How To Balance Investing In Your Company And Yourself

Tiffany and Jarrod discuss current entrepreneurial trends and lessons learned.

What this episode is about: The types of CPA to serve you best, whether you’re willing to pay for that advice and the effects of COVID-19 on investing, tax residency and long-term office leases. Other topics discussed are purchase offers for entrepreneurial businesses and the benefits of having a personal board of advisors.

1. Welcome and Successful Sip [1:08]
2. Introduction of topics - recent entrepreneurial trends and things we’ve learned in the past month [2:23]
3. Discussion of current trends in CPA-themed conversations about taxes, planning and compliance [3:26]
4. “What type of CPA do you need to serve you now and are you willing to receive and pay for advice?” Discussion of how the trend is that yes, entrepreneurs are willing to pay for this service to help them pan versus only worrying about compliance [5:07]
5. More consideration about how CPAs handle much more complexity than private bankers and can help you to make the jump from compliance to planning forward. Thoughts on interviewing a CPA as you would an advisor or attorney [8:20]
6. The perfect time of the year to work on your relationship with a CPA [10:57]
7. Further dialogue about current entrepreneurial trending topics - lessons regarding taxes and COVID-19, tax residency and potential business migration from higher tax states to lower or no-income tax states (or even out of the country) [11:48]
8. Conversation about COVID-19’s influence on the traditional office space in comparison to remote-working, post-pandemic trend shifts in lease negotiation and how businesses are thinking about pouring money from what previously was spent on office space leasing into other line items for their businesses (taking a 10 year lease down to a 2 year, for example) [14:56]
9. Thinking about what will happen to a wide array of commercial real estate in the next three to four years and how spaces might be used differently in the future [18:49]
10. Trend talk about how many entrepreneurs are receiving multiple purchase offers for their businesses [19:36]
11. Tie back to recent investing observations that the United States has now created $6 - $7 trillion dollars through direct payments and PPP and EIDL programs for small businesses - paired with super low interest rates, there is a huge demand for assets [20:47]
12. Discussion of this unusual time period where there could be tons of inflation or this could be the end of a very long economic expansion - maybe now is the time to think about this period as a sellers’ market [24:05]
13. Dialogue about lessons learned this past month regarding helping clients through their tax residency checklists (using a move to Florida as an example of how to do your due diligence) [25:02]
14. Thoughts on having a personal board of advisors in order to avoid failure points that exist when your advisors are not in touch with one another - importance of consistently bringing the advisor group together [27:45]
15. Conclusion and concept of “vision without execution is hallucination”. Emphasis on having the right people and making sure they talk to each other. An ask for feedback from listeners [31:32]

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