The success of SMBs can either be a happy accident or the next steps of a well orchestrated plan. In my travels, I have seen too many instances of success by happy accident. Although I love the late Bob Ross (artist, "We don't make mistakes, we just have happy accidents), being proactive as opposed to reactive is a better recipe for SMB success.
Growing business revenues, increasing personal income, planning for college tuition, or just paying taxes in full and on time, is usually the result of a plan.
My special guest would agree...we will be joined by Jordan S. Krant, Senior Manager at Adeptus Partners, LLC.
Adeptus Partners, LLC., is a solutions-based certified public accounting firm, serving individuals and businesses, with locations in New York City, New Jersey, Long Island and Maryland.
Adeptus has a collaborative problem solving approach, year-round availability and innovative solutions help you make sense of your financial life. We cultivate unique relationships with each client, accommodating specific needs and working to provide the personal attention, recognition and respect that clients deserve.
In this week’s episode Steven welcomes Jordan S. Krant, Senior Manager at CPA firm Adeptus Partners, LLC. One of the topics of today’s episode will be being proactive vs. reactive. And Steve further stresses the importance of surrounding yourself with the right people and putting together the right process for your SMB success, and not focus too much on the product. Some of the further topics they will discuss today is setting up a predictable business success vs. having a happy accident, in addition to producing results that are timely, especially in these times. In closing of this segment Stephen discusses the analogies between sports and business, in particular golf and baseball. And provides some inspirational quotes from the book “Change the Culture Change the Game” by Roger Connors and Tom Smith.
In this segment Stephen opens up asking Jordan further about his logo for Adeptus Partners. They further dive into how Jordan goes to market with his business and advice for other SMB’s. Steve asks Jordan what makes his firm a differentiator to the competition as a reminder that SMB’s need to have a differentiator. Stephen then inquires with Jordan which sport he gravitates to and how that compares to running a business. In closing they discuss approaching your SMB as a retirement plan and how that can work.
In opening this segment Stephen and Jordan discuss the madness of the business. Jordan dives into some of the madness he’s seen out there through his experiences. After this they talk about the state incomes taxes and laws in different states that businesses need to pay attention to. Jordan discusses the trends he’s seen in regards to this and residents/businesses reactions to different state laws. In addition they discuss how state law and HR resources are treated that affect businesses in certain states. In closing Steve asks Jordan how companies make decisions differently from the DC metro area compared to the northeast and any silver lining that Jordan’s business has taken from the situation with COVID.
In the final segment Jordan talks about the take away and what businesses can keep in mind for the weekend. With this Jordan talks about CPA’s being on the businesses side and to call a CPA to learn more. Put the right people in place, and plan appropriately. In closing they discuss Jordan’s favorite movie/TV show character, favorite movie/TV show, favorite musical instrument and favorite musician who plays it.
00:00:36.690 --> 00:00:41.940 Steven Frey (SMB Guy): I out there, everyone and Happy Friday, thank god it's Friday as some would say, although
00:00:42.690 --> 00:00:51.060 Steven Frey (SMB Guy): It's always Friday with me. Stephen Fry your SMB guy. I see. Why am I, which is in case you missed it SMB stands for small and medium sized business.
00:00:51.330 --> 00:00:56.160 Steven Frey (SMB Guy): I have been an SMB advocate consultant enthusiasm and owner for over 20 years now.
00:00:56.430 --> 00:01:07.410 Steven Frey (SMB Guy): In my travels one major observation that I have made is some of the best thought leadership out there for SMEs happens on Friday when we feel the freedom of the weekend coming, coming
00:01:07.650 --> 00:01:15.570 Steven Frey (SMB Guy): However, we are so anxious to start the weekend we steamroll right through that Friday get into our fun weekend activities and our freedom of work.
00:01:15.870 --> 00:01:24.600 Steven Frey (SMB Guy): And we forget all about these crucial pearls of wisdom and we come back to work all hung over on Monday, and we forget what we had clarity on on Friday.
00:01:25.110 --> 00:01:35.640 Steven Frey (SMB Guy): On always Friday we take advantage of that weekend freedom and clarity to discuss popular topics that are on the minds of SMB leaders and their trusted advisors.
00:01:36.030 --> 00:01:52.020 Steven Frey (SMB Guy): Coincidentally, my last name means free in German, which is nice, fun fact for everyone. There is a little bit of deeper meaning here. It is not just a play on words. So on that happy note, I'm going to embrace the freedom of the weekend, like my buddy Jordan here and slip on my shades
00:01:53.670 --> 00:02:06.300 Steven Frey (SMB Guy): So today's topic of discussion is producing accurate and timely results as a way of life and I've been looking forward to this so much. The success of SMEs can either be a happy accident.
00:02:06.750 --> 00:02:15.390 Steven Frey (SMB Guy): Or it can be the next steps of a well orchestrated plan and in my travels, I've seen far too many instances of success by happy accident.
00:02:15.630 --> 00:02:23.490 Steven Frey (SMB Guy): Not that I don't like a happy accident here and there. I do love the late Bob Ross. We don't make mistakes. We just have happy accidents.
00:02:23.850 --> 00:02:31.290 Steven Frey (SMB Guy): But you know, I do prefer being proactive as opposed to reactive. It's a better recipe for SMB success.
00:02:31.710 --> 00:02:41.850 Steven Frey (SMB Guy): Growing business revenues increasing personal income planning for college tuition or just paying taxes and full and on time, which my accountant buddies usually appreciate
00:02:42.150 --> 00:02:50.850 Steven Frey (SMB Guy): Is usually the result of a plan. So I'm pretty sure my special guests would agree again today. We are joined by Jordan Krantz senior manager at a depth as partners.
00:02:51.360 --> 00:02:57.120 Steven Frey (SMB Guy): Depth as partners as a solutions based certified public accounting firm serving individuals and businesses.
00:02:57.420 --> 00:03:07.290 Steven Frey (SMB Guy): With locations in New York City, New Jersey. Long Island and the DC metro area adapters has a collaborative approach in collaborative problem solving approach and
00:03:07.950 --> 00:03:19.290 Steven Frey (SMB Guy): Year round availability and innovations innovative solutions which really help you make sense of your financial life. I love these types of words in the description of how an accounting firm works because
00:03:19.650 --> 00:03:28.560 Steven Frey (SMB Guy): I, you know, you guys know that I like to really relate business life to personal life and you know making sense of your financial life is a big you know overlying topic of all of that.
00:03:28.890 --> 00:03:36.630 Steven Frey (SMB Guy): So we cultivate unique relationships with each client accommodating specific needs and working to provide the personal attention.
00:03:36.930 --> 00:03:45.630 Steven Frey (SMB Guy): Recognition and respect the clients deserve. I love hearing stuff like this. So while we're on talk radio dot NYC. We do not want this to be just talk
00:03:45.870 --> 00:03:53.910 Steven Frey (SMB Guy): The goal here is to use the insight on the SMB landscape and really use it to create more impact come Monday morning.
00:03:54.210 --> 00:04:02.520 Steven Frey (SMB Guy): We like to bring a fun and unique perspective on the people process and products that are driving SMEs today. Far too often, especially in 2020
00:04:02.880 --> 00:04:14.790 Steven Frey (SMB Guy): SMEs are focused on the product that's going to solve all of their problems, the shiny new mouse trap, if you will, in my travels products change every single day and every other facet of our lives, both personal and business.
00:04:15.240 --> 00:04:21.720 Steven Frey (SMB Guy): Fun Time of year to have that discussion with Black Friday coming up, everyone's going to go crazy with Black Friday and Cyber Monday buying everything
00:04:22.020 --> 00:04:25.860 Steven Frey (SMB Guy): I'm sure the features of the TV I buy this year will be different than the ones from 10 years ago.
00:04:26.370 --> 00:04:32.220 Steven Frey (SMB Guy): But there is no substitute for surrounding yourself with the right people first. That's what's most important.
00:04:32.640 --> 00:04:41.190 Steven Frey (SMB Guy): Than keeping a focus on the process that is going to help you achieve your short and long term goals as long as you do this, I do truly believe
00:04:41.580 --> 00:04:50.940 Steven Frey (SMB Guy): That the right products will present themselves when they are needed by the SMB everything begins and ends with the people. So on that fun
00:04:51.570 --> 00:04:59.250 Steven Frey (SMB Guy): I like to think that I'm surrounding myself with the right people. Today we have a great show for you. Our special guest is Jordan grant
00:04:59.580 --> 00:05:09.690 Steven Frey (SMB Guy): Who his bio on his, on his website and his headshot. He does have the ability to toggle back and forth between a cartoon version of himself and a real version of himself, which
00:05:09.930 --> 00:05:17.850 Steven Frey (SMB Guy): Obviously I love. So since joining a dentist in 2005 Jordan has gained a wide range of real world accounting and business experience.
00:05:18.120 --> 00:05:26.310 Steven Frey (SMB Guy): Jordan, not only provides expertise in traditional areas of accounting, but he also has extensive knowledge and all types of tax returns across many different states.
00:05:26.700 --> 00:05:34.860 Steven Frey (SMB Guy): He's advised many small, medium, large sized businesses, preparing their annual and quarterly returns advising them on reporting and compliance strategies.
00:05:35.160 --> 00:05:40.980 Steven Frey (SMB Guy): And aiding in anticipating future events and potential tax impact.
00:05:41.430 --> 00:05:47.730 Steven Frey (SMB Guy): Ultimately, Jordan strives to help business owners become better leaders and more successful in their own endeavors.
00:05:48.030 --> 00:05:59.160 Steven Frey (SMB Guy): Jordan rebels and being an accountant and knowing that at the end of the day, all of the hard work and savings that's provided to clients does not go unnoticed outside of the depth just though these are Jordans words.
00:05:59.940 --> 00:06:12.870 Steven Frey (SMB Guy): I truly enjoy being a faint just enjoy being a family man I take any opportunity I can to spend with my wife and two children, and it gives me great pleasure to share my love of golf and baseball with that.
00:06:13.230 --> 00:06:22.260 Steven Frey (SMB Guy): And I can tell you firsthand. I do enjoy sharing my love of golf and baseball with my manager and grant, here he is absolutely the most ideal person to discuss the theme of the day.
00:06:22.440 --> 00:06:33.690 Steven Frey (SMB Guy): It is what he deals with every single day getting people to have really more predictable results with their SMB instead of it being a happy accident. So, in addition, we're going to discuss my favorite three questions.
00:06:34.260 --> 00:06:43.050 Steven Frey (SMB Guy): Who is your favorite movie or TV show character. What is your favorite movie or TV show. And what is your favorite musical instrument and the artists who plays it
00:06:43.470 --> 00:06:46.290 Steven Frey (SMB Guy): So we're going to get to that in just a little while. In the meantime,
00:06:46.620 --> 00:06:51.510 Steven Frey (SMB Guy): I'm going to give you guys you know some perspective, my story. My experience to relate. I also like to
00:06:51.750 --> 00:06:56.730 Steven Frey (SMB Guy): Maybe take a couple of samples from my personal library here to relate them to the theme of the day.
00:06:56.940 --> 00:07:07.140 Steven Frey (SMB Guy): So we're going to get into that. There's a picture of my fire pit in my backyard right behind me. It's getting a little too cold to sit around the fire and tell some stories. So we're going to do it right here on always Friday. Might as well.
00:07:07.620 --> 00:07:15.240 Steven Frey (SMB Guy): So, you know, as it relates to the theme of the day, you know, producing results that are both, you know, accurate and timely as a way of life.
00:07:15.750 --> 00:07:25.950 Steven Frey (SMB Guy): It's, it's very funny in the last couple of days I've been, you know, involved in a bunch of networking groups, you know, per my discussion with my networking, buddy. Michael Goldberg last week. I am a serial networker
00:07:26.160 --> 00:07:31.230 Steven Frey (SMB Guy): I do love to get out there and I i know a lot of folks that listen to my show do as well.
00:07:32.160 --> 00:07:41.250 Steven Frey (SMB Guy): You know, one of the questions that's been asked in the last couple of days is what sport is most relatable to the way that you approach business and personal life.
00:07:41.640 --> 00:07:51.600 Steven Frey (SMB Guy): And again, like my buddy Jordan here golf and baseball. I like to say baseball or softball. Now that my beard is a little grayer than it used to be, because it's a little easier on the body, not very much easier on the body.
00:07:51.810 --> 00:07:55.110 Steven Frey (SMB Guy): So plenty of ways that I mean, Jordan, like to record ourselves when we play softball.
00:07:55.890 --> 00:08:06.300 Steven Frey (SMB Guy): But I do think of golf baseball softball very much thinking people's games, especially baseball as it relates to business and personal life.
00:08:06.660 --> 00:08:16.440 Steven Frey (SMB Guy): You know, a lot of times when I'm talking about sports analogies and the guise of business, you know, lots of people like to talk about football analogies, grab the ball headed for the end zone. Put the points on the board.
00:08:16.710 --> 00:08:22.590 Steven Frey (SMB Guy): And you know there's there's all kinds of good stories and you know that can be told from that all kinds of good lessons to be taken from that.
00:08:22.920 --> 00:08:34.050 Steven Frey (SMB Guy): But I do, truly, truly feel that the baseball softball analogies, as it relates to business and personal life are the most impactful. And the reason I i think that is because you know when you're playing baseball
00:08:35.100 --> 00:08:41.970 Steven Frey (SMB Guy): If you don't think before every single pitch. What am I going to do if the balls hit to me when you're out in the field.
00:08:42.600 --> 00:08:50.940 Steven Frey (SMB Guy): It's problematic because if you wait for the crack of the bat to start thinking about what am I going to do if the balls hit. To me, it's typically too late.
00:08:51.720 --> 00:08:59.940 Steven Frey (SMB Guy): Right. It's like if you wait too long, you're scrambling to feel the ball, you're not sure where you're supposed to throw it. You might throw it to the complete wrong place, and
00:09:00.210 --> 00:09:07.980 Steven Frey (SMB Guy): And cause your cost. The, the game. A couple of runs like for and against your team. It's very important before every single pitch to think
00:09:08.370 --> 00:09:13.530 Steven Frey (SMB Guy): What am I going to do if the balls hit to me because that way when the, when the ball is hit to you.
00:09:13.830 --> 00:09:20.640 Steven Frey (SMB Guy): It's not really a big mystery of how you're supposed to feel that where you're supposed to throw it and and what the next couple of steps are
00:09:21.270 --> 00:09:30.240 Steven Frey (SMB Guy): I do truly think there's a great analogy here for you know what Jordan does in his profession, as you know, being a CPA and in his world, you know, because
00:09:31.260 --> 00:09:39.360 Steven Frey (SMB Guy): A lot of times people just think it's that necessary evil that has to be done once a year where it so everybody has to pay taxes and they have to die. They're the only two
00:09:39.540 --> 00:09:44.190 Steven Frey (SMB Guy): No guarantees in life out there. So obviously, they have to be ready to pay their taxes.
00:09:44.520 --> 00:09:52.110 Steven Frey (SMB Guy): There's so much more to it that that goes behind it, than that and Jordan and his team are you know available year round for that type of strategy.
00:09:52.560 --> 00:09:55.440 Steven Frey (SMB Guy): And, you know, brings me to my next thought on this topic is
00:09:56.220 --> 00:10:03.180 Steven Frey (SMB Guy): You know in the in the product in the guise of doing you know people first then process, you know, will ultimately lead you to the right products.
00:10:03.480 --> 00:10:09.030 Steven Frey (SMB Guy): And you know Jordans world, it could be argued the part of the job is really helping clients to avoid being audited.
00:10:09.510 --> 00:10:19.830 Steven Frey (SMB Guy): Yeah, but sometimes clients don't necessarily tell their accountants and financial professionals and insurance professionals, the whole story. And sometimes there's a little bit of the guessing game.
00:10:20.340 --> 00:10:29.910 Steven Frey (SMB Guy): But bottom line is if a client does or does get audited. It's kind of up to them to prove that there was a process or a method behind the madness of the decision that they made.
00:10:30.270 --> 00:10:35.130 Steven Frey (SMB Guy): And as long as that can be proven and there's some logic behind it, there might be an argument to be made.
00:10:35.760 --> 00:10:46.140 Steven Frey (SMB Guy): But, you know, again, people first then process. So I also like just to wrap, wrap up my take on this, you know, I love the story of the accidental SMB owner
00:10:46.920 --> 00:10:55.650 Steven Frey (SMB Guy): But I love it more when the SMB realizes that they really need to go to battle with a plan in order for their success to be more predictable than accidental
00:10:56.070 --> 00:11:04.350 Steven Frey (SMB Guy): And, you know, to that end, I started working with with an SMB this week that you know started their business in 2003 it's a freight logistics organization.
00:11:04.650 --> 00:11:13.890 Steven Frey (SMB Guy): And they had three trucks in 2003 and today they have 75 trucks, you know, in the beginning it was somebody who had, you know, a truck driver type of background and
00:11:14.250 --> 00:11:17.250 Steven Frey (SMB Guy): They decided to go into business for themselves with a couple of trucks.
00:11:17.580 --> 00:11:26.010 Steven Frey (SMB Guy): And now it's 75 trucks isn't just a couple of trucks and they have major growth aspirations. So it's almost like that story of an accidental SMB owner
00:11:26.370 --> 00:11:39.960 Steven Frey (SMB Guy): And now it's, you know, the SMB owners realizing that they really need to have a business plan mapped out so that they can go to battle and have more quantifiable results have some advancement on their growth strategy and really be able to pinpoint it
00:11:40.440 --> 00:11:49.620 Steven Frey (SMB Guy): So I wanted to relate a couple of quick things from my library as well on this topic. So there's a book I read a while back called changing the culture change the game.
00:11:50.280 --> 00:11:55.140 Steven Frey (SMB Guy): Change the culture change the game. And that's again going in the people first and then process end of things.
00:11:55.380 --> 00:12:01.890 Steven Frey (SMB Guy): You know, this book is all about energizing your people and creating a culture of accountability and I thought it would be kind of fun.
00:12:02.130 --> 00:12:09.060 Steven Frey (SMB Guy): To talk about this with the accountant and talk about creating accountability with the accountant sounds like more fun than tax returns, right.
00:12:09.270 --> 00:12:15.390 Steven Frey (SMB Guy): So I wanted to relate a couple of discussions from this book and I actually have a second book that I want to relay as well.
00:12:15.930 --> 00:12:20.790 Steven Frey (SMB Guy): But, you know, just give you guys a couple of tidbits from here. So change your culture and you will change the game.
00:12:21.090 --> 00:12:31.710 Steven Frey (SMB Guy): Mastering the ability to accelerate culture change is an essential core competency for every leader who wants to keep his or her organization competitive and focused
00:12:32.010 --> 00:12:39.210 Steven Frey (SMB Guy): Change the culture change the game offers. The Definitive Guide for developing this leadership competency and is based upon a methodology.
00:12:39.600 --> 00:12:53.130 Steven Frey (SMB Guy): That is used by some of the most successful and admired companies in the world again, changing the culture is more people and then getting the methodology in place as a process. So, chapter one, creating a culture of accountability.
00:12:53.580 --> 00:12:58.890 Steven Frey (SMB Guy): We begin by introducing our core belief. Either you will manage your culture or it will manage you
00:12:59.220 --> 00:13:09.480 Steven Frey (SMB Guy): What do we mean by culture. Simply stated, organizational culture is the way people think and act every organization has a culture which either works for you or against you.
00:13:10.320 --> 00:13:19.380 Steven Frey (SMB Guy): And it can make the difference between success and failure managing the organizational culture so that leaders managers team members and employees.
00:13:19.710 --> 00:13:28.530 Steven Frey (SMB Guy): Think, an act in the manner necessary to achieve desired results has never mattered more doing it well is not an option. It's a necessity.
00:13:29.040 --> 00:13:36.780 Steven Frey (SMB Guy): Optimizing the culture should command your attention, every bit as much as your effort to achieve performance improvements in manufacturing
00:13:37.080 --> 00:13:46.530 Steven Frey (SMB Guy): R amp D sales and every other organizational discipline experience leaders know that changing the culture can mean changing the game by growing faster than your rivals.
00:13:46.800 --> 00:13:55.110 Steven Frey (SMB Guy): beating a bad economy revolutionising the value proposition of your organization or a host of other competition beating achievements.
00:13:55.470 --> 00:14:00.630 Steven Frey (SMB Guy): Great messaging there another book that I read a while back is called tax free retirement.
00:14:00.990 --> 00:14:07.590 Steven Frey (SMB Guy): And there's, you know, some black and white strategies for you know how to kind of get to retirement with some some good financial planning.
00:14:07.890 --> 00:14:17.550 Steven Frey (SMB Guy): But one of the things I wanted to just draw people's attention to here is they talk about avoiding the nine financial landmines and the very, very first one is lack of planning.
00:14:18.060 --> 00:14:28.620 Steven Frey (SMB Guy): And that's what we're talking about here, second one procrastination. Third one getting on the wrong side of Mr interest fourth desire for instant gratification. Fifth, following the masses.
00:14:29.340 --> 00:14:38.010 Steven Frey (SMB Guy): 60 inertia factor seven a desire to get rich quick eight a lack of generosity nine acting like the future will never arrive.
00:14:38.400 --> 00:14:46.470 Steven Frey (SMB Guy): But number one was lack of planning SMB owners, they often think of their business as their retirement plan yet. There are many instances.
00:14:46.740 --> 00:14:57.510 Steven Frey (SMB Guy): Where they don't have a strategic plan to arrive at retirement comfortably and prosper through their retirement years just because they're so focused on working in their business as opposed to on their business.
00:14:57.840 --> 00:15:06.210 Steven Frey (SMB Guy): The book talks about creating a plan is as simple as three steps. Set your goals pay yourself first, and start today and be consistent.
00:15:06.450 --> 00:15:16.830 Steven Frey (SMB Guy): So I thought this was a good way to kick off our show with Jordan Krantz senior manager and adapt this partners. Today we're going to take a short commercial break. We'll be right back with Jordan. Stay with us.
00:17:29.790 --> 00:17:34.710 Steven Frey (SMB Guy): Alright everyone, welcome back to always Friday with me. Stephen Fry your SMB guy.
00:17:35.010 --> 00:17:40.170 Steven Frey (SMB Guy): We're going to be speaking with my good friend, Jordan Krantz and your manager to death as partners here in just a moment.
00:17:40.410 --> 00:17:48.330 Steven Frey (SMB Guy): This is the method PART OF OUR SHOW AND MY method. I mean, this is the scientific part. This is where we talk a little bit with our special guests about
00:17:48.600 --> 00:18:00.720 Steven Frey (SMB Guy): What we do, how we do it. How do we go to market for it. And I'm very thankful, because I actually love the adapters copy on their website because it's perfect, it bleeds RIGHT INTO HOW I WANT TO T things up here so
00:18:00.960 --> 00:18:05.700 Steven Frey (SMB Guy): Jordan. Thank you for being on the show today and thank you for having such clear messaging on your website.
00:18:06.180 --> 00:18:08.400 Jordan: My pleasure. Steve, happy, happy with it today.
00:18:09.120 --> 00:18:16.320 Steven Frey (SMB Guy): So I gotta ask you one quick question before we kick this off. I, I actually kind of like the the three in the depth this logo.
00:18:16.620 --> 00:18:19.650 Steven Frey (SMB Guy): And I know we chatted a little bit about this, but
00:18:19.860 --> 00:18:31.680 Steven Frey (SMB Guy): I like. Was there any rhyme and reason behind it. I know it's a family firm, it's you and your two siblings, there's three of you, but I also saw this picture online with the current three amigos going on there with your father.
00:18:32.100 --> 00:18:36.240 Steven Frey (SMB Guy): And your brother, Ryan, but was there any method behind the madness of the three in there.
00:18:36.840 --> 00:18:42.660 Jordan: I really wish there was because if our email address is actually had the three and then there will be an actual reason for it, but
00:18:43.350 --> 00:18:49.320 Jordan: I like to say it's the three kids or maybe there were three locations of the business at the time and they rebranded but
00:18:50.010 --> 00:19:02.850 Jordan: I think that three was a little bit be unique and distinguished and stand out instead of being just an ordinary a marketing firm said why don't we put a three in there and the partners are like, that's a great idea. Let's do it. So,
00:19:03.270 --> 00:19:07.950 Steven Frey (SMB Guy): Well as somebody who likes things in three bullet points I I do appreciate that.
00:19:09.270 --> 00:19:20.130 Steven Frey (SMB Guy): On the adaptive side, Jordan, it says collaborative problem solving approach year round availability and innovative solutions to help you make sense of your financial life.
00:19:20.430 --> 00:19:36.480 Steven Frey (SMB Guy): And I love that. That's I think it goes a long way to how you guys you know really do what you do and how you go to market to do it. So you'll lay it on us. How do you guys differentiate yourself from other accounting firms. How do you do what you do and how do you go to market for it.
00:19:37.110 --> 00:19:47.730 Jordan: So anybody can be the cookie cutter typical type of account, not just the guys making your own block and Turbo Tax who are really there to help you once a year.
00:19:48.900 --> 00:19:56.670 Jordan: But we are more than just that we don't we don't just punch numbers into a return say here's your invoice. Thank you see in 12 months.
00:19:57.030 --> 00:20:10.290 Jordan: It's like, it's like a website says we're here all the time. And it's part of our job to have that type of critical thinking to think in advance planning in advance, making sure you know the tax laws. How can you save money.
00:20:11.040 --> 00:20:22.110 Jordan: How could you claim deductions you didn't know you could claim before we're more about telling you what you can do not telling you what you can't do. And part of that is just having some
00:20:22.890 --> 00:20:33.900 Jordan: I guess some uncoated on not illegal on kosher strategies on how to save tax money, whether it's changing your business entity structure.
00:20:34.350 --> 00:20:44.100 Jordan: Partnership versus a C Corp or S Corp or just kind of anticipating what the laws are going to be obviously with the coven hidden tax laws have changed.
00:20:44.880 --> 00:20:57.450 Jordan: Temporarily, it did change two years ago and Trump change the code. And I guess we could be expecting another change it a couple more years, depending on what Biden wants to do. And so even more planet will be involved. Yeah.
00:20:57.510 --> 00:21:10.140 Steven Frey (SMB Guy): I don't know if I would say necessarily non kosher amongst us Hebrew school brethren here but you know maybe non mainstream of creative certainly sounds much much cooler to me you know this, the scope and the
00:21:10.200 --> 00:21:14.550 Steven Frey (SMB Guy): Of what you guys can handle. There's, there's so much that's done the menu to me.
00:21:14.730 --> 00:21:25.680 Steven Frey (SMB Guy): It's like, you know, if you know people who are watching the show out there, visually, you know, there's a crazy menu of services that goes on your website of what you guys are focused on and what you do.
00:21:25.950 --> 00:21:29.370 Steven Frey (SMB Guy): You know, tell me about some of the ones that other accounting firms.
00:21:29.370 --> 00:21:35.220 Steven Frey (SMB Guy): might not really be concentrating on where you guys are unclear differentiator over the competition.
00:21:35.730 --> 00:21:42.120 Jordan: Sure. So I mean all CPA firms, they'll do the basic 1040s you know 1120 1120 s
00:21:43.200 --> 00:21:52.590 Jordan: Payable returns. But what not every CPA firm does. And this is why we have four branch for locations and still kind of branching out and expanding
00:21:52.980 --> 00:22:02.610 Jordan: Is we have a business management side and a sports and entertainment industry side and sometimes they go hand in hand. You know, we have a few musicians that to obviously
00:22:03.000 --> 00:22:11.820 Jordan: On right now is on hold. But we have a number of users that toward that need business management for compliance for because every state you play in
00:22:12.300 --> 00:22:20.580 Jordan: Performing has different rules so business management responsible for that for doing the bookkeeping for paying the bills and making sure everything is an order.
00:22:20.910 --> 00:22:35.280 Jordan: To that when the time comes to perform or to enter the state. There's no you know push back arm and a sports entertainers, it kind of go hand in hand, because a lot of them do not pay their own bills, I'd be surprising, right, you make $49 a year you don't pay your own bills so
00:22:36.300 --> 00:22:47.070 Jordan: That's what, that's what we do business management side does for those types of individuals and where the creative thinking side comes into play with the entertainers and athletes.
00:22:47.610 --> 00:22:53.280 Jordan: Is the bigger ones have more than just their salary from their team or
00:22:54.270 --> 00:23:03.420 Jordan: You know the checks that come in from the arenas are performing that there's royalties. There's endorsement incomes, you know, the big guys in New York. They're making endorsement deals that are
00:23:03.870 --> 00:23:11.790 Jordan: Ridiculous sometimes worth more than their actual playing contract. So it's up to us to help them and explain to them and it clear manner.
00:23:12.300 --> 00:23:22.470 Jordan: Here's what you should do to save money. And that's why, like the number one reason why people fail is planning. If you do not plan appropriately, you will get killed.
00:23:22.950 --> 00:23:36.690 Jordan: On tax day and you'll be pointing the finger at me, and that is why we strive on being that creative and make sure we plan appropriately so that not only are you not being surprised at the end, but you're paying the least amount of money in your pocket.
00:23:37.740 --> 00:23:50.580 Steven Frey (SMB Guy): Yep. Yeah, I can imagine with the professional athletes that it takes a certain degree, a very high level of skill like of dealing with endorsement income. I don't think you and I necessarily need to worry about endorsement income in our golf and softball.
00:23:50.580 --> 00:23:52.140 Jordan: talent to be
00:23:53.160 --> 00:24:06.840 Steven Frey (SMB Guy): Exactly. It's a we can't be bothered with that but i one thing i got i just got a comment on is that I love interviewing accountants after October 16 so like I interviewed in Toronto from CG tax audit and advisory
00:24:07.260 --> 00:24:22.290 Steven Frey (SMB Guy): On episode four, and I it's like actually Jordan and I played with Anthony Toronto in the same softball league and it's just you guys are so relaxed. So mellow so chilled out like until January is when it's just a pleasure to talk to you guys. During this time of year.
00:24:23.190 --> 00:24:32.910 Jordan: I mean, I'm sure you got a meme somewhere in your arsenal right there. But if you found a meme of here's a picture of an accounting and tax season and I'm actually 39 years old but I look and feel like I'm
00:24:33.240 --> 00:24:40.950 Jordan: At because I just I just so much going on. No one can bother me. I'm in my own bubble, leave me alone. And then after October 16
00:24:41.730 --> 00:24:54.540 Jordan: It's a nice little break, kind of relax and some your nonprofit returns that are do that were extended in November. But yeah, it's just it's night and day like you think I'm always angry and March, April, always angry. I just a
00:24:55.710 --> 00:24:56.880 Jordan: Lot to do. Now, this
00:24:56.910 --> 00:25:11.760 Steven Frey (SMB Guy): Movie. It's not angry necessary. I didn't trip across any tax related means in the last few days, but I did trip across a Friday related meme. So imagine if you will, a world where every day is Friday, so I do, obviously, abide by those principles, very strong.
00:25:12.060 --> 00:25:14.280 Steven Frey (SMB Guy): But getting back to the sports end of things.
00:25:14.640 --> 00:25:20.520 Steven Frey (SMB Guy): You know, as far as you know, the question that I was asked in the last couple of days of what you know sport really
00:25:20.820 --> 00:25:34.230 Steven Frey (SMB Guy): speaks to you as far as your business and personal life. And I know you're a big often baseball and softball enthusiast. Would you would you stay with either one of those sports one more than the other or is there another one that you would gravitate towards
00:25:34.590 --> 00:25:41.610 Jordan: You know, actually, I think it depends on the time of the year, because like I was mentioning before, I feel like in the middle of March. We're playing hockey.
00:25:42.150 --> 00:25:57.900 Jordan: And ice hockey and there is no stopping whatsoever. There's no whistle blows you are constantly skating. You're constantly moving trying to find the whole trying to find any way to maneuver to that you could score the goal or get the return down and out the door.
00:25:58.770 --> 00:26:00.180 Steven Frey (SMB Guy): Sometimes there's a nice as well.
00:26:00.660 --> 00:26:12.120 Jordan: Exactly. But the other part is you're writing BASEBALL. BASEBALL or softball and off, you need to think of what you're doing. Every time you hit the ball or anytime before the ball is coming to you.
00:26:12.600 --> 00:26:19.770 Jordan: And same thing with tax planning and this year round. If we're not thinking before something happens where
00:26:20.220 --> 00:26:30.150 Jordan: We're being reactive. We're going to lose so many clients. He can't wait for that ball to drop because that ball to drop could be a $30,000 tax bill and someone who can not nearly afford it.
00:26:31.620 --> 00:26:41.820 Jordan: It's really making sure that you think on every possible way and plan how you're going to strategically go down that path to make sure that you are set up for success.
00:26:42.750 --> 00:26:51.510 Jordan: At the end of the year, and it was important thing is making sure that you produce those accurate, timely results you're just displaying when you're planning out the entire thing.
00:26:52.920 --> 00:26:59.940 Steven Frey (SMB Guy): Yeah, no question about it. Talk to me a little bit about your thoughts on this, you know, in my travels over the last two decades.
00:27:00.390 --> 00:27:09.750 Steven Frey (SMB Guy): I've seen so many instances of, you know, self made people you know who go at pursue their passions start their own business and they build up a hell of a business.
00:27:10.140 --> 00:27:20.250 Steven Frey (SMB Guy): And they look at the business itself as their retirement plan, which I'm not, you know, refuting that are arguing with it necessarily the business can certainly be a retirement plan.
00:27:20.760 --> 00:27:27.720 Steven Frey (SMB Guy): But because they haven't really planned. Otherwise, it's just been they went into business and they pursued their passion and it's made them a very decent living.
00:27:28.350 --> 00:27:39.120 Steven Frey (SMB Guy): They don't see the full picture of there's five other you know retirement buckets. You could be building right alongside of it. So yeah, maybe the business is a retirement plan.
00:27:39.600 --> 00:27:51.390 Steven Frey (SMB Guy): But if you actually are planning with your CPA and your financial and insurance professionals. There's no reason why you can't have four or five six retirement plans. Do you see the same things I do
00:27:52.380 --> 00:27:58.200 Jordan: Yeah, I mean, part of the issue is knowledge you need is not always a climate good CPA CPA needs a good client.
00:27:58.680 --> 00:28:07.500 Jordan: Ones that will that will be willing to accept the advisor being given and listening to them and just to quickly talk about a musician me no longer represent but
00:28:07.920 --> 00:28:13.980 Jordan: They are business partner on what treated the the business like his own personal piggy bank and
00:28:14.490 --> 00:28:25.020 Jordan: He was spending his multiple home purchases living this lavish lifestyle on an old rather older musician and obviously right now they're not making any money and
00:28:25.560 --> 00:28:34.980 Jordan: Taking draws out of a business you're setting the business offer really bad failure on tax you know tax ability wise and then if you just can't play anymore.
00:28:35.670 --> 00:28:44.670 Jordan: And I don't know what then coven stays around. Yeah, you did. But in fact, they didn't listen to your CPA and plan accordingly you really not in a good position.
00:28:44.940 --> 00:28:52.620 Steven Frey (SMB Guy): I agree. One of the best questions I ever heard a financial professional asked a potential client was Mr client can you take my advice.
00:28:53.580 --> 00:29:00.600 Steven Frey (SMB Guy): may disagree with it. And that's a very, very powerful one that that warrants being asked. I feel like in your business, to your point.
00:29:00.840 --> 00:29:10.830 Steven Frey (SMB Guy): We're going to take a short commercial break. We're going to be right back with Jordan grant senior manager to depth as partners, we're going to get into a little bit of the madness of Jordans world. Stay with us on always Friday.
00:29:16.560 --> 00:29:18.720 Unless he came in.
00:31:35.700 --> 00:31:45.300 Steven Frey (SMB Guy): Alright, welcome back to always Friday with me. Stephen Fry your SMB guy. We're talking with Jordan Krantz senior manager at a depth as partners CPA firm.
00:31:45.810 --> 00:31:52.770 Steven Frey (SMB Guy): Based locally in New Jersey and tinton falls, but with offices in New York City. Long Island and the DC metro area.
00:31:53.130 --> 00:32:04.500 Steven Frey (SMB Guy): We're going to talk a little bit about the madness. This is more of the observational PART OF OUR SHOW stories that you have seen yourself out there in the field, no subject is too taboo. Anything goes.
00:32:04.830 --> 00:32:11.130 Steven Frey (SMB Guy): We obviously don't want to compromise any sort of client confidentiality or anything like that, but I am
00:32:11.490 --> 00:32:17.880 Steven Frey (SMB Guy): Positive that over the last 15 years at adept as Jordan. You have seen some stellar epic stories.
00:32:18.210 --> 00:32:23.490 Steven Frey (SMB Guy): And, you know, to, to back, to the website copy about you know how adept is you know works.
00:32:23.760 --> 00:32:31.440 Steven Frey (SMB Guy): It says on there, we cultivate unique relationships with each client accommodating specific needs and working to provide
00:32:31.710 --> 00:32:36.180 Steven Frey (SMB Guy): The personal attention recognition and respect that clients deserve.
00:32:36.450 --> 00:32:47.010 Steven Frey (SMB Guy): But I'm sure there's some ones out there that expecting demand a whole bunch of stuff over and above what do you guys have on your best scope of capabilities. Tell us about some of the madness out there that you see Jordi
00:32:48.810 --> 00:32:56.700 Jordan: Well, here's some madness. You know, I guess some some crazy stories that maybe one or two that I've heard or even a part. I've been a part of that that part of
00:32:57.090 --> 00:33:05.100 Jordan: You know, when we first started out, you know, the sports entertainers. We do a lot of foreign out you know obviously in the NHL and will be MBA to
00:33:05.730 --> 00:33:13.740 Jordan: It's a lot of foreign players, you know, from Europe, mostly and in baseball. You got the, you know, the Republic and stuff like that, um,
00:33:14.250 --> 00:33:27.750 Jordan: There's specific US tax laws on where we're earning your money. So basically we advised. This is before we really start that gonna hit the big jump. We advise an athlete who's coming from Russia, who was getting a signing bonus
00:33:29.160 --> 00:33:42.120 Jordan: And we basically told them sign in Russia. Don't sign it in the US, because if you sign it in the US, you will be taxed in the US and it'll be because there's specific rules on a foreign individual not living in the US. So
00:33:43.170 --> 00:33:52.170 Jordan: They didn't listen to us. They actually tried to get out of it, saying that he was still living in Russia, even though we flew to the US and sign in the US. I was got them.
00:33:52.860 --> 00:34:02.790 Jordan: And then the second story. Just to piggyback that one up. We did the same thing again. This time US territory. It was a US citizen, but he lived in Florida.
00:34:03.630 --> 00:34:11.430 Jordan: And signed with an industry either doing it by an NFL team. I'm one of the states. I want to give too much away. But basically we advised
00:34:11.970 --> 00:34:21.450 Jordan: Don't come to this other state and sign if you stay in Florida and you sign your signing bonus should only be taxed in Florida, which has no individual state income tax.
00:34:21.990 --> 00:34:41.460 Jordan: He listened Florida tried to fight we won. So just a little bit of that just kind of knowing those a little intricacies of the tax law and being that creative to make the suggestions recommendations and and having the client except receive and use the advice we give them
00:34:42.690 --> 00:34:48.240 Steven Frey (SMB Guy): Yeah, I mean, it's the clients have to be willing to be coached they have to be willing to learn. It's
00:34:48.540 --> 00:34:53.730 Steven Frey (SMB Guy): You know, I personally like to learn something new every day. But let's face it, a lot of people, especially SMB owners.
00:34:54.090 --> 00:35:01.650 Steven Frey (SMB Guy): Think they know everything about particular subjects that and a lot of times they know a lot about particular subjects. That's how they really hone their craft.
00:35:02.010 --> 00:35:08.310 Steven Frey (SMB Guy): But as it relates to matters. You know, like this where you really necessitate a financial professional CPA, etc.
00:35:08.880 --> 00:35:13.200 Steven Frey (SMB Guy): It's like let the let the professionals, take the ball and run with it, so to speak, I would think. Right.
00:35:13.770 --> 00:35:17.880 Steven Frey (SMB Guy): So you bring up something interesting about, you know, particular states and, you know,
00:35:18.240 --> 00:35:26.370 Steven Frey (SMB Guy): State law you know supersedes federal law and a lot of respects. So, you know, you bring up something about Florida, you know, no state income tax.
00:35:26.610 --> 00:35:32.580 Steven Frey (SMB Guy): I think you know the both of us have had met plenty of folks out there. Individuals SMB owners, etc.
00:35:32.910 --> 00:35:41.010 Steven Frey (SMB Guy): That have, you know, especially, you know, us being based in the Northeast, you know, having dual residency, you know, a place up here in New York, New Jersey, Pennsylvania.
00:35:41.400 --> 00:35:47.190 Steven Frey (SMB Guy): And a place in Florida, where they live, approximately 185 days a year.
00:35:48.120 --> 00:35:53.130 Steven Frey (SMB Guy): You know it's there are other states in the Union, if I'm not mistaken, that have the same kinds of
00:35:53.490 --> 00:36:09.390 Steven Frey (SMB Guy): You know, tax you know favoritism. You know, talk a little bit about that. You know how likes trends that you've seen if any of clients that you've worked with as your firm has been around for a long time, who may be migrated to certain states to realize some of those tax benefits.
00:36:09.780 --> 00:36:22.500 Jordan: So residency or its are tricky and people need to be aware of them, especially people that necessarily may live in New York. But, own a home in New York and another state.
00:36:23.940 --> 00:36:29.310 Jordan: You know this. I'll use if you residency artists to talk about more about the madness that goes on. Um,
00:36:30.090 --> 00:36:44.490 Jordan: You know recently I'm going through residency audit and client didn't realize and it's later in the New York State law. It's been there the whole time. But every, every day, you're actually in the state is in New York day. So if you wake up one morning at 8am.
00:36:45.960 --> 00:36:52.650 Jordan: And you're taking a 12 O'clock flight down to Florida. Um, and then you click it, but you're going to come back the next day at night, though.
00:36:53.100 --> 00:37:00.630 Jordan: Um, that's to New York days you were inside New York State for those two days after a certain point of time.
00:37:01.470 --> 00:37:15.900 Jordan: Now, like one minute you're in a few hours. And they catch you on that. So what you might think they want but you might think might be underneath that wanted to three days, you might be over. Just because you step foot in the state for a few hours on your way out of the state.
00:37:17.040 --> 00:37:26.130 Jordan: So each state is different. You have to make sure you know he says residency rules, California. Different than New York. It's California is basically like
00:37:26.700 --> 00:37:37.500 Jordan: What do you determine your home to be if you consider California your home. Then you're a California resident and who would want to be a healthy resident right now, especially with those high taxes they have so
00:37:38.370 --> 00:37:43.410 Jordan: It's really being tricky. I'd really don't screw around with the states that are really stringent like New York
00:37:44.850 --> 00:37:51.090 Jordan: Florida, Texas, because it has no one can taste it has no income tax Tennessee only taxes on interest and dividends.
00:37:51.750 --> 00:38:01.350 Jordan: So it's just kind of making sure you know which ones to take advantage of. And if you're going to own a home in another state outside of one that has an income tax rate.
00:38:01.860 --> 00:38:11.760 Jordan: Just make sure you've fully understand residency laws that way you can make sure you're not caught being labeled a statutory resident and stop paying all this tax.
00:38:12.660 --> 00:38:26.040 Steven Frey (SMB Guy): Some valuable insights there. I, I personally would love to retire in Toronto and it sounds like your recommendation would be to get a place on the device side of the lake, as opposed to the California side of the lake. If I'm hearing you correctly.
00:38:26.280 --> 00:38:27.030 Jordan: Yes, I was.
00:38:28.740 --> 00:38:31.770 Steven Frey (SMB Guy): Excellent. Don't worry, Jordan, you'll be able to come out there and visit me
00:38:31.770 --> 00:38:32.040 Jordan: When I
00:38:32.490 --> 00:38:34.440 Steven Frey (SMB Guy): Don't I'm not retired for a good long time
00:38:34.650 --> 00:38:36.660 Jordan: Because the Vedas right up on the Nevada size.
00:38:38.550 --> 00:38:47.640 Steven Frey (SMB Guy): But you bring up another you know point that's interesting, you know, relating California and New York. You know, in my travels, you know, it's California and New York.
00:38:47.880 --> 00:38:55.710 Steven Frey (SMB Guy): Seem to be the most employee friendly states for SMEs and with that, you know, tends to come a little bit of complexity.
00:38:56.070 --> 00:39:03.930 Steven Frey (SMB Guy): In how, you know, human resources functions are navigated for SMEs that are in both of those states and, you know, over and above, how
00:39:04.290 --> 00:39:10.110 Steven Frey (SMB Guy): Other states in the Union are are treated with with respect to small and medium sized businesses.
00:39:10.800 --> 00:39:17.430 Steven Frey (SMB Guy): You know, tell me a little bit about if you have clients that are you know on the East Coast, but also have offices on the west coast.
00:39:17.670 --> 00:39:27.630 Steven Frey (SMB Guy): You know if they have an office in New Jersey or Pennsylvania. As an example, but they also have a location in California. So if you do you see firsthand like differences in the way that
00:39:27.900 --> 00:39:36.870 Steven Frey (SMB Guy): State law and HR practices are treated that ends up hitting your desk in some way, shape, or form as the CPA professional on on the clients account.
00:39:37.410 --> 00:39:51.810 Jordan: Yeah. A lot of times we do. And it's not just with the the business owner that has two locations and travels the business owner now has employees from each of those different states. I have a client right now who is based in California.
00:39:53.010 --> 00:39:57.720 Jordan: He has a partner. So they haven't asked corporate. One of them is moving to Washington State.
00:39:58.500 --> 00:40:14.370 Jordan: Washington State has no income tax, but every state has payroll and unemployment insurance that each employee has to pay into. So it's basically different laws, obviously, with each different state and each different payload return, we got to make sure that we're
00:40:15.420 --> 00:40:27.720 Jordan: Taking everything into account because just because of each each different states intricacies on what their forms require and because not every state is going to have high disability insurance premium like California
00:40:29.100 --> 00:40:39.570 Jordan: California max disability insurance on your holdings is like 1100 dollars were in Florida. It's like 189 so it's just making sure
00:40:40.290 --> 00:40:52.500 Jordan: You make sure that each employee knows, here's what you're expected to have withheld. Here's what your potential benefits are so on and so forth. So not many. But recently, it's funny. We usually one is happening. Honestly, the next month or two.
00:40:54.600 --> 00:40:57.360 Steven Frey (SMB Guy): Right, right. Talk to us a little bit about
00:40:57.810 --> 00:41:01.980 Steven Frey (SMB Guy): The way folks make decisions around your DC metro area off.
00:41:02.010 --> 00:41:04.680 Steven Frey (SMB Guy): This compared to the northeast. I mean you and I live fairly
00:41:04.680 --> 00:41:05.910 Steven Frey (SMB Guy): close to each other. We play
00:41:06.150 --> 00:41:16.260 Steven Frey (SMB Guy): We grew up grew up in the same town we play in the same softball league. I went to the University of Maryland. So the Maryland DC Virginia areas, you know, something that's very familiar from my travels
00:41:16.590 --> 00:41:28.020 Steven Frey (SMB Guy): But the way that SMB tend to make decisions down there. I always found to be a little bit different than the way they make decisions up here, especially because, you know, a lot of the folks down there are are
00:41:28.560 --> 00:41:35.250 Steven Frey (SMB Guy): Are around government contracts, especially some of those types of businesses. Talk to us a little bit about that. If you've seen like you know firsthand.
00:41:35.520 --> 00:41:43.170 Steven Frey (SMB Guy): The Maryland DC Virginia area clients you know being a little bit different. As far as how they get to the end game a little, a little bit of different madness than the Northeast.
00:41:43.830 --> 00:41:54.360 Jordan: You know, I wish I had a lot more clientele in the DC metro area, but that's obviously I have enough frequency that office much. We do have tax clients in DC.
00:41:55.140 --> 00:42:03.330 Jordan: You know, one of our clients into sports agency and you know they do, they do do things. Definitely. I'm with another sports agencies client and Florida.
00:42:03.750 --> 00:42:08.940 Jordan: They wanted DC. I mean, did this. I mean, if you've been if you've been around the DC metro area. It's. Everything's very quick.
00:42:09.510 --> 00:42:23.460 Jordan: Very fast kind of similar to the city. So he is they are constantly making sure they're in front of everything on the ball moving a mile a minute and the guys in Florida, you know, same industry, but different state. I know that the Northeast.
00:42:24.540 --> 00:42:32.460 Jordan: But just kind of whatever just kind of being lazy and lackadaisical about is like it'll be okay. And we'll take care of it afterwards.
00:42:32.940 --> 00:42:50.910 Jordan: I'm like, don't worry about it. So it really is incredible to witness the same types of, you know, occupations, but two different states and how they handle in those states, I guess, I guess it's more indicative of the states that come from and the lifestyles, to be honest, but
00:42:51.930 --> 00:42:53.850 Jordan: That's really the. That's what I'm saying.
00:42:54.420 --> 00:42:57.990 Steven Frey (SMB Guy): Yeah, I think of Florida and California as, oh, the waves are nice today.
00:42:59.970 --> 00:43:10.740 Jordan: You've seen the the LA Clippers political games, you know, this show up, you don't have time or Miami Heat they show up at half time they leave it like the middle the fourth quarter because they got they got the beach. The beach story about
00:43:11.550 --> 00:43:17.730 Steven Frey (SMB Guy): We're getting close to commercial here, Jordan, but I did want to ask you another question that's come up in some networking efforts as of late.
00:43:18.210 --> 00:43:33.420 Steven Frey (SMB Guy): And I know you've probably had some craziness around the whole coven pandemic situation and PPP loans and all this type of stuff. But it what's silver lining, has there been, if any, for your business model, you know, as a result of the covert pandemic.
00:43:34.860 --> 00:43:46.200 Jordan: Basically the fact I think I mean honestly it's it's helped business. And obviously, it's, it's, it's great. It's also painful because I know a lot of people have lost their jobs and I've still losing their jobs.
00:43:47.310 --> 00:43:55.530 Jordan: But everyone. Oh, we will always need an accountant, especially us that are creative and innovative and we're always up to date and understanding all these various different laws.
00:43:56.250 --> 00:44:00.930 Jordan: Being around during coven is even more important because everything has been fluid and changing since March.
00:44:01.380 --> 00:44:13.620 Jordan: Yes basement constantly changing that PPP loan. And so it's really increased business it's given us more clients and the fact that we've been able to assist with proper knowledge on the PPP loan and the idea alone.
00:44:15.030 --> 00:44:25.770 Jordan: Referrals by word of mouth is really how we get more business and it's just been kind of catapult and ever since March, nothing that has been before. But during coda. We've been we've been better is it
00:44:26.760 --> 00:44:34.080 Steven Frey (SMB Guy): Great stuff. My friend, we're going to take a short commercial break. We'll be right back with Jordan Krantz senior manager that this partners here on always Friday. Stay with us.
00:46:53.460 --> 00:47:04.500 Steven Frey (SMB Guy): Alright everyone, welcome back to always Friday with me. Stephen Fry your SMB guy, we're here talking with my good friend, Jordan Krantz senior manager at a depth as partners a CPA firm.
00:47:05.010 --> 00:47:13.410 Steven Frey (SMB Guy): Local to me, based in tinton Falls, New Jersey, but with offices in New York City. Long Island, as well as the Maryland DC Virginia metro area.
00:47:13.740 --> 00:47:24.870 Steven Frey (SMB Guy): So this is the message PART OF OUR SHOW here in Jordan. This is where we talk about what should listeners take away from this, what insights, should they take away Friday over the weekend.
00:47:25.140 --> 00:47:34.890 Steven Frey (SMB Guy): So that they can have a big, big impact come Monday morning, and I think we've talked about some really great things here today. But, you know, some at some event for us. You know, it's
00:47:35.610 --> 00:47:49.590 Steven Frey (SMB Guy): In general, proactive is better than reactive go to battle with a plan, we've we've definitely talked about this stuff. But, you know, lay it on us. What should people take away you know this this time and place, and especially in preparation to have a successful 2021
00:47:51.060 --> 00:48:07.020 Jordan: People to take away that their CPA or their accounts that were on your side. We want to be your teammates last year team member through this journey of taxes, so to speak. So I would recommend maybe reach out to your account, your CPA.
00:48:08.430 --> 00:48:21.300 Jordan: Make sure you understand any new laws any laws that took effect, you know, during the cares act anything you're not sure you know about, you know, like donations. Hundred percent 2020 of AGI so
00:48:21.840 --> 00:48:32.100 Jordan: Still got about a month and a half left take advantage of that. So it's just making sure you plan appropriately. You don't want to be surprised. Um, you want to make sure that your
00:48:33.120 --> 00:48:44.100 Jordan: End result is what you expected. So rejected CPA. If you get your taxes done once a year by h&r block and Turbo Tax I recommend not doing so if you do taxes on your own.
00:48:44.790 --> 00:48:53.850 Jordan: I'd recommend not doing so, um, it's just there's too many tax laws and they're always changing. So just make sure you have the proper help and the proper teams around to surround you.
00:48:54.870 --> 00:49:04.770 Steven Frey (SMB Guy): Yeah. I couldn't agree more. And I, you know, like the analogy with the CPA world of talking about doing it yourself on TURBO TAX OR with h&r block. It's very similar to some of the conversations I have
00:49:04.770 --> 00:49:11.820 Steven Frey (SMB Guy): With the financial and insurance professionals, particularly with financial professionals, where, you know, people can go out there and they can open their own account.
00:49:12.150 --> 00:49:24.120 Steven Frey (SMB Guy): at a discount brokerage type of shop like a Charles Schwab, as an example, or a fidelity, you know, but they go in there and, you know, although there's people in the branch that act as financial consultants, per se.
00:49:24.630 --> 00:49:35.040 Steven Frey (SMB Guy): Really, it's the the fees to manage accounts of those places are so so cheap because it's relying on the person who open the account to really be the the advisor to what's going on.
00:49:35.520 --> 00:49:39.750 Steven Frey (SMB Guy): And it's you. I had one of these conversations with a friend of mine. He was a medical professional in the past.
00:49:40.020 --> 00:49:52.950 Steven Frey (SMB Guy): Who you know talking. He was talking about asking questions about proper financial advice and asset allocation. And I said, Why don't you hire a financial advisor and he said, Man cost me this. It cost me that I do with Charles Schwab, it cost me nothing is like
00:49:53.430 --> 00:49:56.340 Steven Frey (SMB Guy): That's because you're the financial advisor and Charles Schwab.
00:49:56.580 --> 00:50:12.960 Steven Frey (SMB Guy): You're not a financial advisor, you're a medical professional get it you know you wouldn't want me operating on you. Would you like I'm not a medical professional. So, you know, again, that type of mentality. I do feel especially in the in the small medium sized business world.
00:50:13.290 --> 00:50:16.440 Steven Frey (SMB Guy): You know it very often gets overlooked and a lot of it has to do with
00:50:16.440 --> 00:50:18.030 Jordan: Product to being focused too.
00:50:18.030 --> 00:50:27.420 Steven Frey (SMB Guy): Much on product people think they're going to license a particular technology, it's going to solve all of their problems. It's the panacea, and it just doesn't work that way. It's about
00:50:27.450 --> 00:50:29.010 Steven Frey (SMB Guy): Having the right people first and
00:50:29.010 --> 00:50:30.780 Steven Frey (SMB Guy): I love what you said before about
00:50:31.290 --> 00:50:33.240 Steven Frey (SMB Guy): Are we the right CPA for you is the
00:50:33.240 --> 00:50:37.530 Steven Frey (SMB Guy): Client the right fit for us. And I feel like that's so important and that is
00:50:37.530 --> 00:50:38.970 Jordan: Another people function.
00:50:39.390 --> 00:50:39.840 Steven Frey (SMB Guy): Do
00:50:40.140 --> 00:50:42.150 Steven Frey (SMB Guy): Do you want to be working with us to
00:50:42.150 --> 00:50:43.800 Steven Frey (SMB Guy): We want to be working with you.
00:50:44.100 --> 00:50:45.300 Steven Frey (SMB Guy): That part of it is so
00:50:45.300 --> 00:50:46.830 Steven Frey (SMB Guy): Important to address first
00:50:47.130 --> 00:50:48.570 Steven Frey (SMB Guy): And then having a really good
00:50:48.570 --> 00:50:53.610 Steven Frey (SMB Guy): Tight process ABC 123 what comes next. That is, is
00:50:53.670 --> 00:50:56.280 Steven Frey (SMB Guy): All of that is tantamount to me to what the product.
00:50:56.280 --> 00:50:58.020 Steven Frey (SMB Guy): Is what the cost is what the
00:50:58.020 --> 00:50:59.760 Jordan: Revenue is and all of that.
00:51:00.060 --> 00:51:01.020 Do you agree.
00:51:02.430 --> 00:51:14.610 Jordan: Absolutely. I was just going to say, and you it was a nice segue into unit mentioning cost a lot of times actually know all the time. You get what you pay for. So if
00:51:15.270 --> 00:51:24.570 Jordan: The number, the number one reason why people change accountants, or do their taxes on their own organization block its price and
00:51:25.170 --> 00:51:29.070 Jordan: Obviously, I'm telling you right now, it will be cheaper if you do your own attorney.
00:51:29.760 --> 00:51:37.200 Jordan: If or if you go to h&r block. It might be cheaper if you go to the guy down the road. But I tell you one thing he won't fight like I will, and
00:51:37.740 --> 00:51:46.410 Jordan: So you need to understand that fees come with the type of service you're getting. So it's not just the cost. It's about what am I paying for
00:51:46.890 --> 00:51:55.830 Jordan: Which is something that we had talked about a little while ago to. It's like, what am I paying for not just what am I not only what am I getting so you got to take both into account and
00:51:57.090 --> 00:52:04.680 Jordan: Just make sure that your what your whatever you're paying for is worth it because he might be missing out on some missed opportunities and deductions and credits and
00:52:04.950 --> 00:52:19.170 Jordan: Advice that an h&r block guy or girl is not really getting paid to do for you, they're getting paid to punch numbers into a computer that you give them. That's it. So yeah, a lot more than that. And that's why these different
00:52:19.980 --> 00:52:24.600 Steven Frey (SMB Guy): Couldn't agree more. Very often, this gets looks that looked at as a commodity type of service and it is
00:52:24.600 --> 00:52:25.650 Jordan: Anything but that
00:52:26.190 --> 00:52:33.000 Steven Frey (SMB Guy): So without further ado, let's get into some fun let's revisit the, the questions of who is your favorite TV show or movie or
00:52:33.270 --> 00:52:34.440 Steven Frey (SMB Guy): TV show or movie character.
00:52:34.950 --> 00:52:40.050 Steven Frey (SMB Guy): What is your favorite movie or TV show. And what is your favorite musical instrument and the artists who plays it
00:52:40.350 --> 00:52:42.360 Steven Frey (SMB Guy): I don't know why I didn't think of this earlier, but
00:52:42.450 --> 00:52:47.550 Steven Frey (SMB Guy): Just because of my question about the three and the three amigos there. I definitely should have had a three amigos.
00:52:49.770 --> 00:52:54.180 Steven Frey (SMB Guy): But yeah, from from here on out whenever I see that I'm definitely going to thank three amigos and
00:52:55.530 --> 00:53:04.920 Steven Frey (SMB Guy): Not to leave out your sister Allison, because I love her, but three amigos is just phenomenal here. But so, who is your favorite movie or TV show character.
00:53:05.580 --> 00:53:16.920 Steven Frey (SMB Guy): The answer from my buddy. Mr. Jordan crowd was none other than Good Will Hunting and not bad. So you know I can't imagine you with the scrape long locks there but but yeah
00:53:17.550 --> 00:53:18.840 Steven Frey (SMB Guy): David, David.
00:53:20.940 --> 00:53:22.080 Steven Frey (SMB Guy): He's a little more badass.
00:53:22.110 --> 00:53:22.980 Than you I mean just
00:53:24.150 --> 00:53:24.750 Steven Frey (SMB Guy): Think, but
00:53:26.220 --> 00:53:29.970 Jordan: I need some training like you had on the those Jason Bourne movie so
00:53:30.570 --> 00:53:38.910 Steven Frey (SMB Guy): I was gonna say, think of the Jason Bourne style. It's like, you don't want to mess with any of that. It's like you're an accountant. I don't know if they're gonna be afraid of running it to you in a dark alley necessarily
00:53:39.300 --> 00:53:45.120 Steven Frey (SMB Guy): But, uh, you know, you know how I can help inserting myself into the picture here. So here's Chucky and will from Good Will Hunting.
00:53:45.450 --> 00:53:46.230 Fantastic.
00:53:47.430 --> 00:53:50.640 Steven Frey (SMB Guy): Too much profanity here on my show, but it says, Hey, asshole there and
00:53:53.040 --> 00:53:55.830 Steven Frey (SMB Guy): When I say I don't make a bad, bad ass like that we have
00:53:55.830 --> 00:53:57.090 Steven Frey (SMB Guy): Similar kind of facial structure.
00:53:57.120 --> 00:53:58.950 Jordan: Yeah definitely good. Right.
00:54:00.570 --> 00:54:15.630 Steven Frey (SMB Guy): So I couldn't help myself just to throw one more. Good Will Hunting picture in there in the spirit of the New England area and just me being a general SMAD ass. I couldn't hesitate to put myself in there as Morgan and talking about you, my boys wicked smack
00:54:15.990 --> 00:54:19.380 Steven Frey (SMB Guy): So I need a good CPA talk to my boys wicked smack
00:54:20.670 --> 00:54:30.300 Steven Frey (SMB Guy): So moving right along into what is your favorite movie or TV show phenomenal answer here of The Truman Show, my boy, Jim Carrey and
00:54:30.780 --> 00:54:40.440 Steven Frey (SMB Guy): I don't know if your face necessarily has the same rubber light characteristics but you look pretty decent there with the good all. Good afternoon. Good evening, and good night messaging of The Truman Show, which I love.
00:54:42.420 --> 00:54:48.120 Steven Frey (SMB Guy): Can find many pictures for me to creep out with you on. But I did get one of me as the old all next door neighbor over there.
00:54:51.060 --> 00:54:52.410 Steven Frey (SMB Guy): Very creepy looking right so
00:54:52.890 --> 00:54:54.780 Jordan: Definitely, I mean that the milkman, or the name right.
00:54:55.980 --> 00:55:00.450 Steven Frey (SMB Guy): Think that was just next door neighbor in the movie. I can't remember, but it's just looking looking over the car over
00:55:00.450 --> 00:55:00.990 Steven Frey (SMB Guy): There, it's
00:55:01.320 --> 00:55:02.340 Steven Frey (SMB Guy): Me with Jordan.
00:55:02.640 --> 00:55:19.620 Steven Frey (SMB Guy): That's great but uh yeah around it out favorite musical instrument and the artists who plays it. This is actually this is the ninth episode of the show. And this is the first duplicate answer. It's drums and none other than Travis Barker from blink 182 or Travis Barker.
00:55:24.300 --> 00:55:24.630 Jordan: drummer.
00:55:26.550 --> 00:55:27.090 Steven Frey (SMB Guy): I don't know if
00:55:28.380 --> 00:55:30.480 Steven Frey (SMB Guy): Your wife would be cool with you with that many tattoos.
00:55:30.480 --> 00:55:30.870 But
00:55:32.520 --> 00:55:36.120 Steven Frey (SMB Guy): You know there's there's me hanging with you getting blink 182 ready to go here.
00:55:37.350 --> 00:55:46.800 Steven Frey (SMB Guy): They're phenomenal having you on the show today really enjoyed the conversation Jordan. Any quick words you want to get in there before we we close out my show today.
00:55:48.510 --> 00:55:57.450 Jordan: We know final words, other than make sure your plan properly for this coming. April. Now, don't assume we're going to get another July extension and
00:55:58.680 --> 00:56:10.920 Jordan: You want. Remember to make sure you're looking for accurate and timely results you want to make sure you know what you're getting. And what you're expecting. And if you need someone I'll be here. Absolutely.
00:56:11.730 --> 00:56:22.410 Steven Frey (SMB Guy): Jordans contact information is right up there on the screen at that the cpa.com should go to the website. Check out all of the team members and all of that, check out their cartoon likenesses it's phenomenal.
00:56:23.010 --> 00:56:29.760 Steven Frey (SMB Guy): Jordan again. Really appreciate you being on the show today some great conversation. There is no show next week we're taking
00:56:29.760 --> 00:56:32.730 Steven Frey (SMB Guy): Off for Thanksgiving. So everybody have a happy.
00:56:32.730 --> 00:56:33.750 Steven Frey (SMB Guy): Thanksgiving out there.
00:56:33.750 --> 00:56:43.620 Steven Frey (SMB Guy): But coming up on Friday, December 4 our show is called lions and tigers and bears. Oh my. Are you properly insured.
00:56:44.550 --> 00:56:50.610 Steven Frey (SMB Guy): And the reason I did that is because we're going to be interviewing, my good friend john Marchetti managing partner at monarch benefit advisors.
00:56:50.910 --> 00:57:01.350 Steven Frey (SMB Guy): And his logo has a lion at it so I couldn't resist. But insurance is not a commodity product that SMEs get as necessary evils or in case of doomsday scenario happens
00:57:01.560 --> 00:57:10.470 Steven Frey (SMB Guy): They are workforce and business solutions that are rooted and being centric to the people and they require tangible process to get folks to the right end game.
00:57:10.740 --> 00:57:18.510 Steven Frey (SMB Guy): So we're going to be talking with john Marchetti from monarch. I've worked very closely with john you can rest assured that john and Mark. Mark consider their number one priority.
00:57:18.720 --> 00:57:33.720 Steven Frey (SMB Guy): To be the satisfaction of their SMB clients. So until then, thank you for joining us on always Friday, we hope that you gain some weekend insights and make a Monday impact. Have a great weekend. A VERY HAPPY THANKSGIVING. And we will see you in a couple of weeks. Bye, everyone.