#545 The Tax & Legal Playbook To Buying Businesses Part 3

Main Street Business

In this episode of the Main Street Business Podcast, hosts Mark J. Kohler and Mat Sorensen share the ultimate toolkit for buying and running a small business. Whether it's managing payroll, setting up the right entity, or preparing for the unexpected, they’ve got you covered. Tune in for tips on creating a thriving company culture, building strong employee relationships, and ensuring operational excellence in the critical first 100 days

Here are some of the highlights:

• Mark and Mat discuss the importance of the seller's involvement in the transition, especially if the business has a strong brand associated with the seller.
• Mat emphasizes the need to document processes and procedures to ensure smooth operations and growth.
• The importance of understanding the business's current state and making necessary changes.
• Employee interviews are recommended to understand the current culture and identify areas for improvement.
• Focus on the need for a transition budget to cover expenses and improvements in the first six months.
• The need to add value to customers and the potential for increasing revenue through new products or services.
• The importance and realization of being in control of one's destiny as a business owner.

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Розділи

1. Buying a Small Business Transition Guide (00:00:00)

2. Understanding Company Culture in Business (00:08:20)

3. Navigating Small Business Ownership Challenges (00:15:36)

4. Navigating Business Acquisition With Legal Support (00:21:11)