New entrepreneurs are faced with a lot of challenges, and oftentimes they are unequipped to deal with the obstacles that stand in their way. We want you to start your next business venture prepared.

On this episode of unsuitable, we are joined by Melane Howell, a senior tax manager in Rea’s Dublin office who has helped more than a few startups get on their feet. We examine the journey of an up-and-coming entrepreneur and uncover some of the hiccups they will encounter. Then we offer some simple – but incredibly important – tips to help you take your business endeavors to the next level.

Aspiring entrepreneurs need to do their homework.

Most people wouldn’t bring a new child into the world without, first, talking to experienced parents and doing some research – and you should treat starting a new business in the same way. What does your market look like? Who else is in the market, if it exists? What solution is your service offering? Does your idea need to be adjusted?

If you are preparing to launch a new business, you will want to listen and learn...

• How to begin market research.
• Why seeking expert advisors isn’t just recommended – it’s necessary.
• How to approach managing your time and balancing your life.

If you liked this episode of unsuitable on Rea Radio, let us know by hitting the like button or by sharing it with your followers on social media. You can also use #ReaRadio to join the conversation on Facebook and Twitter, and you can watch the podcast in action on the Rea & Associates YouTube channel. We’ve also included access to additional resources on our website at www.reacpa.com.

On November 1, 2017, Rea & Associates and the Walthall CPA Group announced that the two firms have merged – so we’d like to give a warm welcome to the Walthall team, your family, your friends, your advisors, and your clients from all the folks here at unsuitable on Rea Radio.

To celebrate our community getting a little bigger, we’re discussing one of the backbones of every community: locally-owned businesses. They drive our economies, support our infrastructure, and promote the entrepreneurial spirit.

We are honored to have one of these wonderful small business owners as a guest on this episode, Tom Warne, owner of Donald’s Donuts in Zanesville, Ohio. We discuss the role his business plays in the local community, and why supporting businesses like his is so important.

Why buying locally matters, by the numbers:

The American Independent Business Alliance reports on the multiplier effect of supporting local businesses, and multiple studies indicate that “independent retailers return more than three times as much money per dollar of sales than chain competitors.” It’s even more dramatic when compared to online retailers, who contribute almost nothing to local economies beyond a single delivery.

If you are a business owner, or just live in a community you want to see thrive, you will be interested in these other topics discussed in the show:

• How shopping locally reinforces the local economy.
• The hardest business issue faced by local business owners.
• The biggest challenges on the horizon for local business owners.

If you liked this episode of unsuitable on Rea Radio, let us know by hitting the like button or by sharing it with your followers on social media. You can also use #ReaRadio to join the conversation on Facebook and Twitter, and you can watch the podcast in action on the Rea & Associates YouTube channel. We’ve also included access to additional resources on our website at www.reacpa.com.

Every year, on National Philanthropy Day -- November 15 – people, organizations, and businesses come together to reflect on the great contributions being done to improve our communities.

On this episode of unsuitable, we will lend our voices to the chorus. Not only that, but we will be talking to Maribeth Wright, a principal on Rea’s not-for-profit team, about what happens when giving back becomes a focal point of a company’s culture.

Employees want to work for businesses that give back!

74 percent of employees consider their jobs to be more fulfilling when they can impact social and environmental issues while at work, and 70 percent of employees say they are more likely to be loyal to an employer that helps them give back and get involved – and that’s just the tip of the iceberg.

If you want to create a positive impact and strengthen your business, you will be interested in these other topics discussed in this episode:

• Supporting local nonprofits (either financially or by encouraging employees to volunteer time) is a great reflection of a company’s brand.
• How you can encourage giving and make a positive impact on your community, without writing a check.
• How encouraging employees to get out there and volunteer can result in free marketing and positive public relations.

If you liked this episode of unsuitable on Rea Radio, let us know by hitting the like button or by sharing it with your followers on social media. You can also use #ReaRadio to join the conversation on Facebook and Twitter, and you can watch the podcast in action on the Rea & Associates YouTube channel. We’ve also included access to additional resources on our website at www.reacpa.com.

There are a lot of social media platforms out there: Facebook, Twitter, LinkedIn, Google+, YouTube, Instagram, Pinterest, and the list seems to get longer every day. People use these platforms to connect with each other and with their favorite brands and businesses, so if your business hasn’t developed a social media strategy, you are missing out – Big time.

Rea’s social media expert and Practice Growth Strategist, Rebecca Weiand, joins us to share how you can actually use these platforms as tools to understand your customers better, why an established social media strategy is so vital, and what these strategies might look like.

Social MEdia isn’t All About ME

Social media is a great way to connect with your customers and your community, and show the human side of your organization. However, your social media channels shouldn’t be all about you. Who you follow and who you share are just as important as what you create.

If you are new to social media, or want to get more strategic, you will be interested in these topics discussed in this episode:

• How to use social media to better understand your customers/clients and potential customers/clients.
• What metrics you should be focusing on, beyond reach and engagement.
• Who you should follow.

If you liked this episode of unsuitable on Rea Radio, let us know by hitting the like button or by sharing it with your followers on social media. You can also use #ReaRadio to join the conversation on Facebook and Twitter, and you can watch the podcast in action on the Rea & Associates YouTube channel. We’ve also included access to additional resources on our website at www.reacpa.com.

Your business is growing and that’s a great thing … right?

Well, it’s good if you’re prepared to confront things that go bump in the night, but there are many dangers to be wary of when growth guides you into unknown territory – What if you find yourself in the vampiristic company of a hungry state tax auditor with an aversion to garlic?

The truth is, there are a lot of unknowns that come along with business growth, which is why it’s so important to have someone on your side who can help you exercise those demons. Joining us for this special Halloween edition of unsuitable is Scott Zielaskiewicz and Joe Popp – expert monster slayers and business growth guides.

Mitigating Monstrous Risk

We frequently discuss how attorneys can eliminate business risk for themselves and their clients, and few risks are scarier than the state and local tax liabilities that lurk around our businesses. Luckily, Scott and Joe are (self-proclaimed tax nerds) dedicated to helping others navigate this dangerous territory.

If your business is venturing into the unknown, you will be want to listen to the conclusion of these scary stories:

• You’re walking through a new and spooky foreign land (the woods of Michigan, perhaps?) and an unexpected tax sneaks up from behind…
• Your staff is sitting down for a meeting when you discover that a vital subject matter expert has suddenly disappeared…
• A frightening Count (or state tax auditor) visits you unexpectedly...

If you liked this episode of unsuitable on Rea Radio, let us know by hitting the like button or by sharing it with your followers on social media. You can also use #ReaRadio to join the conversation on Facebook and Twitter, and you can watch the podcast in action on the Rea & Associates YouTube channel. We’ve also included access to additional resources on our website at www.reacpa.com.

Are you paying more in federal taxes than your fair share? Well, if you own buildings, you could be; and a cost segregation study could provide you with the relief you’ve been looking for.

On this episode of unsuitable, we’re joined by Dave McGuire, co-founder & director of McGuire Sponsel, a regional professional services firm that works with CPAs to enhance relationships through innovative tax strategies. He’s going to break down the topic of cost segregation for us by shining some light on who can benefit from a cost segregation study, what kind of savings are at stake, and when business owners should take advantage of this strategy.

Case Study:

McGuire Sponsel partnered with Rea & Associates to perform a Cost Segregation study for a manufacturer. This analysis was completed on the purchase and renovation of a manufacturing facility in Ohio. The investment totaled $2,791,500 with a land value of $65,557. The depreciable basis of the property totaled $2,725,943. McGuire Sponsel professionals were able to reclassify 43 percent of the total depreciable property into 5, 7 or 15-year properties. The accelerated depreciation deductions resulted in an increased cash flow of $302,752 over the first five years and a net present value of $220,793 over the life of the investment.

If your business owns property, you will be interested in these other topics discussed in this episode:

• What a cost segregation study is and what type of business can benefit from one.
• The benefits of completing a cost segregation study (with examples).
• How you can use cost segregation (and other similar tools) to plan in today’s uncertain tax environment.

If you liked this episode of unsuitable on Rea Radio, let us know by hitting the like button or by sharing it with your followers on social media. You can also use #ReaRadio to join the conversation on Facebook and Twitter, and you can watch the podcast in action on the Rea & Associates YouTube channel. We’ve also included access to additional resources on our website at www.reacpa.com.

Sooner or later, time catches up with all of us. As unpleasant as that thought may be, planning for death is, in fact, a necessary part of life, and we simply couldn’t think of a better time to share some critical estate planning tips with you than this week – which also happens to be National Estate Planning Awareness Week.

Dave McCarthy, a principal in Rea’s Medina office, has a knack for estate planning and trusts. We discuss how to choose an executor, which assets to include in your estate plan, what you should do with your asset list, and what other documents you should have in place before you die.

Estate Planning is for Everyone

Well over half of the people in the U.S. do not have an estate plan. Many people feel that they’re too young, too single, or simple don’t have to deal with it. However, even if you don’t have to pay an estate tax, you still have to worry about successfully transferring your assets to someone else.

If you want an orderly transition of assets, you will be interested in these other topics discussed in this episode:

• What you need to do to better understand your estate plan.
• How to choose the right executor.
• How to make a list of assets, and what to do with that list.

If you liked this episode of unsuitable on Rea Radio, let us know by hitting the like button or by sharing it with your followers on social media. You can also use #ReaRadio to join the conversation on Facebook and Twitter, and you can watch the podcast in action on the Rea & Associates YouTube channel. We’ve also included access to additional resources on our website at www.reacpa.com.

Businesses can no longer afford to be anything but attentive, accommodating, and polite when it comes to customer service. One wrong word or tweet from someone on your front lines might be all it takes for your company to go viral… and that’s not necessarily a good thing. So, with all that’s at stake, what are you doing to improve the quality of your own customer service practices?

As a Lean Six Sigma Black Belt, a Lean Gold Practitioner, and a Certified Project Management Professional, Chris Liebtag, president of the Rea Consulting Group, has helped businesses nationwide achieve greater effectiveness and efficiency. He joins unsuitable to share how a few simple adjustments to your existing customer service processes can yield incredible results.

There is such a thing as “bad publicity”

With the rise of social media and changing consumer behaviors, immediacy is the name of the game. However, the immediacy of social media also makes it very easy to go viral, and often companies end up going viral for their mistakes. Your organization may not have the capacity to recover from (or avoid) these situations if you aren’t implementing effective customer service processes.

If you serve a client or customer in any shape or form, you can benefit from some of these strategies discussed in this episode:

• The 3 common drivers of the customer experience (and how you can address them).
• How efficient processes allow businesses to add value.
• Why capacity of time allows for innovation and responsiveness.

If you liked this episode of unsuitable on Rea Radio, let us know by hitting the like button or by sharing it with your followers on social media. You can also use #ReaRadio to join the conversation on Facebook and Twitter, and you can watch the podcast in action on the Rea & Associates YouTube channel. We’ve also included access to additional resources on our website at www.reacpa.com.

Business owners, do you ever feel like you’re expected to be two different people?

On the one hand, you are expected to be a genius in your craft. Whether you manufacture widgets or brew craft beer, you’d better be fully capable of jumping in and getting your hands dirty. On the other hand, you must maintain a high-level view of your company; always poised to act on opportunities as they arise, while maintaining fluency in sales, marketing, and public relations.

Believe it or not, striking that balance is possible, and in this episode of unsuitable we talk to somebody who does it every day. Mark Hoops, a principal in Rea’s Lima office, is a skilled business developer with nearly 40 years of experience in the accounting industry. He shares how any business owner can develop relationships and leverage opportunities that will help them maintain balance.

It’s a Plane... It’s a Bird… It’s Super Biz Dev!

We aren’t building businesses the same way we did even 20 years ago. It’s less about discrete networking events, like a golf game, and more about developing long-term relationships with the right people.

If you are a business owner, you will also want to learn:

• Why it’s important to develop internal and external relationships, which means every (successful) business owner has to become a “people person.”
• How to identify the right growth & marketing opportunities,
• Why it’s critical to have a strategy for nurturing relationships over a long period of time, and how that will help you turn a lead into a sale.

If you liked this episode of unsuitable on Rea Radio, let us know by hitting the like button or by sharing it with your followers on social media. You can also use #ReaRadio to join the conversation on Facebook and Twitter, and you can watch the podcast in action on the Rea & Associates YouTube channel. We’ve also included access to additional resources on our website at www.reacpa.com.

Business owners, do you ever feel like you’re expected to be two different people?

On the one hand, you are expected to be a genius in your craft. Whether you manufacture widgets or brew craft beer, you’d better be fully capable of jumping in and getting your hands dirty. On the other hand, you must maintain a high-level view of your company; always poised to act on opportunities as they arise, while maintaining fluency in sales, marketing, and public relations.

Believe it or not, striking that balance is possible, and in this episode of unsuitable we talk to somebody who does it every day. Mark Hoops, a principal in Rea’s Lima office, is a skilled business developer with nearly 40 years of experience in the accounting industry. He shares how any business owner can develop relationships and leverage opportunities that will help them maintain balance.

It’s a Plane... It’s a Bird… It’s Super Biz Dev!

We aren’t building businesses the same way we did even 20 years ago. It’s less about discrete networking events, like a golf game, and more about developing long-term relationships with the right people.

If you are a business owner, you will also want to learn:

• Why it’s important to develop internal and external relationships, which means every (successful) business owner has to become a “people person.”
• How to identify the right growth & marketing opportunities,
• Why it’s critical to have a strategy for nurturing relationships over a long period of time, and how that will help you turn a lead into a sale.

If you liked this episode of unsuitable on Rea Radio, let us know by hitting the like button or by sharing it with your followers on social media. You can also use #ReaRadio to join the conversation on Facebook and Twitter, and you can watch the podcast in action on the Rea & Associates YouTube channel. We’ve also included access to additional resources on our website at www.reacpa.com.