Grow Your Business and Grow Your Wealth

Latest Episodes:

Episode 231: Navigating Legal Pitfalls in Business Dec 06, 2024

Show notes

In this episode, host Gary Heldt speaks with Michael Mendelson, a partner at Outside GC, a unique virtual law firm. Michael shares his journey from mechanical engineering to law, explains the innovative business model of Outside GC, and offers actionable insights for small and medium-sized businesses. This conversation is packed with practical advice on managing legal risks, building trust with advisors, and navigating the complexities of modern business law.

5 Key Takeaways:

The Unique Model of Outside GC:

Outside GC is a virtual law firm specializing in business law for entrepreneurs and established businesses, offering flexibility without compromising expertise.

Importance of Legal Foundations:

Michael emphasizes the importance of proper business formation, founder agreements, and understanding regulatory requirements to avoid costly mistakes later.

Strategic Legal Advice:

Lawyers at Outside GC prioritize efficiency and clarity, helping clients focus on major risks and business goals while avoiding unnecessary complexity.

Leveraging Technology in Law:

While AI and online tools like LegalZoom can help small businesses, they often fall short for more complex legal needs. Consult a professional when navigating high-stakes situations.

Building Strong Client Relationships:

A good attorney not only provides legal advice but also becomes a trusted advisor, proactively checking in and tailoring strategies to fit the client’s evolving needs.

Notable Quotes from Michael Mendelson:

“Our job isn’t to fight over every comma; it’s to help you sleep at night while you focus on growing your business.”

“Don’t just download a template—consult someone who can align your legal framework with your long-term goals.”

How to Reach Michael Mendelson:

Website: www.outsidegc.com

Learn more about Michael and his partners, their services, and how they can help you navigate your legal challenges and grow your business.

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Episode 230: Top Tax Mistakes Small Businesses Make & How to Avoid Them Dec 04, 2024

Show notes

🎤 What are the top tax mistakes small business owners make, and how can you proactively avoid them?

📝 In this episode, Gary Heldt interviews Tina Azarvand, the Managing Partner at Azarvand Tax Law. Tina shares insights into common tax mistakes small business owners make, strategies for proactive tax planning, and how her firm uniquely supports entrepreneurs by simplifying tax and legal processes. From payroll tax penalties to the importance of good record-keeping, Tina highlights actionable tips to help small businesses stay compliant and maximize their financial health.

Key Takeaways:

S Corp Compliance: Avoid inadvertent terminations by understanding “reasonable compensation” requirements.
Record-Keeping Essentials: Keep receipts organized digitally to prepare for audits and avoid penalties.
Proactive Payroll Tax Management: Payroll taxes should be a top priority; penalties can snowball quickly.
The Cohen Rule: If you lose receipts, the IRS allows reasonable estimates, but staying organized is better.
Student Loan Payment Benefits (CARES Act, Section 2206): Employers can pay up to $5,250 directly to employee loans, exempt from income tax and FICA—valid through 2025!

How to Reach Tina Azarvand:

Email: info@azarvandtaxlaw.com
Phone: 410-698-4005

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Episode 229: 5 Strategies to Protect Your Business and Assets Nov 29, 2024

Show notes

Are you truly prepared to protect your business from unexpected challenges?

Today's episode with host Gary Heldt and guest attorney Rachel King explores essential legal and financial strategies for business owners, from assembling a professional support team to proactive planning and avoiding common pitfalls in business structuring and asset protection. Gain actionable advice on safeguarding business and personal assets, reducing stress, and preventing costly mistakes.

Key Takeaways:

✔ Build a Team of Professionals:

Rely on a trusted attorney, CPA, and insurance agent to cover legal, financial, and risk management needs.

✔ Use Buy-Sell Agreements:

Ensure buy-sell agreements are in place to handle ownership transitions smoothly and prevent conflicts.

✔ Separate Personal and Business Assets:

Keep personal assets out of the business entity to protect against liability in case of legal actions.

✔ Invest in Proactive Planning:

Spend on professional advice upfront to avoid high costs and stress from potential lawsuits later

Quote: "Nothing is more expensive and more stressful than having to defend a lawsuit."

Get in touch with Rachel King:

Website: RachelKingAttorney.com
Upcoming Book: Getting Divorced, Now What? (October 2024) on financial independence during and after divorce.

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Episode 228: Tax-Smart Strategies for Business Growth Nov 27, 2024

Show notes

Are you confident your business is taking advantage of every tax break and staying audit-proof, or could you be leaving money on the table?

In this episode, Gary Heldt welcomes Sherry Peel Jackson, a seasoned CPA, former IRS agent, and founder of SP Jackson Consulting, LLC. Sherry shares insights from her extensive experience in the tax and financial fields, focusing on strategies for small business owners to improve tax compliance, protect against audits, and maximize deductions. From record-keeping tips to tax-saving methods like hiring family members, Sherry offers practical advice that empowers entrepreneurs to achieve financial success.

Key Takeaways:

Sherry’s Background: Transitioning from IRS agent to CPA and consultant, Sherry leverages her knowledge of the IRS and tax law to help business owners avoid common pitfalls.
Tax Mistakes to Avoid: Sherry discusses frequent errors small business owners make, such as poor record-keeping, misunderstanding deductible expenses, and relying on inadequate tax preparation services.
Strategies to Reduce Tax Liability: Effective strategies like the “Augusta Rule,” hiring family members, and utilizing Roth IRAs for children’s savings.
Audit Triggers and Preparation: Learn about common red flags that can trigger an IRS audit and the importance of thorough documentation.
Cryptocurrency and Unrealized Gains: Sherry touches on evolving tax laws concerning cryptocurrency and shares her concerns about potential legislation taxing unrealized gains.

Quotes:

“If we could get business owners to focus on record-keeping, they would save so much money in the long run.”
“Don’t rely on your debit card statements for audits. Keep detailed receipts and documentation to back up your expenses.”

Resources:

Connect with Sherry Peel Jackson: connect@sherrypeeljackson.com

Tune in for Practical Tax Tips and Business Growth Strategies!

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Episode 227: Smart Hiring Strategies for Small Businesses Nov 22, 2024

Show notes

Struggling to find the right talent for your business? Discover hiring secrets from Steven Rothberg, founder of College Recruiter, as he shares innovative strategies to attract and retain top early-career candidates, streamline your recruitment process, and make smarter hiring decisions for long-term success.

In this insightful episode, Gary Heldt speaks with Steven Rothberg, founder of College Recruiter, a niche job search site connecting employers with candidates with zero to five years of experience. Steven shares the journey of College Recruiter from its beginnings as a print publication to becoming an online job board that emphasizes cost-per-click and cost-per-application pricing models. Together, they dive into strategies and best practices for small businesses looking to make smarter hiring decisions.

Key Takeaways:

💼 Why Niche Job Boards Matter: College Recruiters' focus on early-career talent helps employers find candidates with specific experience levels.
🔍 Maximizing Job Ad Effectiveness: Tips to write clear job titles, specify location, and offer transparent compensation to attract quality candidates.
📈 Hiring Strategies for Small Businesses: Referral networks and targeted recruitment sites as alternative methods to executive recruiters.
⚖️ Understanding Fair Compensation: How researching industry standards and geographic differences can help small businesses set competitive wages.
📋 Leveraging the EOS Hiring Model (GWC): A practical framework for ensuring candidates “Get it, Want it, and have the Capacity” for the role.

Quote of the Episode: "Perfection is the enemy of progress. When hiring, aim for progress by understanding that not all applicants will be a perfect fit – but some will add real value."

How to Reach Steven Rothberg: Find Steve on LinkedIn by searching “Steven Rothberg” or email him directly at steven@collegerecruiter.com

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Episode 226: Why Small Businesses Choose Tech-Driven Tax Services Nov 20, 2024

Show notes

Are you tired of the high costs and inefficiencies of traditional accounting services? Discover how Dr. Ryan Moriarty is leveraging technology to revolutionize bookkeeping and tax preparation for entrepreneurs.

In this episode, Gary Heldt interviews Dr. Ryan Moriarty, President of Done For You Tax, a company that offers cutting-edge tax and bookkeeping services at a fraction of the traditional cost. With a background in Computer Science, Ryan brings a unique tech-savvy approach to financial management. Learn how his company empowers small business owners by simplifying the bookkeeping process, reducing costs, and offering innovative tax strategies. From his base in Puerto Rico, Ryan shares insights on the future of tech-driven accounting and how small businesses can benefit from his services.

5 Key Takeaways:

💼 Innovative Tech Solutions: Done For You Tax offers bookkeeping and tax preparation at one-third the cost of traditional firms by leveraging cutting-edge software and automation.
🌍 Puerto Rico Base: Ryan splits his time between Puerto Rico and Florida, using Puerto Rico’s favorable business environment to enhance services for entrepreneurs.
💡 24-Hour Turnaround: Done For You Tax provides incredibly fast bookkeeping services, often completing tasks within 24 hours of client onboarding.
🏢 Specialization in Small Businesses: The company focuses on solo entrepreneurs and small businesses earning under $600,000, providing personalized financial services that larger CPA firms overlook.
🛡️ Data Security First: Using tools like Plaid, Done For You Tax ensures that clients’ financial data is encrypted and secure, making it safer than traditional accounting systems.

Quote 1:

"People say you can't be the fastest, the best, and the cheapest—but we’ve proven them wrong." – Ryan Moriarty

Quote 2:

"I want to disrupt this market because I know it can be done, and there are so many small business owners who need that extra help." – Ryan Moriarty

How to Reach Ryan Moriarty:

Website: doneforyoutax.com
Instagram: @RyanJMo

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Episode 225: Balancing Legacy and Innovation in Business Nov 15, 2024

Show notes

How do you balance the legacy of a family business while embracing innovation and new trends? Rustin Yasavolian, a second-generation owner of Masina Diamonds, shares his journey in running a family-owned jewelry business and the challenges of taking over from his father.

In this episode of Grow Your Business & Grow Your Wealth, host Gary Heldt interviews Rustin Yasavolian, who took over Masina Diamonds, a business his parents started in 1984. Rustin talks about the challenges of succeeding in a family business, how he balances honoring his father's legacy with introducing modern innovations like technology and social media, and the importance of setting boundaries to preserve both business and family relationships. He also discusses his plans for expanding the business while maintaining its high-quality customer service.

Key Takeaways:

✅ Rustin learned the value of hard work and patience through his experience starting from the bottom in the family business.

✅ Technology integration, including new inventory systems, has been a game-changer for improving efficiency and data tracking.

✅ Family dynamics in business can be tricky, but setting clear boundaries is essential for preserving relationships.

✅ Rustin emphasizes the importance of leveraging social media for branding and engaging a larger audience.

✅ Succession planning and teaching family members through hands-on experience are key strategies Rustin uses to prepare for the business’s future.

Quote:

"Starting from the bottom gives you a real understanding of how the entire business works, from sales to management."
"You have to be patient and listen—family businesses are built on relationships, but the way forward is through innovation."

How to Reach Rustin: You can learn more about Masina Diamonds and reach Rustin through their website: Masina Diamonds.

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Episode 224: Boost Business Growth with Tailored Tech Solutions and AI Nov 13, 2024

Show notes

Are you ready to scale your business with cutting-edge technology? Discover how Ingennicom helps businesses streamline operations and future-proof their growth.

In this episode, Gary Heldt interviews Maureen Edwards, the founder and CEO of Ingennicom. Maureen shares her insights on how businesses can scale effectively by leveraging technology solutions, such as AI, to enhance efficiency and operations. With over 12 years of experience, Maureen discusses how Ingennicom empowers companies to overcome challenges associated with growth by providing tailored technology strategies. She also introduces Ingennicom's new AI Empowerment Solutions division. She addresses the common fear that AI will replace jobs, assuring listeners that AI can enhance business operations, not replace human input.

Key Takeaways:

✅ Ingennicom focuses on scaling businesses through tailored technology solutions that support sustainable growth.

✅ The Fourth Industrial Revolution is here, and businesses need to adapt quickly to maintain their competitive edge.

✅ Maureen's AI Empowerment Solutions division offers re-skilling programs to help individuals and businesses embrace AI.

✅ Stay ahead of the competition in the future to meet your unique needs.

Quote:

"AI isn’t here to replace you—it’s here to collaborate with you, making your business more efficient and helping you grow." — Maureen Edwards

How to Reach Maureen:

You can connect with Maureen Edwards and learn more about Ingennicom's technology solutions at https://www.ingennicom.com.

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Episode 223: Top Legal Pitfalls for Businesses Nov 08, 2024

Show notes

Is your business legally prepared for success? Find out the essential steps to protect your business from common legal mistakes.

In this insightful episode, Gary Heldt interviews Hillary Johns, managing partner of Hillary Johns Trial Lawyers, with offices in Beverly Hills, the Bay Area, and New York City. With over 100 civil trial cases under her belt, Hillary shares her extensive knowledge in business law, intellectual property, defamation, media law, and employment law. She emphasizes the importance of regularly reviewing business contracts, having proper insurance, and ensuring compliance with evolving regulations. Hillary also discusses how businesses can avoid expensive legal issues by taking proactive measures and building a solid relationship with legal counsel.

Key Takeaways:

📝 Regularly Review Contracts: Ensure business contracts are updated and compliant with current laws.

💼 Stay Insured: Understand what your business insurance covers, and don’t assume everything is included.

⚖️ Develop a Legal Relationship: Find an attorney you can consult regularly to address legal questions.

💻 Protect Your Online Presence: Be mindful of your digital footprint and make sure your website is ADA-compliant.

📜 Understand Contract Details: Initial every page of your contracts and verify their content before signing.

🏷️ Be Careful with Arbitration: Arbitration can be expensive for small businesses, so consider mediation as a first option.

🔍 Do Your Due Diligence: Ensure that vendors and service providers are properly insured and licensed before signing agreements.

Quote from Hillary Johns:

“Taking the time to prevent legal issues can save your business a lot of trouble and money in the long run.”

Reach Out to Hillary Johns:

Website: https://www.hillarytriallawyers.com/

Email: Hillary@HillaryTrialLawyers.com

Phone: (210) 492-4009

Make sure to mention that you listened to Gary’s podcast for special insights!

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Episode 222: Maximize Retirement with Smart Financial Planning Strategies Nov 06, 2024

Show notes

Are you relying on your business as your sole retirement plan? Discover why diversification is critical to financial security and how to build a wealth strategy that works beyond your company.

In this episode, host Gary Heldt interviews Jake Falcon, founder of Falcon Wealth Advisors. Jake discusses the importance of financial planning for business owners, especially those nearing retirement. He shares insights on why it’s risky for business owners to rely solely on selling their business as their retirement strategy and highlights the value of diversifying wealth early on. Jake also covers tax planning, risk management, and how his team approach at Falcon Wealth Advisors helps clients navigate complex financial landscapes.

✅ Key Takeaways:

Diversification is critical: Don’t rely solely on your business sales for retirement. Start planning and saving independently to secure your future.

Get a business valuation early: Independent valuations help owners understand their company’s worth and identify improvements for a smoother exit strategy.

Financial literacy matters: Jake emphasizes educating yourself on tax planning, investment strategies, and exit planning.

Build a team: Surround yourself with professionals like wealth advisors, CPAs, and attorneys to ensure a holistic approach to your financial well-being.

Proactive planning: Regularly meet advisors to adjust your strategies based on changing tax laws and financial goals.

How to Reach Jake Falcon:

Email: jake@falconwealthadvisors.com

Website: falconwealthadvisors.com

Book: Retiring Right: Smart Steps for Exiting Corporate America, available on Amazon.

Podcast: Upticks on YouTube, Apple Podcasts, and Spotify.

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