103. Structuring Business for Tax Efficiency and Succession Planning: Part 3 with Stuart Sorkin

Your Business Your Life

Welcome to this third and final installment of our educational series on structuring business for tax efficiencies. In the previous sessions, we covered the complexities of C Corporations, including their benefits, drawbacks, and scenarios where they might be appropriate.

In this episode, Matt and Stuart Sorkin, a seasoned attorney, CPA, and founder of Business and Legal Advisors, LLC, focus on Buy-Sel Agreements highlighting their importance and addressing common misconceptions.

This topic is especially beneficial for business owners working with partners, employees, or family members who are shareholders as they learn a few practical strategies to help protect against unexpected events that could shake up ownership or create challenges for the business.

Matt and Stuart also talk about:

(01.29) Is succession planning the antithesis of a business owner’s strengths?

(02:03) What is the Monte Carlo Analysis?

(04:41) The question that will help you define your true business value

(12:45) Why should business owners have Buy-Sell Agreements?

(15:54) Why Stuart is a big proponent of always having a reverse offer

(22:55) The agreement that Stuart missed which led to 7 years of litigation

(29:51) Two types of insurance business owners must always consider

(31:14) The issue with third-party financing

(33:12) The one requirement to ensure growth and maximize the value of your business

(33:58) Why it is crucial to build a team to help plan for your business’s future

Connect With Stuart Sorkin

Website: https://businessandlegaladvisors.com/

Personal Website: https://stuartsorkin.com/

Phone: [phone]

Email: [e-mail]

LinkedIn: https://www.linkedin.com/in/stuart-sorkin-84a528/

Schedule a call with Stuart: https://calendly.com/stuart-sorkin

Connect With Matt DiFrancesco:

[e-mail]

[phone]

LinkedIn: Matt DiFrancesco

LinkedIn: High Lift Financial

Facebook: High Lift Financial

Instagram: @high_lift_financial

Youtube: @highliftfinancial

About the guest:

Stuart H. Sorkin is the founder of Business and Legal Advisors, a firm that assists small and mid-size businesses with growth strategies.

With over 40 years of experience as an entrepreneur, CPA, and attorney, he specializes in business entity formation, mergers and acquisitions, tax and estate planning, and asset protection.

He co-authored Expensive Mistakes When Buying & Selling Companies…and How to Avoid Them in Your Deals and has been featured in publications like the Wall Street Journal and USA Today.

Stuart also serves on the Board of Trustees for the Jack R. Anderson Charitable Foundation. He holds a B.S.B.A. in Accounting and Finance, a law degree, and an LL.M. in taxation.

Disclaimer:

All information is obtained from sources deemed reliable, but not guaranteed. No tax or legal advice is given nor intended. Content provided herein or on our website should not be construed as an offer for investment advice or for securities, insurance, or other investment products. Investments involve the risk of loss and are not guaranteed. Consult a qualified legal, tax, accounting, or financial professional before implementing any investments or strategy discussed here.

High Lift Financial is a DBA for DiFrancesco Financial Concierge, LLC. Investment advisory services are provided through Cornerstone Planning Group, LLC, an independent advisory firm registered with the Securities and Exchange Commission.