Audits do not have to feel like interrogations, but "red flags" can still worry business owners. In this episode, Lloyd and Melissa explain what tends to draw auditor attention today, including a closer look at a company’s IT environment and internal controls. Melissa raises the common fear of being "in trouble" over a question, and Lloyd clarifies that unusual swings, like sudden revenue jumps or higher personnel costs, are usually prompts for follow-up to confirm there are no material misstatements. They also flag the "Susie" factor: relying too heavily on one trusted employee without oversight, paired with the reminder that "ignorance is not a defense" and that a strong "tone at the top" matters. Practical focus areas include stale accounts receivable and changes in gross profit margin. Their takeaway is to stay proactive with Q3 or Q4 check-ins so the 2025 audit is smoother and more collaborative in 2026.

In this episode, our hosts explore how they’ve integrated AI into their own firm, from hiring expert consultants to drafting rigorous security policies that keep client data safe. During this process, they realized how tempting it can be to fall into the "ostrich effect," burying their heads in the sand and wishing AI would simply disappear. To stay competitive in today’s rapidly evolving market, businesses must embrace it. This means leveraging AI as a true "thought partner" that streamlines background operations and fuels innovation, while doubling down on what technology cannot replace: personal relationships and high-touch services that make clients feel valued and understood.

Welcome back to Business Cents. In this episode, Melissa and Lloyd break down when a business actually needs an audit, who typically requires it, and what an audit does and does not do.

They clear up common misconceptions about fraud detection, explain “reasonable assurance” and materiality in plain language, and walk through the difference between an audit, a review, and a compilation using a simple car analogy. They also share a more targeted option for business owners with specific concerns: agreed upon procedures. We hope you're ready to dive in!

Have a question about audits or want us to cover a topic on a future episode? Drop a comment and let us know!

Connect with us:⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠

⁠⁠⁠⁠Melissa Terito⁠⁠⁠⁠⁠

⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Lloyd Johnson⁠⁠⁠⁠

Profit ≠ cash. And if you’re running a business, that difference matters more than you think.

In this episode of Business Cents, we break down a common (and costly) misconception: just because your income statement shows a profit doesn’t mean you have cash in the bank.

We cover:
• Why accrual accounting can create “phantom income”
• How accounts receivable quietly strangles cash flow
• Why poor billing practices turn you into your client’s bank
• The danger of paying taxes on money you haven’t collected
• What owner distributions, debt payments, and equipment purchases do to your cash
• How to rethink your contracts and payment terms to get cash in faster

If you’ve ever said, “We’re profitable… so why is cash so tight?” — this episode is for you.

Bottom line:
Know your numbers. Watch your balance sheet. Tighten your billing. And stop hoping cash will magically show up.

Because hope isn’t a strategy — but better systems are.

Ever leave a meeting thinking, “We just burned an hour… for something that could’ve been solved in an email”? Same.

In this episode of Business Cents, Lloyd and Melissa get candid about why meetings go off the rails, and how to run meetings that actually move the business forward. We break down the biggest meeting-killers (no real issue identified, lack of honesty, zero ownership), why unstructured meetings drain productivity, and the simple meeting cadence we use to keep everyone aligned.

You’ll hear practical tips like:
⏱️How to build a repeatable agenda and timebox it
👤Why every meeting needs an owner plus a note-taker
🐿️How to stop “squirreling” mid-conversation
🧠Who actually needs to be in the room (and who doesn’t)
📩How to handle external meetings with a clear agenda and a hard stop
✅The power of action items, and reporting back next time

If you’re a business owner, leader, or anyone stuck in calendar chaos, this one will help you get your time and your sanity back.

Listen in and start running meetings that end with decisions, not more meetings.

Connect with us:⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠

⁠⁠⁠⁠⁠Melissa Terito⁠⁠⁠⁠⁠⁠

⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Lloyd Johnson⁠⁠⁠⁠

In Business Cents S2E4, Faulk & Winkler and Sentinel partners Lloyd Johnson and Melissa Terito walk through the red flags that should immediately catch your attention when reviewing your financials — and why you should care. Because if the numbers are wrong, the KPIs tied to performance are skewed… and you’re not deciding, you’re guessing.

Here are a few red-flag reminders to carry into 2026:

✅ Don’t just “review” statements — track the numbers consistently
✅ Watch whether your KPIs actually reflect real financial performance
✅ Don’t make big decisions unless the info you’re using is solid
✅ If something feels off, dig in before you “hope” it works out

What happens to your business if you have to step away unexpectedly—because of a family emergency, a health issue, a key employee leaving, or a major client walking out the door?

In this episode of Business Cents, Lloyd and Melissa introduce the “Two-Week Test”: a simple (but revealing) way to find out whether your business can actually operate without you or another key person. They break down what key person risk looks like in real life, how to identify where your business is overly dependent on one person, and what to document so you’re not scrambling when something changes.

If you’re planning for 2026, this is the resilience check your business needs—before life forces the test for you.

Connect with us:⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠

⁠⁠⁠⁠Melissa Terito⁠⁠⁠⁠⁠

⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Lloyd Johnson⁠⁠⁠

Cash balance plans can be a powerful tax and retirementplanning tool for the right business owner, but they’re more nuanced and more of a commitment than most people realize.

In this episode, Lloyd and Melissa break down how a cashbalance plan works alongside a 401(k)/profit sharing plan, how retroactive setup works, and what it actually takes to implement it correctly with the right providers and compliance steps.

If you’re a high-income business owner with steady cash flowand you’re looking for a way to accelerate retirement savings while lowering taxes, this episode will help you understand whether a cash balance plan is worth exploring and what it truly takes to do it correctly.

(Educational discussion only – please talk to your plan professionals about your specific situation.)

Connect with us:⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠

⁠⁠⁠⁠Melissa Terito⁠⁠⁠⁠⁠

⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Lloyd Johnson⁠⁠⁠

Your retirement plan should be doing more than “existing.” In this episode, Melissa and Lloyd break down employer-sponsored retirement plans in plain English – what they are, why business owners start them, and how plan design can unlock bigger tax savings while still rewarding employees.

We cover the most common setups (401(k)s, SIMPLE IRAs, and cash balance plans), who cash balance plans actually fit (and the required commitment that comes with them), and why so many plans drift into “set it and forget it” mode.

If you’re a business owner with growing profits, hiring needs, or a plan you haven’t reviewed in years – this is your crash course.

(Educational discussion only – please talk to your plan professionals about your specific situation.)

Connect with us:⁠⁠⁠⁠⁠⁠⁠⁠

⁠⁠⁠Melissa Terito⁠⁠⁠⁠

⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Lloyd Johnson⁠⁠⁠

It’s the holiday finale of Business Cents, and Lloyd Johnson is joined by Ben Vance to help business owners slow down, reflect, and set smarter goals for 2026.

In this episode, they share why year-end reflection matters and why looking back beyond just the last 12 months can reveal bigger wins and clearer patterns. They also unpack common misconceptions that can derail planning, like revenue does not equal profitability, cash does not equal liquidity, and movement does not equal progress.

They break down how buyers and lenders view a business, including the difference between financial and strategic buyers, why predictability drives value, and practical ways to plan your future by working backward from a long-term vision into one-year goals and 90-day sprints.

Wrap up the year with a clearer roadmap and head into 2026 with intention.

Connect with us:⁠⁠⁠⁠⁠⁠

⁠⁠Melissa Terito⁠⁠⁠

⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Lloyd Johnson⁠⁠⁠

Ben Vance