April 30, 2023

The Economy and Economics

1 hour 3 minutes

Andy and Jessica welcome you to another episode of The Deal Board Podcast. This week they are talking about the economy and economics, a certainly prevalent topic in 2023. Howard Yaruss and Barry Sloane accompany Andy and Jessica in today's episode. Howard is a professor at NYU, author of Understandable Economics: Because Understanding Our Economy Is Easier Than You Think and More Important Than You Know (among others), and is addressing the economy while sharing his expertise in business brokerage and M&A business as well. Barry Sloane, President and CEO of Newtek Business Services Corp., talks about the economy and the newest expansion of Newtek.

Key takeaways:

[3:47] Howard Yaruss discusses understandable economics for buying and selling businesses.

[5:12] Howard explains where to start approaching economics.

[6:48] What is happening to the economy and interest rates?

[8:15] What is the goal of raising interest rates?

[10:30] How much could goods and services increase?

[11:37] Howard explains the influence of the relationship with China.

[13:58] Economics is more art than science.

[15:30] If you are a business owner, what are the critical economic principles you need to run or sell your business?

[20:01] Howard foresees the near future for small business owners.

[24:41] The lack of understanding of economics causes a lot of frustration and it enables politicians to exploit that ignorance.

[27:09] The internet offers a playing field that differs radically from what used to be.

[28:10] Deal of the week: James Lascano (West Florida) closed a great deal in home health care. The seller was an immigrant who started with nothing and ended by selling a multimillion-dollar business. Buyers were ready, and the seller was greatly organized with super clean books. The business was sold for $5.6 million.

[37:48] Barry Sloan (Newtek).

[38:56] Barry explains what Newtek does and the recent purchase of a bank.

[41:48] What opportunities are lying within today's economic environment?

[45:24] How has the economic reality translated to small businesses?

[49:00] Barry explains why Newtek covers it all.

[50:17] Barry shares what he thinks will be the economic atmosphere by the end of 2023.

[56:00] Deal of the week: Patrick Bombardiere (Colorado) sold a kitchen and bathroom remodeling business whose owner also invented a customizable shower base (both businesses run together). A good deal for good people!

Mentioned in this Episode:

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Email Howard Yaruss at [email protected]

Email James Lascano at [email protected] (727) 217- 5559

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