How can small business owners navigate the complexities of payroll and avoid costly IRS penalties?

We sit down with Charles Read, a distinguished CPA, U.S. Tax Court Practitioner, and the driving force behind GetPayroll. With a career spanning over five decades and a wealth of experience in financial leadership, Charles offers an unparalleled perspective on the intricacies of payroll management for small businesses.

Throughout the conversation, Charles delves into the most common mistakes that small business owners make when it comes to payroll, and provides actionable advice on how to steer clear of costly IRS penalties. From the importance of accurate record-keeping to the benefits of utilizing payroll software, Charles shares his expert strategies for ensuring compliance and minimizing risk.

Charles also discusses the evolving landscape of the payroll industry, offering insights into the growing role of automation and the importance of maintaining a human touch in customer service. He emphasizes the value of leadership and employee care, drawing upon his experiences as a Marine veteran.

In a heartfelt moment, Charles opens up about personal tragedies and how the unwavering support of his staff and a strong sense of purpose helped him weather the storms. His resilience and dedication to his craft serve as an inspiration to listeners facing their own challenges.

Listeners will also have the opportunity to dive deeper into the world of payroll with Charles' book, "The Payroll Book." As a special gift, Charles offers a complimentary copy to listeners who visit thepayrollbook.com and enter the code "podcast".

Tune in to this engaging episode to gain valuable insights, expert advice, and practical strategies for mastering payroll and setting your small business up for success.

References: 

Website - https://getpayroll.com/

Book Website - https://thepayrollbook.com/

Facebook - https://www.facebook.com/GetPayroll/

Twitter - https://twitter.com/getpayroll

LinkedIn - https://www.linkedin.com/company/10964861/

Instagram: https://www.instagram.com/getpayroll/

Youtube -https://www.youtube.com/getpayroll

TikTok - https://www.tiktok.com/@getpayroll

Anthony Codispoti, AddBack Benefits Agency

https://www.addbackbenefitsagency.com/

Transcript | How a Marine Veteran Built a Payroll Company Focused on Compliance and Customer Service, with Charles Read

Youtube - Inspired Stories Podcast by AddBack BenefitsAgency

https://www.youtube.com/channel/UC-2KCy3zqjALje6hwzWT0VA

How can entrepreneurs navigate the challenges and opportunities of starting, scaling, and selling multiple businesses across different industries?

In this episode, Dominic Rubino, a seasoned entrepreneur and business coach, shares his remarkable journey of building and exiting several successful ventures. From an online pharmacy that reached $120 million in sales to growing a business coaching franchise from 6 to 237 units, Dominic's experiences offer valuable insights for aspiring and established entrepreneurs alike.

Dominic delves into the strategies he employed to scale his online pharmacy, highlighting the importance of focusing on recurring revenue, listening to customers, and leveraging data to drive decision-making. He also discusses the power of asking for referrals and how it helped him expand his business into new markets.

Dominic also opens up about the challenges of transitioning between industries and the identity shifts that entrepreneurs often face. He shares a pivotal moment when he realized the importance of balancing business success with family priorities, leading him to sell his stake in the coaching franchise.

Throughout the conversation, Dominic underscores the value of mentorship and continuous improvement. He discusses the growing importance of business coaching for high achievers and shares how his own mentors have shaped his success.

Mentors that Inspired Dominic:

• Marty Park, a fellow business coach who provided valuable perspective and advice that led to a $12 million lift in Dominic's pharmacy business

• Martin Hunter, a friend and former special forces member who helped Dominic navigate complex situations and simplify problem-solving

Don't miss this engaging episode filled with practical advice and personal anecdotes from an entrepreneur who has successfully navigated the challenges and opportunities of building and selling multiple businesses.

References: 

Linkedin- https://www.linkedin.com/in/dominicrubino/

For ProfitToolBelt.com

• Linkedin: 

• Facebook

• Youtube

• Podcast

For CabinetMakerProfitSystem.com

• Linkedin

• Facebook

• Youtube

• Podcast

Anthony Codispoti, AddBack Benefits Agency

https://www.addbackbenefitsagency.com/

Transcript | Construction Millionaire Secrets: Dominic Rubino's Insights for Contractors

https://addbackbenefitsagency.com/construction-millionaire-secrets-dominic-rubinos-insights-for-contractors/

Youtube - Inspired Stories Podcast by AddBack BenefitsAgency

https://www.youtube.com/channel/UC-2KCy3zqjALje6hwzWT0VA

How can investors tap into the lucrative world of mortgage note investing while effectively managing risks?

In this episode, Chris Seveney, co-founder and CEO of 7E Investments, shares his wealth of knowledge on the mortgage note investment space. 7E specializes in acquiring distressed mortgages at a discount and restructuring the loans, providing attractive returns for investors.

Chris breaks down the intricacies of this unique investment model, from sourcing and evaluating non-performing loans to understanding the borrower's circumstances and renegotiating terms. He emphasizes the importance of a disciplined approach, carefully vetting each opportunity based on the "three Ps" – the person, the property, and the predicament.

Drawing from over 25 years in real estate, Chris underscores the importance of navigating the regulatory landscape and fostering win-win solutions that keep homeowners in their properties. He discusses how this mindset, combined with 7E's integrated asset management and investor relations, sets them apart from competitors.

Chris also shares personal stories that shaped his entrepreneurial journey, from a health scare that motivated him to pursue his passions to the importance of staying focused amid the fear of missing out. His insights on leadership, mentorship, and maintaining an "uncomfortable" drive for growth offer valuable lessons.

As the mortgage note industry evolves, Chris provides his perspective on potential legislative changes aimed at further protecting homeowners. He stresses the need for flexibility and a problem-solving approach to successfully navigate this dynamic landscape.

Mentors that Inspired Chris:

• A real estate developer who emphasized the importance of investing outside a 401(k) to build wealth

• An industry veteran who exemplified problem-solving skills and risk-mitigation strategies

Don't miss this insightful episode filled with actionable tips for exploring the mortgage note space, overcoming challenges, and adapting to industry shifts.

References: 

Website - https://7einvestments.com/

https://go.7einvestments.com/explainer-video

Linkedin - https://www.linkedin.com/in/christopherseveney/

7e Investment’s Linkedin - https://www.linkedin.com/company/7einvestments/

Anthony Codispoti, AddBack Benefits Agency

https://www.addbackbenefitsagency.com/

Transcript | How to Profit from Purchasing and Restructuring Distressed Mortgage Debt, with Chris Seveney

https://addbackbenefitsagency.com/how-to-profit-from-purchasing-and-restructuring-distressed-mortgage-debt-with-chris-seveney/

Youtube - Inspired Stories Podcast by AddBack BenefitsAgency

https://www.youtube.com/channel/UC-2KCy3zqjALje6hwzWT0VA

How can restaurant operators harness the power of data to streamline their decision-making process and boost their bottom line?

In this episode, Ward Olgreen, Chief Operating Officer at Red Onion, shares his expertise on utilizing analytics to gain a deeper understanding of customer behavior and make data-backed business choices. Red Onion is the premier provider of restaurant analytics, empowering hundreds of brands to fine-tune their strategies based on transactional data and guest preferences.

Ward explains how Red Onion's system integrates with point-of-sale platforms and payment processors to generate a holistic picture of customer behavior. Through the analysis of this information, restaurants can assess the effects of menu updates, pricing adjustments, marketing campaigns, and other variables on revenue and profitability.

Leveraging his vast experience in the restaurant sector, Ward provides real-world examples of how data-driven insights have enabled brands to enhance their results. He also stresses the significance of prioritizing sales growth over cost-cutting measures, as this strategy can foster a superior guest experience and long-term success.

As Red Onion continues to innovate, Ward identifies an expanding opportunity to bring analytics within reach for smaller restaurant chains. By delivering user-friendly tools for menu analysis, price elasticity, and team performance, Red Onion strives to assist these brands in making more informed decisions and competing more effectively in the marketplace.

Mentors that Inspired Ward:

• Jeff Rogers - Former CEO of Pizza Inn who instilled in Ward the value of swift decision-making and flexibility in business

• Paul Brini - A seasoned vendor who exemplified the importance of product expertise, reliability, and honesty in supplier partnerships

Tune in for insightful tips on harnessing data to drive restaurant success, conquering obstacles in a new industry, and the evolution of analytics in the food service sector. 

References: 

Website - www.RedOnion.ai

www.onedine.com

LinkedIn - https://www.linkedin.com/in/wardolgreen/

Anthony Codispoti, AddBack Benefits Agency

https://www.addbackbenefitsagency.com/

Transcript | 

Youtube - Inspired Stories Podcast by AddBack BenefitsAgency

https://www.youtube.com/channel/UC-2KCy3zqjALje6hwzWT0VA

How can a franchise brand differentiate itself in the competitive fast-casual chicken industry while maintaining a personal touch? 

In this episode, Mike LaRue, VP of Franchise Development at Angry Chickz, shares his insights on building a successful franchise concept that stands out from the crowd. With a focus on high-quality food, unique flavors, and a strong connection to the community, Angry Chickz has developed a loyal following and impressive sales figures.

Mike discusses the importance of a well-planned supply chain strategy, which allows Angry Chickz to support franchisees nationwide and maintain consistent quality. He also emphasizes the value of selective franchise expansion, focusing on finding the right partners who align with the brand's mission and values.

Drawing from his extensive experience in the franchise industry, Mike shares the challenges he faced in finding his place and overcoming self-doubt. He stresses the importance of staying true to one's beliefs, having faith, and being open to learning from others. 

As Angry Chickz grows, Mike remains committed to maintaining a personal approach to franchise development. He believes that by fostering strong partnerships with franchisees and prioritizing the guest experience, the brand can achieve long-term success without losing its unique identity.

Mentors that Inspired Mike:

• Simon Sinek - Author and speaker whose ideas on purpose-driven leadership have greatly influenced Mike's approach to franchising

• Len Stinson - A fellow alumnus of Westmont College who has provided guidance and support throughout Mike's career  

• Gary Vaynerchuk and Andy Frisella - Podcasters and entrepreneurs who have inspired Mike to step out of his comfort zone and embrace personal growth

Tune in for valuable insights on franchise development, building a strong brand identity, and overcoming personal and professional challenges in the pursuit of success.

References: 

Website - https://www.angrychickz.com/

Facebook - https://www.facebook.com/theangrychickz/

Instagram - https://www.instagram.com/theangrychickz/

LinkedIn - https://www.linkedin.com/in/michaelklarue

Anthony Codispoti, AddBack Benefits Agency

https://www.addbackbenefitsagency.com/

Transcript | How Angry Chickz is Revolutionizing the Fast-Casual Chicken Scene

Youtube - Inspired Stories Podcast by AddBack Benefits

Agency

https://www.youtube.com/channel/UC-2KCy3zqjALje6hwzWT0VA

How can a single mom overcome adversity to build a successful restaurant franchise that preserves a neighborhood's unique culture?

In this episode, Jelena Pasic, founder and CEO of Harlem Shake, shares her journey from Croatian immigrant to thriving entrepreneur. After falling in love with Harlem during her visits to a local gym, Jelena decided to create a burger joint that celebrates the neighborhood's vibrant history and culture.

Jelena discusses the challenges of starting a business as a newly single mother and the importance of having faith, self-love, and a clear vision for the future. She also emphasizes the value of patience and perseverance in pursuing one's passions.

As the author of "The Food and the City," Jelena aims to inspire other women to overcome their fears and pursue their entrepreneurial dreams. She shares practical advice for aspiring business owners, such as learning from others, mapping out a long-term plan, and surrounding oneself with supportive people.

Jelena sees Harlem Shake as more than just a restaurant - it's a way to give back to the community and preserve Harlem's unique identity. Through initiatives like the annual Miss Harlem Shake fundraiser, the company supports local nonprofits and showcases the neighborhood's diverse talents.

Mentors that Inspired Jelena:

• Arlene Blake - a culinary marketing expert who has been a mentor and sounding board for Jelena

• Emil Radoncic - one of Jelena's main partners who took a leap of faith and decided to join the project after a brief meeting

• DarDra Coaxum - a well-known figure in Harlem who introduced Jelena to key people in the neighborhood, including Harlem Shake's designer Dennis Decker

Tune in for insights on overcoming adversity, pursuing your passions, and building a business that makes a positive impact on your community.

References: 

Website - https://harlemshake.com/

Facebook - https://www.facebook.com/harlemshakenyc

Instagram - https://www.instagram.com/harlemshakenyc/

LinkedIn - https://www.linkedin.com/in/jelena-pasic-b09b0b63/

Anthony Codispoti, AddBack Benefits Agency

https://www.addbackbenefitsagency.com/

Transcript | Preserving Harlem's Culture and History through Food: Jelena Pasic's Story

Youtube - Inspired Stories Podcast by AddBack BenefitsAgency

https://www.youtube.com/channel/UC-2KCy3zqjALje6hwzWT0VA

How can small business owners navigate legal and tax challenges to achieve their big ideas?

In this episode, Barbara Weltman, founder of Big Ideas for Small Business, shares her transition from attorney to small business guru. After hearing the same questions from her clients over and over, she decided to close her law practice and focus on writing to reach a wider audience.

Barbara discusses the importance of partnership agreements and buy-sell agreements to protect businesses from potential pitfalls. She also emphasizes the need for small business owners to understand the tax implications of their decisions, even if they work with a professional.

As the author of "J.K. Lasser's Small Business Taxes" and "Smooth Failing," Barbara aims to educate entrepreneurs on legal and financial best practices. She shares real-world examples of business challenges and offers practical advice for overcoming them.

Barbara sees continuous learning as the key to success in business and in life. She keeps inspirational quotes on her monitor as a reminder to stay engaged and curious.

Mentors that Inspired Barbara:

• Sidney Kess - Barbara's partner for 45 years who taught her to "do the best you can in the time you have"

• Larry Summers - former Treasury Secretary who continues to engage in learning and discussion at age 100+

Tune in for insights on navigating non-compete agreements, the Corporate Transparency Act, and the importance of separating your personal brand from your business.

References: 

Website - www.BigIdeasForSmallBusiness.com

Twitter - https://twitter.com/BigIdeas4SB 

Facebook - https://www.facebook.com/BigIdeasForSmallBusiness

Linkedin - https://www.linkedin.com/in/bweltman/

Instagram - https://www.instagram.com/bigideasforsmallbusiness777/ 

Anthony Codispoti, AddBack Benefits Agency

https://www.addbackbenefitsagency.com/

Transcript | The Inspiring Journey of Barbara Weltman and Her "Big Ideas for Small Business"

https://addbackbenefitsagency.com/the-inspiring-journey-of-barbara-weltman-and-her-big-ideas-for-small-business/

Youtube - Inspired Stories Podcast by AddBack BenefitsAgency

https://www.youtube.com/channel/UC-2KCy3zqjALje6hwzWT0VA

How do you revolutionize the ice cream industry and introduce a one-of-a-kind experience to the US market?

In this episode, we explore the journey of Jerry Hancock, the co-founder, and CEO of SubZero Ice Cream, as he introduces a unique ice cream experience to the US market. Jerry shares the inspiration behind SubZero Ice Cream, which utilizes liquid nitrogen to craft customized flavors and textures, revolutionizing traditional ice cream production.

Despite facing challenges such as setbacks with suppliers and regulations, Jerry navigates through by embracing new opportunities for growth and adaptation.

Throughout his journey, Jerry emphasizes the importance of community and mentorship. He shares how surrounding oneself with a supportive community and openly sharing dreams can pave the way for success. 

Mentors that Inspired Jerry:

• Theodore Gray - Introduced him to liquid nitrogen ice cream concept

• Norman Vincent Peale - Book "The Power of Positive Thinking"

• Gino Wickman - Book "Traction" on having shared goals

References: 

Website - https://subzeroicecream.com/

Facebook - https://fb.com/subzeroicecream

Youtube - https://www.youtube.com/channel/UCxPnHZZf4d4NE8df_qDlJpg

Anthony Codispoti, AddBack Benefits Agency

https://www.addbackbenefitsagency.com/

Transcript | Revolutionizing Ice Cream: The SubZero Journey with Jerry Hancock

https://addbackbenefitsagency.com/revolutionizing-ice-cream-the-subzero-journey-with-jerry-hancock/

Youtube - Inspired Stories Podcast by AddBack BenefitsAgency

https://www.youtube.com/channel/UC-2KCy3zqjALje6hwzWT0VA

How do you build a team-based approach when it comes to finances?

In this candid episode, Mike Derringer, Area President at Focus CFO, shares his journey from being an introverted, numbers-focused CFO to becoming an extroverted fractional business owner who loves business development.

After reaching a career crossroads at age 40, Mike took the entrepreneurial leap by joining Focus CFO, a pioneer in providing fractional CFO services to small and medium businesses. However, he had to radically shift his mindset and personality to thrive in this new role.

Mike discusses how he learned to embrace curiosity over arrogance by asking more questions to truly understand clients' pain points before proposing solutions. The Sandler sales methodology became pivotal in training him to peel back layers through purposeful questioning.

He openly shares the challenges of mentally transitioning between diverse client settings each week as a fractional CFO. Practices like diligent note-taking, committing to being fully present, and tapping into a network of peers became essential.

Mike also talks about overcoming the discomfort of business development as an introvert. From dismissing networking as a corporate exec to becoming someone who genuinely connects to understand how he can provide value.

Mentors that Inspired Mike:

• Dr. Benjamin Hardy (author) - His books on being your future self now sparked Mike's growth mindset

• Dan Sullivan (author) - His writings on mental focus benefited Mike's sales approach

Website - https://www.focuscfo.com/fractional-cfo-team/mike-derringer

LinkedIn - https://www.linkedin.com/in/mikederringer/

Anthony Codispoti, AddBack Benefits Agency

https://www.addbackbenefitsagency.com/

Transcript | From Numbers-Driven CFO to People-Focused Business Owner, with Mike Derringerhttps://addbackbenefitsagency.com/from-numbers-driven-cfo-to-people-focused-business-owner-with-mike-derringer/

Youtube - Inspired Stories Podcast by AddBack BenefitsAgency

https://www.youtube.com/channel/UC-2KCy3zqjALje6hwzWT0VA

How do you introduce a novel restaurant concept to the US market?

In this episode, Troy Hooper, CEO of Hot Palate America, the parent company of Pepper Lunch Restaurants, shares his journey bringing a unique Japanese fast-casual dining experience to the United States.

Pepper Lunch offers a "DIY teppanyaki" model where customers cook their own high-quality ingredients on a 500-degree iron plate at their table. With over 500 locations worldwide, they're bringing an experiential twist to fast-casual.

Troy discusses the benefits of the Pepper Lunch model for franchisees, including low labor costs, no need for skilled culinary staff, and the ability to capitalize on the fast-growing Asian cuisine trend.

He also opens up about a challenging time in his career where a major investment deal fell through due to COVID-19, leaving him with no plan B. Troy shares how he pivoted by becoming a stay-at-home dad, immersing himself in online communities, and letting his expertise shine.

Troy believes in the power of giving without expectation and openly sharing your dreams. He emphasizes that surrounding yourself with a supportive community is the clearest path to achieving your goals.

Mentors that Inspired Troy:

• Stephen Covey (author of The 7 Habits of Highly Effective People) - foundational lessons for personal and professional development

• Gary Vaynerchuk - insights on developing your passions and understanding people as individuals

• Will Guidara (author of Unreasonable Hospitality) - lessons on providing exceptional service applicable to any industry

• Jim Collins (author of Good to Great) - timeless business principles

Tune in for insights on bringing an innovative dining concept to market, overcoming major setbacks, and the future of automation in the restaurant industry.

References: 

Website - https://www.pepperlunchrestaurants.com/

LinkedIn - https://www.linkedin.com/in/jtroyhooper/

Anthony Codispoti, AddBack Benefits Agency

https://www.addbackbenefitsagency.com/

Transcript | How Troy Hooper Turned Adversity into Opportunity as CEO of Pepper Lunch

https://addbackbenefitsagency.com/how-troy-hooper-turned-adversity-into-opportunity-as-ceo-of-pepper-lunch/

Youtube - Inspired Stories Podcast by AddBack BenefitsAgency

https://www.youtube.com/channel/UC-2KCy3zqjALje6hwzWT0VA