In this episode, host Barrett Young interviews Jarom Rogers, a partner at Legacy Hearing Professionals. They discuss Jarom's experience in taking over and revitalizing a struggling business, navigating financial crises, and dealing with underperforming partners.

Background and Initial Challenges
Jarom describes the early stages when his friend, who owned the hearing aid company, faced severe issues due to a non-contributing partner. This partner neglected financial obligations, resulting in unpaid rent and looming eviction. Jarom and his business partner intervened to buy out the troubled partner, settle debts, and take control of the company.

The Buyout Process
Jarom elaborates on how he and his partner negotiated the buyout. They capitalized on the partner’s desperation, securing a favorable deal by paying less than the business's potential value. This strategic move involved a thorough review of revenue, net profit, and liabilities. The buyout was executed swiftly to prevent further disruption.

Key Lessons on Partnership Oversight
The discussion emphasizes the importance of financial transparency and routine oversight in partnerships. Jarom shares that if a partner overlooks financial details or relies solely on another’s assurances, it can lead to serious issues. He recommends partners share the responsibility of reviewing finances regularly to avoid unexpected crises.

Jarom’s story is a testament to the value of proactive leadership, the importance of due diligence before engaging in partnerships, and the benefits of having trusted advisors and integrators in business operations.

Listeners can learn more about Jarom Rogers by connecting with him on LinkedIn.

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The Art of Succession Podcast is brought to you by GWCPA. Twice a month on https://www.youtube.com/@gwcpas, host Barrett Young will bring you interviews sharing the successes and challenges from business owners with their own succession stories. If you've enjoyed this episode, please share it with others.

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Disclaimer: This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal, or accounting advice. You should consult your own tax, legal, and accounting advisors before engaging in any transaction.