Main Street Business

In this episode of the Main Street Business podcast, co-host Mat Sorensen, along with special guest Ashley Burr, discuss the complexities of setting up and managing business entities. They highlight the five common mistakes people make when setting up an entity, such as forming entities in the wrong state and having the incorrect tax classification. Furthermore, they provide strategies on how to fix these errors, emphasizing the importance of asset protection and tax savings. They also underscore the need to have the right business structure for operations and the potential benefits of restructuring an existing entity.Covering the five common mistakes made when setting up business entities.Highlighting the importance of forming entities in the correct state for optimal tax benefits and legal compliance.Explaining the drawbacks of setting up a C corporation and the benefits of opting for an S corporation or an LLC.The significance of correct tax classification for maximizing tax savings.Emphasizing the need to separate operations from assets for effective asset protection.The benefits of using S corporations for partnerships and how to structure them correctly.Highlighting the need to set up an entity if you own rental properties or run an operational business for asset protection and potential tax savings.Explaining the potential benefits and steps involved in restructuring an existing entity to fix past mistakes and optimize for future operations.For more game-changing financial strategies, be sure to like and subscribe to the podcast, and sign up for our weekly newsletter to get more FREE education every week: https://markjkohler.com/contact-us/ Grab my FREE Ultimate Tax Strategy Guide HERE! You don't want to miss this! Secure your tickets for the most significant business, tax & legal event of the year: Main Street 360 Looking to connect with a rock star law firm? KKOS is only a click away! Are you ready to get certified in EVERY strategy I teach? Start your journey with a FREE 15-minute discovery call to explore the Main Street Tax Pro Certification. Check out our YOUTUBE Channel Here: https://www.youtube.com/markjkohler Craving more content? Check out my Instagram!

In this episode of the Main Street Business podcast, host Mark J Kohler, along with guest Deven Munns, delve into the complexities of establishing and operating a nonprofit organization. They stress the importance of identifying your purpose, assembling the right team, and meticulous planning. Furthermore, they shed light on the intricacies of fundraising, the necessity to have a precise structure, and budget considerations. They also share their personal experiences and valuable insights into running a successful nonprofit organization.Importance of a comprehensive plan for starting a nonprofit organizationSteps to set up a nonprofit, including filing articles of incorporation and deciding on a URL/brandDifferences between private foundation and public charity and the corresponding IRS forms to fileUnderstanding the better tax write-offs available for public charities and the four tiers of write-offsThe complexities of filing the long Form 1023 with the IRS to register a nonprofitThe role of a board of directors and strategic partners in planning and fundraising for a nonprofitDelegating fundraising avenues to different board members for a comprehensive approachAddressing legal and tax considerations such as unrelated business income tax (UBIT) and the need for separate organizations for certain activitiesFor more game-changing financial strategies, be sure to like and subscribe to the podcast, and sign up for our weekly newsletter to get more FREE education every week: https://markjkohler.com/contact-us/ Grab my FREE Ultimate Tax Strategy Guide HERE! You don't want to miss this! Secure your tickets for the most significant business, tax & legal event of the year: Main Street 360 Looking to connect with a rock star law firm? KKOS is only a click away! Are you ready to get certified in EVERY strategy I teach? Start your journey with a FREE 15-minute discovery call to explore the Main Street Tax Pro Certification. Check out our YOUTUBE Channel Here: https://www.youtube.com/markjkohler Craving more content? Check out my Instagram!

In this enlightening episode of the Main Street Business podcast, hosts Mark J Kohler and Mat Sorensen explore strategies for recession-proofing small businesses. They discuss the importance of financial reviews, debt management, and identifying new revenue sources, among other things.The emotional and intellectual challenges of recession-proofing a business.Predicting business reshuffling in a recession and the survival of the fittest theory.The significance of serving clients effectively during tough times.The potential of buying out struggling competitors to grow market share.The importance of conducting a thorough financial review and creating a comprehensive balance sheet and income statement.Need for a comprehensive legal review, including examining business structures, leases, and relationships with partners, suppliers, and clients.The critical role of managing debt, particularly high-interest debts like credit cards.Necessity of increasing efficiency and reassessing pricing and possibly offering more value to customers without changing prices.Significance of maintaining at least three months of cash reserves, selling unnecessary items, and getting lean to weather potential financial storms.The potential of identifying new revenue sources, particularly low-hanging fruit, to contribute to business growth.For more game-changing financial strategies, be sure to like and subscribe to the podcast, and sign up for our weekly newsletter to get more FREE education every week: https://markjkohler.com/contact-us/ Grab my FREE Ultimate Tax Strategy Guide HERE! You don't want to miss this! Secure your tickets for the most significant business, tax & legal event of the year: Main Street 360 Looking to connect with a rock star law firm? KKOS is only a click away! Are you ready to get certified in EVERY strategy I teach? Start your journey with a FREE 15-minute discovery call to explore the Main Street Tax Pro Certification. Check out our YOUTUBE Channel Here: https://www.youtube.com/markjkohler Craving more content? Check out my Instagram!

In this powerful episode of the Main Street Business podcast, host Mark J Kohler sits down with former Coach Micheal Burt, to discuss how he went from dominating as a basketball coach to crushing his competition in business. For more game-changing financial strategies, be sure to like and subscribe to the podcast, and sign up for our weekly newsletter to get more FREE education every week: https://markjkohler.com/contact-us/For more opportunities to learn from Coach Micheal Burt, follow the link below to his website and stay connected: https://coachburt.com/ Grab my FREE Ultimate Tax Strategy Guide HERE! You don't want to miss this! Secure your tickets for the most significant business, tax & legal event of the year: Main Street 360 Looking to connect with a rock star law firm? KKOS is only a click away! Are you ready to get certified in EVERY strategy I teach? Start your journey with a FREE 15-minute discovery call to explore the Main Street Tax Pro Certification. Check out our YOUTUBE Channel Here: https://www.youtube.com/markjkohler Craving more content? Check out my Instagram!

In this episode of the Main Street Business podcast, hosts Mark J Kohler and Mat Sorensen shed light on a pressing issue that many Americans face: the staggering $1 trillion credit card debt.Delving into the nuances of financial disparities, they discuss how the rich are gaining steam with their savings, while the poor might be sinking deeper into debt.They also challenge Dave Ramsey's advice of cutting up credit cards, emphasizing its potential impact on credit health and business expansion. However, it's not all gloom and doom. Kohler and Sorensen also discuss the allure of credit card perks and how they are strategically employed by companies...Join us on the Main Street Business Podcast as we uncover the realities of credit and pave a path toward a brighter financial future.For more game-changing financial strategies, be sure to like and subscribe to the podcast, and sign up for our weekly newsletter to get more FREE education every week: https://markjkohler.com/contact-us/Get your FREE Debt Snowball Spreadsheet Here: https://www.markjkohler.com/debt-snowball/ Grab my FREE Ultimate Tax Strategy Guide HERE! You don't want to miss this! Secure your tickets for the most significant business, tax & legal event of the year: Main Street 360 Looking to connect with a rock star law firm? KKOS is only a click away! Are you ready to get certified in EVERY strategy I teach? Start your journey with a FREE 15-minute discovery call to explore the Main Street Tax Pro Certification. Check out our YOUTUBE Channel Here: https://www.youtube.com/markjkohler Craving more content? Check out my Instagram!

In this powerful episode of the Main Street Business podcast, host Mark J Kohler sits down with former NFL player, Devon Kennard, to discuss his transition from professional football to becoming an entrepreneurial figure in Main Street America. Former NFL player, Devon Kennard, shares his journey into the world of real estate investment while maintaining a professional sports career.Devon elaborates on the significance of financial literacy and how it played a crucial role in his success both on and off the football field.Mark J Kohler and Devon discuss the concept of "flipping the bag," which involves wisely investing and multiplying your assets, regardless of the initial quantity.Devon presents his strategy for generating passive income, highlighting the importance of having a core team of a broker, a property manager, a lender, and a contractor.He details his first real estate investment in Beach Grove, Indiana, emphasizing the value of starting small and learning from each step.Devon expresses his preference for investing in smaller, turnkey properties before progressing to larger, value-add deals.He shares his future plans to bootstrap his portfolio, aiming to solely own his properties instead of moving into larger syndicated deals.Mark and Devon explore the potential of the Phoenix market for short-term and midterm rentals, with Devon revealing his own experiences and strategies in this area.Devon discusses his book, "It All Adds Up," which encapsulates his experiences and aims to guide others on their financial journey.He underlines the importance of making small, consistent decisions that compound over time, leading to significant personal and financial growth.For more game-changing financial strategies, be sure to like and subscribe to the podcast, and sign up for our weekly newsletter to get more FREE education every week: https://markjkohler.com/contact-us/For more opportunities to learn from Devon Kennard, follow the link below to his website and stay connected: https://www.devonkennard.com/ Grab my FREE Ultimate Tax Strategy Guide HERE! You don't want to miss this! Secure your tickets for the most significant business, tax & legal event of the year: Main Street 360 Looking to connect with a rock star law firm? KKOS is only a click away! Are you ready to get certified in EVERY strategy I teach? Start your journey with a FREE 15-minute discovery call to explore the Main Street Tax Pro Certification. Check out our YOUTUBE Channel Here: https://www.youtube.com/markjkohler Craving more content? Check out my Instagram!

In this episode of the Main Street Business podcast, hosts Mark J Kohler and Mat Sorensen tackle a wide range of topics that are crucial for small business owners and entrepreneurs. Throughout this engaging open forum show, Mark and Mat discuss various areas of interest. They dive into the importance of learning from others' experiences, the significance of correctly allocating purchase price in a business, and the nuances of partnership structures. They also touch on the complexities of opportunity zones, tax strategies, and the intricacies of 1031 exchanges.With their wealth of knowledge and expertise, Mat and Mark offer practical solutions and teachable moments, ensuring listeners gain valuable takeaways. They provide clarity on topics such as business formation, asset protection, tax implications, and the benefits of real estate syndication.Whether you're a seasoned entrepreneur seeking fresh insights or a budding business owner looking for guidance, this episode has something for everyone. Gain a deeper understanding of small business challenges and learn how to navigate them effectively.For more game-changing financial strategies, be sure to like and subscribe to the podcast, and sign up for our weekly newsletter to get more FREE education every week: https://markjkohler.com/contact-us/ Grab my FREE Ultimate Tax Strategy Guide HERE! You don't want to miss this! Secure your tickets for the most significant business, tax & legal event of the year: Main Street 360 Looking to connect with a rock star law firm? KKOS is only a click away! Are you ready to get certified in EVERY strategy I teach? Start your journey with a FREE 15-minute discovery call to explore the Main Street Tax Pro Certification. Check out our YOUTUBE Channel Here: https://www.youtube.com/markjkohler Craving more content? Check out my Instagram!

In this thought-provoking episode of the Main Street Business podcast, host Mark J Kohler invites guest AJ Osborne, host of the podcast Saving Capitalism. They delve into an engaging conversation about the misunderstood concept of capitalism and its profound importance in our society.AJ shares compelling personal experiences of how understanding and leveraging the capitalist system saved him and his family from potential financial ruin during a health crisis. He emphasizes the importance of owning assets and how they can serve as a safety net in times of uncertainty.The discussion also touches on the crucial role of education in understanding capitalism, stressing how even small side hustles contribute to the capitalistic economy and can grow into profitable endeavors.A significant part of the conversation is dedicated to discussing AJ's successful venture into the storage unit industry. AJ outlines his business model of buying, improving, and profiting from underperforming storage units. He also shares information about his educational courses, which aim to teach others how to succeed in this industry, and his newly launched private equity fund that allows people to invest in this segment of the real estate market.The episode ends with a call to action for listeners to understand the opportunities capitalism can provide and to consider the potential of the storage unit industry as a viable and profitable business venture.For more game-changing financial strategies, be sure to like and subscribe to the podcast, and sign up for our weekly newsletter to get more FREE education every week: https://markjkohler.com/contact-us/For more opportunities to learn from AJ Osborne, follow the link below to his website and stay connected: https://www.ajosborne.com/ Grab my FREE Ultimate Tax Strategy Guide HERE! You don't want to miss this! Secure your tickets for the most significant business, tax & legal event of the year: Main Street 360 Looking to connect with a rock star law firm? KKOS is only a click away! Are you ready to get certified in EVERY strategy I teach? Start your journey with a FREE 15-minute discovery call to explore the Main Street Tax Pro Certification. Check out our YOUTUBE Channel Here: https://www.youtube.com/markjkohler Craving more content? Check out my Instagram!

In this episode of the Main Street Business podcast, hosts Mark J Kohler and Mat Sorensen address a range of listener questions on various financial topics. They discuss in detail the concept of Safe Harbor 401K for small business owners and the benefits it provides for tax saving and investing. They also delve into the strategy of setting up separate LLCs for owning and operating businesses, explaining how it can offer tax advantages through self-rental. The hosts also address a common strategy known as the backdoor workaround switch, often used by high-earning professionals like doctors and dentists for their retirement savings. They also respond to individual queries about gifting money, the tax benefits of purchasing an RV, and the ideal structure for construction companies.For more game-changing financial strategies, be sure to like and subscribe to the podcast, and sign up for our weekly newsletter to get more FREE education every week: https://markjkohler.com/contact-us/ Grab my FREE Ultimate Tax Strategy Guide HERE! You don't want to miss this! Secure your tickets for the most significant business, tax & legal event of the year: Main Street 360 Looking to connect with a rock star law firm? KKOS is only a click away! Are you ready to get certified in EVERY strategy I teach? Start your journey with a FREE 15-minute discovery call to explore the Main Street Tax Pro Certification. Check out our YOUTUBE Channel Here: https://www.youtube.com/markjkohler Craving more content? Check out my Instagram!

Get ready for a hard-hitting episode of Main Street Business as your host Mark J. Kohler dives deep with the infamous real estate investor, popular public speaker, author, and CEO of MC Companies, Ken McElroy.As an authoritative figure in the real estate and small business sectors, Ken shares how he built his multi-billion dollar empire from scratch, starting with a 60-unit property in downtown Seattle. He details his entire entrepreneurial journey and shares strategies adopted to magnify his entrepreneurial persona. The episode not only offers a deep insight into Ken's incredible career pathway but also explores the nuances of cultivating a business-oriented mindset.The conversation turns personal as Ken speaks about the role his children play in his life and business. He opens up about encouraging his children to learn the ropes in the world before joining MC Companies. Ken strongly believes how this period of 'external exposure' provided them a chance to understand diverse perspectives, gain knowledge, and return wiser and equipped for higher pursuits.It’s an episode rich with invaluable advice and lessons as Ken discusses the importance of deploying the capital earned into real estate and how it relates to achieving personal and professional goals. He stresses the significance of establishing genuine relationships in the entrepreneurial journey and explains how these bind into the fabric of one's success story.You don't want to miss the chance to learn from one of the industry's best. Join Mark and Ken for insights on real estate investing, core personal values, and paving the path to success for future generations. Like, subscribe and continue to explore the endeavor of building generational wealth on MSB.For more game-changing financial strategies, be sure to like and subscribe to the podcast, and sign up for our weekly newsletter to get more FREE education every week: https://markjkohler.com/contact-us/For more opportunities to learn from Ken McElroy, follow the link below to his website and stay connected: https://kenmcelroy.com/ Grab my FREE Ultimate Tax Strategy Guide HERE! You don't want to miss this! Secure your tickets for the most significant business, tax & legal event of the year: Main Street 360 Looking to connect with a rock star law firm? KKOS is only a click away! Are you ready to get certified in EVERY strategy I teach? Start your journey with a FREE 15-minute discovery call to explore the Main Street Tax Pro Certification. Check out our YOUTUBE Channel Here: https://www.youtube.com/markjkohler Craving more content? Check out my Instagram!