Summary

In this episode, Adam and Steve discuss the concept of paying the 'dumb tax' as a business owner. They define the dumb tax as making mistakes unknowingly or unnecessarily due to a lack of guidance or seeking advice from experienced individuals. The hosts highlight three common ways that business owners pay the dumb tax: valuation errors, poorly structured business deals, and inadequate preparation. They emphasize the importance of seeking expert advice, conducting thorough research, and networking with peers to mitigate the dumb tax. The episode concludes with a reminder to take action and implement the insights gained from the discussion.

Chapters

00:00 Introduction
01:23 Defining the Dumb Tax
09:22 Paying the Dumb Tax: Poorly Structured Business Deals
21:37 Mitigating the Dumb Tax
22:04 Conclusion

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