Company Profile - Frequently Asked Questions.
1. What is the title and position of your best ideal prospect? In other words, whom ideally would you like to do business with? Pick your top client? What is their specific occupation?
CEO or owner or co-owner or partner, the one who signs the checks, who can appreciate the dollars we put back into their pocket.
2. What specific intimate knowledge do you have that makes you more desirable to work with than another financial advisor ?
My knowledge of also running a business and having to deal with the many obstacles that plague a small business like dealing with employees, banking relationships, production, debt collections, vendor negotiations, cash flow,taxes and many more…
As long as they are in a profitable situation with their business, They might not be aware of the ways to avoid taxes, and take advantage of the ability to over fund a non-discretionary retirement plan or get refunds from accelerated depreciation in their commercial building or many other federal programs that allow them to get rebates and tax breaks.
3. What specific knowledge do you have, as it relates to tax saving advice that could be of benefit to a business owner?
My ability to relate to the business owner because I once (for over 15 years) ran my own business and had to deal with the same problems that they are faced with and the tools that are available today weren’t available to me like some of the government incentive programs and rebates available.
4. What am I missing out on as a business owner that you do for your other business owner clients?
For example we can build a retirement plan for them outside of the company which uses the company to derive the benefit of a tax free retirement and still receive the tax breaks for the funds going into the plan. This is a great program for a business owner who needs a tax break and hasn’t funded a retirement plan because they have been focused on putting any extra cash into the business and they don’t have to share this benefit with their employees.
5. Can you give me specific percentages or trends when it comes to savings on taxes for a typical client?
1. If they own commercial building a 70000 per million of investment in the building. This will show in an immediate refund and reduced quarterly tax payments. If it is a flow through entity they get the benefits personally.
2. If we are dealing with a high net worth wage earner we can usually save them 40 percent of their tax liability.
3. Or in the case our special retirement strategy… paying NO tax on the benefits and also protecting their legacy and getting tax deductions for payments into the plan. This strategy is especially good for business owners who haven’t saved for retirement and realize that they need to catch up and figure an exit strategy. This strategy will solve several problems, it provides a financing element to a new owner if desired so there is “built in financing”, the owner walks away with a huge chunk of available cash in a very short period of time and catches up on a retirement plan, the growth in the plan can be accessed tax free.
6. What am I not aware of right now that could be potentially dangerous or costing me as it relates to tax savings or other rebates or audits?
Possible savings in their building deductions by accelerating depreciation. There are many tax saving programs and strategies that are available if they are profitable.
They may have excessive costs that they are not aware of like: employment costs, health insurance, qualified retirement plans, Non-qualified retirement plans, employee benefits, cost segregation deductions. Selling their business or something else with very high capital gains tax liabilities.
7. Can you give me some examples of things that you can do for my business where you can guide me?
1. Having excess cash and not knowing how to save taxes
2. Using excess cash and profits to fund a non-discretionary retirement plan that they don’t need to share with their employees like they do a qualified retirement plan.
3. Improving cash flow to use for payroll or personal investments with tax savings.
4. Creating “golden handcuffs” for key employees.
8. Do you have examples or stories of other businesses that you have helped?
Last year I helped a small HVAC firm receive 50,000 rebate from a Cost Segregation Study that was done. The company was a flow through entity and each of the partners received compensation or tax credits.
I have a case pending for a health club owner that just completed a 2.7MM renovation. We are working on a property tax mitigation of over 20,000. And 400,000 Cost Segregation rebate, over 16000 in credit card processing fees as well as many other federal tax rebates.
9. As far as the business owner client is concerned, what are the specific benefits of your service?
Improved Cash flow and tax savings both personally and for the business.
10. What do your clients tell you are most useful to them?
I am able to segue the additional cash and profits into profitable investments thus enhancing our total engagement to a tax efficient retirement.
11. Given your service and the information you provide, which part of your service will impact my business the most?
The tax savings is a lifelong project that we maintain for ex: if we mitigate a property tax cut they only pay us on the first year savings, from then on they continue to save, which holds true for most of the tax savings we get them.
12. Relative to the services you provide, what fears can you alleviate for me as a business owner?
Tax audits, cash flow problems, Health Care Costs, Government Regulations, The Economy, Tax Compliance, Cash Flow, Growth Vs. Quality, Hiring New Employees are just a few…
13. Relative to the service you provide logically, what are your client's thoughts about what you do?
Many think that it is too complicated or there is a “gotcha” but don’t realize that we do all of the work and back it up legally morally and ethically. They also worry that there may be something illegal about it. We dot every “I” and cross every “t” to keep clients out of harms way when it comes to the IRS and taxes and work hand in hand with the CPA to make sure.
14. Why do most of your clients hire you, what is there greatest need?
Knowing that their investments are safe and growing to their greatest potential and that they are paying the lowest rate possible so that they can enjoy life and family so they can focus on the business and know that their future financial life is taken care of.
15. Considering the services you provide, what negative feelings might they have about the financial services industry?
Financial Advisors are low on the trust scale probably equivalent to car sales so it is imperative to not look like a “shark – like sales guy”. We work with their most “Trusted Advisors” their CPA in order to mitigate those fears. I am also certified as a financial fiduciary.