101: Structuring Business for Tax Efficiency and Succession Planning: Part 1 with Stuart Sorkin

Your Business Your Life

Welcome to a special three-part educational series designed to help business owners rethink their roles and structures for long-term success.

Many shop owners today, especially younger ones, aren’t ready to transition out entirely but want their businesses to thrive without being dependent on their day-to-day involvement.

This series will explore key strategies to achieve that goal, starting with how the right business structure can minimize tax liability, enhance transfer options, and allow owners to maintain control while stepping back operationally.

In this first session, Matt is joined by Stuart Sorkin, a seasoned attorney, CPA, and founder of Business and Legal Advisors, LLC, to talk about the impact of entity types on ownership goals and discuss the recent tax law updates and their implications, offering practical insights for shop owners looking to future-proof their businesses.

Matt and Stuart also talk about:

(04:00) Why body shop owners should rethink tax planning before 2026

(06:12) When is the right time to start planning your exit strategy?

(06:47) How structuring your sale can save you in taxes

(09:10) The benefits of the different business structures

(17:15) Why most investors don’t like S-Corps

(30:11) What S-Corps can do to fund big purchases without draining cash

(32:24) How smart tax planning can keep you profitable without crossing the line

(34:01) Why it is crucial to know who you are selling to

(35:48) The importance of planning early

(37:05) What is the built-in gains tax?

Connect With Stuart Sorkin

Website: https://businessandlegaladvisors.com/

Personal Website: https://stuartsorkin.com/

Phone: [phone]

Email: [email protected]

LinkedIn: https://www.linkedin.com/in/stuart-sorkin-84a528/

Schedule a call with Stuart: https://calendly.com/stuart-sorkin

Connect With Matt DiFrancesco:

[email protected]

[phone]

LinkedIn: Matt DiFrancesco

LinkedIn: High Lift Financial

Facebook: High Lift Financial

Instagram: @high_lift_financial

Youtube: @highliftfinancial

About the guest:

Stuart Sorkin is an attorney, CPA, and founder of Business and Legal Advisors, a consulting firm specializing in strategic business transfers.

With extensive experience in the collision industry, Stuart provides invaluable guidance to shop owners navigating complex transactions.

He is also the author of Expensive Mistakes When Buying and Selling Companies, a must-read book outlining common pitfalls in business sales.

Stuart’s expertise helps business owners avoid costly errors and make informed decisions.

Disclaimer:

All information is obtained from sources deemed reliable, but not guaranteed. No tax or legal advice is given nor intended. Content provided herein or on our website should not be construed as an offer for investment advice or for securities, insurance, or other investment products. Investments involve the risk of loss and are not guaranteed. Consult a qualified legal, tax, accounting, or financial professional before implementing any investments or strategy discussed here.

High Lift Financial is a DBA for DiFrancesco Financial Concierge, LLC. Investment advisory services are provided through Cornerstone Planning Group, LLC, an independent advisory firm registered with the Securities and Exchange Commission.