Acquiring Minds

“The problem in America isn’t so much what people don’t know; the problem is what people think they know that just ain’t so.”

—Will Rogers

WELCOME TO “ACQUIRING MINDS” – WHERE BUSINESS DREAMS TAKE FLIGHT!

Good morning, trailblazing entrepreneurs!

“Acquiring Minds” – a dive into the exhilarating realm of business acquisition and expansion.? Imagine turning a business not just into what it currently is, but into what it could be!? Remember, in the world of business, it’s not just about what you acquire, but the potential you unleash!

Today's Power-Packed Agenda:

·????? Thinking Like a Seller: THE RAZOR’S EDGE OF BUSINESS: FISCAL FITNESS – Part 1

·????? The Great Debate:? STACKING SMALL BUSINESSES?

·????? Book Spotlight: "The 1-Page Marketing Plan"

·????? Deal Watch: New Financial Disclosure Law

THINKING LIKE A SELLER:? THE RAZOR’S EDGE OF BUSINESS: FISCAL FITNESS – Part 1

SHARP INSIGHTS INTO THE FINANCIAL HEARTBEAT OF YOUR COMPANY

It’s no secret: the success of your company depends on you. And it depends on the health of your personal finances. In fact, did you know that your personal fiscal fitness has everything to do with the heartbeat of your company? It all starts with that personal credit report of yours.? I know—not especially exciting, but it really is a cornerstone of your business.? This core aspect can make a difference in whether your business succeeds . . . or fails.

Many entrepreneurs kick off their business journey with high spirits and big dreams. But, before they know it, they're tripping over hurdles they didn't see coming.? Suddenly, the business they poured their heart and soul into is slipping through their fingers. It’s not just a venture; it’s part of you. The culprits are these often overlooked yet critical details:

·????? your personal credit report, and

·????? mixing personal and business finances.

Think of it as a game of chance. Ignoring these key elements is like gambling with the future of your business. Do you really want to leave your hard-earned venture to the fickle whims of Fate?

Let’s get down to brass tacks. When was the last time you gave your credit report a good, hard look? I mean really dove in, scrutinizing every detail? Here's an eye-opener: every month, over a billion pieces of credit data are added to credit files. With that kind of volume, the odds of errors creeping in are high. So, are you ready to get a grip on your financial narrative? Let's start at the beginning . . .

Whether you’re thinking about starting a business, or perhaps you have already started a business but have not yet separated your personal and business finances, the most important thing you can do is check your credit report and clean it up.

MASTERING YOUR CREDIT REPORT IS VITAL TO FINANCIAL SUCCESS

1. The Annual Credit Report: Your Financial Portrait

First of all, you're entitled to a free credit report every 12 months from each of the three major bureaus—Equifax, Experian, and TransUnion. But, as of the time of writing this article, you can access these reports weekly at AnnualCreditReport.com. Think of it as a regular financial health check, offering a clear picture of where you stand.

2. Identity Details: The Foundation of Your Report

According to credit experts, the real heart of your credit report is your personal identification information. It's not just about numbers; it's about accuracy. A misaligned detail in your name, address, or Social Security number could lead to significant complications. It’s crucial to ensure every bit of this information is correct. Remember, sometimes the credit accounts may be listed under different names, especially with store-branded cards.

3. Attention to Detail: Identifying Discrepancies

Vigilance is key.? Scrutinize your report for unfamiliar accounts or discrepancies in your negative information. Could there be a case of mistaken identity, or worse, identity theft? Outdated negative information and past addresses need a review as well. Also, keep in mind that most negative information should stay on your report for only 7 years, or 10 years in the case of Chapter 7 bankruptcies.

4. Navigating Disputes Effectively

If you come across an error, it’s prudent to compare reports from all three bureaus. Is this a one-off mistake or a recurring issue? Then, determine the right course of action: is it a dispute with the credit bureau or the lender? Tackling the issue with the credit bureaus is often more straightforward, thanks to their uniform dispute process. It's all about tackling the problem efficiently and effectively.

The dispute process for each credit bureau is different. The following links give you all the information you need:

·????? Equifax dispute site – You can dispute online and check the status of a dispute online

·????? Experian dispute site – Experian gives you the option of disputing online or by mail.? If you dispute online, you will create an account for logging in to check the status of a dispute. If you dispute by mail, you will receive written notification that the results are available for online viewing.

·????? TransUnion dispute site – TransUnion requires you to create an online account in order to submit a dispute.

It is highly recommended that you do disputes in writing by mail.? Send the dispute by priority mail with a signature required so you can prove delivery.? Keep copies and the proof of delivery as discussed below.

You can also dispute the validity of a claim directly with a creditor.? You can demand that they produce an instrument in writing by which you agreed to be responsible for the debt.? If they don’t respond in writing in thirty days, send that letter, proof of delivery, and a demand that the debt be removed to the credit bureau or bureaus.

5. Document, Document, Document

After initiating a dispute, don’t just sit back and relax. Keep all your evidence organized and follow up every 30 days. Why? Because businesses merge, get bought out, or disappear, and you need that paper trail. Jot down names and dates whenever you talk to someone at the bureaus or banks. And after they say they've fixed it, check your report to make sure they really did.? If they put it back on your report, send them copies of what you sent originally and demand that it be removed.? If you have questions, contact us at JamesMontgomeryLaw.com.

TRANSFORMATION: THE BENEFITS OF A CLEAN CREDIT REPORT

Your credit report is a dynamic resumé to the financial world. A thorough clean-up not only enhances your score but also makes you a more attractive candidate for lenders. This can lead to approval for new credit and more favorable interest rates. For business owners, this is the foundation on which strong business credit is built.

In essence, delving into your credit report is not just about a routine check—it's a powerful step towards securing your financial future, as well as the financial future of your business. Managing your credit report with diligence and precision is more than a task; it’s an investment in your ongoing financial and business journey.

In our next article, we’ll dig into the process of separating your personal finances from your business finances.

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This article was co-written by and with Kay Kimbell.

ACQUISITION AS GROWTH: STACKING SMALL BUSINESSES

What if you could more than double the business of your current company by acquiring another similar business plus get the new company's net income?

Why Merging Makes Magic: How Acquiring [Target Company] Fuels [Acquiring Company]s Home Service Domination

Imagine a world where leaky faucets magically fix themselves, overgrown lawns mysteriously trim themselves, and faulty electrical wiring spontaneously mends. While we may not reach that level of automation just yet, a bold move by [Acquiring Company] brings us one step closer to home service nirvana. Through a strategic acquisition of [Target Company], [Acquiring Company] is poised to become the one-stop shop for all your home's needs, transforming the way neighbors across [Region] experience home service.

Unlocking a Wealth of Homes:

The cornerstone of this acquisition lies in the undeniable power of expanded reach. Imagine [Acquiring Company]'s already impressive roster of satisfied customers multiplied by [Number] – the number of happy homes served by [Target Company]. This exponential growth grants [Acquiring Company] unparalleled access to a vast swathe of new homeowners, solidifying their position as the go-to service provider for the region.

From One Call to Complete Control:? Gone are the days of juggling phone calls and appointment schedules for plumbers, electricians, and landscapers. With this acquisition, [Acquiring Company] becomes the ultimate home service concierge. Imagine: one call, one trusted provider, and a team of expert technicians tackling everything from leaky pipes to overgrown hedges. Convenience? Amplified. Peace of mind? Delivered.

Dominating the Local Field: Both [Acquiring Company] and [Target Company] operate in the same geographical area, serving similar homeowner demographics. By joining forces, they'll create a powerhouse team, significantly expanding their customer base and becoming the go-to solution for all home service needs. Imagine the convenience for homeowners – one call, one trusted name, for everything from leaky faucets to lush lawns and secure homes.

A Symphony of Services:? But this acquisition isn't just about numbers; it's about harmony. Just as different instruments blend beautifully in an orchestra, the diverse services offered by [Acquiring Company] and [Target Company] will now work in perfect unison. Plumbers can alert homeowners to potential electrical hazards they encounter on calls, while lawn maintenance crews can identify roof damage during their routine visits. This cross-pollination of expertise not only elevates the quality of service, but also creates exciting new opportunities for bundled packages and preventative maintenance plans, ensuring your home thrives under their watchful eye.

More Than Just Services, It's Synergy:? Beyond customer reach and service offerings, this acquisition unlocks a treasure trove of synergy. Imagine streamlined scheduling systems, optimized dispatch logistics, and shared marketing resources – all leading to increased efficiency and cost savings. These savings translate into competitive pricing, further benefiting [Acquiring Company]'s customers and solidifying their market dominance.

The Future Looks Bright:

With an expanded customer base, a comprehensive service portfolio, and a foundation of operational excellence, the future for [Acquiring Company] is brighter than ever. This acquisition paves the way for exciting new chapters, from geographic expansion to service diversification. Soon, the name [Acquiring Company] might not just conjure up plumbing repairs, but also evoke visions of sparkling pools, immaculate landscapes, and homes humming with the quiet confidence of expert care.

That's how it works for home services companies . . . if you were a car repair shop or an auto insurance agency or a life insurance agency or . . .?

Want to explore some ideas? Just send me a message or go to JamesMontgomeryLaw.com.

The 1-Page Marketing Plan: Get New Customers, Make More Money, And Stand Out From The Crowd

Allan Dib

The 1-Page Marketing Plan: The Simple Way to Grow Your Business

The 1-Page Marketing Plan is a book that provides a simple and easy-to-follow process for creating a marketing plan that will help businesses grow. The book is divided into nine steps, each of which is represented by a square on a single page. The nine steps are:

1. Select your target market.?This is the most important step in the marketing plan, as it determines who you will be marketing to.
2. Define your offer.?What are you offering your target market? What problem are you solving for them?
3. Create a compelling message.?What will make your target market take notice of your offer?
4. Choose your marketing channels.?Where will you reach your target market?
5. Set your marketing goals.?What do you want to achieve with your marketing plan?
6. Create a marketing budget.?How much money will you spend on marketing?
7. Track your results.?How will you measure the success of your marketing plan?
8. Make adjustments as needed.?Your marketing plan is not set in stone. Be prepared to make adjustments as needed.
9. Repeat.?Keep marketing and growing your business.

In addition to the nine steps, the book also includes a number of other helpful resources, such as a marketing plan template, a list of marketing tools, and a guide to creating marketing materials.

The 1-Page Marketing Plan is a valuable resource for any business owner who wants to create a marketing plan that will help them grow their business. The book is easy to read and understand, and the step-by-step process makes it easy to create a marketing plan that is tailored to your specific business.

Here are some of the key takeaways from the book:

• A good marketing plan starts with a clear understanding of your target market.?Who are you trying to reach? What are their needs and wants?
• Your offer should be clear, concise, and compelling.?What problem are you solving for your target market? Why should they choose your product or service over the competition?
• Your message should be consistent across all of your marketing channels.?This means using the same language, tone, and visuals in your website, marketing materials, and advertising.
• You need to track your results so you can see what's working and what's not.?This will help you make adjustments to your marketing plan as needed.
• Marketing is an ongoing process.?You need to keep marketing your business even after you've achieved your initial goals.

If you're looking for a simple and easy-to-follow way to create a marketing plan that will help you grow your business, then The 1-Page Marketing Plan is a great resource.

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DEAL WATCH:

Unveiling Beneficial Ownership: A Guide to the Corporate Transparency Act

The fight against financial crime just got a powerful weapon: The Corporate Transparency Act (CTA) is a significant piece of legislation that was enacted in 2021 and took full effect on January 1, 2024. This law sheds light on the often-murky world of business ownership, aiming to curb money laundering, tax evasion, and other illicit activities.?

The CTA aims to combat money laundering, tax evasion, and other illicit activities by increasing transparency around the ownership of certain business entities, specifically corporations and limited liability companies (LLCs) formed or registered in the United States.

Think Big Brother wants to know who actually owns your company.? So owners will not being publicly disclosed have to file with FinCEN.

Here are some key provisions of the CTA:

• Reporting companies:?The CTA requires certain "reporting companies" to collect and report information about their beneficial owners to the Financial Crimes Enforcement Network (FinCEN). A beneficial owner is defined as anyone who owns or controls 25% or more of the equity interests in an entity, or who exercises substantial control over the entity.
• Information collected:?The information that must be reported includes the beneficial owner's name, date of birth, address, and passport number or other government-issued identification number.
• Database:?FinCEN will maintain a non-public database of the beneficial ownership information reported by reporting companies. Law enforcement agencies, with a proper warrant, will be able to access this database to investigate potential crimes.
• Penalties:?There are significant civil and criminal penalties for failing to comply with the CTA's requirements.
• Exemptions:? SEC reporting, larger companies with more than 20 employees and revenue over $5,000,000 and an office in the US.? Most small businesses are not exempt.

The CTA has been met with mixed reactions. Proponents of the law argue that it is a necessary tool to combat crime and corruption. Opponents argue that it is overly burdensome and could have unintended consequences, such as discouraging foreign investment in the United States.

Who's affected?

The CTA applies to reporting companies, which include most corporations and limited liability companies (LLCs) formed or registered in the US. If your business falls under this category, here's what you need to know:

1. Identify your beneficial owners:

These are the individuals who ultimately control or own 25% or more of your company's shares or exercise significant influence over its decisions. Think founders, major investors, and anyone with substantial sway.

2. Gather their information:

For each beneficial owner, you'll need their name, date of birth, address, and a government-issued ID number like a passport. Get ready to collect FinCEN identifiers once they become available.

3. Report the information to FinCEN:

Starting January 1, 2024, you'll have 14 days to file a report with FinCEN disclosing your beneficial ownership details. Use FinCEN's secure online portal for streamlined reporting.

4. Update the information promptly:

Any changes in beneficial ownership, like someone selling their shares or gaining control, must be reported within 30 days. Remember, accuracy is key!

5. Keep records readily available:

Be prepared to present documentation supporting your reported information to FinCEN upon request. This could include ownership agreements, shareholder records, and other relevant documents.

Meeting the Deadlines:

• January 1, 2024:?The CTA takes full effect. Existing reporting companies have 1 year to file their initial reports.
• January 1, 2025:?New reporting companies formed after January 1, 2024, have 14 days to file their initial reports.
• Ongoing:?Report any changes in beneficial ownership within 30 days.

"The State is that great fiction whereby everyone tries to live at the expense of everyone else."

—Frederic Bastiat

Subscribe above and we will explore some more ideas for acquiring minds next week,

?Jim Montgomery

JamesMontgomeryLaw.com

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