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Brian Beers
@brianbeers
Followers
30K
Following
5K
Statuses
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Building a multi-unit franchise empire + helping others do the same
Buy & scale franchises 👉
Joined February 2008
@SuccessWithJake For hands-off: Only move forward with a rockstar operator who has skin in the game A franchise will definitely provide better support (compared to zero) and opportunity to scale The biggest risk is the person
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Never stress about taxes again by following this simple system: I used to freak out every April I would scrape together cash from multiple accounts & pull money from savings I was worried about making payroll, projecting out sales, & seeing where we could delay other payments. Now, I don’t even think about it. Every year we estimate how much we’re going to owe. For example: Income taxes - ballpark at Profit x 30%. = $500k Real estate taxes - at 10 locations the business pays the annual property taxes directly. = $250k City & State Taxes - Philadelphia, Pennsylvania, & New Jersey for me. = $50k (example) Rent Override - Franchise-specific issue. We get charged additional rent at a few locations based on sales = $150k (example) In this example, we owe $950k over the next 12 months. $950k / 52 weeks = $18,250 per week to save. Every Monday we transfer $18,250 into the “tax savings” bank account. The money in that account isn’t mine. I’m just holding it for other people. This mindset makes it less painful when those big bills come due. All tax payments come directly from the tax account — not touching our operating cash. Once taxes are finalized in April, I will re-calculate for next year. This system has completely relieved the stress of tax season. The bills are paid with money I’ve already written off. Sometimes there’s a little cash left over in the tax account that I take as a bonus. Action Plan 1) Open a new bank account 2) Create a spreadsheet to estimate taxes 3) Setup a weekly recurring transfer
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@mhp_guy I’ve been into many auto repair shops. 95% are shit They aren’t buying these. The market would be car enthusiasts home garages
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