Chris Barrett

CPA, Accounting & Tax Specialist in Acquisitions

Chris Barrett is a registered CPA and founder of Midwest CPA. He is an accountant and tax professional who provides CPA services to entrepreneurs looking to acquire businesses

Chris leads the team at Midwest CPA and works with clients to help them assess business deals, conduct due diligence and manage their finance and compliance requirements.

Chris has written a number of insightful articles and spoken at various events and webinars on entrepreneurship through acquisition.

Chris Barrett, CPA

Managing Director/Owner

Webinars With Chris Barrett

More Articles And Content From Chris

a book and notebook with a crumpled page, indicating frustration with a deal breaker.
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Chris Barrett

Under LOI? Here’s When Walking Away Is the Smart Move

Signing a Letter of Intent (LOI) is a big step in acquiring a business. It signals serious intent, begins due diligence, and often involves commitments of time, effort, and money. But being under LOI does not guarantee you should go all the way to closing. Sometimes walking away is the smartest decision you can make. In this article, you’ll discover three critical reasons to walk away before closing so you can avoid buying the wrong company and instead, invest in the right one.

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Worker on a bench with a lamp and coffee, as though they are working late into the night.
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Chris Barrett

Buying a Business While Working Full Time: A Practical Guide

One of the most common questions aspiring entrepreneurs ask is: “Can I realistically buy a business while working full time?” The short answer is yes, you absolutely can.

This path is becoming increasingly popular, especially among professionals who want to transition into entrepreneurship without taking on the immediate financial risks of leaving a stable paycheck. By keeping your job, you maintain financial security, reduce stress around funding, and give yourself more time to evaluate deals carefully. At the same time, this approach comes with challenges, since the search process is time-intensive, brokers may question your seriousness, and juggling responsibilities requires discipline and structure.

The good news is that with the right strategy, strong time management, and a clear acquisition plan, it’s possible to make real progress toward ownership even when your schedule feels packed. In this guide, we’ll explore why buying a business while working full time can work, the trade-offs compared to full-time searching, and the practical steps you can take to make it happen. By the end, you’ll have a roadmap for approaching your search with confidence, credibility, and clarity.

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Image of a silver washing machine with the door slightly ajar and a white towel inside.
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Chris Barrett

Is a Laundromat Truly Passive Income? A Balanced Look

Passive income is generally defined as earnings that require little to no ongoing effort to maintain. According to the IRS, it includes money generated from rental activities or businesses in which the taxpayer does not materially participate. In everyday business terms, it’s often described as “making money while you sleep.”

But laundromats don’t neatly fit into this definition. While they can generate steady revenue without constant daily oversight, they still require time, decision-making, and management. For this reason, they’re better categorized as a form of semi-passive income. You may not be running them full-time, but they aren’t entirely hands-off either.

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Chris Barrett

Tax Implications of Using an SBA 7(a) Loan to Buy a Business

SBA loans have made it easier for entrepreneurs to buy an existing business. Due to its competitive financing terms, interest rate, lower down payment requirements, and flexible use of funds, it has become a gold standard among entrepreneurs. Interestingly, there’s a critical consideration which is often overlooked are the tax complications of using an SBA 7(a) loan.

It’s important to understand the tax side of using an SBA 7(a) loan. It can either help you save thousands each year or end up costing you more than you expected. The difference between a tax-optimized deal and a missed opportunity can be reduced by onboarding experienced SBA loan advisors and tax professionals. They help you structure a deal that brings in tax benefits. This is exactly what Pioneer Capital Advisory and Midwest CPA deliver to their clients. In this guide we’ll walk you through the key tax implications of using an SBA 7(a) loan, and show you how smart planning can make all the difference.

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Quality of Earnings for SMB Acquisitions
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Chris Barrett

SMB PE Expert Interviews: The Critical Role of Quality of Earnings for SMB Acquisitions

A Quality of Earnings (QoE) report is one of the most critical tools in the acquisition process especially for SMB buyers. In this podcast, we break down key insights from Chris Barrett of Midwest CPA, who’s helped dozens of buyers uncover red flags, normalize earnings, and protect their investments. Whether you’re a first-time buyer or a seasoned acquisition entrepreneur, this guide will help you grasp why QoE matters, what it includes, and how to use it to negotiate smarter, close faster, and avoid costly surprises.

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