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Highlights Of An Article From A Podcast With Marcelino Dodge
The following information is an excerpt from podcast video with Marcelino Dodge of Cash Tracks Financial Inc. and Genaro Cardaropoli of Harness CPAs, recorded on August 12, 2021.
“Today we’re discussing about buying and selling a business. But anything that comes up that we’ve discussed in the past or we discussed today, you’re certainly welcome to email me at success@cashtrackfinancial.com. Or give us a call which is 844-394-4287 You can schedule a free mutual exploration session to see if our services are what you need to help you to be doing better financially, either in your business, or even personally, we provide those services and you can schedule your appointment directly actually at cashtracksfinancial.com and the homepage you just scroll a little bit, click on Schedule on appointment. And we can do that through video conference. Just so you can be comfortable and we can have a nice way to serve everyone across the country and be able to help you out especially tax wise.
Now as I mentioned about earlier, we’re talking about buying and selling a business today. Now, it seems like kind of odd with all the strange things going on. But people are still buying and selling businesses but there are some cautions you got to have especially tax wise, which is why we’re going to talk about today the tax challenges and headaches of buying and selling a business. And to do so I invited Genaro Cardaropoli today a CPA with 12 years’ experience in public accounting in large and small firms. He’s now the owner of Hartness CPAs, offering tax and consulting services in the Fox Valley. He’s from Wisconsin, and has a master’s in Professional Accountancy from the UW Whitewater.
Great, it’s having Genaro here with He’s also worked as a lead tax specialist with the National Association of tax professionals, which also in our line of business is known as just NATP which I’m also a member of myself. And that’s how I met Genaro and met a lot of fine tax professionals that I’m having on this program. And it’s just great to be able to share and expand not only my own knowledge, but then help you as a listener do this. And also he’s worked as a senior tax associate at Grant Thornton where he actually began his public accounting career and oversaw and reviewed engagement in large companies, with businesses and all 50 of the United of the US states. And that’s, that’s great experience. They’re wonderful experience and technical knowledge and tax law and incorporates this into his own advisory services that he offers to people and individuals here.
So I just want to extend a big, warm welcome to today. Genaro, its fabulous having you on the program.
Genaro: Thank you so much Marcelino, it’s a pleasure being here. It’s a pleasure being here in front of the audience. And to be able to extend the knowledge that I’ve learned throughout many listeners in right now. Because there’s no there’s one thing that’s common with accounting and tax is that it’s clear as mud. And it’s, it’s always helpful to be able to it’s always enriching to be able to help explain it in simple terms for people to understand to make informed and wise decisions and what they’re doing. And in this case buying and selling a business.
Marcelino: Yes, which is one of the reasons why I wanted to start doing this program is to just help individual people, because I’ve noticed a lot of podcasts in direct more to professionals, and at least the ones I found anyway, but I really want to help a lot of individuals, I always, and I’m sure you do the same thing. Just try to get things clearly explained how people make the best tax decisions. So as we jump into it now, how do I know as a person on the street looking to buy a business or even sell it? How do I know what the value of my business is there?
Genaro: That’s a great question. And oftentimes that actually starts the lead of a lot of inquiries, whether you’re buying or selling a business, because if you’re selling you want to know what you can get paid from that it’s all your sweat equity that’s poured into the business over years, that at the final sale, you’re Look into to obtain or get back from. On the buying end, of course, you want to make sure you’re not overpaying. And hopefully, you know, sometimes people try to look for a good deal on a business. But, you know, but the value is, is ultimately based in a lot of sense on cash flow that you’re looking at from the business. So like the first thing, oftentimes, I get a lot of inquiries that I hear about rules of thumbs.
So the first thing I always want to talk about are the rules of thumb, because that’s very practical. And that’s what people will often first times here. So for example, someone might look to a bar restaurant and sale, I’ve heard that it’s 40% of sales plus inventory or something like that. And, or, in case of an accounting practice, I’ve heard it’s one times gross sales, something that you probably heard several times Marcelino, right? Yes, yeah. And so the problem with that, with these rules of thumb are easy ways to it to calculate a value is that they ignore a lot of important factors about business, similar to real estate, the location is a big factor.”
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Lamar, CO 81052
(719) 336-8739
Latitude: 38.0893034081825
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