How do you guys start organized with multiple businesses?

[Spikeroo]

Hello all, I'm in the process of launching my second venture, and will have a 3rd after that, but I wanted some insight. I wanted to see what method you guys use for multiple businesses. More so the finance aspect of it. For example, if you have 3 different businesses, do you keep 3 different bank accounts? Do you just make 1 business name and like an enterprise and keep them all?

Long story short, what is the best way to keep all 3 business organized?

Thanks!

 

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[Envision]

Everything should be seperate.

Dont start a second or 3rd venture until you have staff to manage the first.

Focus

 

[Kevin88660]

Hello all, I'm in the process of launching my second venture, and will have a 3rd after that, but I wanted some insight. I wanted to see what method you guys use for multiple businesses. More so the finance aspect of it. For example, if you have 3 different businesses, do you keep 3 different bank accounts? Do you just make 1 business name and like an enterprise and keep them all?

Long story short, what is the best way to keep all 3 business organized?

Thanks!

Multiple Business?

I think most of us have to cope with main source of income, side business..and finding time to read and exercise.

If you know someone who can do that I am willing to pay to learn.

 

[Deleted72597]

My plan is to build good systems + attempt a semi-organic growth-oriented, medium-high passivity rate productocracy with little recurring expenses for my first (serious) business, start building the second inside the same business fueled by income from the first business/project, then split assets and move the 2nd business into a separate corporation. Not sure if this is normal or doable, but that's my plan. I intend to do as much as I can within the same business, use similar systems for as much as possible etc. Then transition. There will be a separate infrastructure for each business apart from the financial aspect, so that it's easier to separate later on. But maybe others know something I don't, and I should split everything.
These are my thoughts at least.

I'll use 1 bank account in the beginning, and then rather involve lawyers and financial advisors on going through the right steps to split assets, potentially turn one of them into a holding company, or create a new holding company.

Edit: But I am also blessed with a financial safety net, so my plans are not for anyone.

 

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[Michael Burgess]

I'm nobody to look up to or emulate in this matter, but I recently opened up corporations #2 and #3 - they're all managed separately, despite the fact they are integrated in some ways.

Keeping clean books, separate bank accounts, credit cards, CRM's, and KPI's for the companies allows you to actually measure each of them independantly - and know whether or not changes you impose are working or not. I had all three businesses operating through the same corporation before, and it was just a jumbled mess.

I'm only actively paying myself out of one company (my landscaping corporation).

All of the income in my farming business stays in that company, and will be invested back into building the companies infrastructure.

My third business, real estate remodelling & apartment investing, is basically a savings account for me; I perform interior remodelling services for my clients on my "weekend" (Friday - Sunday), and all of the profit is kept in the company until I've saved enough to acquire another multifamily property.

I don't necessarily think operating multiple businesses is actually a good idea for the vast majority of people, but I'm too stubborn and excited about each business to be willing to kill one. So be it!

 

[biophase]

Each business has its own LLC, own EIN, own bank account, own domain, email, phone, etc...