Prepping to be an Acquired ft. Wes Campbell

Accounting is the forgotten part of the most cannabis business. Today we dive into cannabis accounting topics with the Co-founder of N2N advisors. In this episode we discuss: • How to benefit from 280E • Preparing your company to be an acquisition target • Dispelling Common Accounting Myths Chapters: 00:00:00 - The Risk of Auditing in the Cannabis Industry 00:02:45 - Overcoming Accounting Hurdles in the Cannabis Industry and Understanding 280e 00:05:18 - The Impact of 280E on Cannabis Entrepreneurs 00:07:45 - The Importance of Clean Books and Communication with Your Accountant 00:10:07 - The Importance of Thorough Financial Accounting and Reporting 00:12:28 - The Challenges of Operating a Business in the Cannabis Space 00:14:56 - The Importance of Continuous Partnership with an Accountant 00:17:18 - The Value of Consistent Accounting Practices and End-to-End Solutions 00:19:47 - The Importance of Keeping Track of Business Finances 00:22:15 - Using Technology to Streamline Accounting Processes 00:24:43 - Challenges of Doing Business in Different States 00:27:09 - Challenges for Multi-state Cannabis Operators and Federal Regulation 00:29:41 - The Challenges and Risks of Cannabis Banking and Investing 00:32:09 - Compliance and the Future of Cannabis Laws 00:34:36 - Importance of Exit Strategy and Clean Books for Business Success 00:36:53 - Clean Books and Due Diligence in Mergers and Acquisitions 00:39:23 - Finding the Right Accounting Services for Your Company's Size 00:41:44 - The Biggest Misconception in the Cannabinoid Industry 00:44:06 - Risk Aversion and Planning for the Unknown in the Cannabis Industry 00:46:37 - The Importance of Accountants and CFOs in Business Growth 00:49:05 - From small businesses to public companies: Lessons learned and sharing expertise 00:51:38 - Structuring a Business to Maximize Tax Benefits 00:53:57 - Growing and Expanding as a Boutique Accounting Firm N2N is a boutique firm in the cannabinoid industry so we are agile and can have boots on the ground quickly and efficiently.  We have considerable internal resources that we employ but also have the network and connections to additional independent contractors for whatever job is needed. We do not have the internal hierarchy of a larger firm where politics can get involved or everything is focused just on revenue.  We value the relationship and opportunity to grow with our clients.  https://www.n2nadvisors.com/ This show is presented to by 8th Revolution: At Eighth Revolution (8th Rev) we provide services from capital to cannabinoid and everything in between in regard to the hemp & cannabis industry. Our forward-thinking team can diagnose, analyze & optimize every detailed nuance of your company to keep your business safe, smart, and profitable. Our flexibility and experience combined with ongoing research create unique insights into how to best grow your market share. Contact us directly at info@8threv.com Bryan Fields: @bryanfields24 Kellan Finney: @Kellan_Finney #cannabisindustry #Cannabisaccounting #Cannabispodcast

Chapters

1. 0:00The Risk of Auditing in the Cannabis Industry
2. 2:45Overcoming Accounting Hurdles in the Cannabis Industry and Understanding 280e
3. 5:18The Impact of 280E on Cannabis Entrepreneurs
4. 7:45The Importance of Clean Books and Communication with Your Accountant
5. 10:07The Importance of Thorough Financial Accounting and Reporting
6. 12:28The Challenges of Operating a Business in the Cannabis Space
7. 14:56The Importance of Continuous Partnership with an Accountant
8. 17:18The Value of Consistent Accounting Practices and End-to-End Solutions
9. 19:47The Importance of Keeping Track of Business Finances
10. 22:15Using Technology to Streamline Accounting Processes
11. 24:43Challenges of Doing Business in Different States
12. 27:09Challenges for Multi-state Cannabis Operators and Federal Regulation
13. 29:41The Challenges and Risks of Cannabis Banking and Investing
14. 32:09Compliance and the Future of Cannabis Laws
15. 34:36Importance of Exit Strategy and Clean Books for Business Success
16. 36:53Clean Books and Due Diligence in Mergers and Acquisitions
17. 39:23Finding the Right Accounting Services for Your Company's Size
18. 41:44The Biggest Misconception in the Cannabinoid Industry
19. 44:06Risk Aversion and Planning for the Unknown in the Cannabis Industry
20. 46:37The Importance of Accountants and CFOs in Business Growth
21. 49:05From small businesses to public companies: Lessons learned and sharing expertise
22. 51:38Structuring a Business to Maximize Tax Benefits
23. 53:57Growing and Expanding as a Boutique Accounting Firm