mean, a YouTuber, you know, my stepdaughters, they're nine years old. They told me they want to be a YouTuber. Oh. If you Google Mark Kohler, I don't know if you know that. It says, YouTuber. Oh, well, thank you. That's good. So you left that one out. Okay. You left that one out., amongst nerds, I'm a YouTuber. Yeah.

1:12.2

Well, I just want to give you context. We're out there, uh, this recession proofing your small business is we are business owners. Mark and I have done the 10,000 consults with small business owners in good times and in bad. And we don't know where everything's going. We're going to dig into that a little bit here.

1:26.3

But there are some principles that make you strong in a recession, no matter where we may be going. So you can be prepared and not get caught with your pants down. Was that the wrong one? I don't know. I never wanted that. We don't want you exposed. Yeah. That happened to me in junior high. You know, you get trunks. Yeah, whatever you called it, you know?

1:44.4

That's what we called it.

1:45.1

You know what?

1:45.5

That happened to me once in science class. I had underwear on, but I got. See, that was the danger if you wore like boxers and they pulled in the right spot. You could be totally exposed. Totally. We don't want that happen to your small business, all right? Yeah, I know. Oh my gosh.

1:59.4

I was wearing wighty-tidey, so I was fine.

2:01.5

Good.

2:01.9

Smart.

2:02.2

So, those were the days, 80s.

2:04.5

Okay. small business, all right? Yeah, I know. Oh, my gosh. I was wearing wighty-tidey, so I was,

2:00.9

I was fine. Good. Smart. So, oh, those were the days, 80s.

2:04.5

That was those your he-man? Okay. We're moving off that topic. All right. Okay. Well,

...

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