#534 The Tax & Legal Playbook To Buying Businesses Part 1

Main Street Business

Mark J Kohler and Mat Sorensen

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

4.8 • 584 Ratings

🗓️ 8 October 2024

⏱️ 46 minutes

🔗️ Recording | iTunes | RSS

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Summary

In this episode of the Main Street Business Podcast, hosts Mark J. Kohler and Mat Sorensen share expert insights into the process of buying a business. They discuss how to evaluate a company’s financial health, the importance of due diligence, and why seller financing can be a game changer. Whether you're a first-time buyer or looking to expand, use these actionable steps to ensure a smooth and successful transaction. Here are some of the highlights: Mark and Mat emphasize finding distressed ...

Transcript

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0:00.0	Welcome to the Main Street Business Podcast with your distinguished hosts, Mark J. Kohler and Matt Sorensen.
0:05.5	Both are best-selling authors and have over 25 years of industry experience with 10,000 client consultations,
0:12.3	making them the leading tax and legal experts in the nation.
0:16.1	Together, they'll unpack the most complex tax, legal, and financial strategies,
0:20.6	crucial for saving more,
0:22.1	stressing less, and building generational wealth. Today, they're your personal advisors.
0:28.1	Ready to break it down for you and make the tax and legal game easier than ever. Here is Mark and Matt.
0:34.2	I just bought this business. I'm running into the ground. What do I do?
0:37.3	The first thing I always want to ask is, why is this business for sale? You don't want to just say, oh, I'm going to buy this business, and now I've got to work it. You just bought yourself a job. I cracked the code on how a business owner should really be working on their business, not in it. You want them to think this is the worst business.
0:55.3	It's a dumpster fire, and you're the lucky person coming in to help them save this thing.
0:59.7	Now, the best businesses to buy are...
1:02.5	Yeah, I just got chills.
1:10.4	Welcome everybody to the Main Street Business Podcast with yours truly Mark Kohler and the infamous Matt Sorenson, my co-host here today on an incredible series that we've designed.
1:20.5	Yeah, this is going to be exciting. We love talking about this, buying a business. We're going to have a series of this, but there's so much to it. Mark and I started talking about and we're like, dude, this is a series. We will be here all afternoon. So we want to break it out into chunks. We're going to go sequentially. Today we're talking about offer and due diligence. Kind of looking at a business, deciding what to offer, and then they're saying the due diligence it takes to determine,
1:45.4	is this something I actually want to buy and do? Yeah. And there's, we got at least eight to 10 points
1:50.1	just in today's topic. The ones that will be coming, and please look for these. If you're
1:55.0	catching this down the road, all three should already be published. So you can watch them in any
2:00.3	order you're so
2:00.9	choose. But we also are going to be talking about the structure and legal provisions, what the
2:05.9	documentation should look like, maybe some pitfalls there, financing. And then the next one
2:11.2	after that will be transitioning and taking over the business, how to properly structure
2:16.9	that and succeed in that process
	...

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