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The IC-DISC Show
The IC-DISC Show episodes
- From Silicon to Steel with Ronak Shah
In this episode of the IC-DISC show, I sit down with Ronak Shah to discuss his transition from a corporate career at Intel to entering the scrap metal business, to founding a successful scrap metal business in New Caney, Texas. We talk about the motivation behind his career shift and the mentors who guided him along the way.
Ronak opens up about the challenges he faced while transitioning from a large corporate environment to a smaller, more hands-on business.
We also explore Ronak's decision to sell his business and the unexpected opportunities that arose from that choice. He reflects on the experiences gained throughout his career, emphasizing the importance of taking calculated risks and adapting to change. His story offers insights into the value of connecting past experiences to current ventures, even when the path isn't always straightforward.
Finally, we discuss navigating today's fast-paced digital world and the importance of maintaining a low profile on social media. Ronak's journey highlights the balance between professional growth and personal fulfillment, making this episode a thoughtful exploration of entrepreneurship and resilience.
Show highlights
- I explore Ronak's remarkable transition from a corporate role at Intel to establishing a successful scrap industry business in New Caney, Texas, emphasizing his desire for more tangible work and the influence of key mentors.
- The episode delves into Ronak's career progression at Schnitzer Steel and Alter Trading, where he gained critical insights in non-ferrous recovery and learned the importance of agile, smaller teams in driving technological advancements.
- Through journaling and introspection, Ronak clarifies his professional desires, leading to the creation of Levitated Metal and reflecting on personal challenges, including his late wife's battle with cancer.
- We discuss the financial strategies Ronak utilized in his entrepreneurial ventures, such as leveraging IC-DISC tax advantages and aligning financial decisions with personal values.
- The conversation highlights Ronak's leadership insights, his decision to pursue a smaller business for personal fulfillment, and the impact of selling his business on both his professional and personal life.
- Ronak shares reflections on his entrepreneurial journey, touching on the lessons learned from his career, the importance of taking risks, and the role of hindsight in connecting the dots of his experiences.
- The episode concludes with a discussion on navigating the complexities of the modern digital landscape and the importance of maintaining a low profile in a rapidly changing social media environment.
Links
- LinkedIn - Ronak Shah
- About IC-DISC Alliance
- About Levitated Metals
Show notes: https://exportadvisors.com/podcast/066-from-silicon-to-steel-with-ronak-shah/
50 min - From Family Venture to Industry Powerhouse with Matt Kripke and Scott Chaffee
In this episode of The IC-DISC Show, I delve into the journey of Kripke Enterprises from its humble beginnings to its current status as a leader in the scrap metal and recycling industry. Founded by a husband-and-wife team in 1993, the company has grown significantly with the involvement of their son, Matt. They discuss the strategic moves that helped propel their business forward, including key acquisitions like Mid-South Aluminum and a strong focus on aluminum trading.
Matt and Scott highlight the importance of relationship building and trust in the scrap metal industry. They share insights into how their reputation and values, like keeping promises and problem-solving, have been instrumental in their success. The episode delves into the symbiotic relationships they have fostered with aluminum suppliers, emphasizing the value of maintaining strong personal connections in business dealings.
We also hear about the transformative leadership styles within Kripke Enterprises. The discussion covers how innovative thinking and diverse perspectives, including contributions from those outside the traditional industry, have reshaped the company's culture. Matt and Scott talk about the balance between a hands-off leadership approach and active collaboration with executives to navigate industry changes.
Finally, the episode touches on the future of the recycling industry, highlighting the role of technology and innovation. The Kripke team shares stories of employee growth and empowerment, including unique programs aimed at helping employees become homeowners. They reflect on the potential of a younger workforce and the exciting developments in material sorting and AI within the aluminum sector.
Show highlights
- In this episode, I delve into the inspiring transformation of Kripke Enterprises from a small family venture into a major player in the scrap metal and recycling industry, led by brothers Matt and Scott.
- I explore the strategic acquisition of Mid-South Aluminum and discuss how building trust and maintaining strong relationships have been key to Kripke's success, emphasizing the unique dynamics of their coil distribution business.
- We discuss the innovative leadership styles within the company and how they've transformed company culture, with insights into how diverse perspectives, especially from non-traditional industry backgrounds, contribute to their growth.
- There's a focus on employee empowerment and personal growth stories, such as Eric Phillips' rise from warehouse manager to COO, highlighting Kripke's commitment to fostering leadership and financial education for employees.
- I cover the positive outcomes from switching to a specialized service provider, which resulted in improved efficiency, response times, and significant tax savings, underscoring the value of expertise in business operations.
- Advice is shared for younger generations entering the workforce, emphasizing the benefits of starting a career in smaller companies for broader exposure and discussing the impact of technology, especially AI, on the industry.
- The episode wraps up with a reflection on the excitement surrounding JJ Spahn's US Open victory and the anticipation of future events, providing a light-hearted end to a comprehensive exploration of Kripke Enterprises' journey.
Links
- LinkedIn - Matthew Kripke
- LinkedIn - Scott Chaffee
- About IC-DISC Alliance
- About Kripke Enterprises Inc
Show notes: https://exportadvisors.com/podcast/065-from-family-venture-to-industry-powerhouse-with-matt-kripke-and-scott-chaffee/
58 min - Exploring Sealink's Impact on Global Shipping with Zohra Shroff
Service excellence emerges when businesses solve problems others avoid tackling.
This week I spoke with Zohra Shroff from Sealink Logistics, a freight forwarding company that started in 2005 from a one-bedroom apartment in LA. Zohra joined the family business in 2006 and has helped grow it into a comprehensive logistics provider. Our conversation walked through the complete journey of shipping a container from Houston to India.
Zohra detailed every step of the freight forwarding process, from initial customer vetting through final container return at destination. Their technology platform allows customers to book shipments, track cargo, and manage payments through their mobile app, maintaining this edge for over six years with live tracking and monthly rate updates.
Their approach evolved from simply moving freight to becoming a complete logistics partner handling sea freight, air freight, and domestic transportation under one portal. When customers face problems like container mix-ups or space constraints, Zohra's team works directly with steamship lines to resolve issues rather than leaving customers stranded.
This service model applies to any business where customer problems become your competitive advantage. When others walk away from complex situations, stepping in to solve them builds lasting relationships and premium pricing power.
The freight forwarding industry reminded me that behind every simple transaction sits a web of coordination most people never see. Zohra's passion for helping customers navigate these complexities shows why service businesses thrive when they embrace the hard parts.
Show highlights
- I explore Sealink's journey as a logistics company founded in 2005, emphasizing its deep family roots and innovative approach to the shipping industry.
- I discuss the complexities of the international shipping process, including filing shipping instructions with US Customs and securing an AES number.
- We highlight the challenges and financial implications for shippers when consignees refuse to pick up shipments, emphasizing the importance of financial due diligence.
- In our conversation, we examine the role of freight forwarders and the critical importance of service levels and customer support in the logistics industry.
- We delve into Zohra's entrepreneurial journey, from the jewelry industry in India to co-founding Sea Link in the U.S., illustrating the courage and determination required for such ventures.
- She provides insights into maritime routes and their impacts on transit times, including the choice between the Panama Canal and the Cape of Good Hope.
Links
- LinkedIn - Zohra Shroff
- About IC-DISC Alliance
- About Sealink International Inc
Show notes: https://exportadvisors.com/podcast/064-exploring-sealinks-impact-on-global-shipping-with-zohra-shroff/
49 min - From Packaging to Eco-Innovation with John Sacco
Finding what you love doing beats chasing money every time.
Today on the IC-DISC Show, we're talking with John Sacco, owner of Sierra International Machinery, a trailblazer in the recycling industry.
Starting as an agri-packaging business, John transformed the company into a recycling equipment powerhouse, moving from marketing Italian made machines, to designing their own balers and conveyors, and now offering a comprehensive range of recycling equipment with renowned service quality.
He's been a lifelong industry advocate. Serving as past ISRI chairman and creating the "Repurposed" docuseries on Prime Video, a series showcasing how 75% of new American steel comes from recycled materials. Activities that help companies recruit talent by highlighting the environmental benefits of an industry often misunderstood by policymakers and the public.
It's a great conversation revealing how critical recycling is for disaster recovery, processing debris, and supplying rebuilding materials.
Listen in to hear why John believes finding your passion, as he did at age 59, brings more satisfaction than any bank account.
Show highlights
- We explore Sierra's transformation from a leader in agri-packaging during the 60s and 70s to a pioneer in recycling machinery, sparked by the introduction of an Italian machine in the 1980s.
- John discusses the significance of Sierra's involvement with trade associations like ISRI, now REMA, emphasizing the role of advocacy in correcting industry misconceptions and celebrating milestones such as serving as chairman.
- John and I delve into Sierra's innovative marketing approach, highlighting their docuseries on steel recycling that unexpectedly gained popularity on Prime Video, enhancing the industry's image.
- He addresses the broader industry challenge of attracting and retaining talent, drawing parallels to Mike Rowe's advocacy for essential yet undervalued jobs.
- We highlight the environmental advancements in the U.S. steel industry, including its leadership in recycling and the significant role of recycled aluminum in the automotive sector.
- John shares advice on prioritizing passion over profit, emphasizing personal growth and the rewarding aspects of the journey, including attending industry conferences and personal milestones.
- He reflects on Sierra's collaborative team effort in expanding product offerings, driven by customer needs and market opportunities, while maintaining a strong reputation and high-quality service.
Links
- LinkedIn - John Sacco
- About IC-DISC Alliance
- About Sierra International Machinery
Show notes: https://exportadvisors.com/podcast/063-from-packaging-to-eco-innovation-with-john-sacco/
35 min - The Hidden Potential of IC-DISC with Brian Schwam
In this episode of the IC-DISC Show, I sit down with Brian Schwam to discuss how Interest Charge Domestic International Sales Corporations (IC-DISCs) can help businesses save on taxes. With over 35 years of experience, Brian shares how IC-DISC has evolved since 1972 and why it remains a valuable tool for U.S. exporters. He explains how businesses, particularly in the aerospace industry's Maintenance, Repair, and Overhaul (MRO) sector, can take advantage of this incentive to improve their financial position.
We walk through a hypothetical example to illustrate how an exporting business could benefit from IC-DISC. Brian explains how companies involved in manufacturing, repairing, or trading parts can qualify and why many eligible businesses overlook this opportunity. We also discuss the annual MRO conference in Atlanta, where industry professionals gather to share insights and best practices. This event highlights the ongoing impact of IC-DISC within the aerospace sector and beyond.
Despite the clear benefits, many businesses hesitate to implement IC-DISC due to a lack of awareness or expertise. Brian talks about how our firm partners with CPA firms to integrate IC-DISCs into existing tax processes, making it easier for businesses to take advantage of these savings. He also highlights the underutilization of IC-DISC and why more companies should consider it as part of their tax strategy.
We wrap up by discussing the upcoming MRO America's Conference in Atlanta, where exporting aviation maintenance companies can connect and learn more about IC-DISC applications. Whether you're new to IC-DISC or looking to refine your approach, this conversation provides useful insights for businesses considering this tax-saving opportunity.
Show highlights
- In this episode, I discuss the intricacies and benefits of Interest Charge Domestic International Sales Corporations (IC-DISC) with tax attorney Brian Schwam, who has over 35 years of experience in the field.
- We explore the historical context of IC-DISC, including its origins in 1972 and the significant changes it underwent following international scrutiny and U.S. tax reforms, such as the 2003 Bush tax cuts and the 2017 Tax Cuts and Jobs Act.
- Brian provides insights into how IC-DISC can serve as a valuable tax incentive for U.S. exporters, particularly those in the aerospace industry's Maintenance, Repair, and Overhaul (MRO) sector.
- Through a detailed hypothetical example, we illustrate how companies can leverage IC-DISC to maximize export profits, highlighting specific benefits for pass-through entities and closely held C corporations.
- We address common apprehensions businesses face regarding IC-DISC implementation and discuss how collaboration with CPA firms can facilitate a seamless integration into existing tax processes.
- Despite the clear benefits, IC-DISC remains underutilized, and we emphasize the potential missed opportunities for businesses not taking advantage of this tax-saving strategy.
- The episode also covers upcoming industry events, such as the annual MRO conference in Atlanta and the ICDISC Alliance Conference, which offer valuable networking and professional growth opportunities.
Links
- LinkedIn - Brian Schwam
- About IC-DISC Alliance
- About WTP Advisors
Show notes: https://exportadvisors.com/podcast/062-the-hidden-potential-of-ic-disc-with-brian-schwam/
43 min - From Airlines to IT with Tim Loney
In this episode of the IC-DISC show, I speak with Tim Loney about his transition from airline industry professional to IT services entrepreneur. He shares his path from working at Continental Airlines through major mergers to establishing Solutions Information Systems, explaining how his experience with severance packages motivated his shift into entrepreneurship.
We discuss the importance of business continuity planning, particularly for companies in hurricane-prone areas. Tim tells me about a Houston client whose facilities experienced severe flooding, highlighting how proper data recovery systems made a crucial difference in their ability to resume operations.
Managing sensitive data is a key topic in our conversation, as Tim's company works with high-net-worth families, family office sectors, as well as companies in a variety of industries. He explains how word-of-mouth referrals have helped build trust with these clients who require careful handling of confidential information.
The conversation turns to Tim's approach to business acquisition, where he focuses on purchasing IT firms from retiring owners. He describes his method of maintaining and growing these businesses post-purchase while sharing insights about how remote management tools have transformed IT services over the past 35 years.
Show highlights
- I discussed Tim's career evolution from working in the airline industry with Continental Airlines and American Express to establishing his own IT services firm, Solutions Information Systems, in Houston, Texas.
- Tim shared insights on how his managed IT services company has established a national presence by utilizing robust remote management tools and enterprise-class processes.
- We explored the importance of business continuity and rapid data recovery, highlighted by a story of a Houston-based company that faced severe flooding and required effective disaster recovery solutions.
- Tim's firm specializes in managing sensitive data for high-income families in construction and family office sectors, emphasizing the importance of trust and credibility built through word-of-mouth referrals.
- We discussed Tim's strategy for acquiring small businesses from retiring owners, focusing on enhancing the value of these businesses post-acquisition to ensure continued growth.
- Tim reflected on his entrepreneurial journey from modest beginnings, emphasizing the significance of diversifying income sources and the evolving importance of data protection in the digital age.
- The episode concluded with an exploration of the evolution of office communication over the last 35 years, showcasing the technological advancements that have redefined the IT industry.
Links
- LinkedIn- Tim Loney
- About IC-DISC Alliance
- About Solutions Informations Systems
Show notes: https://exportadvisors.com/podcast/061-from-airlines-to-it-with-tim-loney/
49 min - Decoding Trade Compliance with Susanne Cook
In this episode of the IC-DISC show, I speak with Susanne Cook, a senior partner at Denton's Cohen and Grigsby, exploring the world of international trade compliance.
Based in Pittsburgh, Susanne chairs the firm's International Business Team and provides insights into import regulations and export control classifications.
We dive deep into the complexities of U.S.-China trade relations, examining Section 301 tariffs and their impact on small-value imports. She shares practical strategies companies use to navigate these challenges, such as China's establishing factories in Mexico to counter tariff restrictions.
The conversation highlights the critical importance of accurate prior disclosures to regulatory agencies. Through a compelling case study, Susanne illustrates how businesses can effectively manage compliance, demonstrating that U.S. agencies can be forgiving when companies approach disclosure with transparency and comprehensiveness.
Beyond trade compliance, we touch on personal development. I share insights on work-life balance and the significance of building a capable team. Susanne's expertise provides a unique lens into how professional challenges can be navigated with strategic thinking and thorough preparation.
Show highlights
- Susanne Cook, a senior partner at Denton's Cohen and Grigsby, shares her expertise on international trade compliance, focusing on the import side of the practice.
- The episode discusses the importance of accurate prior disclosures to regulatory agencies and the potential consequences of incomplete disclosures.
- We explore the challenges and strategies related to U.S.-China trade relations, specifically regarding Section 301 tariffs and the implications for small-value imports.
- Susanne provides a case study on determining export control classifications, highlighting the role of full disclosure and the forgiving nature of U.S. agencies when proper steps are taken.
- The conversation covers the growth of Denton's trade practice, emphasizing their specialization in assisting foreign companies entering the U.S. market.
- We examine China's strategy of building factories in Mexico to circumvent tariffs through USMCA and the role of trade experts in advising businesses.
- The discussion touches on the characteristics of an ideal client for trade advisory services, including large companies with sophisticated internal traffic groups and growing businesses.
- We highlight the importance of early compliance to avoid potential pitfalls and the necessity for companies to understand their import-export responsibilities.
- Susanne and I delve into personal growth and team building, discussing the significance of surrounding oneself with a capable team and achieving work-life balance.
- The episode offers practical advice on personal and professional development, emphasizing teamwork and strategic client selection.
Links
- LinkedIn- Susanne Cook
- About IC-DISC Alliance
- About Dentons
Show notes: https://exportadvisors.com/podcast/060-decoding-trade-compliance-with-susanne-cook/
39 min - Understanding Your Valuation with Scott Abels
In today's episode of the IC-DISC show, we had Scott Abels on the show to discuss his work as the owner of Precision Valuation Services.
Scott has been in the business valuation game for over a decade and has helped over a hundred companies with business valuations. He fills us in on his two-part strategy for boosting a business's value. First, Scott runs the numbers to give owners an accurate picture of where they stand today. Then, he guides them through personalized steps to substantially increase that worth over time.
Beyond the valuation nuts and bolts, we also dig into Scott's role as a business coach. How he really takes the time to understand each client's unique situation and goals. Plus, Scott keeps things straightforward with transparent, flat fees.
All in all, If you want to learn how assessing and growing your business from the inside out can pay off big time, give it a listen.
Show highlights
- Scott Abels specializes in business valuations and operates Precision Valuation Services, aiming to increase a company's value through a two-step process.
- We discuss Scott's expertise in conducting over a hundred business valuations and his 13 years of experience in the field.
- Scott's approach involves a formal valuation to determine current business worth followed by a strategic process to enhance that value.
- We cover Scott's background as a CFO and how it provides a unique perspective on business valuation compared to traditional CPA views.
- Scott shares real-life examples, such as identifying profit leakage due to incorrect pricing and over-delivering on customer service.
- Scott details how a comprehensive valuation and growth coaching can help businesses plan for a more profitable future and prepare for potential exit strategies.
- We explore the value of Scott's flat fee structure for his services, which helps eliminate surprises and empowers clients financially.
- Scott offers an initial consultation to deeply understand client needs and is willing to invest his own time to assess the potential to help them.
- Scott is open to answering listener questions about his services and expresses a strong passion for helping entrepreneurs grow their businesses.
- We highlight the joy of working with business entrepreneurs and the fulfillment that comes from helping them succeed and contribute to economic growth.
Links
- About IC-DISC Alliance
- About Precision Value Services
Show notes: https://exportadvisors.com/podcast/059-understanding-your-valuation-with-scott-abels/
29 min - Unlocking Accounting Success with Geoff Bruskin
In today's episode of the IC-DISC show, I spoke with Geoff Bruskin of White Tiger Connections. Geoff provided his unique perspective on how a martial arts background influenced his visionary approach to accounting.
He emphasized niche specialization as a winning strategy and offered case studies on recruiting and M&A success stories. Geoff also addressed the talent crisis through remote hiring. Additionally, the discussion delved into the evolving landscape of accounting firm acquisitions and metrics key for private equity interest.
Lastly, Geoff highlighted critical steps for transitioning to remote operations, leveraging outsourcing to boost efficiency, and preparing firms for future selling opportunities.
Show highlights
- In this episode, I interviewed Geoff Bruskin, founder of White Tiger Connections, who shared his insights on niche specialization in the public accounting sector and how his martial arts background influenced his business approach.
- Geoff discussed the current talent crisis in accounting and highlighted remote hiring as a strategic solution, offering case studies to illustrate successful recruiting and M&A projects.
- We explored the four main types of buyers in accounting firm acquisitions: small accounting firms, regional or national firms, financial services firms, and private equity buyers, along with key metrics like EBITDA and gross revenue that attract private equity interest.
- Geoff emphasized the importance of transitioning to a remote client model to make accounting firms more appealing to potential buyers and discussed the benefits of training clients in remote interactions.
- We talked about outsourcing high-volume, low-value tasks to international teams to enhance efficiency and allow domestic talent to focus on more complex and high-value work.
- Geoff shared a case study of a rural firm struggling with debt due to hiring challenges and inefficiencies, suggesting an overseas model for high-volume work to improve financial health.
- We discussed the synergy between accounting and financial services firms, especially in light of the significant wealth transfer occurring as baby boomers retire.
- Geoff invited listeners to explore networking opportunities with White Tiger Connections, directing them to their website and LinkedIn profile for more information.
- Throughout the episode, Geoff provided actionable strategies for accounting firm owners to navigate acquisitions, improve efficiency, and prepare for a successful future.
- We concluded the episode with Geoff's insights on how accounting firms can position themselves for growth and potential mergers and acquisitions by adopting innovative operating models.
Links
- LinkedIn- Geoff Bruskin
- About IC-DISC Alliance
- About White Tiger Connections
Show notes: https://exportadvisors.com/podcast/058-unlocking-accounting-success-with-geoff-bruskin/
44 min - Outsourced Accounting Insights with Deanna Walker
In today's episode of the IC-DISC show, we welcome Deanna Walker, CEO of Venturity Financial Partners, to discuss the world of outsourced accounting.
Deanna reflects on transitioning from banking to leading an accounting firm committed to transparency and team-based client service. We explore Venturity's unique approach to addressing private businesses' administrative and strategic needs.
From supporting founder-led ventures to navigating COVID disruptions, Deanna shares insights into competently enhancing clients' capabilities. Our conversation considers the evolving role of CPA firms and the benefits of mentorship in this field.
This episode offers not just information but valuable perspectives on outsourcing in today's accounting landscape, enlightening you on the potential strategies and solutions available.
Show highlights
- I discussed outsourced accounting services with Deanna Walker, CEO of Venturity Financial Partners, exploring their commitment to open book management and "The Great Game of Business" principles.
- Deanna shared her journey from a decade-long banking career to leading Venturity, highlighting her experiences in business development and the firm's team-based approach.
- We examined a case study involving a multi-entity dental service organization where Venturity's offshore team significantly improved financial reporting and reduced errors.
- The conversation included how Venturity supports founder-led companies by maintaining institutional knowledge while enhancing accounting capabilities amid a nationwide shortage of qualified accountants.
- We delved into the importance of quality work, proactive collaboration, and consistent communication with clients in financial services, emphasizing a team-based approach to outsourcing.
- Deanna discussed the evolving role of CPA firms in the outsourcing space and the impact of regulations like Sarbanes-Oxley on their services.
- We explored Venturity's advisory practice, which includes a team of CFOs and COOs providing operational expertise and strategic planning support to clients.
- Deanna highlighted the significance of mentorship, particularly for women in accounting, and the positive impact of open book management on team engagement and service quality.
- We addressed the challenges Venturity faced during the COVID-19 pandemic, including capacity issues and the necessity of prioritizing client relationships based on mutual value.
- The episode concluded with a lighthearted debate on the merits of Texas barbecue versus Tex-Mex cuisine, revealing a shared passion for Tex-Mex.
Links
- LinkedIn- Deanna C Walker
- About IC-DISC Alliance
- About Venturity Financial Partners
Show notes: https://exportadvisors.com/podcast/057-outsourced-accounting-insights-with-deanna-walker/
40 min
About The IC-DISC Show
From the publisher's feed
Join host David Spray as he interviews business owners and industry leaders about the IC-DISC program. Insights and anecdotes to help privately-held U.S. exporters increase their after-tax income.