Kerrian Latty with Number 1 Business Brokers

Intro: [00:00:07] Broadcasting live from the Business RadioX studios in Atlanta, Georgia. It’s time for Buy a Business Near Me, brought to you by the Business Radio X Ambassador program, helping business brokers sell more local businesses. Now, here’s your host.

Stone Payton: [00:00:32] Welcome to another exciting and informative edition of Buy a Business Near Me. Stone Payton here with you. You guys are in for a real treat. Please join me in welcoming to the show with number one business brokers. Ms.. Kerrian Latty, how are ya?

Kerrian Latty: [00:00:49] I’m good. Thank you for having me. Yeah.

Stone Payton: [00:00:52] Really been looking forward to this. I got a lot of questions. I’m sure we won’t get to them all, but I think a good place to start might be just for you to share with us. Mission, purpose. What are you really out there trying to do for folks?

Kerrian Latty: [00:01:08] Basically the mission statement is I help business owners exit and I also let them exit tax free. So what that entails is a lot of education to business owners because two thirds of businesses close instead of selling. So it’s teaching them that you can sell because a lot of people only think you can sell real estate. They don’t think you can sell a business. So it’s always, what’s a business broker? Then the other facet is teaching them how they can exit tax free. So my main job is education at first, and then finally the rest of it is the sale.

Stone Payton: [00:01:50] How in the world did you get into this line of work? How did you start doing this?

Kerrian Latty: [00:01:57] I’ve always worked some type of facet with a business broker in New York. I used to work with start ups, working on their ideas, writing their business plans and so forth. And then I just, you know, over the years, I’ve had a couple of kids. We won’t go into how many. And so for the last five, I’ve transitioned to listing businesses and selling. And once in a while I’ll work with buyers too, and find them a listing of business that they want to buy.

Stone Payton: [00:02:33] Well, I would think that that would be incredibly interesting and very rewarding work. What are you enjoying the most about it?

Kerrian Latty: [00:02:45] Obviously closing day is my favorite day, but it is actually a very long and tedious sale. So I always go in initially telling the business owner, we got to like each other because we’re going to be with each other for a lot of months. I’m going to be very nosy. You got to tell me all about your financials. You got to tell me what you don’t put on tax return and all that stuff. So because I have to in turn be you all the time till I find qualified buyers. So it’s more it’s more about we got to make sure we mesh well and you can work well together first. Before I even talk about my sales skills. I’m an excellent negotiator, but all that stuff doesn’t come into play until we have the right buyer.

Stone Payton: [00:03:34] Well, you bring up an interesting point because I think I certainly had this impression before hosting this particular show, and I think maybe a lot of people do. I always envisioned the the business brokerage world as being far more transactional, but it sounds like relationships are really critical.

Kerrian Latty: [00:03:56] Yes, it it is transactional. However, you’ve got to win everybody over first, because sometimes I’ve got to win the buyer over to make sure that sometimes I have a listing that I need them to pay a premium because there’s contracts in the future and all that stuff. So it’s it’s very transactional, but those all those transactions have to relay into good relationships.

Stone Payton: [00:04:22] So talk to me a little bit about timing and we’ll use what we use me and Lee as an example. My business partner, Lee Kantor and I, we own the the Business Radio X Network. We’re not in a hurry about it, but, you know, at some point we might be interested in learning how to navigate an exit. How far out should we be consulting with you before we’re ready to pull the trigger?

Kerrian Latty: [00:04:51] I like to talk to people when they are obviously like 3 to 5 years ready to pull the trigger.

Stone Payton: [00:04:57] Wow. Okay.

Kerrian Latty: [00:04:59] Because I’d rather get your premium. And that’s why I try to explain the business owners when they’re like, Oh, I’m going to retire in five years, so I’m going to cut back. And it’s like, No, I want to get you top dollar. So the last thing you do is not cut back. You’re better off selling now or you’ve got to keep the business running. But I like to talk to business owners now that want me to list it in 23 or 24. It’s it’s better for you to hear from me what you need to do to get all your ducks in a row so we can get you to top dollar.

Stone Payton: [00:05:36] So. So let’s talk about that a little bit. What ducks in particular do we need to get in? I would think clean books would surely be one of them, right?

Kerrian Latty: [00:05:46] Yes. Yes. Clean book is always is perfect. But the beauty of a of a business broker is we’re able to talk to you about what you need to clean up and we can work with your CPA and your attorney. Also. Sometimes it’s you want to sell, but your partner doesn’t. So that could be where we start talking now. So we see what the partners objections are and we can work work out something between the two of you. So maybe you want to sell your portion or maybe he doesn’t want to sell until five or ten years more. So it’s all about finding out your whys, what’s going on and so forth.

Stone Payton: [00:06:26] So in terms of structuring the deal, it’s my understanding there are a lot of different ways to to skin that cat, as it were. It doesn’t necessarily have to be one big check at the table and then we’re done. There’s different ways to get to do this, aren’t there?

Kerrian Latty: [00:06:45] Correct? Correct. There’s ways that we can do seller financing because obviously everybody knows about the SBA, but sometimes the SBA doesn’t work out with businesses that don’t have great books. So seller financing could be in play. There could be you get a check at the closing day, but there’s earnout. So every year the new owner will open the books and say, We made this and you projected X, so we’re going to cut you an additional check because of that and so forth. So a lot of buyers like having some type of seller financing. So this way they know the seller is vested in the business and invested in the transition. Like, I have a buyer that he has tons of money, but he always purposely holds back some of it to make sure the transition is smooth and make sure that whatever contract or customers that were with the business stays, then he pays out the rest in a couple of months, but he’ll lie and say, I won’t pay you that out for two years at X amount per month and so forth. But it’s just a way to make sure that the seller is truly vested in the sale and going to transfer over everything possible to make the new buyer successful.

Stone Payton: [00:08:07] So how does the whole sales and marketing thing work for for a practice like yours? Like you mentioned, not only were you talking about a seller, but it sounded like it’s a seller that you’ve worked with on on multiple deals. How do you get to to how do you get new clients like that?

Kerrian Latty: [00:08:26] Yes, sometimes it is sellers that we work with on multiple deals because, you know, once you’ve bought one business, you’ll buy another one. So you have some serial entrepreneurs that I deal with. I have some investment groups that I deal with overseas that are looking to buy here in America as well. So a majority of it is always networking. I always have that business broker on because you never know who you’re going to meet and stop and shop at a gas station. But the biggest thing is just keeping your name out there like we’re on Best Buy. Sell is the most popular. There’s another company that deals with more European sales. I apologize. The name’s not coming to me now, but there’s a couple different avenues that we advertise and market ourselves well. And then I’m on social media. It hasn’t gotten me tons of clients, but once in a while I’ll get one or two, so it helps.

Stone Payton: [00:09:27] So I want to hear more about this idea of exiting tax free that that got my ears perked up a little bit. Speak a little bit more.

Kerrian Latty: [00:09:35] Yes. Yes. I work with a financial advisor. He’s located he physically lives in California, but he’s licensed in almost every state here. So he’s able to help me regarding business listings and also the typical landlord that doesn’t want to sell either because they don’t want to pay capital gains. So they’re like, Oh, I’ll leave it to my kids and let probate courts sell it. And probate court takes so much in taxes to it doesn’t make any sense. So once we get in front of a seller and we can explain how the two of us work well together, it’s a win win for everybody.

Stone Payton: [00:10:18] So. You have so much passion and energy and it comes through the airwaves. And I know, you know, you’re a mother, You’re you’re busy. You’ve got to you got to run out of gas from time to time. Where do you go? And I don’t necessarily mean a physical place, but where do you go to kind of get recharged and inspired and fill the tank back up so you can serve these folks properly?

Kerrian Latty: [00:10:51] The biggest thing is I do stop during the day and pray. So like at 12, I’ll stop for a couple of minutes and I pray at night before I go to bed. And that entails really just turning off the TV, everything. And I’ll read a couple of chapters of whatever book I’m reading at the moment. I’ll relax, meditate sometimes, but that’s that’s my best way to recharge. Is that alone time and a couple of minutes of prayer.

Stone Payton: [00:11:22] So have you had the benefit of one or more mentors as you were getting into this business? Someone to kind of help help you learn the land, the landscape?

Kerrian Latty: [00:11:35] Yes, I’ve always had some type of mentor, and I’m actually looking for a new one now because I want to get into a couple bigger transactions as as we look at it, because, you know, once you close your biggest deal, then you’re like, Oh, let me go for bigger stuff.

Stone Payton: [00:11:55] So. Right.

Kerrian Latty: [00:11:55] Right. Yeah. So it’s a small attempt, like I do have the children. So sometimes I can’t always be in New York at the drop of a dime, but I do always attempt if I close a deal in it and I think it’s my biggest now, I’m like, okay, now I have to go after something bigger.

Stone Payton: [00:12:16] Now, did I see somewhere in my notes that you are also a photographer, like with a studio and the whole the whole bit, right?

Kerrian Latty: [00:12:26] Yes. Yes. I’m an artist at heart. Years ago, like in college, in high school, In college, I was a photographer, so I’ve always had my camera. So if somebody calls me now for a wedding, I will try and work with them and shoot it. But I’m necessarily my niche. Is boudoir photography The problem? Why I don’t bring it up too much is because people just hear it and then they think, Oh, nudity, porn. And it’s not. It’s art. The human body is art. And I wish people would realize how beautiful it is.

Stone Payton: [00:13:08] Well, I imagine that would be a terrific outlet for your creativity. Another way to kind of recharge and I love to hear when people are fired up about anything, you’re clearly fired up about your business and your vocation. But but I mean, I love it when I get a chance to visit with people and hear about other aspects of their of their lives. And it sounds like you really enjoy that as well.

Kerrian Latty: [00:13:33] Yes, I do. I think I’ll be 80 still shooting because it’s it’s a love for me. So and that’s that’s the beauty of me in general. I haven’t worked a day in my life in years, decades, because I love what I do with with helping business owners transition and retire well. And then on the weekends when I’m shooting a woman that has low self-esteem and I show her the back of the camera how sexy she really is, it’s so empowering, you know? So her and I feel great at the end.

Stone Payton: [00:14:12] That is fantastic. All right, before we wrap, I’d love to leave our listeners with a few actionable items, a few pro tips. And I mean, number one, pro tip gang, if you’re thinking about buying or selling and want some insight and you want to visit with someone that has some genuine expertise and specialized experience in this arena, reach out and have a conversation with Carrie or somebody on her team. But Carrie, could we maybe leave a couple of pro tips for for buyers and sellers alike so that they can begin to get focused on the on the right, on the right things if they’re entertaining this idea of buying or selling.

Kerrian Latty: [00:14:55] So for sellers, my biggest tip is take the emotion out of it. Then once we talk and we do it, valuation of your business is worth this, understand? That’s the number. And also I like for businesses to be open and let me know fully everything that’s going on, which is good for buyers. My biggest thing also is take the emotion out of it. You don’t have to buy something you love you when you’re buying, you’re looking for something that makes you money. And also the biggest takeaway for both of them is to be honest about your numbers because as a seller, it comes out during due diligence and then as a buyer, it’s going to come out when you need to show your financing to make the purchase.

Stone Payton: [00:15:45] Well, I’m glad I asked because, I mean, these are things that we need to be thinking about. And as I shared with you, it’s these are things Lee and I need to be thinking about. And apparently much sooner than I anticipated.

Kerrian Latty: [00:15:58] Yeah. Like we get people sometimes that are like, Oh, unfortunately, I’m ready to retire the end of the year. And you’re like, But it’s October, you know? So we definitely like for you to reach out earlier so we could come up with a good game plan.

Stone Payton: [00:16:18] Okay, What’s the best way for people to reach out, have a conversation with you or someone on your team, learn more, tap into your work, whatever you feel like is appropriate. Website, email, LinkedIn. I just want to I want to make sure folks can connect with you and start to tap into your work.

Kerrian Latty: [00:16:34] So the easiest way to get in touch with me is obviously by email. My full government name is Korean Lady so k e r r iron latte latte y at mi Mi.com. If you’re on Instagram or TikTok, you can find me under the name money for you Broker and that’s Mo and y the number for the letter U and then broker and also on LinkedIn. I’m Korean lady as well.

Stone Payton: [00:17:09] Well, Kerry, it has been an absolute delight having you on the show today. Thank you so much for for sharing your insight and your experience and expertise. What you’re doing is so important. It sounds like you’re doing a marvelous job with it. And we we sincerely appreciate you.

Kerrian Latty: [00:17:28] Thank you so much for having me. I truly enjoyed this conversation.

Stone Payton: [00:17:33] Me too. All right. Until next time, this is Stone Payton for our guest today, Carrie Latte with number one business brokers and everyone here at the Business Radio X family saying we’ll see you next time on Buy a Business near me.