Belk on Business

Hiring Your Children – Belk on Business – Episode 198 1) Complete all normal employment paperwork 2) Wage must be reasonable and comparable to other employees or others doing the same work 3) If your LLC is taxed as a disregarded entity or is a multimember LLC owned by the parents, no FICA if under 18 and your child and no FUTA if under 21 4) If Corporation, S Corporation or LLC taxed as a corporation, can set up management company owned by parent (sole proprietor or SMLLC) – pay legitimate management fee then pay child 5) Child must be paid through payroll as a W-2 employee. No federal income tax up to standard deduction ($14,600 in 2024). State withholding amount will depend on state's exemption amount. Federal and state tax returns generally should be filed 6) The work performed by the child must be related to the business. Separate work and personal jobs 7) Can fund IRA or Roth IRA up to the lesser of earned income or $7,000 (2024) 8) Federal law generally permits children to work for businesses entirely owned by their parents, except mining, manufacturing, and any other occupation the Secretary of Labor has declared to be hazardous 9) Some states have age restrictions on top of the federal law, so check the specific labor laws in your state. States will have a minimum age for employment, what type of work is prohibited and what hours are permitted for work that cover both during school time and non-school time. Subscribe on these platforms: Apple Podcast: https://apple.co/2Zp6hgj Spotify: https://lnkd.in/gcWDnFZ Stitcher: https://bit.ly/34aRgO2 YouTube: https://youtu.be/t0QcKT44v5Q

The Augusta Rule – Belk on Business – Episode 197 The Augusta Rule (IRS Section 280A) allows homeowners to rent out their primary residence as a vacation or short-term rental or rent to a business for up to 14 days per year without needing to pay tax on the rents collected. There are compliance components be able to use the rule: 1) The residence must be rented for 14 days or less during the calendar year. If rented for more than 15 days, all the rental income becomes taxable. 2) The rental amount must be reasonable – fair market value / fair rental amount. 3) Your home cannot be your primary place of business (cannot use the home office deduction and the Augusta Rule). 4) If renting to your business your business must have the right structure (cannot be a sole-proprietor or single member LLC that reports on Schedule C). Entity must be taxed as a partnership or corporation. 5) There must be a true business purpose for the rental home such as business meetings, planning or strategy sessions, recording/marketing purposes, masterminds, etc. 6) Must have substantiation of the business relationship which would include a rental contract, invoice, meeting minutes, photos, invitations, agenda, emails, etc. 7) A 1099-MISC must be issued to you personally from the business if the rents exceed $600 during the year. 8) This rule can also apply to employees or shareholders of a corporation if covered under an accountable plan. Subscribe on these platforms: Apple Podcast: https://apple.co/2Zp6hgj Spotify: https://lnkd.in/gcWDnFZ Stitcher: https://bit.ly/34aRgO2 YouTube: https://youtu.be/1jGdh5z4cL4

2024 Year-end Tax Planning – Belk on Business – Episode 196 Topics: - EV credit - 401k contribution limits - IRA contribution limits - HSA contribution limits - Gift tax - Foreign income exclusion - BOI reporting - Entity structure, documents, implementation - asset protection and taxation impact - Basis in entity and tax implications - Active vs passive investments - Loss limitations - STR vs SFR - Real estate professional status - Accredited investor status - Depreciation Subscribe on these platforms: Apple Podcast: https://apple.co/2Zp6hgj Spotify: https://lnkd.in/gcWDnFZ Stitcher: https://bit.ly/34aRgO2 YouTube: https://youtu.be/wYMhWdqM3gM

Handling Disagreements – Belk on Business – Episode 195 We put processes to many things in our lives from making meals, doing laundry, scheduling, workflows in our business, product or service development. Etc. and having a process for handling disagreements can be a process as well. Unlike many areas we do put a process, handling disagreements can be hyper-emotional as we tend to stray from foundational principles or even those “core values” we ascribe to. Those values can become aspirational and any time a core value is aspirational, our ability to be inspirational, or to make an impact, diminishes. Determine beforehand if the conversation falls in my purview and is there any merit in having the conversation. Points to consider when handling disagreements: 1) Ask yourself: “Am I willing to sacrifice a relationship over being right?” What is preeminent, the relationship or my ego? Address the problem, the policy, the process without attacking the person. 2) Allow for a space of grace both for you and the person. Take time to develop a proper response or if a response is needed at all. Take the necessary to respond when necessary and not react out of emotion 3) Try to understand more deeply the situation and see the issue from the other person's point of view 4) Find the merits in their point of view and be humble enough to admit when you're wrong or lack the knowledge or understanding on the issue or their point of view 5) Ask good, clarifying questions to understand their point of view, not to corner them into your point of view. Try to restate their point of view in a manner that you both understand and ask if the restatement is accurate. 6) Beware of phrasing or using a tone that would make your opinion come across as fact. Use facts liberally and opinions scarcely. 7) Always be kind, even when being firm. Use of personal attacks or using condescending language generally comes from a place of either arrogance, insecurity or a lack of self-awareness 8) Lead with humility or humbly walk away. Finding common ground always requires humility, a willingness to listen, a wIllingness to compromise. Subscribe on these platforms: Apple Podcast: https://apple.co/2Zp6hgj Spotify: https://lnkd.in/gcWDnFZ Stitcher: https://bit.ly/34aRgO2 YouTube: https://youtu.be/_PSRN8NskkA

Mindset for Tax and Business Planning – Belk on Business – Episode 194 - The planning process shouldn't be in a vacuum - All planning should begin with keeping the mission and purpose as preeminent - The tax system is built to get taxpayers to act in certain ways by rewarding and punishing certain behaviors - Don't blindly follow what others are selling or doing when it comes to planning. - Ask if the plannings help protect the business financially, legally and culturally Subscribe on these platforms: Apple Podcast: https://apple.co/2Zp6hgj Spotify: https://lnkd.in/gcWDnFZ Stitcher: https://bit.ly/34aRgO2 YouTube: https://youtu.be/KA-pVLWrQV8

Developing Yourself and Your Team – Belk on Business – Episode 192 1) Developing yourself – you are the average of the five people with whom you spend the most time – all intakes should be evaluated as to alignment with core values yet open minded enough to challenge any preconceived norms or assumptions. Your associations will impact your outcomes. - Develop yourself through articles, classes, conferences, webinars, podcasts and books - Have an accountability group such as a mastermind or small business group which you are comfortable venturing beyond just the professional but also the personal (emotional, spiritual) - Have a coach you can trust and to whom you choose to be fully transparent and willing to hold yourself accountable 2) Developing your team - Don't just develop their skillset but invest in developing in a holistic way to become leaders at work, at home and in the community - Be transparent so they know how you see situations so to understand how you think (your paradigms) - Regularly walk around and talk to your team - Bring team members along to events, meetings, etc. - Go along with team members as appropriate (from listening in on meetings to out of office functions that you are invited) - Understand your team members goals, dreams, desires and needs - Communicate the how, why, and who – this is how we do things, this is why we do it and this is who we serve Subscribe on these platforms: Apple Podcast: https://apple.co/2Zp6hgj Spotify: https://lnkd.in/gcWDnFZ Stitcher: https://bit.ly/34aRgO2 YouTube: https://youtu.be/gQyQJml0JBo  

Hiring and Retaining Talent – Belk on Business – Episode 191 1) Clarity in both the listing and interview process -set clear expectations – be clear and concise as to what is expected in the work and in the candidate – people want to know what they will be doing and what type of person fits best in your culture – it's not just about the position and salary. Consider questions they may have. “Is the position and culture collaborative or not?” “Do I have what it takes, and will I fit in?” 2) Provide both positive and negative or constructive feedback – recognize their strengths and weaknesses– be purposeful about having “check-ins” so you can lead well and show you do care not just about the work but the person 3) If possible, provide flexibility with time, location and work environment 4) Lead by example – work harder than your team – work in vs. on the business – report back to the team when working on the business – roll up sleeves and work along side them, don't sit in an ivory tower – open door policy 5) Provide opportunities for growth – not just moving up the corporate ladder but developing within their role and as a person – develop just not with work skills but interpersonal as well 6) Allow for feedback to you as a leader – where are you succeeding as a failing as a leader, as a boss, as a manager – be transparent with the team in meetings – what did you learn, where are you struggling – how can you better serve the team? 7) Foster a positive and inclusive company culture – a culture that is supportive and enjoyable. Build a culture where the team stays motivated and engaged. Subscribe on these platforms: Apple Podcast: https://apple.co/2Zp6hgj Spotify: https://lnkd.in/gcWDnFZ Stitcher: https://bit.ly/34aRgO2 YouTube: https://youtu.be/3LUktiPgMKQ

Five Business Systems – Belk on Business – Episode 193 1) System for prioritization 2) System for delegation 3) System for team meetings 4) System for reporting 5) System for strategic planning Subscribe on these platforms: Apple Podcast: https://apple.co/2Zp6hgj Spotify: https://lnkd.in/gcWDnFZ Stitcher: https://bit.ly/34aRgO2 YouTube: https://youtu.be/KK8rUIlZMAQ

Basis, Limitation of Losses and Additional Tax Exposure – Belk on Business – Episode 190 There are a number of ways that one can look at a company's balance sheet and determine the health of the business and financial discipline of the business owner. One way is to look at the shareholder's basis in the company, handling of debt and it's methods or process of making distributions. Most small businesses owners run their business checkbook like their personal checkbook. Not only can this be detrimental to the financial health of the company but also can create unexpected tax issues (and asset protection issues). Also, the shareholder needs to be aware for tax planning purposes when they can recognize losses and when they can take distributions without an additional tax exposure. Basis in an entity (tax implications for this podcast will be primarily focused on an entity taxed as an S Corp) is a number that you must track. There are two types of basis, stock basis and debt basis. Stock basis is calculated as follows: Cash and property contributed Plus/minus: Net income/loss Minus : distributions There is no such thing as sweat equity. The stock must be purchased via cash or property contribution. To create basis for someone who worked to earn shares, they should receive compensation then purchase the shares to establish basis. Debt basis consists primarily of either loans by the shareholder or payments on company loans by the shareholder. If you have a negative stock basis, there will be a limitation on losses and if any distributions were taken in excess of basis will be taxed as ordinary income. You could end up in a situation where you can't recognize the losses and distributions taxed as ordinary income. Loans must be bona fide loans which among other things, must include the following: - expectation of payment - Loan terms (loan amount, payment amount, interest rate, maturity date) - Remedies for default - The loan must be truly intended to be a loan - Whether shareholder is subordinate to general creditors - Enforcement by the lender (shareholder) If a shareholder makes a payment on a company loan, it increases the shareholder's debt basis. Simply being a guarantor on a loan does not generate debt basis. Subscribe on these platforms: Apple Podcast: https://apple.co/2Zp6hgj Spotify: https://lnkd.in/gcWDnFZ Stitcher: https://bit.ly/34aRgO2 YouTube: https://youtu.be/spPBRuCJo2c

The Power of Ownership with Justin Roethlingshoefer – Belk on Business – Episode 189 Order Justin's book here: https://www.amazon.com/Power-Ownership-Redeem-Relentless-Pursuit/dp/1394230028 Learn more about Justin and Own It: https://justinroethlingshoefer.com/ JUSTIN ROETHLINGSHOEFER is the co-founder of OWN IT Coaching, a multiple seven-figure coaching company. As a former performance coach in the NCAA and NHL, through OWN IT he has made the same ecosystem that is usually only available to the best athletes in the world now available to you. Utilizing best in class testing, technology, and coaching he and his team have been able to transform the health and lives of hundreds of thousands of leaders throughout the country while empowering them on their journey and making the complex topic of health simple, actionable and personal. He is a speaker and the host of The OWN IT Show podcast. Justin is the author of three other bestselling books including The Athletic Performance Blueprint and OWN IT. “Ownership is the intersection point of responsibility and accountability” Topics: - Changing our mindset from accepting normal to living differently to achieve success - Types of stress and its impact - How to tell what our bodies are telling us - What is HRV and why is it such an important metric? - The four pillars: 1) Fuel – nutrition and genetics 2) Build – a stronger foundation for better health 3) Repair – the 3-2-1 rule 4) Renew – Life by Design Habits Subscribe on these platforms: Apple Podcast: https://apple.co/2Zp6hgj Spotify: https://lnkd.in/gcWDnFZ Stitcher: https://bit.ly/34aRgO2 YouTube: https://youtu.be/WgpkgdruuFo

Communication and Culture – Belk on Business – Episode 188 A business owner can communicate concrete guidelines that people must conform to or use proposals to start conversations. The proposals are then used to ask questions, promoting curiosity, innovation, and collaboration. Communicating with complaining will cripple culture. This leads to a culture of individuals blaming instead of taking ownership or finding areas to improve. Communicating with criticism or condescension leads to a culture of contention. A bad culture can lead to employees attacking others, usually the weakest link in the chain resulting in the breakdown of the entire organization. No innovation or collaboration results in the team members feeling siloed, unable to resolve issues whether internally or with the customer. Communication with collaboration leads to a culture of community. Help to bring along those who may need assistance, asking for help, leaning into others' ideas to resolve problems, coming up with creative solutions to resolve problems or innovative ideas to bring more profit or impact to the organization. Subscribe on these platforms: Apple Podcast: https://apple.co/2Zp6hgj Spotify: https://lnkd.in/gcWDnFZ Stitcher: https://bit.ly/34aRgO2 YouTube: https://youtu.be/LscVBb1ILAo

Indicators of Financial Issues – Belk on Business – Episode 187 There are indicators that reflect when there is a financial issue with the business. 1) Inability to pay bills on time – this will hurt the reputation or brand of the business. A business needs to keep good relationships with its vendors, partners and team members. 2) Ignoring the budget or not making the proper revisions on the budget 3) Not having any savings for emergencies or growth 4) Debt/liabilities increasing due to inability to maintain operating expenses 5) Owner shifting to draws or paying employees as contractors to reduce payroll tax exposure 6) Focusing only on profit = failure to invest in culture and impact to fulfill purpose Subscribe on these platforms: Apple Podcast: https://apple.co/2Zp6hgj Spotify: https://lnkd.in/gcWDnFZ Stitcher: https://bit.ly/34aRgO2 YouTube: https://youtu.be/sSKn4XFEAAs

Money Handling Mistakes Pt 2 – Belk on Business – Episode 186 There are many mistakes a business owner can and does make, some which could be fatal to the business either directly through mismanagement of the finances or indirectly through failure to follow proper internal controls or following basics of asset protection. Best to run finances in a proactive manner, not a reactive one making tweaks and not major adjustments which can shake a business and its culture to the core. 1) Ignoring the numbers – for many businesses, especially in the first phase of business ignores the accounting/finance function of the business until either they are needed for loans or taxes. This results usually in overpaying taxes, inability to have an understanding of what is and isn't working in your business and an inability to plan effectively towards profitability and scaling. Can also result in making poor financial decisions such as purchasing items just for tax deduction purposes or purchasing what the business doesn't really need. 2) Not budgeting or cash flow planning – budget is developed around goals/projections along with cash flow projections so to be able to hit metrics, determination of when or will we run out of cash, when can we hit savings metrics for scale or improvements, cash flow needed for taxes, equipment, personnel, savings and crisis planning. Cash needed for emergencies and opportunities (this usually should be reflected in retained earnings, not debt). 3) Failure to review financial reports – lack of internal controls around accounting and finance – review payables, receivables, bank statements and credit card statements periodically. Review helps reduce potential for fraud. Subscribe on these platforms: Apple Podcast: https://apple.co/2Zp6hgj Spotify: https://lnkd.in/gcWDnFZ Stitcher: https://bit.ly/34aRgO2 YouTube: https://youtu.be/khBtrCub9NQ

Money Handling Mistakes – Belk on Business – Episode 185 There are many mistakes a business owner can and does make, some which could be fatal to the business either directly through mismanagement of the finances or indirectly through failure to follow proper internal controls or following basics of asset protection. 1) Co-mingling of business and personal finances – this goes beyond paying personal bills with the business checkbook but can pierce the corporate veil. - Asset protection issues – creates a risk exposure - Internal control issues – creates a risk with banks and regulators - Loss of self confidence and confidence others have in you - Decreased business value – don't know true business performance whether it is paying personal bills and trying to expense them in the business or pulling cash out of the business beyond payroll and properly determined and documented distributions 2) Mismanagement of debt – debt stress tests the business and will magnify any other financial mismanagement mistakes - Need profit to cover payments - Best startups not take on any debt if at all possible - For all businesses - only take debt on assets with greater book value (not FMV) than corresponding loans 3) Mismanagement of Spend - Outspending cash inflow - Not following a properly designed budget or not having a budget at all. Budgets should be designed around goals - Buying what you don't need or failure to plan - Rent vs buy (overspending on real and personal assets or properly analyzing if it is needed at all), tax planning or management (payroll, sales, income), planning and saving for growth or seasonal or market fluctuations - Establish retained earnings for emergencies and opportunities - Review payables, receivables, both bank and credit card statements (subscriptions or other unneeded spend can be identified – fraud minimized) - Don't purchase large nonperforming assets just to reduce tax exposure Subscribe on these platforms: Apple Podcast: https://apple.co/2Zp6hgj Spotify: https://lnkd.in/gcWDnFZ Stitcher: https://bit.ly/34aRgO2 YouTube: https://youtu.be/nh41AdbMgxo

Board Member Qualities – Belk on Business – Episode 184 Qualities as a Board Member: - Experience - Perspective - Careful listener - Willing to be contentious - Finds satisfaction in the endeavor Subscribe on these platforms: Apple Podcast: https://apple.co/2Zp6hgj Spotify: https://lnkd.in/gcWDnFZ Stitcher: https://bit.ly/34aRgO2 YouTube: https://youtu.be/TtO10tC941M

Corporate Transparency Act – Belk on Business – Episode 183 In 2021 as part of the National Defense Corporation Act, the Corporate Transparency Act was enacted. Its intent was to protect national interest against money laundering and financing of terrorism. The objectives to help prevent the misuse of certain types of entities (namely LLCs, corporations and partnerships) by “bad actors” by collecting beneficial ownership information of any entity organized in the US and to create a database of the information in a manner that is useful. The BOI report (beneficial ownership information) is to be filed with the FINCEN (financial crimes enforcement network) which is part of the US Treasury Department by any reporting company. A reporting company is any company (namely LLCs, corporations and partnerships) that registers with a state's secretary of state (or state equivalent) or a foreign company registered to do business in the US. Trusts are generally excluded from needing to file the report since they aren't registered with a state's secretary of state. Not all entities are required to file the report. There are 23 exemptions which are mostly companies that are already under some anti-money laundering legislation (mostly financial institutions, government agencies, insurance companies) as well as nonprofits, larger companies, subsidiaries, public utilities, and inactive businesses. A large operating company is one that has over $5mil in gross receipts in the previous year, has over 20 full time employees and has a physical office in the US. A beneficial owner is one that has control in an entity. Generally, if an individual owns over 25% of the entity or has substantial control over the entity (has decision making responsibilities such as a senior officer, has board representation or certain financial arrangements). If a trust has substantial control over an entity, the trustee would be considered a beneficial owner. For entities that were created prior to 2024, the BOI report must be filed by January 1, 2025. For entities created after January 1, 2024, the entity has 90 calendar days to report. Entities created after January 1, 2025 will have 30 calendar days to report. If there are changes to the beneficial owners, an entity will have 30 calendar days to file an updated report. The following information will need to be provided: 1) Full legal name of the entity 2) Trade name/dba for the entity 3) Address 4) State of formation 5) EIN 6) Full legal name of beneficial owners 7) SS# and date of birth 8) Residential address 9) Active passport or driver's license Penalties for not filing are up to $500 per day up to a maximum $10,000. Criminal penalties can also apply. Subscribe on these platforms: Apple Podcast: https://apple.co/2Zp6hgj Spotify: https://lnkd.in/gcWDnFZ Stitcher: https://bit.ly/34aRgO2 YouTube: https://youtu.be/ygcgnXa-GEk

Entity Compliance in 2024 – Belk on Business – Episode 182 As we begin a new year, think about where you conduct business at the state and local level (physical location, on site sales, online sales, remote employees) 1) Register your business with any state you conduct business that requires registration (income tax, local tax, sales tax, payroll tax, etc.) 2) Annual report requirements with the Secretary/Department of State 3) Obtain licenses, permits, registrations with local municipalities 4) Corporate Transparency Act – Beneficial Ownership Reports with the FinCEN division of the Department of Treasury 5) Generate a list with timeline reports need to be filed and paid (payroll taxes, sales tax, federal tax returns, state tax or franchise tax returns, other state and local filings) 6) Know what triggers a compliance action (new employee, new type of revenue stream, new business location, locations where selling products or providing services, remote and online sales) Subscribe on these platforms: Apple Podcast: https://apple.co/2Zp6hgj Spotify: https://lnkd.in/gcWDnFZ Stitcher: https://bit.ly/34aRgO2 YouTube: https://youtu.be/z1LFYsR-oCY

When is my Business Considered a Hobby? – Belk on Business – Episode 181 IRS Section 183 outlines what activities not engaged in for profit and the tax implications. The IRS states that a business has to be carried out “in a businesslike manner” with “complete and accurate books and records,” says the IRS. The taxpayer must put in time and effort “to show they intend to make it profitable,” and has to depend on income from the activity for their livelihood. Section 183 says that if an activity is a not-for-profit hobby, then the taxpayer can't take deductions for it. The IRS also says a business must show a net profit for three out of its first five years of operation, otherwise the agency considers it a hobby for tax purposes. This rule is not the only deciding factor when making the analysis. There are other considerations such as: Did they make a profit from a similar activity in the past? Does their current endeavor profit in some years and by how much? What is the activity and why are they doing it? Subscribe on these platforms: Apple Podcast: https://apple.co/2Zp6hgj Spotify: https://lnkd.in/gcWDnFZ Stitcher: https://bit.ly/34aRgO2 YouTube: https://youtu.be/0RJLwfUHq9g

J.D. Rockefeller, Purpose and Numbers – Belk on Business – Episode 180 John D. Rockefeller considered the wealthiest American in US history defined part of his purpose as follows: “It has seemed as if I was favored and got increase because the Lord knew that I was going to turn around and give it back” It was said by historian Michael D. Simmons that Rockefeller was “singularly gifted to acquire massive amounts of wealth precisely to use the money to do God's work in the world. Rockefeller always adverted to his own adherence to the doctrine of stewardship – the notion of the wealthy man as a mere instrument of God, a temporary trustee of His money, who devoted it to good causes.” Rockefeller started his professional career as a bookkeeper. He has a fascination with numbers and understood that knowing and understanding them was paramount in measuring performance, identify opportunities and plan for the future. He talked about how he put faith in the numbers. They provided the following: 1) Guided decisions 2) Saved ones from fallible emotions 3) Gauged performance 4) Expose fraud 5) Ferrets out hidden inefficiencies He was quoted as saying, “In an imprecise world, they rooted things in a solid empirical reality”. Subscribe on these platforms: Apple Podcast: https://apple.co/2Zp6hgj Spotify: https://lnkd.in/gcWDnFZ Stitcher: https://bit.ly/34aRgO2 YouTube: https://youtu.be/Qoc0kh2Uj2A

Top Common Bookkeeping Issues – Belk on Business – Episode 179 1) Invoice and receipt tracking 2) Handling of expense reimbursements 3) Proper classification of employees 4) Monthly reconciliations 5) Data handling 6) Sales tax and income tax exposure 7) Handling of petty cash 8) Too few or too many accounts 9) Handling bookkeeping internally without oversight or review 10) Ineffective communication Subscribe on these platforms: Apple Podcast: https://apple.co/2Zp6hgj Spotify: https://lnkd.in/gcWDnFZ Stitcher: https://bit.ly/34aRgO2 YouTube: https://youtu.be/btgbNcVvX6w

2023 Year-End Tax Planning – Belk on Business – Episode 178 Topics: - Ordinary and necessary expenses - Hiring minor children - Business travel - Classification of expenses - Business start up and expansion - Bonus depreciation - Augusta Rule - Auto expenses - Meal expenses - Home office deduction - Retirement accounts - Section 105 medical plans - Health savings accounts - Defined benefit plans - Business structure and taxation - ROBS - Tax loss harvesting - Real estate taxation - Real estate professional status - Material participation - Solar and other investment tax credits - Form 8300 - 2024 Beneficial Ownership Information filings Subscribe on these platforms: Apple Podcast: https://apple.co/2Zp6hgj Spotify: https://lnkd.in/gcWDnFZ Stitcher: https://bit.ly/34aRgO2 YouTube: https://youtu.be/hPFa9e0nmN0

Five Plans Everyone Needs – Belk on Business – Episode 177 1) Spending plan 2) Compensation Plan 3) Savings Plan 4) “What if” Plan 5) Debt elimination plan Subscribe on these platforms: Apple Podcast: https://apple.co/2Zp6hgj Spotify: https://lnkd.in/gcWDnFZ Stitcher: https://bit.ly/34aRgO2 YouTube: https://youtu.be/mADsYEBCEAw

Reasons Businesses Fail Pt 4 – Belk on Business – Episode 176 1) Poor management or leadership of team 2) Poor treatment of customers and/or vendors 3) Lack of diversity of thought 4) Not focusing on and leading with your differentiator 5) Failure to plan for your future or the future of the business Subscribe on these platforms: Apple Podcast: https://apple.co/2Zp6hgj Spotify: https://lnkd.in/gcWDnFZ Stitcher: https://bit.ly/34aRgO2 YouTube: https://youtu.be/C2goeRfQOKs

Reasons Businesses Fail Pt 3 – Belk on Business – Episode 175 1) Not enough knowledge of the numbers 2) Poor tax management 3) Poor decisions regarding debt 4) Wasteful spending 5) Failure to protect equity Subscribe on these platforms: Apple Podcast: https://apple.co/2Zp6hgj Spotify: https://lnkd.in/gcWDnFZ Stitcher: https://bit.ly/34aRgO2 YouTube: https://youtu.be/nOfF_1A4p_U

Reasons Businesses Fail Pt 2 – Belk on Business – Episode 174 6) Not taking ownership 7) Failure to be purposeful regarding work-life harmony 8) Poor time management 9) Failure to take adequate risk 10) Poor evaluation of customers Subscribe on these platforms: Apple Podcast: https://apple.co/2Zp6hgj Spotify: https://lnkd.in/gcWDnFZ Stitcher: https://bit.ly/34aRgO2 YouTube: https://youtu.be/KH7bFuJKpBk

Reasons Businesses Fail Pt 1 – Belk on Business – Episode 173 1) Losing sight of purpose. 2) Stop investing and developing. 3) Poor leadership and management 4) Spending time on tasks that we aren't good at or don't push the business forward. 5) Failure to be kind. Subscribe on these platforms: Apple Podcast: https://apple.co/2Zp6hgj Spotify: https://lnkd.in/gcWDnFZ Stitcher: https://bit.ly/34aRgO2 YouTube: https://youtu.be/YfaZ_tuRp8U

Meaningful Communication with Team Members – Belk on Business – Episode 172 Much of our communication with our team involves tasks and the best leaders and managers also spend quality time having conversations with team members on what matters most to them. Most employees want to please their employer if the vision is clear and the culture is one that includes good collaboration and sincere care. Topics to include to have meaningful conversations with team members: 1) Metrics that matter to the company – what KPIs are they responsible for and how does their role in the company play in the company's performance. Am I just a pawn in someone else's game or does what I'm doing matter? 2) What goals do you have that we can help you achieve? What career path does the individual desire? Some are happy with a low stress, repetitive workflow and others want to be challenged and pursue promotions within the company. Try to have a good understanding whether the employee truly desires to stay at your business long term. If your business is a steppingstone for the employee, allow them to do so and use them to train their successor. 3) How do we get our customers? Whether through marketing channels, networking, referrals, etc.) What is the lifetime value of a customer? This can help the employee understand how their service impacts the company if that customer is lost or retained. 4) Value and respect of time. 5) Educate instead of telling. Allow for feedback, don't create unhealthy competition in roles that would create discouragement instead of motivation. 6) Communicate what you are trying to say multiple times in multiple ways. 7) Have impact moments with your team instead of using surveys or lengthy meetings to get feedback as to whether there is alignment with the company's vision and goals. Subscribe on these platforms: Apple Podcast: https://apple.co/2Zp6hgj Spotify: https://lnkd.in/gcWDnFZ Stitcher: https://bit.ly/34aRgO2 YouTube: https://youtu.be/XpzadOpLZS8

IRS and Taxpayer Service Improvements – Belk on Business – Episode 171 The Inflation Reduction Act provided about $79 billion in long term funding for the IRS. The primary goals were to improve phone and correspondence response, increasing audits on taxpayer making over $400,000. The IRS has begun initiatives to improve how it serves and communicates with taxpayers, especially for low- and middle-income families and small businesses: 1) Improving the audit process for these taxpayers by more audits to be correspondence audits handled through phone and email with a single IRS representative using an improved case management system currently under development 2) Improved systems to allow taxpayers and their representatives to access their records 3) Using more and improved technology to move from paper to digital (tax returns and correspondence) – already seeing this with the IRS to accept more forms electronically as well as the IRS using more secure email and systems for communication 4) Simplifying and speeding up the installment agreement process – IRS initiative for taxpayers to be able to establish an agreement with a singular phone call to the IRS and minimize any need for production of documents or negotiating. Concerns: 1) The IRS has not and is not currently working with professional organizations that work with taxpayers in developing and executing the initiatives. Further, no plans as far as proper independent assessment of the effectiveness of the initiatives in the future. 2) With the improvement with more technology and more centralization of data, there isn't clarity on how the IRS plans on protecting taxpayer data and how it plans on collecting and using taxpayer data 3) Proper recruitment and training of employees, not only on understanding the tax code, IRS policies and procedures but also use of the technology 4) Will the systems provide better transparency and communication with Congress, other government departments and taxpayers? Subscribe on these platforms: Apple Podcast: https://apple.co/2Zp6hgj Spotify: https://lnkd.in/gcWDnFZ Stitcher: https://bit.ly/34aRgO2 YouTube: https://youtu.be/HBfe-L_3QI0

IRS Enforcement and Improvements – Belk on Business – Episode 170 The tax code and implementation are to get us as taxpayers to act in a certain manner. Last year the IRS was granted an additional $79 billion in funding over the next ten years. Broken down into the following areas: - $46 billion for enforcement “to determine and collect owed taxes, to provide legal and litigation support, to conduct criminal investigations (including investigative technology), to provide digital asset monitoring and compliance activities, to enforce criminal statutes related to violations of internal revenue laws and other financial crimes, to purchase and hire passenger motor vehicles.” - $25 billion for operations support will support taxpayer services and enforcement programs, including “rent payments; facilities services; printing; postage; physical security; headquarters and other IRS-wide administration activities; research and statistics of income; telecommunications; information technology development, enhancement, operations, maintenance, and security; the hire of passenger motor vehicles.” - $5 billion – system modernization funding will go towards several projects, including “development of callback technology and other technology to provide a more personalized customer service but not including the operation and maintenance of legacy systems.” - $3 billion – taxpayer services programs such as “pre-filing assistance and education, filing and account services, and other services.” Objectives from IRS Strategic Operations Plan, 2023: - Dramatically improve services to help taxpayers meet their obligations and receive the tax incentives for which they are eligible - Quickly resolve taxpayer issues when they arise - Focus expanded enforcement on taxpayers with complex tax filings and high-dollar noncompliance to address the tax gap - Deliver cutting-edge technology, data, and analytics to operate more effectively - Attract, retain, and empower a highly skilled, diverse workforce and develop a culture that is better equipped to deliver results for taxpayers Issues: - How will the IRS protect taxpayer rights? - The IRS will need to hire more employees which begs the question of how will they find personnel, train them effectively and implement properly? - There isn't enough funding for improvement of taxpayer services past the first four years What does the additional enforcement action mean for us as business owners: 1) Keep proper books and records – know what records you need to keep, how long and how they should be documented. Use technology where possible. 2) Use a licensed tax professional experienced in your industry. 3) When utilizing tax strategies, make sure you understand the pros and cons and use well vetted and reputable individuals and companies for placement of capital. Subscribe on these platforms: Apple Podcast: https://apple.co/2Zp6hgj Spotify: https://lnkd.in/gcWDnFZ Stitcher: https://bit.ly/34aRgO2 YouTube: https://youtu.be/PBL2ZBdLsbo

Land Trusts with Attorney Joseph Seagle – Belk on Business – Episode 169 Joe Seagle is a legal “GPS” for real estate investors and high worth individuals. Mr. Seagle's law firm and land trust company supports real estate investors, developers, brokers, property managers, and private lenders on their land trust, private lending, and entity formation needs. Practicing law since 1996, he is licensed in Florida, North Carolina, South Carolina, and the District of Columbia. He is also a licensed Florida title insurance agent. More information regarding Attorney Seagle and land trusts, go to his website at mylandtrustee.com 1) There is a lot of confusion regarding trusts. Could you give us a high-level overview of trusts and in what situations they are most useful? 2) Should land trusts be used for an individual's homestead property or should they only be used for investments properties? 3) Are there any types of investment property types that should not be placed into a land trust? 4) Is a land trust primarily an anonymity tool, asset protection tool or estate planning tool? 5) How does a land trust provide anonymity? 6) How could a land trust provide asset protection? 7) Are there any tax implications for putting a property into a land trust? 8) What protection would an LLC provide over a land trust and is it better to have an LLC be the grantor and beneficiary of the trust instead of an individual? 9) What happens to the property in the land trust if the grantor and beneficiary either ceases operations (if a business) or passes away (if an individual)? 10) What potential land mines or issues could arise if using land trusts such as the lender executing a “due on sale” clause and what is the best way to maneuver through them? Subscribe on these platforms: Apple Podcast: https://apple.co/2Zp6hgj Spotify: https://lnkd.in/gcWDnFZ Stitcher: https://bit.ly/34aRgO2 YouTube: https://youtu.be/QhpSLg0_nAk

Mindset of Money: Equity and Business Maintenance – Belk on Business – Episode 168 - How are we managing equity?  Are we bringing in equity participants because the business model is broken (can't pay operational bills or make debt payments)  Ability to pay yourself a reasonable salary for the services you are providing to your business (does it align with what it would cost to replace your position in the business, and does it cover your personal expenses?) - How do we handle surplus and reserves?  Able to execute a savings plan to have a comfortable amount of cash in reserves (ideally three months of operating expenses)  Purposeful planning for savings and reserves (goal at Lodestar to purchase larger location) - Are we able to maintain the business?  Able to invest adequately in the business to properly maintain real and personal property as well as keep the business up to date technologically. - Are we receiving referrals from existing clients? - Is our best bringing us their best?  Are you top performing team members bringing you top performing prospects. Team members bringing to us quality people for positions in the company is a picture of a healthy business culture. Subscribe on these platforms: Apple Podcast: https://apple.co/2Zp6hgj Spotify: https://lnkd.in/gcWDnFZ Stitcher: https://bit.ly/34aRgO2 YouTube: https://youtu.be/Od5I0bPKeSg

Mindset of Money: Debt– Belk on Business – Episode 167 1) How are we using debt? 2) Debt and bank accounts 3) How are we managing debt? 4) Paying operational debt 5) Fixed assets, depreciation, and loans 6) Owner loans and seed money Subscribe on these platforms: Apple Podcast: https://apple.co/2Zp6hgj Spotify: https://lnkd.in/gcWDnFZ Stitcher: https://bit.ly/34aRgO2 YouTube: https://youtu.be/Bdra5cNAuZk

Mindset of Money: Cashflow – Belk on Business – Episode 166 1) Cash flow is rarely defined properly, if defined at all 2) Cash flow statements – coordination and control 3) Cash inflow – good or bad air 4) Free cash flow – measurement of business health 5) Operating cash flow ratio 6) Three metrics to review weekly Subscribe on these platforms: Apple Podcast: https://apple.co/2Zp6hgj Spotify: https://lnkd.in/gcWDnFZ Stitcher: https://bit.ly/34aRgO2 YouTube: https://youtu.be/ZqGDSea-UrY

Mindset of Money: Purpose before Profit – Belk on Business – Episode 165 - Your purpose is your legacy. - When we focus on purpose, people then process, profits will follow. - Confront the work.  Subscribe on these platforms: Apple Podcast: https://apple.co/2Zp6hgj Spotify: https://lnkd.in/gcWDnFZ Stitcher: https://bit.ly/34aRgO2 YouTube: https://youtu.be/sK0WLDO8TnU

Mindset of Money: Purpose First – Belk on Business – Episode 164 1. Planning begins with purpose. 2. To make purposeful plans, we must first understand our purpose. 3. To make purposeful progress in business, we need to know our current position. 4. When we know our purpose, it fuels our motivation and becomes the foundation of our vision. Subscribe on these platforms: Apple Podcast: https://apple.co/2Zp6hgj Spotify: https://lnkd.in/gcWDnFZ Stitcher: https://bit.ly/34aRgO2 YouTube: https://youtu.be/BKNLhlLiHRU

Growth and Team Development – Belk on Business – Episode 163 Once the business is growing and many of the foundational elements have been addressed, the logistics of the business, as it relates specifically to team members, must be continually maintained. -The decision of whether to focus on fewer, higher-paying customers or many lower-paying customers should not be a distraction. The owners and sales team must clearly understand who does and who does not meet the requirements to be a customer. Always be quick to say “no” to someone that isn't a fit. If you attempt to take on everything, your processes will fall apart and you will lose your ideal clients while trying to serve those who aren't -Put in processes, utilize technology, and adequately train your team members to allow them to become more efficient at their work and how to have a project management mindset. Training should not only focus on how to do the work, but also on how to manage energy and focus. This may require bringing in outside advisors to address these topics. These types of meetings will strengthen the culture and bring the team closer together. -Always be looking for ways to provide solutions that are transformational. -Establish performance metrics to gauge client satisfaction. Subscribe on these platforms: Apple Podcast: https://apple.co/2Zp6hgj Spotify: https://lnkd.in/gcWDnFZ Stitcher: https://bit.ly/34aRgO2 YouTube: https://youtu.be/y0_74aEFcSI

Proper Business Growth – Belk on Business – Episode 162 Growing a business is not easy. There are always hurdles that range from marketing on one end of the spectrum to meeting or hopefully exceeding customer expectations on the other. To properly grow a business, there are steps both foundationally and logistically that need to be addressed. This week we will talk about the foundational, next we will discuss some of the logistics as it relates to team members. Foundationally, the following needs to be analyzed at each step of the growth process: - Is the avatar clearly defined and does our messaging and fulfillment process align with the avatar. Is there a specific industry or type of client that you are uniquely able to reach - Be selective and purposeful as to the work or client you take on. Not every opportunity is a good opportunity. Wisdom in business (and in life) is knowing what to say “no” to. - Have personnel that is in alignment with and is dedicated to the product and customer. Whether dedicated personnel for particular clients or in general personnel is involved with clients as a whole, personnel must be on board with the culture and message. Subscribe on these platforms: Apple Podcast: https://apple.co/2Zp6hgj Spotify: https://lnkd.in/gcWDnFZ Stitcher: https://bit.ly/34aRgO2 YouTube: https://youtu.be/9DhrqkPvoLU

Qualities of an Effective Team Member – Belk on Business – Episode 161 - Ability to work independently and collaboratively. - Mindset is team before individual. - Comfortable working in the gray areas. - Can manage stress. Subscribe on these platforms: Apple Podcast: https://apple.co/2Zp6hgj Spotify: https://lnkd.in/gcWDnFZ Stitcher: https://bit.ly/34aRgO2 YouTube: https://youtu.be/MlIXDWYyvdA

Onboarding to Relationship – Belk on Business – Episode 160 - Set objectives - Define deliverables and timelines - Assign responsibilities - All involved in the process receives regular status updates - Project leader focuses on implementation not with day-to-day tasks - Document client's policies, processes and approval hierarchies - How do we improve the business? - Set quantifiable objectives and how progress is measured and communicated Subscribe on these platforms: Apple Podcast: https://apple.co/2Zp6hgj Spotify: https://lnkd.in/gcWDnFZ Stitcher: https://bit.ly/34aRgO2 YouTube: https://youtu.be/23-kNbsUEhk

Meeting Participation – Belk on Business – Episode 159 When in a meeting, regardless of whether you are holding the meeting or are participating otherwise in the meeting, a few questions to consider as to how and when to participate. 1) How do you show up prepared? 2) Is what you're saying on point and necessary? 3) Does what you're saying bring a different perspective to the topic? 4) Is what you're saying supported by facts or feelings? 5) How do I say what needs to be said in a concise manner? Subscribe on these platforms: Apple Podcast: https://apple.co/2Zp6hgj Spotify: https://lnkd.in/gcWDnFZ Stitcher: https://bit.ly/34aRgO2 YouTube: https://youtu.be/LsyNgKWkbxk

Charitable Giving Strategies – Belk on Business – Episode 158 - Contribution Limits - Qualified Charitable Contributions - Bunch giving / prefunding - Donor Advised Funds - Private Foundations / nonprofits - Legacy or Planned Giving / Charitable Remainder Trusts (CRUT / CRAT) Subscribe on these platforms: Apple Podcast: https://apple.co/2Zp6hgj Spotify: https://lnkd.in/gcWDnFZ Stitcher: https://bit.ly/34aRgO2 YouTube: https://youtu.be/9cjG_QUNsAM

Accountable Plans for Business Expenses– Belk on Business – Episode 157 Some employees will regularly or occasionally pay for expenses for their employer's business out of pocket and usually have an expectation to be reimbursed. In this podcast, Josh talks about accountable plans, the rules surrounding the plan, rules around documenting expenses and how it can be beneficial to business owners and employees alike. Subscribe on these platforms: Apple Podcast: https://apple.co/2Zp6hgj Spotify: https://lnkd.in/gcWDnFZ Stitcher: https://bit.ly/34aRgO2 YouTube: https://youtu.be/ulrpEK9Wzho

Handling Understaffing Issues – Belk on Business – Episode 156 1) It takes time to find the right team member 2) Communicate with your team more frequently 3) Don't force the work 4) Cross-train 5) Consider outsourcing 6) Use automation where possible Subscribe on these platforms: Apple Podcast: https://apple.co/2Zp6hgj Spotify: https://lnkd.in/gcWDnFZ Stitcher: https://bit.ly/34aRgO2 YouTube: https://youtu.be/xSKVLQ3Od98

Preparing for Tax Preparation – Belk on Business – Episode 155 1) Any changes in family status 2) Change in job 3) Change in address 4) Unemployment 5) Retirement contribution or distribution or rollover 6) Social security benefits 7) Bought and/or sold stocks, bonds, mutual funds, etc 8) Virtual currency/cryptocurrency 9) Distribution from inheritance or trust 10) Made or received any gifts over $16,000 11) Property purchased, traded or sold 12) Business records 13) Lawsuit settlements or prizes received, lottery or gambling income 14) Rental income/expenses 15) Health insurance paid, marketplace, medical, dental and drug expenses, medical mileage by month 16) State income tax paid, property taxes, sales tax/excise tax paid on vehicles 17) Home mortgage interest 18) First time homebuyer that took distribution from IRA or repayment/recapture of 2008 credit if home has been sold or change in use 19) Charitable contribution information 20) Educational expenses 21) Student loan interest paid 22) Child or care for disabled dependent 23) Energy credit 24) Bankruptcy 25) Debt forgiveness or property abandonment 26) Any correspondence from the IRS or state 27) Information on foreign accounts Subscribe on these platforms: Apple Podcast: https://apple.co/2Zp6hgj Spotify: https://lnkd.in/gcWDnFZ Stitcher: https://bit.ly/34aRgO2 YouTube: https://youtu.be/xEK53q4npAo

Finding a Tax Professional for your Business – Belk on Business – Episode 154 1) Make sure your professional is licensed. 2) Do your research. 3) Does the preparer know and use technology for productivity, accuracy and efficiency both internally and for advisory purposes? 4) How responsive are they to client needs? 5) Are they able to make the complex simple. 6) Do they have a good internal culture at the firm level? 7) Are they able to deliver high quality work in a timely manner? 8) Do they have a network that can support and assist both them and you for execution of strategies, processes, etc? Subscribe on these platforms: Apple Podcast: https://apple.co/2Zp6hgj​​​​​​​​​​​​ ​ Spotify: https://lnkd.in/gcWDnFZ​​​​​​​​​​​​ Stitcher: https://bit.ly/34aRgO2​​​​​​​​​​​​ YouTube: https://youtu.be/kdCzMA9g6tI

Ten Organization Tips before Year End – Belk on Business – Episode 153 1) Best path to peak performance is addressing physical, emotional and spiritual needs before the professional every day 2) Organization is a mindset and process 3) Have a process for tracking transactions 4) Have a process for documenting and sharing records, receipts and tax documents 5) Keep the processes simple 6) Use technology 7) Have a set time weekly you work on the finances 8) Have a set place you keep required paper records 9) Talk to attorney and accountant about recordkeeping requirements 10) Have a year-end call with tax professional, attorney and financial planner Subscribe on these platforms: Apple Podcast: https://apple.co/2Zp6hgj Spotify: https://lnkd.in/gcWDnFZ Stitcher: https://bit.ly/34aRgO2 YouTube: https://youtu.be/H9DIKByWjkY

Social Media: The Enemy of Contentment – Belk on Business – Episode 152 1) Comparison (with others) is the enemy of contentment 2) Social media can result in distractions and a lack of focus 3) Social media platforms can end up being a place of competition instead of collaboration 4) Social media keeps us from making best use of our time 5) Social media can put us seeking temporary dopamine hits instead of working on ourselves Subscribe on these platforms: Apple Podcast: https://apple.co/2Zp6hgj​​​​​​​​​​​​ ​ Spotify: https://lnkd.in/gcWDnFZ​​​​​​​​​​​​ Stitcher: https://bit.ly/34aRgO2​​​​​​​​​​​​ YouTube: https://youtu.be/Q2nia3NPi6M

Civil Tax Fraud – Belk on Business – Episode 151 As we begin to see a trend with the law passed this week which has funding for the IRS for increased enforcement action, business owners can use the common areas the IRS as a learning tool to make sure their manner of action, bookkeeping and record keeping is handled in a way to improve the probability of a properly prepared tax return. The tax code in 1955 was 929 pages and today it is over 6,600 pages. Following are some of the most common, not all, of the areas the IRS generally reviews when looking for fraudulent intent: 1) Dealing in cash - Have a good point of sale system in place, invoices, sequential receipts and always reconcile cash to receipts. Never pay employees, contractors, or vendors in cash 2) Failure to file tax returns – file every year in a timely manner 3) Filing false documents including false tax returns - properly record and report income and expenses and properly issue W-2s, 1099s, etc. 4) Understating income – keep books, invoice clients, document intercompany transactions 5) Keeping inadequate records – understand what the IRS requires as far as record keeping. Keep all receipts, bank statements, credit card statements and make sure receipts are documented correctly. Keep meeting minutes. 6) Giving implausible or inconsistent explanations of behavior – business activities should align with the business purpose 7) Concealing income or assets – using offshore accounts, fictitious names, diverting income to personal accounts instead of into the business account. 8) Engaging in illegal activities 9) Supplying incomplete or misleading information to a tax return preparer – a tax return is the responsibility of the taxpayer, not the professional. 10) Providing testimony that lacks credibility 11) Failing to cooperate with tax authorities Subscribe on these platforms: Apple Podcast: https://apple.co/2Zp6hgj​​​​​​​​​​​​ ​ Spotify: https://lnkd.in/gcWDnFZ​​​​​​​​​​​​ Stitcher: https://bit.ly/34aRgO2​​​​​​​​​​​​ YouTube: https://youtu.be/XifqQTHeqt0

Five Cs of Business Failure – Belk on Business – Episode 150 Five reasons a business fails: 1) Commitment/Complacency 2) Compromise 3) Compassion 4) Cashflow 5) Conversion Subscribe on these platforms: Apple Podcast: https://apple.co/2Zp6hgj​​​​​​​​​​​​ ​ Spotify: https://lnkd.in/gcWDnFZ​​​​​​​​​​​​ Stitcher: https://bit.ly/34aRgO2​​​​​​​​​​​​ YouTube: https://youtu.be/t9gM5P3TKHM

Prioritizing Financial Direction – Belk on Business – Episode 149 Business owners must evaluate at minimum annually which financial goals will take priority while attempting to balance the other areas to keep the business fiscally responsible. 1) Cash flow for operations and debt obligations 2) Owner's compensation 3) Equity participants (shareholders, partners) 4) Bank or lender requirements 5) Tax minimization Subscribe on these platforms: Apple Podcast: https://apple.co/2Zp6hgj Spotify: https://lnkd.in/gcWDnFZ Stitcher: https://bit.ly/34aRgO2 YouTube: https://youtu.be/vEJiJ-dDYh4

Fund Investing with Jack Krupey – Belk on Business – Episode 148 Jack Krupey has been investing in both real estate and distressed debt since 2001. He has built long term relationships with experienced real estate developers, sponsors, and syndicators over his 20-year career. Jack leveraged the 2008 financial crisis as part of a private equity fund that yielded impressive returns off of distressed and restructured debt. He repositioned properties as well as modified and restructured loans for borrowers. In 2014, Jack entered into a partnership with a large private equity fund and led the asset management arm of the firm that made over 3 billion dollars in purchases of non-performing and re-performing mortgage debt between 2015 and 2019. An entrepreneur by nature, Jack decided to start JK Asset Management to focus on alternative assets such as value-add multifamily real estate. He then launched the JKAM Diversified Real Estate Fund in September 2020 and is launching a 2nd Diversified Fund in 2022. Connect with Jack: https://jkaminvestments.com/ 1) Tell us about your journey into the world of private equity 2) Why did you decide to start your own fund as opposed to working for another fund company or fund manager? 3) What types of assets do you put into your funds? 4) How does someone setting up a fund go about finding assets, whether nonperforming notes, performing or distressed properties? 5) Why would someone want to invest in a fund as opposed to purchasing a property themselves? 6) What are some of the potential tax benefits someone could receive from investing in a fund (high W-2 income, real estate professional, passive v. active investing/funds)? 7) Many investors get into funds for the tax benefits in year one and for the quarterly payments. Others are looking for a place to put 1031 money, others looking to invest the funds and either looking for appreciation and/or quarterly payouts. How does one go about finding the best place to have this conversation and find a fund that aligns with their financial goals? 8) You've worked with entrepreneurs from those operating a startup, to those running a profitable 7, 8 or 9 figure business. What are the top reasons you've seen on why a business will succeed or fail? 9) What is the best way for people to connect with you? Subscribe on these platforms: Apple Podcast: https://apple.co/2Zp6hgj​​​​​​​​​​​​ ​ Spotify: https://lnkd.in/gcWDnFZ​​​​​​​​​​​​ Stitcher: https://bit.ly/34aRgO2​​​​​​​​​​​​ YouTube: https://youtu.be/luGC529ET4A