Mitchell and Scott are back after a summer break! In June Mitchell posed a question on Twitter/X: "What's the smartest financial decision you ever made?" Mitchell and Scott read through the comments and offer their commentary. The replies range from the typical -- buying a house chealy at low mortgage rates, paying off the mortgage, investing in crypto -- to heavily lifestyle-influenced decisions such as marrying well or having a family.   Scott's take on the question? Embrace thrift. Realize that every dollar you earn beyond what you need to live on is time and energy that can be stored for later... or squandered. One common refrain in the comments of Mitchell's post was fortuitous timing, which is mostly out of our control. In fact, many of the things which we might consider financial decisions are out of our hands, or at least have a lot of variables outside our control, so stewardship of our resources is one of the most, if not the most, important financial decisions we'll ever make.   Got a question for Mitchell and Scott? Email them at: show@stupidtaxpod.com   Follow The Stupid Tax on Twitter/X: @stupidtaxpod   Mitchell Baldridge Twitter: @baldridgecpa https://baldridgecpa.ck.page https://baldridgefinancial.com   Scott Hambrick Twitter: @hambrickscott IG: @ogscotthambrick https://onlinegreatbooks.com https://scotthambrick.com

It's time to look at more deals, this time from a listener in Houston who works in the concrete/aggregate industry and is considering purchasing a ready mix concrete plant. The owner of the plant is in his mid-70s and also owns a concrete contracting business; he acquired the plant to provide concrete for his contracting business, and supplies a handful of other customers as well. The owner is also selling a number of concrete trucks and other equipment. The potential buyer has the knowledge to operate the plant, and the plant appears to be underutilized, however there are important questions about the value of the accompanying trucks and equipment and the overall asking price and terms of the sale.   Mitchell and Scott are excited about this business, but as they dig into the details they raise important questions about the seller's motivations and whether the terms of the deal are worth buying the business, versus starting one from scratch.   Want Mitchell and Scott to examine your business idea? Email them at: show@stupidtaxpod.com   Follow The Stupid Tax on Twitter/X: @stupidtaxpod   Mitchell Baldridge Twitter: @baldridgecpa https://baldridgecpa.ck.page https://baldridgefinancial.com   Scott Hambrick Twitter: @hambrickscott IG: @ogscotthambrick https://onlinegreatbooks.com https://scotthambrick.com

Mitchell Baldridge, the world's most famous accountant, and entrepreneur-turned-farmer Scott Hambrick are back! In today's episode, they respond to a listener email asking for opinions on their business idea: a "microgym" in which customers pay a monthly fee for a time slot at a small but well appointed barbell gym. The gym would have all the necesasry equipment to train for powerlifting, weightlifting, and crossfit, but in a small footprint, under 1,000 square feet. Mitchell also shares an update on the recent tax season, and the state of hiring accountants in 2024.   Want your question answered on a future podcast? Email Mitchell and Scott: show@stupidtaxpod.com   Follow The Stupid Tax on Twitter/X: @stupidtaxpod   Mitchell Baldridge Twitter: @baldridgecpa https://baldridgecpa.ck.page https://baldridgefinancial.com   Scott Hambrick Twitter: @hambrickscott IG: @ogscotthambrick https://onlinegreatbooks.com https://scotthambrick.com

In this podcast, Mitchell and Scott discuss the challenges of growing a new SEO marketing business. They emphasize the importance of avoiding a business that just gets by and offer suggestions to enhance service offerings. The conversation covers topics like financial freedom, marketing strategies, making bold decisions for success, and overcoming challenges for business growth. They critique business owner's lack of focus and maturity, and explore the 'secret sauce' in business operations.

Mitchell Baldridge, CPA and Scott Hambrick reach into the Stupid Tax inbox and look at three questions submitted by listeners. One young business owner started a handyman business in the fall of 2023 and started off with a bang, making $14k in his first full month of operation. The following three months were lean, however, with revenue falling off signficantly and net operating losses. Mitchell and Scott offer some advice on ways to figure out what worked in the first month, and target his customer base with higher margin, more attractive service offerings.   Another listener has been sitting on a business idea for quite some time, and put together a pitch deck to lay out his plan: a community to help Christian fathers improve their relationship with their children. Mitchell and Scott point out the problems with a business like this, and more to the point, the problem with taking so long to try out a business idea and figure out if it works or not.    Mitchell and Scott offer a third listener advice on building a solid marketing pipeline to reach customers by reducing the friction between customers receiving communication and buying services.   Want your question answered on a future podcast? Email Mitchell and Scott: show@stupidtaxpod.com   Stupid Tax is now on Twitter/X! @stupidtaxpod   Mitchell Baldridge Twitter: @baldridgecpa https://baldridgecpa.ck.page https://baldridgefinancial.com   Scott Hambrick Twitter: @hambrickscott IG: @ogscotthambrick https://onlinegreatbooks.com https://scotthambrick.com

Exploring the hesitancy of small business owners to raise prices and the importance of regularly increasing prices. Delving into the strategic aspect of raising prices in business, analyzing pricing power, and understanding pricing strategies. Emphasizing the significance of optimizing price increase strategies, navigating long-term business relationships, and mastering price adjustments for business success.

The podcast discusses the tax trap faced by successful business owners with rapid growth, using a scenario of a business owner's shock on tax day due to underestimating the tax bill. It emphasizes the importance of careful planning and saving to cover tax liabilities. The episode explores IRS safe harbor rules for quarterly tax payments and the challenges of navigating tax implications for small business owners. Practical advice is shared on managing cash flow efficiently, avoiding self-created problems in business decisions, and adjusting prices to navigate market demands and inflation.

Business owners discuss how bad businesses resemble Ponzi schemes due to undercapitalization, emphasizing the importance of managing cash flow, understanding margins, and avoiding financial stress. The key is to build up working capital to handle costs and grow the organization. Personal anecdotes and strategies for effective cash management are shared, highlighting the risks of mismanagement and the need for timely bookkeeping and accurate financial analysis.

Learn how to prevent fraud in your business with effective fraud controls. Topics include the importance of regular bookkeeping, monitoring invoices, and restricting check-writing permissions. Real-life examples highlight the consequences of tax fraud and the deceptive methods used by scammers in business finances. Practical strategies are shared to safeguard against financial loss and maintain trust with customers.

Topics include the need for a lawyer, industry knowledge in buying a business, going into debt for business, legal matters in ventures, debt repayment strategies, music talents, church community, creating value for autonomy, handling customer complaints, and fraud controls.