In this episode, host Nick explores the critical decisions involved in starting or buying a business. He discusses the importance of having not only the technical skills but also the management expertise needed to run a successful business. Nick covers various pathways to business ownership, including launching a new venture, buying a franchise, or acquiring an existing business. He emphasizes the need for a well-thought-out plan that includes financial projections, understanding industry trends, and thorough due diligence. Nick also offers cautionary advice on potential pitfalls and stresses the importance of leveraging seller financing for protection. Tune in for valuable insights on navigating the journey to business ownership, and don’t forget to subscribe for a chance to win a monthly Visa gift card!

Episode Breakdown:

02:33 Sponsors and Acknowledgements

03:40 Deciding to Start or Buy a Business

04:16 Skills Needed for Business Success

05:20 Financial Planning and Projections

10:26 Exploring Franchise Opportunities

13:35 Buying an Existing Business

18:55 Location and Retail Considerations

20:48 Seller Financing and Leverage

The E-myth revisited: why most small businesses don’t work and what to do about it.

By: Michale E Gerber

https://www.amazon.com/s?k=the+e-+myth+revisited&i=stripbooks&hvadid=598729291625&hvdev=c&hvlocphy=9192016&hvnetw=g&hvqmt=e&hvrand=15219399904089217627&hvtargid=kwd-4013693505&hydadcr=22561_13531225&tag=googhydr-20&ref=pd_sl_3qzh5bci5c_e

Special Thanks to Our Sponsors: Steer CRM and Auto Shop Answers

Steer CRM helps auto repair shops attract new customers and keep existing ones coming back for regular maintenance and service. Discover more at steercrm.com.

Auto Shop Answers is an industry-leading automotive shop training program led by Todd Hayes, COO of Adams Automotive in Houston. Learn more at autoshopanswers.com.

Connect with Papakyrikos, CPA: The GPS to Your Business Success

• Visit us online: www.papakyrikoscpa.com
• Email us: [email protected]

In this episode, host Nick dives into the implications of the upcoming 2024 U.S. elections for businesses. The podcast focuses on tax policies proposed by presidential candidates and their parties, explaining how these changes could affect various business models, including pass-through entities and C corporations. Key topics include income tax rates, capital gains taxes, estate taxes, and the potential impact of proposed changes to tax legislation. The episode also stresses the importance of voting in the upcoming election and understanding the long-term consequences of tax policy changes on business growth and the economy.

Show Notes:

01:56 - Explore how previous tax policies have influenced today's business landscape.

02:21 - What’s at stake in the 2024 elections?

02:42 - Why your vote is crucial for the future of your business.

03:21 - Meet your host, Nick.

04:32 - A message from our sponsors.

06:05 - The intersection of electoral outcomes and business regulations.

07:07 - Key tax laws that could impact your bottom line.

09:27 - Potential changes to individual tax rates and their implications for business owners.

14:08 - Insights into proposed changes for C corporations.

15:30 - Discussing the impact of changes to capital gains taxation.

18:12 - Implications for business succession planning.

19:45 - A closer look at this proposed tax and its effects.

21:02 - How judicial decisions could shape future tax legislation.

Special Thanks to Our Sponsors: Steer CRM and Auto Shop Answers

Steer CRM helps auto repair shops attract new customers and keep existing ones coming back for regular maintenance and service. Discover more at steercrm.com.

Auto Shop Answers is an industry-leading automotive shop training program led by Todd Hayes, COO of Adams Automotive in Houston. Learn more at autoshopanswers.com.

Connect with Papakyrikos, CPA: The GPS to Your Business Success

• Visit us online: www.papakyrikoscpa.com
• Email us: [email protected]

In this episode of the GPS to Your Business Success podcast, host Nick invites listeners to reassess their core financial beliefs for a more fulfilling life. Drawing inspiration from Bill Perkins' book Die With Zero, the episode emphasizes the value of investing in experiences over simply accumulating wealth. Nick shares strategies for finding balance between personal enjoyment and financial obligations, including family and charitable planning. By prioritizing lasting memories and thoughtful resource allocation, listeners are encouraged to optimize their lives at every stage, from the 'go-go years' to the 'no-go years.'

Episode Breakdown:

00:46 - Meet Your Host and Our Mission

01:25 - Disclaimer and Sponsor Acknowledgments

04:32 - The Concept of Living Life Fully

05:36 - Introducing Die With Zero by Bill Perkins

06:31 - Personal Stories and Reflections

11:15 - Balancing Work and Life

12:57 - The Philosophy of Die With Zero

13:19 - Calculating Your Financial Needs

14:24 - Insurance and Medical Expenses

16:15 - Spending Money in Different Life Stages

17:06 - Creating and Fulfilling Your Bucket List

17:54 - Supporting Your Children and Grandchildren

20:37 - The Importance of Planning Your Legacy

21:49 - Giving to Charity During Your Lifetime

23:10 - Balancing Boldness and Caution

24:00 - Final Thoughts and Reflections

Special Thanks to Our Sponsors: Steer CRM and Auto Shop Answers

Steer CRM helps auto repair shops attract new customers and keep existing ones coming back for regular maintenance and service. Discover more at steercrm.com.

Auto Shop Answers is an industry-leading automotive shop training program led by Todd Hayes, COO of Adams Automotive in Houston. Learn more at autoshopanswers.com.

FinCEN website: finCEN.gov/boi

Connect with Papakyrikos, CPA: The GPS to Your Business Success

• Visit us online: www.papakyrikoscpa.com
• Email us: [email protected]

In this episode of the GPS to Your Business Success podcast, host Nick Papakyrikos, CPA, dives deep into the new Corporate Transparency Act (CTA) and its filing requirements with the federal government. This legislation affects a wide range of business entities, including corporations and limited liability companies, mandating the submission of beneficial ownership information to avoid hefty daily penalties.

Nick offers a comprehensive overview of who is required to file, which entities are impacted, the potential penalties for non-compliance, and essential steps to fulfill these new reporting obligations. He emphasizes the critical importance of understanding and adhering to these regulations to prevent costly missteps.

00:00 Introduction to the Podcast

00:26 Overview of the Corporate Transparency Act

01:02 Meet Your Host: Nick Papakyrikos

02:13 Sponsor Acknowledgements

03:44 Detailed Insights on New Filing Requirements

05:29 Real-Life Analogy: The Speeding Ticket

06:49 The Importance of Compliance and Potential Consequences

10:47 Who Must File and What Information is Required

16:31 Exemptions and Special Cases Explained

20:07 Filing Deadlines and Key Takeaways

24:45 Conclusion and Additional Resources

Special Thanks to Our Sponsors: Steer CRM and Auto Shop Answers

Steer CRM helps auto repair shops attract new customers and keep existing ones coming back for regular maintenance and service. Discover more at steercrm.com.

Auto Shop Answers is an industry-leading automotive shop training program led by Todd Hayes, COO of Adams Automotive in Houston. Learn more at autoshopanswers.com.

FinCEN website: finCEN.gov/boi

Connect with Papakyrikos, CPA: The GPS to Your Business Success

• Visit us online: www.papakyrikoscpa.com
• Email us: [email protected]

In this week’s episode of the GPS to Your Business Success podcast, we dive into the implications of relocating your business or residence, inspired by the classic song from Eric Burdon and the Animals, “We Gotta Get Out of This Place!” Join host Nick Papakyrikos, as he explores the challenges faced by residents in high-tax states like CA, MI, NJ, and NY. Learn about the importance of establishing a new domicile, the necessary documentation to support your move, and how to navigate the complexities of state residency requirements.

As we unpack these topics, we’ll provide practical insights to help you assess whether a change of residency could benefit your financial situation. Whether you're considering a move for tax reasons or a lifestyle change, this episode offers valuable guidance to help you make informed decisions. Tune in to discover how to steer your business and financial goals back on track!

00:00 Introduction and Podcast Overview

01:18 The Impact of State Income Taxes

02:06 Meet your Host: Nick Papakyrikos

03:21 Sponsor Message

06:17 Understanding Residency Changes

08:11 Proving Your Residency Change

13:12 Common Mistakes and How to Avoid Them

18:15 Using Technology to Track Residency

25:30 Conclusion and Final Thoughts

Special Thanks to Our Sponsors: Steer CRM and Auto Shop Answers

Steer CRM helps auto repair shops attract new customers and keep existing ones coming back for regular maintenance and service. Discover more at steercrm.com.

Auto Shop Answers is an industry-leading automotive shop training program led by Todd Hayes, COO of Adams Automotive in Houston. Learn more at autoshopanswers.com.

Connect with Papakyrikos, CPA: The GPS to Your Business Success

• Visit us online: www.papakyrikoscpa.com
• Email us: [email protected]

In this inaugural episode of the GPS to Your Business Success, host Nick Papakyrikos reveals how business owners can legally avoid Federal Capital Gains Tax when selling their company by leveraging specific tax code provisions. Nick delves into the essential strategies for planning ahead, explains the intricate rules and requirements for qualifying, and outlines the advantages of structuring your business as a C Corporation.

You'll gain valuable insights into long-term financial planning, the distinct roles of various types of corporations, and how to maximize potential tax savings at the state level. Whether you're just starting out or considering selling your business, this episode provides crucial information to help you navigate the complexities of business sales and tax planning.

Key Moments:

• 00:00 – Introduction to Tax-Free Business Sales
• 00:14 – Decoding the Tax Code Provisions
• 01:31 – Meet Your Host and Learn About His Firm
• 02:19 – Important Legal Disclaimer and Sponsor Message
• 03:23 – In-Depth Look at Qualified Small Business Stock
• 05:17 – Eligibility and Requirements for Tax-Free Gains
• 08:47 – C Corporation vs. S Corporation: What’s the Difference?
• 10:40 – Strategic Advantages of C Corporations
• 15:43 – Considerations for State-Specific Tax Savings
• 17:25 – Final Thoughts and Conclusion

Special Thanks to Our Sponsor: Steer CRM

Steer CRM helps auto repair shops attract new customers and keep existing ones coming back for regular maintenance and service. Discover more at steercrm.com.

Connect with Papakyrikos, CPA: The GPS to Your Business Success

• Visit us online: www.papakyrikoscpa.com
• Email us: [email protected]