1 00:00:00,200 --> 00:00:03,240 Speaker 1: Now adjust the volume control so that the sound can 2 00:00:03,320 --> 00:00:04,880 Speaker 1: be heard in all parts. 3 00:00:04,519 --> 00:00:10,600 Speaker 2: Of the room. This is to protect your assets. 4 00:00:10,720 --> 00:00:14,000 Speaker 3: Podcast the sun Man. You get the idea of me 5 00:00:14,800 --> 00:00:16,520 Speaker 3: on the internet making. 6 00:00:16,400 --> 00:00:19,159 Speaker 2: The cutest see go on. 7 00:00:21,400 --> 00:00:25,080 Speaker 3: It's like lo cheese I've ever taste. 8 00:00:28,360 --> 00:00:32,159 Speaker 1: You've worked hard the last twenty or thirty years at it, 9 00:00:32,560 --> 00:00:35,480 Speaker 1: You're now finally making some profit and able to stick 10 00:00:35,520 --> 00:00:39,320 Speaker 1: some money away, and then you get the call. What 11 00:00:39,360 --> 00:00:43,680 Speaker 1: am I talking about? Your small business? Is now the 12 00:00:43,800 --> 00:00:47,720 Speaker 1: time to sell it and cash out? Selling your business 13 00:00:47,760 --> 00:00:50,960 Speaker 1: could be one of the most important decisions of your life. 14 00:00:51,840 --> 00:00:54,279 Speaker 1: I mean, if you're thinking of selling your business, then 15 00:00:54,320 --> 00:00:58,120 Speaker 1: you need to exit on your own terms so you 16 00:00:58,160 --> 00:01:01,400 Speaker 1: don't make a huge mistake. Your schedule for the next hours. 17 00:01:01,400 --> 00:01:03,360 Speaker 1: I'm going to walk you through things you need to 18 00:01:03,440 --> 00:01:06,760 Speaker 1: consider before you put your business up for sale. And 19 00:01:06,760 --> 00:01:08,360 Speaker 1: these could apply to if you get a big chunk 20 00:01:08,400 --> 00:01:10,520 Speaker 1: of money too, through an adherance or something like that. 21 00:01:10,840 --> 00:01:14,560 Speaker 1: Good morning, I'm David Hollander, your host, and this is 22 00:01:14,760 --> 00:01:17,160 Speaker 1: protect your assets. For those of you just joining me 23 00:01:17,240 --> 00:01:21,160 Speaker 1: for the first time, welcome people around here. They call 24 00:01:21,240 --> 00:01:23,840 Speaker 1: me the Sandman. Or maybe something comes up during the 25 00:01:23,840 --> 00:01:27,320 Speaker 1: week you just want to ask me a question, Email 26 00:01:27,400 --> 00:01:29,440 Speaker 1: me at questions. 27 00:01:29,600 --> 00:01:32,199 Speaker 2: At PYA radio dot com. 28 00:01:32,240 --> 00:01:36,800 Speaker 1: Again, that's questions at PYA radio dot com. PUYA stands 29 00:01:36,840 --> 00:01:40,039 Speaker 1: for protect your Assets. Of course, if you own a 30 00:01:40,080 --> 00:01:44,040 Speaker 1: business and you're thinking about what the next chapter may 31 00:01:44,319 --> 00:01:48,680 Speaker 1: look like for you, you know, life after owning your business, 32 00:01:49,280 --> 00:01:52,240 Speaker 1: then you definitely want to listen today's show. I'm going 33 00:01:52,320 --> 00:01:54,760 Speaker 1: to put it out there. This show is all about 34 00:01:54,880 --> 00:01:59,200 Speaker 1: removing uncertainty. You had your head down the last ten, twenty, 35 00:01:59,320 --> 00:02:04,560 Speaker 1: maybe even third years building your business. You've taken the risk, 36 00:02:04,920 --> 00:02:08,600 Speaker 1: you've leveraged your assets when times were tough to keep 37 00:02:08,639 --> 00:02:12,960 Speaker 1: people employed, and now you're finally making a little bit 38 00:02:12,960 --> 00:02:16,760 Speaker 1: of profit. A private equity person or a competitor just 39 00:02:16,919 --> 00:02:18,400 Speaker 1: contacted you and wants to. 40 00:02:18,360 --> 00:02:19,280 Speaker 2: Buy your business. 41 00:02:20,000 --> 00:02:22,720 Speaker 1: Well, how do you prepare for something like that? What 42 00:02:22,919 --> 00:02:25,600 Speaker 1: steps do you need to take right now before you 43 00:02:25,680 --> 00:02:31,200 Speaker 1: start that conversation, or if you're in that conversation right now. 44 00:02:31,480 --> 00:02:35,000 Speaker 2: What do you need to know before you close? Today? 45 00:02:35,240 --> 00:02:39,560 Speaker 1: We're going to walk you through exit strategies for business owners. Now, 46 00:02:40,480 --> 00:02:48,600 Speaker 1: let's get started. Well, the fourth week of war and 47 00:02:48,880 --> 00:02:50,120 Speaker 1: markets didn't like it. 48 00:02:50,160 --> 00:02:51,040 Speaker 2: As oil goes. 49 00:02:50,960 --> 00:02:53,520 Speaker 1: Higher, prices go down, the Dow was off this week 50 00:02:53,560 --> 00:02:56,160 Speaker 1: two and two point one percent. Year today, were off 51 00:02:56,240 --> 00:02:59,880 Speaker 1: five point two percent. S and B five hundred off 52 00:03:00,000 --> 00:03:02,959 Speaker 1: one point nine percent, down for the year five percent, 53 00:03:03,120 --> 00:03:06,320 Speaker 1: NASDAK off another two point one percent year to date, 54 00:03:06,400 --> 00:03:11,560 Speaker 1: almost off seven percent. MSCI International off point nine percent 55 00:03:11,639 --> 00:03:13,919 Speaker 1: year to date, down on a little less than half 56 00:03:13,960 --> 00:03:19,120 Speaker 1: a percent Tenure Treasury well four thirty eight Oil the 57 00:03:19,160 --> 00:03:23,000 Speaker 1: big news Oil closed Friday ninety seven point ninety seven 58 00:03:23,080 --> 00:03:26,760 Speaker 1: A barrel. Energy spending as a share of total consumer 59 00:03:26,840 --> 00:03:31,040 Speaker 1: spending is lower than it was during the seventies and 60 00:03:31,120 --> 00:03:36,080 Speaker 1: early eighties. It's about two percent today versus over six percent, then, 61 00:03:36,280 --> 00:03:40,520 Speaker 1: suggesting that the direct hit to household purchasing power again 62 00:03:40,560 --> 00:03:43,240 Speaker 1: in the US from a given oil shock, it's just 63 00:03:43,320 --> 00:03:46,480 Speaker 1: smaller today. The US is far more insulated on the 64 00:03:46,480 --> 00:03:49,720 Speaker 1: supply side. The US has been a net ex border 65 00:03:49,760 --> 00:03:53,840 Speaker 1: of oil since twenty nineteen, and domestic natural gas prices 66 00:03:53,880 --> 00:03:58,440 Speaker 1: have remained relatively insulated from the disruption. Even as Europe 67 00:03:58,440 --> 00:04:03,760 Speaker 1: and Asia fai the supply curunts, we also have USHL producers. 68 00:04:03,800 --> 00:04:06,280 Speaker 1: They stand to benefit from higher prices, even if that 69 00:04:06,400 --> 00:04:10,160 Speaker 1: support does not fully offset the drag from root weaker 70 00:04:10,200 --> 00:04:14,280 Speaker 1: consumer spending and oil does matter, of course, but less 71 00:04:14,280 --> 00:04:15,640 Speaker 1: in a services based. 72 00:04:15,360 --> 00:04:16,960 Speaker 2: Economy, which is where we are today. 73 00:04:17,120 --> 00:04:20,440 Speaker 1: Large oil price moves hurt, but the global economy is 74 00:04:20,480 --> 00:04:23,560 Speaker 1: simply less oil intensive than it was during the original 75 00:04:24,200 --> 00:04:28,400 Speaker 1: energy crisises. Since the fifties, the amount of energy required 76 00:04:28,440 --> 00:04:31,280 Speaker 1: to produce one unit of GDP has fallen by roughly 77 00:04:31,720 --> 00:04:37,040 Speaker 1: seventy percent, reflecting efficiency gains and the growing importance of. 78 00:04:37,040 --> 00:04:38,000 Speaker 2: The service sector. 79 00:04:38,760 --> 00:04:41,640 Speaker 1: This past week, with the FED met they left rates unchanged. 80 00:04:41,760 --> 00:04:45,400 Speaker 1: Chair pal emphasized the uncertainty surrounding the developments in the 81 00:04:45,400 --> 00:04:49,560 Speaker 1: Middle East. The FED projected continuing to show one rate 82 00:04:49,640 --> 00:04:54,919 Speaker 1: cut later this year and one in twenty seven. Notably, 83 00:04:55,080 --> 00:04:58,120 Speaker 1: estimates for economic growth were revised higher over the next 84 00:04:58,200 --> 00:05:01,640 Speaker 1: several years and in the long run, with Chairman Powell 85 00:05:01,720 --> 00:05:05,039 Speaker 1: pointing to stronger productivity in the US. The FED did 86 00:05:05,040 --> 00:05:07,760 Speaker 1: revise up its inflation estimate for this year to two 87 00:05:07,800 --> 00:05:11,880 Speaker 1: point seven percent, but left the next two years unchanged. 88 00:05:12,320 --> 00:05:16,640 Speaker 1: So outside of the expected increase in oil and energy prices, 89 00:05:17,440 --> 00:05:20,920 Speaker 1: the FED still expects the effects of tariffs to fade 90 00:05:20,960 --> 00:05:25,240 Speaker 1: and housing disinflation to continue to help, which again remember 91 00:05:25,279 --> 00:05:28,400 Speaker 1: we talked about that last week. Overall time for our 92 00:05:28,440 --> 00:05:32,880 Speaker 1: monthly Bitcoin and Crypto update. This is for the previous 93 00:05:32,920 --> 00:05:35,840 Speaker 1: month of February. We're going to continue to offer our 94 00:05:35,880 --> 00:05:38,919 Speaker 1: monthly update on the bitcoin crypto landscape. 95 00:05:39,160 --> 00:05:40,840 Speaker 2: So some buildouts. We saw the. 96 00:05:40,800 --> 00:05:46,680 Speaker 1: Brazilian lawmakers reintroduce a bill to create a strategic sovereign 97 00:05:46,920 --> 00:05:53,119 Speaker 1: Bitcoin reserve to acquire one million bitcoin over the next 98 00:05:53,520 --> 00:05:58,720 Speaker 1: five years. We also saw the emmiritis NBD. This is 99 00:05:58,760 --> 00:06:04,640 Speaker 1: a top UAE bank. It's exploring adding bitcoin to its portfolio. 100 00:06:05,279 --> 00:06:09,560 Speaker 1: You had the states of Virginia, Illinois, Arizona, Missouri. They 101 00:06:09,600 --> 00:06:16,280 Speaker 1: introduced advanced legislation to establish state level bitcoin strategic reserve. Remember, 102 00:06:16,320 --> 00:06:19,040 Speaker 1: Michigan introduced a bill to allow employees to be paid 103 00:06:19,120 --> 00:06:24,520 Speaker 1: in bitcoin. City Group said it plans to launch institutional 104 00:06:25,120 --> 00:06:29,839 Speaker 1: bitcoin custody later this year. Indiana and the State of 105 00:06:29,880 --> 00:06:34,520 Speaker 1: Indiana their bill one oh four to two permits crypto 106 00:06:34,640 --> 00:06:41,320 Speaker 1: options in state managed retirement programs and limits crypto specific taxes. 107 00:06:42,000 --> 00:06:45,919 Speaker 1: That cleared both chambers. In Indiana, Morgan Stanley applied for 108 00:06:46,040 --> 00:06:50,880 Speaker 1: a National Trust Bank charter to custody crypto and expand 109 00:06:50,880 --> 00:06:55,720 Speaker 1: digital asset services, while Crypto dot Com and stripes Bridge 110 00:06:55,839 --> 00:07:01,680 Speaker 1: received conditional approvals from the OCC for nowtional trust banking charters, 111 00:07:02,080 --> 00:07:07,320 Speaker 1: Coinbase open stock ETF trading to all US users running 112 00:07:07,360 --> 00:07:11,200 Speaker 1: twenty four five days a week with no commissions, and 113 00:07:11,400 --> 00:07:17,280 Speaker 1: the meta mask MasterCard became accessible throughout the US, allowing 114 00:07:17,400 --> 00:07:21,200 Speaker 1: users to spend digital assets directly from their wallets at 115 00:07:21,200 --> 00:07:25,440 Speaker 1: one hundred and fifty million merchants without pre loading funds 116 00:07:25,480 --> 00:07:28,440 Speaker 1: onto an exchange. How about some other news out there, 117 00:07:28,480 --> 00:07:34,000 Speaker 1: Goldman Sachs disclose holdings over one billion in Bitcoin ETFs, 118 00:07:34,400 --> 00:07:38,080 Speaker 1: over one billion in Ethereum ETFs, and one hundred and 119 00:07:38,120 --> 00:07:42,280 Speaker 1: fifty two million in xrp ETFs, and one hundred and 120 00:07:42,280 --> 00:07:49,080 Speaker 1: eight million in sol ETFs. Some regulatory moves. A White 121 00:07:49,080 --> 00:07:53,080 Speaker 1: House hosted meeting between crypto and banking groups attempting to 122 00:07:53,120 --> 00:07:55,960 Speaker 1: find a solution for the stalled Clarity Act. This was 123 00:07:55,960 --> 00:07:59,880 Speaker 1: the Crypto Market Structure Bill, was described as conservative. 124 00:08:00,120 --> 00:08:01,360 Speaker 2: The OCC dropped a. 125 00:08:01,360 --> 00:08:04,680 Speaker 1: Three hundred and seventy six page proposal to implement the 126 00:08:04,760 --> 00:08:07,760 Speaker 1: Genius Act that looks to settle the ongoing stable coin 127 00:08:07,880 --> 00:08:12,120 Speaker 1: yield fight, saying supervised entities would be barred from paying 128 00:08:12,200 --> 00:08:13,000 Speaker 1: any form. 129 00:08:12,800 --> 00:08:15,440 Speaker 2: Of interest or yield, and potentially. 130 00:08:15,080 --> 00:08:18,280 Speaker 1: Clearing the way for the Clarity Act to proceed without 131 00:08:18,520 --> 00:08:26,240 Speaker 1: the provision. Canada, Bermuda, UK, Netherlands, Israel, Japan, Hong Kong, Vietnam, Thailand, UAE, 132 00:08:26,400 --> 00:08:31,200 Speaker 1: Malta and Russia all took steps towards backing or advancing 133 00:08:31,400 --> 00:08:36,760 Speaker 1: digital assets and or blockchain technology. So there's your monthly 134 00:08:36,800 --> 00:08:45,400 Speaker 1: Bitcoin crypto update. Are you considering selling your privately owned business? Well, 135 00:08:45,520 --> 00:08:50,000 Speaker 1: if so, find out what specific steps you should consider 136 00:08:50,080 --> 00:08:54,480 Speaker 1: taking right now before you enter into that letter of intent. 137 00:08:54,840 --> 00:08:57,360 Speaker 2: You're listening to the Protect your Asset show. I am 138 00:08:57,480 --> 00:08:59,800 Speaker 2: David Hollander, will be right back. 139 00:09:03,280 --> 00:09:07,400 Speaker 3: Times are changing, some would say they've already changed, and 140 00:09:07,520 --> 00:09:11,679 Speaker 3: how do you actually protect your assets? David Hollanders Protect 141 00:09:11,679 --> 00:09:15,760 Speaker 3: your Assets events focus on common financial concerns that individuals 142 00:09:15,760 --> 00:09:18,720 Speaker 3: and families face in retirement, things like how to prepare 143 00:09:18,760 --> 00:09:22,440 Speaker 3: for unexpected medical expenses and ways to create income to 144 00:09:22,480 --> 00:09:25,960 Speaker 3: help support your desired lifestyle. Join us at our next 145 00:09:26,000 --> 00:09:29,120 Speaker 3: free event to learn how addressing these concerns can help 146 00:09:29,160 --> 00:09:31,920 Speaker 3: you feel more confident about the days ahead and help 147 00:09:31,960 --> 00:09:35,320 Speaker 3: you sleep better at night. Just go to pyaevents dot 148 00:09:35,360 --> 00:09:39,800 Speaker 3: com and reserve your seat today. That's pyaevents dot Com 149 00:09:39,840 --> 00:09:43,640 Speaker 3: and sign up or join the wait list today Pyaevents 150 00:09:43,920 --> 00:09:47,920 Speaker 3: dot Com. Now back to Protect your Assets with David Hollander, 151 00:09:48,040 --> 00:09:48,679 Speaker 3: The Sandman. 152 00:09:50,640 --> 00:09:51,280 Speaker 2: Welcome back. 153 00:09:51,360 --> 00:09:54,600 Speaker 1: I'm David Hollander, also known as the Sandman, and you 154 00:09:54,640 --> 00:09:57,319 Speaker 1: are listening to Protect your Assets this morning. If you 155 00:09:57,400 --> 00:10:00,760 Speaker 1: own a business, maybe it's your biggest app and you're 156 00:10:00,800 --> 00:10:03,600 Speaker 1: thinking about what the next chapter may look like for you. 157 00:10:04,320 --> 00:10:07,600 Speaker 1: Do you know a life after owning your business, then 158 00:10:07,720 --> 00:10:09,840 Speaker 1: you will definitely want to stay with us for the 159 00:10:09,960 --> 00:10:12,960 Speaker 1: entire show today because we will be sharing how business 160 00:10:12,960 --> 00:10:18,480 Speaker 1: owners can prepare for retirement before you sell your privately 161 00:10:18,559 --> 00:10:19,440 Speaker 1: owned business. 162 00:10:20,240 --> 00:10:22,200 Speaker 2: And that reminds me. I released in book. 163 00:10:22,360 --> 00:10:26,920 Speaker 1: It's called The Entrepreneur's Extras Strategy. My partner Ethan Feffer, 164 00:10:27,200 --> 00:10:28,760 Speaker 1: another attorney in our law firm, we. 165 00:10:28,760 --> 00:10:29,600 Speaker 2: Drafted this book. 166 00:10:29,600 --> 00:10:32,840 Speaker 1: It's all about how you think about getting out of 167 00:10:33,080 --> 00:10:36,640 Speaker 1: your business. And I am going ahead and give that 168 00:10:36,720 --> 00:10:38,600 Speaker 1: away this morning. If you give us a call eight 169 00:10:38,679 --> 00:10:41,079 Speaker 1: sixty six Protect again, give us a call eight six 170 00:10:41,080 --> 00:10:42,360 Speaker 1: to six Protect. 171 00:10:42,640 --> 00:10:46,320 Speaker 2: We'd be happy to send that to you. Now. 172 00:10:46,360 --> 00:10:50,640 Speaker 1: This weekend there is a big Freedman's Appliance sale. 173 00:10:50,800 --> 00:10:53,840 Speaker 2: Now, this is a big sale. I've been to these several. 174 00:10:53,559 --> 00:10:56,440 Speaker 1: Times and when you get there, there's plenty of parking 175 00:10:56,480 --> 00:10:59,360 Speaker 1: all around. You're going to want to stop, go inside, 176 00:10:59,360 --> 00:11:01,200 Speaker 1: get yourself a coffee. 177 00:11:01,200 --> 00:11:02,000 Speaker 2: Or a beverage. 178 00:11:02,000 --> 00:11:03,959 Speaker 1: They have food in there, and then come out into 179 00:11:03,960 --> 00:11:06,040 Speaker 1: the parking lot because that's where you find the really 180 00:11:06,080 --> 00:11:09,000 Speaker 1: good deals that their red tag clear and sale. This 181 00:11:09,120 --> 00:11:13,000 Speaker 1: only happens relatively shortly during the year, so take advantage 182 00:11:13,000 --> 00:11:16,240 Speaker 1: of this opportunity. You get factory direct pricing, one of 183 00:11:16,280 --> 00:11:19,000 Speaker 1: a kind opportunities that are just there once and then 184 00:11:19,040 --> 00:11:22,439 Speaker 1: once they're gone, they're gone. They're special pricing on floor 185 00:11:22,480 --> 00:11:26,680 Speaker 1: models and financing and their salespeople. 186 00:11:26,080 --> 00:11:27,560 Speaker 2: That are extremely helpful. 187 00:11:27,600 --> 00:11:30,240 Speaker 1: I've had several experiences where these guys have really turned 188 00:11:30,240 --> 00:11:34,480 Speaker 1: things around for me very quickly and made my party happen. 189 00:11:34,520 --> 00:11:38,920 Speaker 1: Whether you're looking for me La Bosh, electro Lux, LG Maytag, 190 00:11:39,440 --> 00:11:42,480 Speaker 1: you can meet Brian Murphy there. He'll be there March 191 00:11:42,960 --> 00:11:46,120 Speaker 1: twenty ninth from twelve to two and our own Adam 192 00:11:46,160 --> 00:11:51,240 Speaker 1: Copeland Friday from ten to twelve. Go ahead and check 193 00:11:51,240 --> 00:11:54,400 Speaker 1: it out March twenty seventh through the twenty ninth. If 194 00:11:54,480 --> 00:11:59,000 Speaker 1: you're looking for a big purchase like that, Yeah, all. 195 00:11:59,000 --> 00:12:02,400 Speaker 2: Right, visit Freedman's of Alliance and Pleasant Hill again. This 196 00:12:02,440 --> 00:12:03,640 Speaker 2: is their red tag sale. 197 00:12:03,760 --> 00:12:07,120 Speaker 1: It's good through the twenty ninth and you will save 198 00:12:07,280 --> 00:12:14,480 Speaker 1: big on your purchase. Often the business is your largest asset, 199 00:12:14,600 --> 00:12:17,760 Speaker 1: and the decisions you make to sell this asset could 200 00:12:17,760 --> 00:12:22,000 Speaker 1: have some very big financial ramifications after it's all set 201 00:12:22,080 --> 00:12:25,520 Speaker 1: and done. Just walking up one day and wanting to 202 00:12:25,600 --> 00:12:28,839 Speaker 1: sell your business at a moment's notice, well that's probably 203 00:12:28,880 --> 00:12:30,040 Speaker 1: the biggest mistake. 204 00:12:29,720 --> 00:12:30,280 Speaker 2: You could make. 205 00:12:30,960 --> 00:12:34,160 Speaker 1: I recommend that you develop a plan to sell your 206 00:12:34,200 --> 00:12:38,320 Speaker 1: business in place that was constructed by a business attorney 207 00:12:38,480 --> 00:12:41,600 Speaker 1: and hopefully a tax and financial professional. 208 00:12:42,559 --> 00:12:44,280 Speaker 2: How does it start, Well, it starts with. 209 00:12:44,360 --> 00:12:48,720 Speaker 1: Finding out what is your business really worth, not what 210 00:12:48,800 --> 00:12:49,520 Speaker 1: you think it's worth. 211 00:12:49,600 --> 00:12:50,679 Speaker 2: What is it really worth. 212 00:12:50,760 --> 00:12:55,319 Speaker 1: As a general rule, most service industries sell for typically 213 00:12:55,400 --> 00:12:58,559 Speaker 1: two to three times your gross earnings. That would be 214 00:12:58,600 --> 00:13:01,440 Speaker 1: the top and top line and earnings before all your reductions. 215 00:13:02,200 --> 00:13:03,719 Speaker 2: Other businesses well. 216 00:13:04,320 --> 00:13:06,720 Speaker 1: Again depending on your industry, that could sell for more 217 00:13:06,840 --> 00:13:10,560 Speaker 1: or less. But we need to find out starting out 218 00:13:10,559 --> 00:13:14,720 Speaker 1: what is your business worth before you start this process 219 00:13:14,800 --> 00:13:18,000 Speaker 1: of trying to sell it. Once the decision has been 220 00:13:18,040 --> 00:13:20,480 Speaker 1: made to sell your business, you're happy with the price, 221 00:13:21,280 --> 00:13:24,520 Speaker 1: then the first thing that we usually do is we 222 00:13:24,640 --> 00:13:28,640 Speaker 1: help you clean up your books. I recommend that owners 223 00:13:28,760 --> 00:13:33,520 Speaker 1: separate owner specific business expenses such as that cell phone 224 00:13:33,720 --> 00:13:36,440 Speaker 1: or the car the company's paying for, take those out 225 00:13:36,480 --> 00:13:39,679 Speaker 1: of your p and l immediately. With these costs removed, 226 00:13:39,840 --> 00:13:42,000 Speaker 1: you start to get an idea of what your gross 227 00:13:42,000 --> 00:13:44,640 Speaker 1: income is it should increase. That will only help your 228 00:13:44,640 --> 00:13:48,319 Speaker 1: price get bigger, but it also allows you to get 229 00:13:48,360 --> 00:13:53,360 Speaker 1: a better idea of what your retirement expenses might look like. Next, 230 00:13:53,880 --> 00:13:59,840 Speaker 1: consider having the business's finances audited, especially if you do 231 00:13:59,920 --> 00:14:02,679 Speaker 1: that books yourself or have a bookkeeper do it. An 232 00:14:02,720 --> 00:14:05,800 Speaker 1: outside review by an accounting firm gives a buyers more 233 00:14:05,840 --> 00:14:09,880 Speaker 1: confidence in your company's performance, and the accounting firm you 234 00:14:09,960 --> 00:14:13,440 Speaker 1: hire should be able to produce quality reports that any 235 00:14:13,480 --> 00:14:15,800 Speaker 1: buyer will ask for, and then you can have that 236 00:14:16,080 --> 00:14:18,080 Speaker 1: firm to send them directly to these people when they 237 00:14:18,080 --> 00:14:20,440 Speaker 1: ask for it, because they're going to ask for it. 238 00:14:20,440 --> 00:14:23,400 Speaker 1: It's not a full audit, doesn't cost the same as 239 00:14:23,400 --> 00:14:26,640 Speaker 1: a full audit, but it does definitely validate the company's 240 00:14:27,160 --> 00:14:30,880 Speaker 1: reported earnings, and it will identify one time expenses, maybe 241 00:14:30,880 --> 00:14:32,880 Speaker 1: some other adjustments that you had to make over the 242 00:14:32,920 --> 00:14:36,360 Speaker 1: last few years, and again this can hopefully show a 243 00:14:36,400 --> 00:14:40,720 Speaker 1: more profitable business. This gives you an expert to refute 244 00:14:40,720 --> 00:14:43,320 Speaker 1: any concerns that the buyer is going to have during 245 00:14:43,520 --> 00:14:46,320 Speaker 1: their due diligence period once you enter into that letter 246 00:14:46,360 --> 00:14:49,760 Speaker 1: of intent. Without that help, it's kind of like going 247 00:14:49,840 --> 00:14:53,480 Speaker 1: into a gunfight, but you don't have a gun. A 248 00:14:53,520 --> 00:14:57,480 Speaker 1: sophisticated buyer who's approaching you, especially a private equity firm, 249 00:14:57,480 --> 00:14:59,440 Speaker 1: they're going to be asking a lot of questions and 250 00:14:59,480 --> 00:15:02,600 Speaker 1: they're going to have a team that's well prepared that's 251 00:15:02,600 --> 00:15:05,680 Speaker 1: going to go exactly to the points that they're looking for, 252 00:15:05,720 --> 00:15:08,240 Speaker 1: and if you're not prepared, it just means you're going 253 00:15:08,280 --> 00:15:11,560 Speaker 1: to make a lot less money. Remember these teams, these 254 00:15:11,600 --> 00:15:14,520 Speaker 1: private equity buyers that are out there, they're experienced in this, 255 00:15:14,600 --> 00:15:17,000 Speaker 1: and if they're coming after your industry, they know why 256 00:15:17,040 --> 00:15:19,720 Speaker 1: and what they're looking for. And so make sure you 257 00:15:19,840 --> 00:15:22,440 Speaker 1: allocate the time that you're going to need to not 258 00:15:22,480 --> 00:15:26,480 Speaker 1: only get these prepared, but then be ready to negotiate. 259 00:15:25,960 --> 00:15:27,560 Speaker 2: When this all starts to go down. 260 00:15:27,560 --> 00:15:30,080 Speaker 1: You're going to need literally like almost an extra day 261 00:15:30,120 --> 00:15:32,400 Speaker 1: each day just to get through this process. 262 00:15:32,400 --> 00:15:33,160 Speaker 2: It's not easy. 263 00:15:33,640 --> 00:15:37,440 Speaker 1: Selling a business can take anywhere from two months to 264 00:15:37,520 --> 00:15:41,840 Speaker 1: get this five years. Starting early gives you time to 265 00:15:41,920 --> 00:15:44,000 Speaker 1: adjust that could lead to a. 266 00:15:44,000 --> 00:15:44,920 Speaker 2: Better sales price. 267 00:15:45,600 --> 00:15:50,480 Speaker 1: Make sure that you have employee confidential agreements and vendor 268 00:15:50,520 --> 00:15:57,720 Speaker 1: contracts organized and available electronically. Having the right insurance to 269 00:15:57,840 --> 00:16:01,960 Speaker 1: protect the personal assets of the rector and officers in 270 00:16:01,960 --> 00:16:04,560 Speaker 1: a lawsuits also important, and they may want that to 271 00:16:04,600 --> 00:16:07,920 Speaker 1: be what's called a tail where that insurance would continue 272 00:16:07,920 --> 00:16:10,720 Speaker 1: on after the fact. So if you're negotiating those contracts, now, 273 00:16:10,800 --> 00:16:13,120 Speaker 1: if you're asking for those things D and O policies, 274 00:16:13,160 --> 00:16:16,400 Speaker 1: et cetera, see if when you're getting those you can 275 00:16:16,520 --> 00:16:20,240 Speaker 1: actually get a tail provision in them. For those who 276 00:16:20,280 --> 00:16:22,600 Speaker 1: aren't sophisticated in this, it's a lot kind of like 277 00:16:22,680 --> 00:16:25,280 Speaker 1: selling a house. Maybe you've sold houses over the years 278 00:16:25,320 --> 00:16:29,040 Speaker 1: and graduated up to the bigger houses as. 279 00:16:28,920 --> 00:16:31,200 Speaker 2: You've gone through your career. Well, it's sort of like that. 280 00:16:31,760 --> 00:16:34,560 Speaker 1: To get more money, you might have to spruce up 281 00:16:34,600 --> 00:16:37,360 Speaker 1: the bathroom. You have to neutralize the paint colors, even 282 00:16:37,400 --> 00:16:37,960 Speaker 1: though you're. 283 00:16:37,880 --> 00:16:38,680 Speaker 2: Why am I doing that? 284 00:16:38,920 --> 00:16:41,040 Speaker 1: And of course you've got to replace the old flooring 285 00:16:41,120 --> 00:16:43,520 Speaker 1: and appliances. And remember I just talked about Freedman, so 286 00:16:43,560 --> 00:16:46,840 Speaker 1: you got some discounts there. If you're looking for some appliances. 287 00:16:47,160 --> 00:16:50,720 Speaker 1: Just kidding anyway, Do you have the time to get 288 00:16:50,840 --> 00:16:54,600 Speaker 1: all of these things in order. Well, I recommend getting 289 00:16:54,600 --> 00:16:58,000 Speaker 1: all of these things in order before you sell. Is 290 00:16:58,040 --> 00:17:01,080 Speaker 1: that can get you more money for what you've worked 291 00:17:01,120 --> 00:17:04,000 Speaker 1: so hard to build all these years. Don't just make 292 00:17:04,040 --> 00:17:07,320 Speaker 1: it easy. I know that's just typically the mindset, especially 293 00:17:07,320 --> 00:17:09,359 Speaker 1: if you're running a business and you're doing so many things, 294 00:17:09,359 --> 00:17:11,320 Speaker 1: you're always just making decisions and moving on. 295 00:17:11,840 --> 00:17:13,040 Speaker 2: This is not one of those things. 296 00:17:13,119 --> 00:17:14,960 Speaker 1: This is one of the biggest decisions you're going to 297 00:17:15,080 --> 00:17:19,640 Speaker 1: make in your life, and once you sell it, it's 298 00:17:19,680 --> 00:17:21,880 Speaker 1: going to be a lot of new changes for you. 299 00:17:21,960 --> 00:17:23,800 Speaker 1: So the other thing you have to think about is 300 00:17:23,840 --> 00:17:26,640 Speaker 1: when you do sell it, typically you're going to get 301 00:17:26,640 --> 00:17:30,840 Speaker 1: a big chunk of change of income that then you 302 00:17:30,920 --> 00:17:33,560 Speaker 1: have to turn in. 303 00:17:32,680 --> 00:17:35,080 Speaker 2: To lifetime income. 304 00:17:35,160 --> 00:17:36,439 Speaker 1: So you're going to get a big chunk and then 305 00:17:36,480 --> 00:17:39,160 Speaker 1: you have to turn that into lifetime income, and then 306 00:17:39,160 --> 00:17:39,639 Speaker 1: how many. 307 00:17:39,520 --> 00:17:41,200 Speaker 2: More years are you potentially going to live. 308 00:17:41,320 --> 00:17:44,160 Speaker 1: That's a big question, and you got to make sure 309 00:17:44,240 --> 00:17:47,040 Speaker 1: that it will pay you each and every month until 310 00:17:47,080 --> 00:17:50,560 Speaker 1: you pass away, especially if you've got a nice buyout. 311 00:17:50,600 --> 00:17:53,639 Speaker 1: I can't tell you how many athletes, how many business owners, 312 00:17:53,720 --> 00:17:57,680 Speaker 1: how many wealthy people I've worked with that blow this 313 00:17:57,920 --> 00:18:00,840 Speaker 1: one decision, and that is you get a big chunk 314 00:18:00,880 --> 00:18:03,160 Speaker 1: of money and then you've got to convert it into 315 00:18:03,560 --> 00:18:07,240 Speaker 1: twenty thirty years of income for the rest of your life. 316 00:18:07,359 --> 00:18:09,080 Speaker 1: You can make some really. 317 00:18:09,480 --> 00:18:11,119 Speaker 2: Bad decisions at that moment. 318 00:18:11,200 --> 00:18:15,720 Speaker 1: Why is that, Well, for a lot of you, it's 319 00:18:15,800 --> 00:18:17,840 Speaker 1: like this, You've never really had a lot of money 320 00:18:17,840 --> 00:18:18,280 Speaker 1: in your life. 321 00:18:18,320 --> 00:18:20,679 Speaker 2: You've worked so hard every single day just to get to. 322 00:18:20,680 --> 00:18:22,119 Speaker 1: Where you are, and now all of a sudden, you 323 00:18:22,200 --> 00:18:24,600 Speaker 1: have a lot of money and you don't really know 324 00:18:24,640 --> 00:18:27,800 Speaker 1: how to spend it. You've never been educated on that 325 00:18:28,000 --> 00:18:31,000 Speaker 1: because you just haven't. It's just not something you're aware of, 326 00:18:31,040 --> 00:18:33,359 Speaker 1: and so you make bad decisions by going on buying 327 00:18:33,359 --> 00:18:35,679 Speaker 1: big houses, or buying big pieces of real estate that 328 00:18:35,720 --> 00:18:39,040 Speaker 1: you think are income producing, or buying big fancy cars, 329 00:18:39,119 --> 00:18:39,879 Speaker 1: all these things. 330 00:18:40,440 --> 00:18:41,040 Speaker 2: I get it. 331 00:18:41,080 --> 00:18:45,000 Speaker 1: I've seen this over and over and over again. We 332 00:18:45,119 --> 00:18:48,640 Speaker 1: deal with these situations regularly, and it doesn't matter who 333 00:18:48,680 --> 00:18:51,840 Speaker 1: you are, how smart you are, you make these bad 334 00:18:51,880 --> 00:18:56,920 Speaker 1: decisions over and over again. On our team, we have 335 00:18:57,080 --> 00:18:59,400 Speaker 1: a corporate attorney who's been doing this for over thirty 336 00:18:59,480 --> 00:19:03,480 Speaker 1: years of We've got a team of accountants, financial planners, 337 00:19:03,560 --> 00:19:05,760 Speaker 1: and we've got experience because we've been doing this for 338 00:19:05,760 --> 00:19:08,840 Speaker 1: over thirty years. We've seen these things, so we can 339 00:19:08,960 --> 00:19:14,480 Speaker 1: help you in writing map out your future before you 340 00:19:14,560 --> 00:19:17,840 Speaker 1: go to sell it. So if you're a private business 341 00:19:17,840 --> 00:19:21,520 Speaker 1: owner and you're thinking of selling, don't just approach the 342 00:19:21,600 --> 00:19:23,800 Speaker 1: banker and think that they've got it all laid out 343 00:19:23,800 --> 00:19:26,199 Speaker 1: for you. You need to develop that plan. You need to 344 00:19:26,200 --> 00:19:28,159 Speaker 1: develop what are the next steps and how are we 345 00:19:28,200 --> 00:19:30,440 Speaker 1: going to actually spend this money, what do the taxes 346 00:19:30,520 --> 00:19:33,600 Speaker 1: look like? And what can I do as opposed to 347 00:19:33,680 --> 00:19:35,480 Speaker 1: just the big number. That's how you have to start 348 00:19:35,480 --> 00:19:36,159 Speaker 1: thinking about this. 349 00:19:36,320 --> 00:19:39,920 Speaker 2: So if you haven't done that, then the first thing 350 00:19:39,960 --> 00:19:40,359 Speaker 2: you can. 351 00:19:40,240 --> 00:19:43,200 Speaker 1: Do is get a copy of my book, The Entrepreneur's 352 00:19:43,280 --> 00:19:45,239 Speaker 1: Exit Strategy. I'm going to go ahead and give that 353 00:19:45,280 --> 00:19:47,919 Speaker 1: to you this morning. It was written by myself and 354 00:19:48,000 --> 00:19:52,040 Speaker 1: Ethan Feffer, an attorney on my in our firm who's 355 00:19:52,080 --> 00:19:54,320 Speaker 1: done many many of these types of deals. We in 356 00:19:54,400 --> 00:19:57,439 Speaker 1: there lay out our experience, all the steps that you 357 00:19:57,480 --> 00:19:59,760 Speaker 1: want to start thinking about before you get into this. 358 00:20:00,000 --> 00:20:02,119 Speaker 1: Go ahead and give that to you right now. But 359 00:20:02,160 --> 00:20:04,040 Speaker 1: I'm going to need you to call this number eight 360 00:20:04,240 --> 00:20:07,680 Speaker 1: six six protect again the number you dial to get 361 00:20:07,720 --> 00:20:13,360 Speaker 1: your free copy of my book electronically, The Entrepreneur's Exit Strategy. 362 00:20:13,400 --> 00:20:14,680 Speaker 2: It is, by the way, available on. 363 00:20:14,640 --> 00:20:18,800 Speaker 1: Amazon, So if you type in The Entrepreneur's Exit Strategy 364 00:20:18,960 --> 00:20:22,040 Speaker 1: in Amazon, you can find it there and certainly can 365 00:20:22,080 --> 00:20:23,520 Speaker 1: buy it. But I'm happy to send it to you 366 00:20:23,920 --> 00:20:27,320 Speaker 1: electronically for you right now call us eight six six 367 00:20:28,119 --> 00:20:31,520 Speaker 1: seven seven six eight three two eight you can speak 368 00:20:31,520 --> 00:20:34,119 Speaker 1: with a member of my team. We'll go ahead and 369 00:20:34,200 --> 00:20:38,200 Speaker 1: send you that book complimentary eight sixty six Protect. And 370 00:20:38,359 --> 00:20:41,399 Speaker 1: if you'd like to start a conversation about this topic, 371 00:20:41,800 --> 00:20:44,840 Speaker 1: how you might think about again, if you're getting a 372 00:20:44,840 --> 00:20:47,560 Speaker 1: big chunk of money, maybe you have an inheritance, maybe 373 00:20:47,560 --> 00:20:50,400 Speaker 1: you're just signing a big deal with a major sports team, 374 00:20:50,440 --> 00:20:53,520 Speaker 1: all these things I've seen. Give me a call. We're 375 00:20:53,520 --> 00:20:55,600 Speaker 1: happy to walk you through how we would approach this. 376 00:20:56,320 --> 00:20:59,840 Speaker 1: Call my team right now, they're answering the phone this morning, 377 00:21:00,240 --> 00:21:03,600 Speaker 1: Dylan and Zach give him a call eight six six 378 00:21:03,800 --> 00:21:09,240 Speaker 1: Protect again eight sixty six Protect to start the next 379 00:21:09,560 --> 00:21:12,080 Speaker 1: journey of how you're going to live off of this 380 00:21:12,160 --> 00:21:14,479 Speaker 1: money for the rest of your life. Coming up next, 381 00:21:14,920 --> 00:21:19,240 Speaker 1: it's time for our popular they say. Segment where we 382 00:21:19,359 --> 00:21:24,280 Speaker 1: will share how to price your business. Even if you 383 00:21:24,400 --> 00:21:27,879 Speaker 1: don't intend on selling the company, you should have a 384 00:21:27,920 --> 00:21:31,840 Speaker 1: concrete idea on what it could be worth. Because remember, 385 00:21:32,119 --> 00:21:34,480 Speaker 1: if you pass away, that asset will pass on to 386 00:21:34,560 --> 00:21:38,880 Speaker 1: your family and the tax man will come. Then we'll 387 00:21:38,920 --> 00:21:42,760 Speaker 1: share how taxes are factored into your retirement plans for 388 00:21:42,800 --> 00:21:46,320 Speaker 1: your closely held businesses. So much more useful information is 389 00:21:46,359 --> 00:21:48,360 Speaker 1: coming your way right here. 390 00:21:48,160 --> 00:21:59,879 Speaker 2: On Protect your Assets. Stay with us. 391 00:21:54,960 --> 00:22:02,320 Speaker 3: And take the step toward reaching your financial goals and 392 00:22:02,359 --> 00:22:05,560 Speaker 3: get the information that can help you live a confident retirement. 393 00:22:05,640 --> 00:22:09,119 Speaker 3: That first step is going to byaevents dot com and 394 00:22:09,240 --> 00:22:14,920 Speaker 3: signing up for our next free event. That's Pyaevents dot Com. 395 00:22:14,960 --> 00:22:18,680 Speaker 3: Now back to Protect your Assets with David Hollander, The Sandman. 396 00:22:22,880 --> 00:22:23,600 Speaker 2: Welcome back. 397 00:22:23,840 --> 00:22:26,879 Speaker 1: I am David Hollander, also known as the Sandman, and 398 00:22:26,920 --> 00:22:29,520 Speaker 1: you are listening to Protect your Assets this morning. And 399 00:22:29,520 --> 00:22:32,560 Speaker 1: if you own a business, or even if you're getting 400 00:22:32,600 --> 00:22:36,359 Speaker 1: a large sum of money, maybe you're thinking about converting 401 00:22:36,520 --> 00:22:38,359 Speaker 1: that business into. 402 00:22:38,119 --> 00:22:40,320 Speaker 2: Cash for the rest of your life. 403 00:22:40,520 --> 00:22:43,560 Speaker 1: Then you're definitely gonna want to listen to today's show as 404 00:22:43,600 --> 00:22:47,439 Speaker 1: we talk about how business owners can prepare for retirement 405 00:22:47,520 --> 00:22:52,280 Speaker 1: before they sell their privately owned businesses, and so that 406 00:22:52,320 --> 00:22:54,000 Speaker 1: reminds me of taxes are on your mind. 407 00:22:54,080 --> 00:22:54,560 Speaker 2: After all. 408 00:22:54,600 --> 00:22:57,920 Speaker 1: April fifteenth is just around the corner. We are doing 409 00:22:58,040 --> 00:23:01,040 Speaker 1: our tax Smart Retirement work shop. This is where we 410 00:23:01,080 --> 00:23:03,760 Speaker 1: get into all the new things that we're doing this 411 00:23:03,880 --> 00:23:07,359 Speaker 1: year to reduce the amount of taxes you pay on 412 00:23:07,480 --> 00:23:10,320 Speaker 1: income that you're earning, particularly in retirement where it's so 413 00:23:10,359 --> 00:23:11,240 Speaker 1: important to hang on. 414 00:23:11,200 --> 00:23:12,480 Speaker 2: To every dollar that you make. 415 00:23:13,240 --> 00:23:16,399 Speaker 1: If you'd like to find out more about that, you 416 00:23:16,400 --> 00:23:20,280 Speaker 1: can go to our website Libertygroup LLC dot com. 417 00:23:21,000 --> 00:23:22,800 Speaker 2: Libertygroupllc dot com. 418 00:23:22,880 --> 00:23:28,199 Speaker 1: We will be at trader Vix this coming Thursday, and 419 00:23:28,440 --> 00:23:31,360 Speaker 1: there are seats available. You want to go to libertygroupllc 420 00:23:31,480 --> 00:23:34,199 Speaker 1: dot com, click on the events tab and when you 421 00:23:34,240 --> 00:23:38,080 Speaker 1: get there, you can click the blue register button and 422 00:23:38,160 --> 00:23:40,240 Speaker 1: you can sign up right there. Even if there is 423 00:23:40,320 --> 00:23:42,200 Speaker 1: a waiting list, I encourage you to go ahead and 424 00:23:42,280 --> 00:23:44,800 Speaker 1: do that because we will call you if seats open up. 425 00:23:44,880 --> 00:23:50,640 Speaker 1: So again Thursday, Trader Vix in Emoryville, and if you've 426 00:23:50,680 --> 00:23:54,680 Speaker 1: ever wondered what it takes to drive on a real racetrack, 427 00:23:55,200 --> 00:23:58,960 Speaker 1: you might enjoy an event that we're hosting called from 428 00:23:59,080 --> 00:24:03,400 Speaker 1: Showroom to Raceway. It is happening June sixth in Los 429 00:24:03,480 --> 00:24:07,920 Speaker 1: Gatos with Stevens Creek Porsche. You'll see an incredible new 430 00:24:08,040 --> 00:24:10,760 Speaker 1: line of vehicles up close. This includes the new nine 431 00:24:10,840 --> 00:24:13,320 Speaker 1: nine to two Cup Porsche model which will be at 432 00:24:13,320 --> 00:24:16,520 Speaker 1: the Long Beach Grand Prix. There's also a Formula three 433 00:24:16,680 --> 00:24:20,400 Speaker 1: race car, and we'll talk about how drivers get access 434 00:24:20,440 --> 00:24:23,800 Speaker 1: to these kind of cars at Sonoma Raceway. Plus, we'll 435 00:24:23,800 --> 00:24:27,920 Speaker 1: have a curated food truck, drinks, and special guest Aaron Jensen, 436 00:24:28,320 --> 00:24:31,280 Speaker 1: who is the twenty twenty five Portscha Carrera Cup winner. 437 00:24:31,680 --> 00:24:34,840 Speaker 1: He'll be there to answer your questions as well. If 438 00:24:34,840 --> 00:24:36,399 Speaker 1: you'd like to come to these events, give us a 439 00:24:36,400 --> 00:24:41,240 Speaker 1: call eight six six Protect eight six six Protect. 440 00:24:41,440 --> 00:24:42,440 Speaker 2: Now it's time. 441 00:24:42,280 --> 00:24:44,600 Speaker 1: From one of our fan favorite parts of our show. 442 00:24:45,000 --> 00:24:48,280 Speaker 1: This is our They Say segment where we debunk common 443 00:24:48,359 --> 00:24:53,160 Speaker 1: miss half truce and sometimes just bad advice that they. 444 00:24:53,040 --> 00:24:58,040 Speaker 2: Say, Who are they? What do they know that I don't? 445 00:24:58,280 --> 00:25:01,680 Speaker 3: And what are they saying this week? Here's David Hollander, 446 00:25:01,800 --> 00:25:03,160 Speaker 3: the Sandman's answer. 447 00:25:06,640 --> 00:25:08,280 Speaker 2: All right, So here's one. 448 00:25:08,560 --> 00:25:13,919 Speaker 1: They say that your business should be priced based on 449 00:25:14,080 --> 00:25:15,399 Speaker 1: the income. 450 00:25:15,280 --> 00:25:17,560 Speaker 2: That it earns. Is that all there is to it? 451 00:25:17,840 --> 00:25:23,280 Speaker 1: No, definitely not realize that people use different methods to 452 00:25:23,400 --> 00:25:27,159 Speaker 1: price your company. So one way is to compare the 453 00:25:27,280 --> 00:25:31,320 Speaker 1: values of publicly traded companies that are like your privately 454 00:25:31,359 --> 00:25:35,800 Speaker 1: held business. Another way is to look at the acquisitions 455 00:25:35,840 --> 00:25:40,080 Speaker 1: of similar companies with publicly disclosed prices. And a third 456 00:25:40,160 --> 00:25:44,560 Speaker 1: method is a discounted cash flow analysis. And what this 457 00:25:44,640 --> 00:25:48,359 Speaker 1: does is forecast the value of the purchase based on 458 00:25:48,480 --> 00:25:52,639 Speaker 1: the anticipated future cash flows. The longer you've been in 459 00:25:52,680 --> 00:25:56,080 Speaker 1: business and the more predictable the future cash flow can 460 00:25:56,119 --> 00:26:00,960 Speaker 1: be estimated, well, the higher your purchase price should be. 461 00:26:01,800 --> 00:26:05,640 Speaker 1: Like we were discussing earlier, buyers generally base what they're 462 00:26:05,680 --> 00:26:12,760 Speaker 1: willing to pay on a multiple of the earnings before interest, taxes, depreciation, amortization. 463 00:26:13,240 --> 00:26:14,639 Speaker 2: This is known as EBITDA. 464 00:26:14,840 --> 00:26:17,720 Speaker 1: We hear that quite a bit, and that is one 465 00:26:17,760 --> 00:26:20,160 Speaker 1: way that you can come up with a value of 466 00:26:20,200 --> 00:26:23,040 Speaker 1: your business. What are some other important things that you 467 00:26:23,119 --> 00:26:28,880 Speaker 1: need to know? Well, strong fundamentals like loyal customers, better margins, Well, 468 00:26:28,960 --> 00:26:33,320 Speaker 1: these typically do receive higher multiples. The sale of your 469 00:26:33,359 --> 00:26:38,560 Speaker 1: business could have some hefty tax implications for you as well. 470 00:26:39,359 --> 00:26:43,280 Speaker 1: Most small businesses organize as they pass through entity such 471 00:26:43,320 --> 00:26:46,280 Speaker 1: as an S corp, or maybe you're an LLC as 472 00:26:46,320 --> 00:26:48,200 Speaker 1: you know, as you're getting ready for you just did 473 00:26:48,240 --> 00:26:51,879 Speaker 1: file your S corporation tax or your LLC tax return. 474 00:26:52,440 --> 00:26:55,119 Speaker 1: Those will push through to your individual return, which is 475 00:26:55,160 --> 00:26:59,240 Speaker 1: due April fifteenth. Earnings pass on to you as the owner, 476 00:26:59,320 --> 00:27:02,280 Speaker 1: and then you declare those on your individual tax return. 477 00:27:02,840 --> 00:27:06,040 Speaker 1: If you're a C corporation, well then you're going to 478 00:27:06,119 --> 00:27:10,080 Speaker 1: pay taxes at the corporate level before any earnings are 479 00:27:10,119 --> 00:27:13,000 Speaker 1: passed on to you or other shareholders. 480 00:27:13,840 --> 00:27:16,080 Speaker 2: The proceeds from a sale. 481 00:27:15,800 --> 00:27:18,920 Speaker 1: Of a pass through entity are only taxed once when 482 00:27:18,920 --> 00:27:22,920 Speaker 1: owners pay their personal federal income taxes, rather than if 483 00:27:22,960 --> 00:27:25,080 Speaker 1: you have the Sea Corp. You could be looking at 484 00:27:25,320 --> 00:27:28,200 Speaker 1: two times, because once for the Sea Corp and then 485 00:27:28,200 --> 00:27:33,240 Speaker 1: the other one for your individual level of those share proceeds. 486 00:27:33,800 --> 00:27:36,840 Speaker 1: And this all depends on the transaction structure, of course, 487 00:27:36,880 --> 00:27:39,200 Speaker 1: so you really got to pay attention to how you 488 00:27:39,320 --> 00:27:43,560 Speaker 1: put that structure together before you again enter into one 489 00:27:43,560 --> 00:27:46,000 Speaker 1: of these kind of transactions. So you can model that, 490 00:27:46,720 --> 00:27:50,440 Speaker 1: and that's a good idea that can make the pass 491 00:27:50,480 --> 00:27:53,439 Speaker 1: through entity potentially more advantageous for you. 492 00:27:53,520 --> 00:27:54,320 Speaker 2: If you're a. 493 00:27:54,160 --> 00:27:59,760 Speaker 1: Small, small, healdly close business in general, you may want 494 00:27:59,800 --> 00:28:02,960 Speaker 1: to structure the deal so that more of the proceeds 495 00:28:02,960 --> 00:28:06,639 Speaker 1: are taxed as long term capital gains. As you know, 496 00:28:06,800 --> 00:28:09,760 Speaker 1: right now, the top federal tax rate for long term 497 00:28:09,800 --> 00:28:13,360 Speaker 1: capital gains is twenty percent, and if the proceeds are 498 00:28:13,400 --> 00:28:17,000 Speaker 1: taxed as ordinary income, well that federal tax rate could 499 00:28:17,040 --> 00:28:19,720 Speaker 1: be as high as thirty seven percent. It's a big difference. 500 00:28:20,480 --> 00:28:24,520 Speaker 1: But don't forget in California, they're going to take a big. 501 00:28:24,640 --> 00:28:27,679 Speaker 2: Bite of that apple as well, depending on the sale price. 502 00:28:27,760 --> 00:28:31,760 Speaker 1: And right now, California will tax you up to fourteen 503 00:28:32,200 --> 00:28:36,000 Speaker 1: and a half percent on any long term capital gain 504 00:28:36,960 --> 00:28:40,240 Speaker 1: that's above a certain limit. Medicare will also hit you 505 00:28:40,280 --> 00:28:43,280 Speaker 1: with a three point eight percent tax, so you could 506 00:28:43,280 --> 00:28:46,800 Speaker 1: be looking as much as forty percent total taxation when 507 00:28:46,840 --> 00:28:50,160 Speaker 1: you're looking at federal and state taxes on the sale 508 00:28:50,320 --> 00:28:54,760 Speaker 1: of that business. So the form of the payout can 509 00:28:55,120 --> 00:28:58,280 Speaker 1: also vary depending on who your buyer is. For instance, 510 00:28:58,320 --> 00:29:02,760 Speaker 1: buyers could offer all, gosh, this puts little risk on you, 511 00:29:02,840 --> 00:29:04,160 Speaker 1: so you may want to look. 512 00:29:04,040 --> 00:29:04,760 Speaker 2: At a deal like that. 513 00:29:06,040 --> 00:29:08,440 Speaker 1: If a private equity firm is the buyer, you're more 514 00:29:08,600 --> 00:29:11,440 Speaker 1: likely to get some cash up front as well as 515 00:29:11,480 --> 00:29:15,520 Speaker 1: some rollover equity i e. Stock in the new company. 516 00:29:15,600 --> 00:29:19,000 Speaker 1: What this does is puts more risk on you, as 517 00:29:19,040 --> 00:29:23,040 Speaker 1: your future will depend on the new company's viability and performance, 518 00:29:23,720 --> 00:29:26,520 Speaker 1: and you're going to be losing control, so get ready 519 00:29:26,600 --> 00:29:29,760 Speaker 1: for that. You know you don't have to work with 520 00:29:29,840 --> 00:29:32,720 Speaker 1: the law firm either that the buyer recommends you use 521 00:29:32,760 --> 00:29:35,920 Speaker 1: in this type of transactions. Attorneys, fees and these sort 522 00:29:35,920 --> 00:29:38,480 Speaker 1: of things. On a thirty million dollars say plus sale 523 00:29:38,720 --> 00:29:41,840 Speaker 1: could be up to eight hundred thousand dollars. We have 524 00:29:42,120 --> 00:29:44,600 Speaker 1: people on our team who are experiencing these types of 525 00:29:44,680 --> 00:29:47,280 Speaker 1: deals and can help you with the full package, not 526 00:29:47,440 --> 00:29:48,959 Speaker 1: just making the deal happen. 527 00:29:49,720 --> 00:29:51,680 Speaker 2: Call me right now and get a second. 528 00:29:51,480 --> 00:29:55,480 Speaker 1: Opinion before you make an irrevocable decision that you might 529 00:29:55,560 --> 00:29:58,960 Speaker 1: later regret. And number is eight six six Protect. We'll 530 00:29:58,960 --> 00:30:00,920 Speaker 1: go ahead and send you a copy. 531 00:30:01,000 --> 00:30:01,600 Speaker 2: Of our book. 532 00:30:01,600 --> 00:30:05,520 Speaker 1: It's called The Entrepreneur's Exit Strategy, and it will walk 533 00:30:05,560 --> 00:30:07,960 Speaker 1: you through these decisions that are coming your way. Eight 534 00:30:08,080 --> 00:30:11,080 Speaker 1: six six seven seven six eight three two eight. 535 00:30:11,160 --> 00:30:11,840 Speaker 2: Call us right now. 536 00:30:11,840 --> 00:30:14,040 Speaker 1: We'll go ahead and send this out to you right now. 537 00:30:14,880 --> 00:30:18,280 Speaker 1: Call us eight sixty six protect eight sixty six seven 538 00:30:18,400 --> 00:30:20,760 Speaker 1: seven six eight three two eight and get a copy 539 00:30:20,880 --> 00:30:24,680 Speaker 1: of that book. Moving on will be a lot easier 540 00:30:25,120 --> 00:30:29,000 Speaker 1: if you know how you'll spend your time after the sale. 541 00:30:29,160 --> 00:30:30,400 Speaker 1: Keep it tuned right here. 542 00:30:30,600 --> 00:30:31,520 Speaker 2: We'll be right back. 543 00:30:35,280 --> 00:30:39,440 Speaker 3: Times are changing, some would say they've already changed. And 544 00:30:39,560 --> 00:30:43,640 Speaker 3: how do you actually protect your assets? David Hollanders Protect 545 00:30:43,680 --> 00:30:47,800 Speaker 3: your Assets events focus on common financial concerns that individuals 546 00:30:47,800 --> 00:30:50,760 Speaker 3: and families face into retirement, things like how to prepare 547 00:30:50,800 --> 00:30:54,480 Speaker 3: for unexpected medical expenses and ways to create income to 548 00:30:54,480 --> 00:30:57,960 Speaker 3: help support your desired lifestyle. Join us at our next 549 00:30:58,000 --> 00:31:00,920 Speaker 3: free event to learn how addressing the these concerns can 550 00:31:00,960 --> 00:31:03,640 Speaker 3: help you feel more confident about the days ahead and 551 00:31:03,760 --> 00:31:07,080 Speaker 3: help you sleep better at night. Just go to pyaevents 552 00:31:07,160 --> 00:31:11,400 Speaker 3: dot com and reserve your seat today. That's pyaevents dot 553 00:31:11,440 --> 00:31:13,840 Speaker 3: com and sign up or join the wait list today 554 00:31:14,160 --> 00:31:18,920 Speaker 3: pyaightevents dot Com. Now back to Protect your Assets with 555 00:31:19,120 --> 00:31:20,640 Speaker 3: David Hollander The Sandman. 556 00:31:24,160 --> 00:31:24,800 Speaker 2: Welcome back. 557 00:31:24,880 --> 00:31:28,000 Speaker 1: I'm David Hollander, also known as the Sandman, and you 558 00:31:28,040 --> 00:31:32,240 Speaker 1: are listening this morning to Protect your Assets. And isn't 559 00:31:32,400 --> 00:31:35,320 Speaker 1: that name Protect your Assets so relevant right now? 560 00:31:35,400 --> 00:31:37,280 Speaker 2: When we have weeks like we just had. 561 00:31:37,360 --> 00:31:40,440 Speaker 1: Markets are down, things are so crazy in the world, 562 00:31:41,160 --> 00:31:43,960 Speaker 1: and today we are talking about how you would exit 563 00:31:43,960 --> 00:31:46,480 Speaker 1: out of one of the largest assets you probably own, 564 00:31:46,560 --> 00:31:47,800 Speaker 1: your small business. 565 00:31:48,320 --> 00:31:49,320 Speaker 2: And that reminds me too. 566 00:31:49,360 --> 00:31:52,640 Speaker 1: If you're thinking about a big purchase like redoing your kitchen, 567 00:31:53,360 --> 00:31:56,080 Speaker 1: then you're certainly gonna want to find out how to 568 00:31:56,080 --> 00:31:56,760 Speaker 1: save some money. 569 00:31:56,800 --> 00:31:57,880 Speaker 2: And so Friedman's right. 570 00:31:57,800 --> 00:32:01,760 Speaker 1: Now is having a big red Tag sale March twenty 571 00:32:01,760 --> 00:32:04,200 Speaker 1: seventh through the twenty ninth. This will be at their 572 00:32:04,240 --> 00:32:08,240 Speaker 1: Pleasant Hill store. They're red Tag, clear and sale. I've 573 00:32:08,240 --> 00:32:11,280 Speaker 1: been to several of these. They have food, they have drinks. 574 00:32:11,360 --> 00:32:13,960 Speaker 1: It's just a lot of fun. You can take advantage 575 00:32:14,000 --> 00:32:17,360 Speaker 1: of factory direct pricing, one of a kind opportunities. Literally, 576 00:32:17,440 --> 00:32:19,360 Speaker 1: these will be sitting out in the parking lot. I 577 00:32:19,360 --> 00:32:21,920 Speaker 1: bought my barbecue there last year. We had a real 578 00:32:22,000 --> 00:32:25,200 Speaker 1: nice one. There's special pricing on floor models. There is 579 00:32:25,360 --> 00:32:29,240 Speaker 1: financing talk about saving some money and save on new 580 00:32:29,280 --> 00:32:33,800 Speaker 1: appliances from me, La Bosh, Electrolux, LG, Maytag. Their salespeople 581 00:32:33,880 --> 00:32:38,040 Speaker 1: are super friendly, very knowledgeable, very helpful, and I highly 582 00:32:38,080 --> 00:32:41,040 Speaker 1: recommend them. You can meet Brian Murphy there. He'll be 583 00:32:41,080 --> 00:32:45,000 Speaker 1: there March twenty ninth from twelve to two and our 584 00:32:45,040 --> 00:32:50,240 Speaker 1: own Adam Copeland Friday from ten to twelve go ahead 585 00:32:50,320 --> 00:32:53,240 Speaker 1: and check it out March twenty seventh through the twenty ninth. 586 00:32:53,720 --> 00:32:56,640 Speaker 1: If you're looking for a big purchase like that, and 587 00:32:57,040 --> 00:33:01,040 Speaker 1: if you are a car enthusiast, I'm hosting a special 588 00:33:01,080 --> 00:33:05,160 Speaker 1: event June sixth. It's called from Showroom. It's a raceway 589 00:33:06,080 --> 00:33:08,640 Speaker 1: and this will be at the brand new, beautiful Porsche 590 00:33:08,680 --> 00:33:10,880 Speaker 1: Brand Meeting Center in low S Gattus. If we haven't 591 00:33:10,920 --> 00:33:13,480 Speaker 1: seen this, it's it's quite something. It's going to be 592 00:33:13,520 --> 00:33:17,840 Speaker 1: an afternoon celebrating higher performance automobiles and the world of. 593 00:33:17,760 --> 00:33:18,920 Speaker 2: Getting on the track. 594 00:33:19,560 --> 00:33:21,520 Speaker 1: You're driving around right now, you want to get your 595 00:33:21,520 --> 00:33:23,600 Speaker 1: car out on the track. We'll find out how you 596 00:33:23,760 --> 00:33:27,240 Speaker 1: do that. We will have the Turn two Drivers Club 597 00:33:27,240 --> 00:33:29,719 Speaker 1: there and we'll be having some actual professional race car 598 00:33:29,800 --> 00:33:32,200 Speaker 1: drivers who are driving right now in the Porsche Cup. 599 00:33:32,760 --> 00:33:35,560 Speaker 1: We'll also have a Formula three race car on display, 600 00:33:35,760 --> 00:33:40,360 Speaker 1: and we're going to have some other exciting people show up. 601 00:33:40,400 --> 00:33:42,840 Speaker 1: So reserver or spot right now call us eight six 602 00:33:43,000 --> 00:33:47,200 Speaker 1: six protect again eight six six Protect. And if you're 603 00:33:47,240 --> 00:33:50,200 Speaker 1: just joining us and you own your own business, selling 604 00:33:50,320 --> 00:33:53,600 Speaker 1: it could be one of the biggest decisions of your life. 605 00:33:53,640 --> 00:33:56,920 Speaker 1: So today we've been discussing how business owners can prepare 606 00:33:57,400 --> 00:34:01,240 Speaker 1: for retirement before they sell theirly owned business. And that 607 00:34:01,360 --> 00:34:05,320 Speaker 1: reminds me again. We're giving away our book, The Entrepreneur's 608 00:34:05,400 --> 00:34:09,200 Speaker 1: Exit Strategy. If you'd like a copy hold. On a second, 609 00:34:09,200 --> 00:34:11,880 Speaker 1: I'll give you the number getting a big chunk of money. Well, 610 00:34:11,880 --> 00:34:14,160 Speaker 1: this can change your life in so many ways. 611 00:34:14,200 --> 00:34:14,759 Speaker 2: I've seen it. 612 00:34:14,760 --> 00:34:18,520 Speaker 1: Whether you're an athlete, whether you're a business owner, whether 613 00:34:18,520 --> 00:34:21,200 Speaker 1: you inherited money or even won the lottery. I've talked 614 00:34:21,200 --> 00:34:24,080 Speaker 1: to all these people. Most people think it makes your 615 00:34:24,120 --> 00:34:27,719 Speaker 1: life easier. Well, let me tell you it doesn't like 616 00:34:27,880 --> 00:34:31,239 Speaker 1: a great quarterback signing a fifty million dollar deal. You 617 00:34:31,280 --> 00:34:33,160 Speaker 1: can make a lot of bad mistakes, but just in 618 00:34:33,280 --> 00:34:35,480 Speaker 1: so many times I've seen it, it doesn't have to 619 00:34:35,480 --> 00:34:37,720 Speaker 1: be that way. Many of our clients come from humble 620 00:34:37,760 --> 00:34:41,040 Speaker 1: beginnings that didn't include fame or fortune, and selling a 621 00:34:41,080 --> 00:34:44,680 Speaker 1: business can be like the grieving process. Most of my 622 00:34:44,800 --> 00:34:49,120 Speaker 1: clients have built their businesses up with blood, sweat, tears, debt, 623 00:34:49,239 --> 00:34:52,719 Speaker 1: you name it. It's not easy to let go, but 624 00:34:52,920 --> 00:34:55,960 Speaker 1: moving on maybe a lot easier if you know how 625 00:34:56,040 --> 00:34:59,160 Speaker 1: you'll fill your time and spend your hard earned savings 626 00:34:59,640 --> 00:35:00,880 Speaker 1: once you make that decision. 627 00:35:01,160 --> 00:35:03,000 Speaker 2: Some of my clients. They wait a few. 628 00:35:02,920 --> 00:35:07,160 Speaker 1: Years before starting another business. Some continue to work for 629 00:35:07,320 --> 00:35:11,399 Speaker 1: the very same company that they sold. They're an employee, 630 00:35:12,080 --> 00:35:14,360 Speaker 1: they could be an independent consultant for a set period 631 00:35:14,400 --> 00:35:17,560 Speaker 1: of time after the sale of the business's final If 632 00:35:17,600 --> 00:35:20,920 Speaker 1: that is your plan, then I recommend you those details 633 00:35:21,000 --> 00:35:25,279 Speaker 1: out in writing during the negotiations. Keep in mind though 634 00:35:25,320 --> 00:35:29,000 Speaker 1: it could be hard to watch someone else make decisions 635 00:35:29,040 --> 00:35:30,799 Speaker 1: for your company. I was talking to a business owner 636 00:35:30,920 --> 00:35:33,360 Speaker 1: yesterday and he was telling me how he loves marketing 637 00:35:33,400 --> 00:35:35,120 Speaker 1: and how he wanted to do all these events. And 638 00:35:35,480 --> 00:35:37,440 Speaker 1: of course he would tell the purchaser, I want to 639 00:35:37,440 --> 00:35:38,719 Speaker 1: do this, that or the other thing, but then it 640 00:35:38,760 --> 00:35:41,480 Speaker 1: takes so much time for them to say yes or 641 00:35:41,520 --> 00:35:44,080 Speaker 1: no that then the time and the opportunity has gone by. 642 00:35:44,200 --> 00:35:46,560 Speaker 1: So these are the kind of things that can happen. 643 00:35:47,200 --> 00:35:51,200 Speaker 1: So I'd recommend writing down what you see your self 644 00:35:51,320 --> 00:35:53,480 Speaker 1: doing in the next phase. 645 00:35:53,600 --> 00:35:55,880 Speaker 2: Call it your best life. How will you live that? 646 00:35:56,040 --> 00:35:57,879 Speaker 2: How will you write that out? Write it out, think 647 00:35:57,920 --> 00:35:58,359 Speaker 2: about it. 648 00:35:58,920 --> 00:36:02,240 Speaker 1: Owning and running your business identifies you and this could 649 00:36:02,239 --> 00:36:05,879 Speaker 1: help you help others, which doesn't necessarily have to mean 650 00:36:05,920 --> 00:36:10,800 Speaker 1: you're compensated financially for that. Sometimes doing things pro bono 651 00:36:11,120 --> 00:36:15,360 Speaker 1: gives you a different kind of satisfaction. I highly recommend 652 00:36:15,440 --> 00:36:20,279 Speaker 1: you map out a strategy to maximize the amount you 653 00:36:20,360 --> 00:36:23,399 Speaker 1: could get if you were to sell your business. Then 654 00:36:23,480 --> 00:36:29,080 Speaker 1: take that amount and after tax, simulate your lifestyle. Where 655 00:36:29,080 --> 00:36:31,839 Speaker 1: will you live, Why are you going to live there? 656 00:36:32,719 --> 00:36:35,759 Speaker 1: Where will the income come from each and every month. 657 00:36:35,840 --> 00:36:40,440 Speaker 1: That's key to sustain that lifestyle. Is it reliable that 658 00:36:40,600 --> 00:36:43,480 Speaker 1: source of income? So map it out, look at it, 659 00:36:43,560 --> 00:36:45,759 Speaker 1: think about it, talk to people like us who've been 660 00:36:45,760 --> 00:36:48,640 Speaker 1: doing this for over thirty years, and. 661 00:36:48,560 --> 00:36:49,719 Speaker 2: Then execute it. 662 00:36:50,040 --> 00:36:53,680 Speaker 1: Call us eight six' Six. Protect pick up the, phone 663 00:36:53,760 --> 00:36:55,919 Speaker 1: talk to member of my. Team ask for the. Book 664 00:36:55,960 --> 00:36:57,799 Speaker 1: we've been giving that away this. Morning this is our 665 00:36:57,840 --> 00:37:01,400 Speaker 1: brand new. Book it's Called the Entreprene Exit. Strategy this 666 00:37:01,520 --> 00:37:04,160 Speaker 1: was written by myself And Ethan, feffer who's an m 667 00:37:04,200 --> 00:37:04,440 Speaker 1: and a. 668 00:37:04,400 --> 00:37:05,640 Speaker 2: Attorney he's been doing this for. 669 00:37:05,719 --> 00:37:09,759 Speaker 1: Years we've got lots of helpful tips in there for. You, 670 00:37:09,920 --> 00:37:12,160 Speaker 1: again pick up the, phone get a copy of this. 671 00:37:12,239 --> 00:37:16,440 Speaker 1: Book eight six Six protect like to give a big 672 00:37:16,560 --> 00:37:19,920 Speaker 1: thanks to The protect Your assets team for putting together 673 00:37:20,040 --> 00:37:24,160 Speaker 1: a fun show, Today executive, producer network Manager Kevin, renfer 674 00:37:24,719 --> 00:37:28,120 Speaker 1: because without my, Team i'm just another pretty voice on the. 675 00:37:28,239 --> 00:37:31,319 Speaker 1: Radio thanks again everybody you have been listening to The 676 00:37:31,360 --> 00:37:35,320 Speaker 1: Protect Your Asset. SHOW i Am David hollander The. Sandman 677 00:37:35,760 --> 00:37:40,440 Speaker 1: go out and make the rest of your life the 678 00:37:40,520 --> 00:37:41,200 Speaker 1: best of your. 679 00:37:41,239 --> 00:37:47,000 Speaker 3: Life investment advisory services are offered Through Liberty Wealth, management 680 00:37:47,040 --> 00:37:51,080 Speaker 3: a registered investment. Advisor this podcast is for informational purposes 681 00:37:51,080 --> 00:37:53,440 Speaker 3: only and should not be relied upon as a basis 682 00:37:53,440 --> 00:37:56,480 Speaker 3: for investment. Decisions the strategies to mention are not suitable for. 683 00:37:56,520 --> 00:37:59,680 Speaker 3: Everyone the information express does not considered your specific situation 684 00:37:59,800 --> 00:38:02,360 Speaker 3: or objectives and may not be appropriate for all. Investors 685 00:38:02,440 --> 00:38:05,279 Speaker 3: past performance is not indicative of future. Results to better 686 00:38:05,360 --> 00:38:08,280 Speaker 3: understand the risk associated with investing and how it reacts 687 00:38:08,280 --> 00:38:11,080 Speaker 3: to different market, conditions listeners should always consult with their 688 00:38:11,120 --> 00:38:13,880 Speaker 3: qualified investment, professionals financial, advisors. 689 00:38:13,520 --> 00:38:15,560 Speaker 2: Legal or tax specialists and conduct. 690 00:38:15,200 --> 00:38:18,560 Speaker 3: Their due diligence before making any financial decisions or taking any. 691 00:38:18,600 --> 00:38:20,799 Speaker 3: Action the legal information provided on the air is not 692 00:38:20,840 --> 00:38:23,640 Speaker 3: intended substitute for callers hiring their lawyers to advise them 693 00:38:23,680 --> 00:38:27,480 Speaker 3: about personal legal. Matters investments involve, risk, and unless otherwise, 694 00:38:27,480 --> 00:38:30,480 Speaker 3: stated are not. Guaranteed Liberty, GROUP llc paid for the 695 00:38:30,520 --> 00:38:32,960 Speaker 3: following program and the host views and opinions do not 696 00:38:33,040 --> 00:38:35,960 Speaker 3: represent those of the station or its. Ownership California Life 697 00:38:36,000 --> 00:38:39,200 Speaker 3: agent number zero four eight five sixty. Nine persons engaging 698 00:38:39,239 --> 00:38:42,360 Speaker 3: the services of one affiliate Of Liberty GROUP llc companies 699 00:38:42,360 --> 00:38:45,560 Speaker 3: should be aware that each company is operated. Separately you 700 00:38:45,640 --> 00:38:48,240 Speaker 3: are listening to The Protect Your Assets Radio. 701 00:38:48,320 --> 00:38:48,680 Speaker 2: Network