May 1, 2023

Welcome to this week's episode of the LearnLikeACPA podcast. Our guest today is Isaac Carr, a lawyer and business attorney who also works as a real estate investor. Isaac is the founder and CEO of CCSK Law, where he focuses on improving business systems to make them grow.

Isaac's primary focus is on businesses that have a revenue of 1-10 million and are looking to move forward. He believes that companies in this range will typically face issues due to the owners' pride, as they often want to keep running everything on their own. To tackle this issue, Isaac suggests setting up teams and delegating work, which is where the biggest risk and reward lies. According to him, people are the most important part of a business, and owners should take the time to write down how they got to where they are, how they operate successfully, and then teach what they know to their teams.

For young entrepreneurs looking to leave their W-2 jobs and start their own businesses, Isaac advises finding a mentor who has been where they currently are and surrounding themselves with a network of like-minded people. If entrepreneurs decide to take a risk and dive into their business, they will need to tackle the scaling problem, which can be financed through debt or equity. Isaac suggests that debt is cheaper in the long run, but it can be hard to acquire financing. One creative solution that he found was paying someone to co-sign.

Isaac also discusses business transfers and seller financing. He believes that one of the best ways to finance business transfers is through seller financing, which can be done in one of three ways. It is essential to get the contract in writing and insure the buyer includes consideration. Paying consideration makes the contract legally binding.

It is crucial to remember that sellers are normal people too, and they may have emotional connections to their companies, employees, or new buyers. Isaac suggests taking the seller and their spouse out to dinner to establish a connection, especially when buying a business or considering seller financing.

Looking to the future, Isaac has obtained his real estate license, which will enable him to serve his clients to the best of his ability.

To stay up-to-date with real estate, tax strategy, and personal finance, subscribe to the LearnLikeaCPA podcast. Whether you're a real estate investor looking to scale your portfolio or an individual wanting to take your financial freedom journey to the next level, LearnLikeaCPA is the podcast for you.