The Accountant Advantage Every Small Business Misses
VIDEO TRANSCRIPTION – The Accountant Advantage Every Small Business Misses. Hi, I’m Steven D. Cooper, also known as Coach Coop, your tax strategist, with Coopers Accounting Service, because your financial freedom matters.
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Working on a deal with a client and in this deal one can look at this as a deal that comes from the heavens because it’s going to be a lifetime deal where this guy in the second generation sons have made some bad choices.
And one son is more business minded than the other son. Here’s the problem with this. The other son who’s not business minded is the one who’s making all the bad decisions. So they are getting ready to sell this business to one of my clients, and it’s just basically taking over the payments.
The assets, which is pretty much two to three million dollars.They’re just giving it away because they stop, won’t they want to stop making the monthly payments. So I’m telling them that you need four people on your team. First one, business broker.
The business broker, this is the person that writes up the legal agreement that benefits both sides. It benefits the buyer and it benefits the seller. Each party knows what they’re going to be doing and what they’re not going to be doing.
The lender. The lender is also primarily a banker. This person is going to design which loan works best for you. With this client, a conventional loan does not work for them. A line of credit
loan works for them because they only want to pull down the money that they need.
So they may not need all the money. Obviously your accountant. Your accountant is the person that’s going to be responsible for drafting up the tax returns and drafting up the financial statements depending upon the terms of what the lender wants to see.
The conduit. The conduit is the person who makes the everything flows. So that person talks to the business broker. That person is also talking to the clients. That person is also talking to the lender. That person brings everything together.
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