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Money Tree Investing

Secrets of The Rich #12: Qualified Small Business Stock 1202 – $10 Million or More in Capital Gains Tax Free

Money Tree Investing

Money Tree Investing Podcast

Stockmarket, Valuestocks, Investing, Finance, Passiveincome, Wealth, Business, Personalfinance

4.6658 Ratings

🗓️ 15 July 2022

⏱️ 43 minutes

🧾️ Download transcript

Summary

This week we interview David French about another advanced planning strategy for our series, Secrets Of The Rich Episode #12, Qualified Small Business Stock 1202. Sounds interesting? Yawn. 

What if I told you you could sell your business tax free up to $10 million (or more)... Now are you interested? Yes... Me too.

This is a great episode for business owners who are looking to save on taxes when they sell their business. Join us to learn about this elusive tax secret of the rich.

For more information, visit the show notes at https://moneytreepodcast.com/qualified-small-business-stock-1202-david-french

Today's Panelists:

 

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Transcript

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0:00.0

Welcome to the Money Tree Investing Podcast. Stock market, wealth, personal finance, value stocks, invest in your life.

0:11.0

Hello, Smart Money Tree Podcast listeners. Welcome to this week's show. My name's Kirk Chisholm and I will be your host. So today, we're talking with David French. How you doing today, David?

0:20.3

Good, Kurt. How you doing today, David? you can do to save on taxes, given what's going on in the world, everyone's going to be looking

0:37.7

to save on taxes. And I'm not talking about the simple stuff. This is more advanced stuff that

0:42.5

probably your accountant doesn't even know of. So, David, you got into this field,

0:46.3

which there aren't many people doing it. So how did you really get started in this field?

0:50.5

As far as QSPS specifically or just accounting in general? Oh, well, let's just start

0:54.9

with accounting and take it from there. I've always just been a number of guys since I was little,

0:59.9

you know, just growing up in the New York concrete jungle. You're either hustling or you're being hustled.

1:05.5

So we were always really smart about money. I always kind of had that brain from a young age and just so happened.

1:12.8

Accounting spoke to me and when I took it in school, it was just like super easy and

1:17.4

professors were always like, man, you'd be an idiot if you don't stay doing this. It's just natural.

1:22.8

So that's kind of where it came from just generally. I just had that skill set and that mindset from an early

1:29.2

age, just loved money. You know, you started a firm a few years ago, and you've grown quite

1:35.6

sizably. How did you go about your growth? On the accounting field, it's hard to grow that quickly.

1:40.1

So how did you do it? What did you focus on? Number one was just like hard work.

1:45.0

When I started my own firm, I really didn't have an option to fail.

1:49.9

You know, I had some young kids.

1:51.3

There wasn't an option to fail.

1:52.5

So, I mean, I just worked my butt off.

1:54.3

And I took really good care of every person that came to me.

1:57.6

And those referrals just kept growing and growing, which is kind of how accounts really

...

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