Business acquisitions are primarily seen as a way for aspiring entrepreneurs to purchase their own companies without having to start from scratch. However, did you know that a lot of established business owners will also acquire other additional companies to further expand their existing product lines and resources? In this episode, Gene Marks and Joey Korenman, the Founder of School of Motion and Co-Founder of Rolo, discuss the benefits of business acquisitions and how to negotiate the terms of your next acquisition deal so that you can take your small business to the next level. Podcast K ..read more

Key Podcast Highlights The Corporate Transparency Act was established a couple years ago, under a bill passed by Congress. It’s being administered by the Financial Crimes Enforcement Network (FinCEN). Under this Act, businesses are being required to report all of their beneficial owners of their company and any other entities that they own. This is being required because FinCEN is looking for potential bad actors that might be owners in U.S. companies. This requirement is more about security than finances. What Are Recent Updates on the Corporate Transparency Act? A few weeks ago, a federal ..read more

Are you having a difficult time deciding on a business structure? You’re not the only one. While having a formal business structure can provide you with significant legal protection and save you a lot in taxes, figuring out which one is most suitable for your small business can be a real challenge. In this episode, Gene Marks along with Christina Lewellen, a PhD, CPA and associate professor of accounting at NC State University, and Nathan Goldman, a CPA, PhD and also an associate professor of accounting at NC State University, discuss the different factors you need to consider when choosing t ..read more

They say that all it takes to build a successful startup is just one brilliant idea. However, while it’s great to have a clear vision for your company, it’s important not to be so tied down to your original plan that you ignore the valuable feedback that your client base and potential collaborators are providing you. In this episode, Gene Marks and Tom Bachant, the founder and CEO of Unthread, discuss how Tom used the needs of his target audience to help guide the development of his early startups and how aspiring entrepreneurs can use this strategy to achieve similar long-term success. Pod ..read more

Key Podcast Highlights What Two Cash Flow Reports Should You Use Regularly? 1. Cash disbursements by vendor: You should sort this report from highest down to lowest, which basically means you’ll look at all of the cash disbursements that you are spending with your vendors. 2. Cash receipts by customers: This report helps you understand who your best customers are. Transcript The views and opinions expressed on this podcast are for informational purposes only, and solely those of the podcast participants, contributors, and guests, and do not constitute an endorsement by or necessarily represen ..read more

Hiring a marketing agency can be one of the smartest decisions that a small business owner can make, both in terms of boosting their brand visibility and growing their client base. Unfortunately, there are many business owners that sabotage their success by entering the collaboration process with a negative mindset or unrealistic expectations. So, what can you do to get the most out of this professional relationship? In this episode, Gene Marks and Valerie Tyson, CEO of the Unrivaled Group, discuss how small business owners can set themselves up for success when working with a marketing agenc ..read more

Key Podcast Highlights What Is the New Mandate Impacting Businesses in the United States? There’s a new mandate where you have to report to the federal government this year, the beneficial owners of your business. This mandate is coming from the Financial Crimes Enforcement Network, or FinCEN, which is part of the Treasury Department. The new rule is impacting most businesses in the United States, so you’ll likely have to file whether you’re a corporation, S corporation, partnership, etc. Under this rule, you’ll need to report any stockholders that own 25% or more of your company. However, it ..read more

Key Podcast Highlights What Is Shrinkflation? Shrinkflation is where you sell something for the same price but you sell a little bit less of it. Some of the largest brands in the country are doing this right now. One example of this strategy would be selling two meatballs with a pasta dinner instead of three but for the same price as before. Why Use Shrinkflation? Companies choose this cash management strategy because it can help maintain margins. You first need to look at all your products and services that you’re delivering and then ask yourself if it’s possible to deliver a little bit le ..read more

Key Podcast Highlights Does Anger Produce Improved Results? A recent study found that anger is more effective than positivity when it came to a coach’s halftime speech. Researchers at the University of California Berkeley’s Haas School of Business, analyzed hundreds of halftime speeches and final scores from high school and college basketball games. They found that players seemed to perform better after a harsh, more negative halftime speech from the coach. Should You Use Anger in Your Small Business With Your Employees? Anger should be used very rarely in a small business. If you’re not an ..read more

Key Podcast Highlights What Do Small Business Owners Need to Know About AI? What is AI? AI is the ability for software to understand the world around it and interpret it into data, so it can act. Generative AI, means you’re asking an AI model a question to do something and it gives you a response back. ChatGPT is an example. Large language models (LLMs), are databases with information that are tagged and structured in a way that you can ask it questions and train it to start giving you predicted outcomes. OpenAI is an example of this. Having an AI policy is important for your business. As AI ..read more