Empowering Healthy Business: The Podcast for Small Business Owners

There is a new federal filing requirement for 2024 that new and existing businesses must comply with, or else face hefty fines. Businesses are required to report the identities of their Beneficial Owners. This filing is typically made by tax CPAs or attorneys and must be kept updated. Greg Reed helps us navigate these new requirements.

More specifically, this episode includes:

• What is Beneficial Ownership?
• Beneficial Ownership is reported to a federal government agency (different from the IRS)
• Penalties for failing to file and filing deadlines
• How to file reports
• The need to file informational updates 
• Next steps for business owners

Book a meeting with Cal or Greg here: https://smartbooks.com/free-consultation/. 

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Host Cal Wilder can be reached at:
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https://www.linkedin.com/in/calvinwilder/

Having supported the bookkeeping and accounting needs of many marketing agencies over the years, SmartBooks routinely addresses a few key accounting topics to help clients get the most out of their financial reporting. In this episode guest Lindsay Jarosch highlights these issues.

More specifically, this episode includes:

• Benefits of a segmented chart of accounts
• Accounting for client media purchases made by the agency
• Profit modeling for the firm
• Using performance metrics to manage pricing and staffing
• The value of 12-week forecasts
• Tax planning and management

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Host Cal Wilder can be reached at:
[email protected]
https://www.linkedin.com/in/calvinwilder/

The healthier we are personally, the more energy we can bring to our businesses to make our businesses as successful as possible. There are several drivers of personal health. In this episode guest Matt Beedle makes a compelling case that investing in great sleep delivers a high return on investment personally and professionally.

More specifically, this episode includes:

• Consequences of Inadequate Sleep
• Wearables and Genetics to Inform Sleep Information
• Beware of Supplements and Medication
• Mental Health and Apnea as the Principal Causes of Poor Sleep
• Matt's View on Sleep Hacks
• Basic Routines That Can Be Followed
• Bedroom Environment for Sleeping
• How Matt Works with Clients
• Viewing Sleep as a High ROI Investment

You can reach Matt at:
https://mattbeedle.com/
https://www.linkedin.com/in/self-improvement/
https://www.instagram.com/makesleepgreatagain/ 

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Host Cal Wilder can be reached at:
[email protected]
https://www.linkedin.com/in/calvinwilder/

Small businesses have more options than ever to meet senior executive needs by utilizing fractional (aka part-time) managers. The fractional CFO model is the most established, but business owners are also meeting operational, sales and marketing, and other areas of need using fractional approaches. In this episode, Scott Baker shares his insights into how business owners can derive valuable benefits by employing a fractional HR leader.

More specifically, this episode includes:

• The HR function is a void in most small businesses
• Start with an HR assessment
• Structuring a successful fractional HR leader engagement
• Issues with having employees in multiple states
• Pros and cons of PEOs (Professional Employer Organization)
• Classification of employees for overtime and 1099/Contractor purposes
• States to be aware about when hiring employees
• Employee Handbook items
• When HR falls under the Finance function

Contact Scott Baker at:
[email protected]
linkedin.com/in/scottbaker365/

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Host Cal Wilder can be reached at:
[email protected]
https://www.linkedin.com/in/calvinwilder/

Small businesses may have a solution in place for bookkeeping and producing basic financial statements. Owners often yearn for analysis and forward-looking planning. The fractional (part-time) CFO model has existed for 20+ years to fill that void. Today there are more options than ever. Achieving successful results from fractional CFO engagements, however, can be a challenge. In this episode, Dave Hartley shares his insights about how business owners can create successful fractional CFO engagements that deliver the most value to their businesses.

More specifically, this episode includes:

• Differences between a fractional and full-time CFO
• Recommendations for selecting a fractional CFO
• Setting realistic expectations for your fractional CFO engagement
• Keys to successfully delivering fractional CFO engagements
• Pricing models for fractional CFO services
• Graduating to a full-time CFO or transitioning to another type of fractional CFO

Dave Hartley can be reached at linkedin.com/in/davehartley. He is the co-host of the But Who's Counting? podcast.

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Host Cal Wilder can be reached at:
[email protected]
https://www.linkedin.com/in/calvinwilder/

Businesses can become financially distressed and face challenges with solvency and potential bankruptcy. Business owners in this situation may be able to cut costs, tightly manage cashflow, and return to profitability. Sometimes they need to renegotiate debt, attempt to sell business assets, or ultimately dissolve the business. There may also be personal liability concerns for owners and officers. Today’s guest Charlie Goodrich helps businesses navigate these situations and achieve as favorable an outcome as possible. 

More specifically, this episode includes:

• Definitions of bankruptcy, solvency, and related terms 
• The process of dissolving when you have no secured or personally guaranteed debt
• The process when you have personally guaranteed debt or various kinds of lenders and investors
• Formal bankruptcy and alternatives to the formal bankruptcy process
• Examples of dissolving small businesses
• Personal liability concerns for owners and officers
• Managing bank lenders when your business is becoming distressed
• Being a vendor to a customer who is bankrupt

Charlie Goodrich can be reached at 781-863-5019 or [email protected].

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Host Cal Wilder can be reached at:
[email protected]
https://www.linkedin.com/in/calvinwilder/

Running a business is so hard that most go out of business within 5-10 years. There are many risks and factors outside your control. Today’s guest Bill Flynn shares his insights about several areas business owners can control and how you can position your business to overcome those odds to thrive with long-term success.

More specifically, this episode includes:

• Creating a Brain-Friendly Organization
• Conducting Effective Meetings
• The 80/20 Rule in Business
• Cash Flow is King
• Avoiding Leadership Bottlenecks
• Strategy and Execution are the Same Thing
• Start with an Articulated Vision

Contact gest Bill Flynn at catalystgrowthadvisors.com

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Host Cal Wilder can be reached at:
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https://www.linkedin.com/in/calvinwilder/

Healthy businesses have an established business model in which most new incremental hires produce profit for the business. Payroll expense can be viewed as an investment that yields a profitable ROI. Usually a hiring decision boils down to a question of how much more revenue do you need to sell in order to afford a new hire. This episode helps answer the question of whether you can afford to hire an employee.

More specifically, this episode includes:

• Viewing Employees as Profit Centers
• Return on Investment vs Affording a Hire
• How Much Do You Need to Sell to Afford a Hire?
• How Much Does a Salesperson Need to Sell to Pay for Themself?
• How Much Must the Business Grow to Hire a Manager?
• Labor Value Multiple
• Forecasting; Fixed & Variable Costs

Download the employee Hiring ROI Workbook using this link

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Host Cal Wilder can be reached at:
[email protected]
https://www.linkedin.com/in/calvinwilder/

Healthy businesses produce healthy income for their owners. Compensation for business owners can take different forms. This episode discusses the primary forms of owner compensation and associated tax considerations. We also review bookkeeping and reporting considerations for how owner compensation is booked and reported on financial statements. 

More specifically, this episode includes:

• The primary forms of owner compensation and how they are taxed both on the business and on its owner-employees 
• How entity type and tax elections impact the taxability of owner compensation
• S-corporations and reasonable compensation standards
• How accounting for owner compensation can have a dramatic impact on financial statements and evaluating business profitability
• Pitfalls to avoid with owner compensation
• The importance of your CPA utilizing a holistic tax plan to help optimize your tax liabilities

Connect with guest Greg Reed at:
www.smartbookstax.com
[email protected]

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Host Cal Wilder can be reached at:
[email protected]
https://www.linkedin.com/in/calvinwilder/

The healthier we are personally, the more energy we can bring to our businesses to make our businesses as healthy as possible. There are several drivers of personal health. This episode reviews a book called Deep Nutrition, written by Dr. Cate Shanahan, which does a great job of helping us understand the nutrition driver.

More specifically, this episode includes:

• Ancestral knowledge prior to the rise of modern medicine
• The rise of chronic disease over the past 75-100 years
• Genetics (our genes) vs Epigenetics (why certain genes are turned on and off) 
• How the food we eat influences our gene expression, which impacts not only our own health but also the health of our children and grandchildren
• The top 2 culprits in our modern diet
• Dr. Shanahan’s 4 Pillars of Cuisine 
• Are supplements needed
• The opportunity to reverse chronic disease in the next 2-3 generations

Send us Fan Mail

Thanks for listening!

Host Cal Wilder can be reached at:
[email protected]
https://www.linkedin.com/in/calvinwilder/