In this episode of The Powell Perspective, host Thomas J. Powell welcomes long-time friend and business associate, Casey Minshew, to discuss entrepreneurship, lessons learned from failure, and success in real estate and investments. The conversation explores the importance of tenacity, the journey from failure to success, and the mindset needed to thrive as an entrepreneur. Casey shares his experience starting ventures, including a bar that failed, and how that shaped his approach to business. They also touch on the benefits of surrounding oneself with people smarter in specific areas, emphasizing the principle of "Who, Not How" from Dan Sullivan's book.

Casey discusses his ventures in workforce housing and accessory dwelling units (ADUs), detailing his innovative approach to affordable housing and the financial strategies behind it. Both Tom and Casey delve into the value of learning from failure, the frustration and triumphs of entrepreneurship, and their shared belief in the power of big ideas and big rooms filled with smart people.

Key Discussion Points:

• The importance of tenacity in business and life.
• Learning from failure: Casey’s journey from a failed bar business to successful real estate investments.
• The role of ego in entrepreneurship and overcoming it by delegating to smarter people.
• The "Who, Not How" concept: Hiring people who excel at tasks you struggle with.
• Casey’s work in developing innovative workforce housing solutions using accessory dwelling units (ADUs).
• The future of financing for ADUs and the challenges/opportunities in the space.
• Upcoming events, including Casey's October workshop on acquiring businesses from retiring owners.

Quotes:

• "Tenacity is the one trait that will determine your success."
• "If you’re the smartest person in the room, it’s time to find a bigger room."
• "Entrepreneurship isn’t for everyone. It’s filled with failure, frustration, and constant learning, but for those who thrive, the rewards are immense."

Resources Mentioned:

• Who, Not How by Dan Sullivan
• Harvard Business Review guide on buying small businesses
• Casey Minshew’s M&A Launchpad Conference – October 26th, Chicago

Upcoming Events: Join Casey at the M&A Launchpad Conference in Chicago on October 26th for expert insights on acquiring businesses from retiring owners, creative financing strategies, and more. Listeners of The Powell Perspective can access exclusive discounts by visiting M&A Launchpad Conference.

Connect with Us:

• Thomas J. Powell: LinkedIn
• Casey Minshew: LinkedIn

Subscribe & Leave a Review: If you enjoyed this episode, be sure to subscribe to The Powell Perspective on your favorite podcast platform, and leave us a review to help others find the show!

In this episode of The Powell Perspective, host Thomas J. Powell welcomes longtime friend and business partner, Casey Minshew. Together, they explore their entrepreneurial journey, business exits, and the dynamics of mergers and acquisitions (M&A). Casey shares insights into his current ventures, including the M&A Launchpad podcast and the upcoming M&A Launchpad event in Chicago. The conversation also touches on important concepts like the book Who Not How by Dan Sullivan, the importance of surrounding yourself with the right team, and how entrepreneurs can leverage deferred sales trusts in their exit strategies.

Key Discussion Points:

1. Building a Friendship through Business:

   • Tom and Casey reflect on their long-standing friendship and their successful business ventures, including one that resulted in a public exit on the Toronto Stock Exchange.

2. The Power of Partnerships and Team Building:

   • Casey talks about learning from Who Not How and the importance of finding the right people to complement your strengths in business. He emphasizes how self-awareness and ego-checking can help entrepreneurs focus on their best attributes.

3. M&A Launchpad Podcast and Event:

   • Casey introduces his podcast focused on M&A and entrepreneurship, where he interviews people about how they buy businesses, raise capital, and manage transitions.
   • The upcoming M&A Launchpad event in Chicago (October 26) will focus on helping attendees acquire businesses in the lower middle market, with insights from industry experts like Walker Dybel.

4. The Future of Baby Boomer Business Owners:

   • With 46% of small businesses owned by baby boomers and many nearing retirement, Casey discusses how entrepreneurs can capitalize on the opportunity to acquire well-established companies.

5. Deferred Sales Trusts and Creative Deal Structuring:

   • A detailed explanation of deferred sales trusts and how they can be used to help business owners defer capital gains while maintaining financial control of their assets.

6. Navigating Economic Risks and Opportunities:

   • Discussion on economic cycles and the importance of timing in acquisitions, with a focus on understanding market risks, including insights from ITR Economics and Ray Dalio's credit cycle theories.

7. Finding the Right Operating Partner:

   • Casey explains the critical role of an operating partner in M&A, often someone who is highly experienced but hasn’t yet been in a top leadership role. He emphasizes the importance of matching the right talent with the right opportunity.

Key Quotes:

• "It’s not about how to do everything yourself—it’s about finding the right people to help you do what you can’t." – Casey Minshew
• "There’s always risk in entrepreneurship, but if you eliminate all the risk, there’s no opportunity left." – Thomas J. Powell

Event Mentioned:

• M&A Launchpad Event – October 26, Chicago
  • A one-day event focusing on acquiring businesses in the lower middle market, creative financing options, and networking with industry experts.
  • Featured Speaker: Walker Dybel, author of Buy Then Build.
  • Special Discount Code for Listeners: Available through the podcast links.

Where to Find Casey Minshew:

• Website: M&A Launchpad Event
• Podcast: M&A Launchpad Podcast available on Spotify and iTunes

Follow Thomas J. Powell:

• Stay tuned for more episodes of The Powell Perspective, where Tom interviews business leaders and experts on entrepreneurship, investing, and growth strategies.
• Connect on LinkedIn and subscribe to the podcast on your favorite platform.

Welcome to another episode of The Powell Perspective! In this episode, host Thomas J. Powell is joined by Brent Buscay from Laughlin & Associates, and more importantly, from the new venture, Laughlin Black. Together, they dive into crucial discussions around asset protection, LLC formations, and strategies for safeguarding your business assets.

Brent shares insights into the complexities of single-member LLCs, the legal protections they offer (and where they fall short), and how business owners can leverage LLCs for asset protection. They explore key concepts like charging order protection, multi-LLC structures, and the flexibility of LLC taxation. Brent also shares real-world examples from case law that shed light on how courts are handling LLC protections, providing valuable takeaways for any business owner.

Tom and Brent delve into broader business strategy topics, including the importance of proactive legal planning, the benefits of utilizing irrevocable trusts, and why Nevada, Delaware, and Wyoming have become key states for business entity structuring.

This episode is a must-listen for entrepreneurs, small business owners, and anyone looking to better understand the nuances of protecting their business assets and personal wealth.

Key Topics Discussed:

• Single-member LLCs: Pros, cons, and misconceptions
• Charging order protection and why it's essential for business owners
• Real-world examples of LLC protection through case law
• Taxation flexibility with LLCs: Disregarded entities, partnerships, S-Corps, and C-Corps
• How to structure multiple LLCs for asset protection
• The importance of strategic planning for business owners
• Why trusts are critical for wealth management and asset protection
• Choosing the right state for LLC formation: Nevada, Delaware, Wyoming, and more
• Practical advice for setting up and maintaining your LLC to avoid pitfalls

Notable Quotes:

• "With proper structure and planning, you can ensure that even in worst-case scenarios, your assets are protected, and your business remains intact."
• "Single-member LLCs often get a bad rap, but there are ways to enhance their protection, especially with proper legal guidance."
• "The complexity of running a business requires not only setting up the right entities but also maintaining them properly over time."

Guest Information:

• Brent Buscay - Laughlin & Associates | Laughlin Black
  • Website: LaughlinUSA.com
  • Website: LaughlinBlack.com

Host Information:

• Thomas J. Powell
  • LinkedIn: Thomas J. Powell

Connect with Us:

• Follow The Powell Perspective on all major podcast platforms.
• Don't forget to subscribe, rate, and leave a review! Your feedback helps us continue to bring you valuable insights.

Episode Links:

• Learn more about asset protection and LLC structures with Laughlin & Associates.
• Interested in understanding more about legal strategies for your business? Visit Laughlin Black.

In the debut episode of The Powell Perspective, host Thomas J. Powell sits down with Brent Buscay from Laughlin & Associates and Laughlin Black to dive into the intricacies of asset protection and business entity formation. With over two decades of professional collaboration, Tom and Brent offer listeners a deep and candid conversation on how business owners—whether just starting out or managing multi-million-dollar operations—can protect their assets and navigate the complexities of today’s legal environment.

Key Discussion Points:

• The importance of asset protection in business and how Nevada has become a leader in offering favorable laws for entrepreneurs.
• Why Nevada and Delaware are prominent states for forming LLCs and corporations.
• Misconceptions about sole proprietorships and why LLCs offer superior protection.
• Nevada LLCs and how they help small businesses and major corporations alike.
• The dangers of "do-it-yourself" business setups using platforms like LegalZoom or Rocket Lawyer and why you need proper guidance to avoid costly mistakes.
• The role of Laughlin Black in helping businesses grow beyond initial entity formation, offering coaching and strategic planning for long-term success.
• Common legal traps entrepreneurs fall into and how strategic planning can save businesses from losing everything in lawsuits or litigation.

Notable Quotes:

• "Asset protection isn’t smoke and mirrors. It’s about protecting what you’ve worked for — legally and strategically."
• "Nevada’s laws offer consistency and protection for entrepreneurs, unlike states like California, where frequent legislative changes create uncertainty for business owners."
• "A sole proprietor puts everything at risk — your family’s savings, your home, even your future income can be on the line."

Takeaways:

• Business owners need to be proactive in protecting their assets, and forming the right legal entities is essential.
• Nevada’s business laws make it an attractive state for entity formation, but it’s important to have the right team guiding you through the process.
• Protecting your assets requires more than just forming an LLC — having a comprehensive strategy that includes tax planning and legal protection is critical.

Call to Action: For more information on how to protect your business and ensure long-term success, visit Laughlin & Associates or Laughlin Black. If you're ready to take the next step in securing your assets, reach out to Tom Powell and his team.

Subscribe: Don’t miss an episode of The Powell Perspective! Subscribe on your favorite podcast platform, and be sure to rate and review.

Connect with Us:

• Website: ThomasJPowell.com
• Twitter: Thomas J. Powell
• LinkedIn: Thomas J. Powell

Stay tuned for future episodes where we’ll dive deeper into asset protection, entity structures, and more ways to safeguard your financial future.