Episode 520: Barry Levine of The Law Offices of Barry R. Levine - Beverly, MA. Shielding Your Personal Assets. Avoid Bankruptcy Before It Hits. Legal Lifelines for Food Entrepreneurs. Cost Accounting.

·1 hr 41 min·5 clips

Bankruptcy lawyer Barry Levine reveals how food entrepreneurs can shield personal assets before crisis hits.

The episode begins with host Justin Bizarro introducing guest Barry Levine, a bankruptcy lawyer from Beverly, Massachusetts, who also hosts a podcast and authored a book on bankruptcy. Levine recounts his career path, starting by working for a debtor's attorney before starting his own practice. The discussion quickly focuses on the high failure rate in the food industry, with Levine noting the particular difficulty of restaurant Chapter 11 reorganizations. Bizarro and Levine explore common entrepreneurial mistakes, such as cutting corners under financial pressure and the false belief that more capital alone can solve business problems. Levine provides legal insights on personal guarantees, explaining how a mortgage securing a loan is much harder to discharge than an unsecured promise. He also touches on SBA loans and trust fund taxes. Bizarro shifts to operational advice, arguing that entrepreneurs must build the capacity to work 80+ hours per week and should self-finance their ventures initially. He advocates for a strategic business structure involving multiple LLCs to compartmentalize risk, allowing one part of the business to fail without sinking the whole enterprise. The host stresses the importance of constant cost accounting, quarterly price adjustments to avoid customer shock, and outsourcing HR functions. Levine shares anecdotes from his 45-year career, including a case involving a client with 1807 Bitcoins. The episode concludes with Bizarro's philosophy on mentorship, crisis preparation, and building business relationships to create financial buffers.

As heard by us

A candid look at how HR mistakes, litigation, and weak leadership can put a food business at risk.

Food entrepreneurs get a direct look at how trouble inside a business can spread past daily operations, as bankruptcy lawyer Barry Levine talks through litigation exposure, HR missteps, and the care required when dealing with employees.

Read the full review in PlayNext →

Why you'd press play

You want a calm, food-business lens on the legal trouble that can come with growth.

Read the full recommendation in PlayNext →

Listen to the show on

Apple Podcasts Spotify

Play clips from this episode More from JUSTIN AND THE [FOOD] ENTREPRENEURS