THOUGHT FOR THE DAY
< BACK TO BLOG

Employment Law Today

Tuesday, March 9, 2021
9
Mar
Facebook Live Video from 2021/03/09 - Business Budget & Forecast Planning

 
Facebook Live Video from 2021/03/09 - Business Budget & Forecast Planning

 

2021/03/09 - Business Budget & Forecast Planning

[NEW EPISODE] Business Budget & Forecast Planning

Has the pandemic caused a cash crunch for your business? Looking for better strategies of forecast planning, budgeting, and a visionary approach to your company's financial health? Join me with my special guest Brian F. Califano, CPA - an outsourced CFO and co-founder of AcceleratingCFO.

Tune in for this informative conversation at TalkRadio.nyc or watch the Facebook Livestream by clicking here.


Show Notes

Segment 1

Eric welcomes his guest Brian Califano, CFO and Co-founder of Accelerating CFO. We are reaching the year anniversary of lockdown, and Eric decided that this episode should focus on budgeting for the worst case scenario. Brian’s company analyzes client budgets, worst case routine, and more. While assisting in the launch of a live music entertainment company, Brian realized that smaller businesses were not receiving practical advice on managing their finances as a public company. It was his mission to help small business owners. With a colleague, Brian founded Accelerating CFO. To Brian, when you talk about the American dream, these small businesses are what he thinks of.

Segment 2

No fundamental process to budget. All that mattered was that they were doing better and if they did worse they understood why. Their process was more reactive than proactive. If you don’t then you'll miss out on an opportunity to make your finances more transparent. Once you see then you can plan and forecast. Brian usually makes a best, worst, and most likely scenario plan for his client. For good measure he also made an apocalyptic plan and much to his surprise, those plans found some use recently. Without a blueprint many were scared and unable to adapt. Brian and his clients were bracing for the events months prior and were able to plan responsibly and calmly.

Segment 3

Eric notes that he tries to be optimistic but realistic with his clients. Many people often avoid looking at the worst case scenario out of fear that it will occur. Brian has done his best at interpreting law and guiding clients in the best way as the rules change realtime. One of the things that he has managed was the forgiveness of the PPP Loan, which varied depending on the number of employees and losses in revenue. For those who had a relatively positive year, companies applying for the second PPP Loan are under greater scrutiny and there is a greater possibility that they may be denied.

Segment 4

Brian and his partner Scott have adopted a playbook that differentiates them from others. They adapt for each company’s strengths, where the personnel reside, and for other factors. They also have a personal relationship with all their clients so their clients can always reach out to them and discuss the key matters that dictate their decisions. Together, Brian and Scott bring the best of both of their accounting and finance experience to help their clients. For a free diagnostic of your company’s issues, contact Brian or visit their site acceleratingcfo.com.


Transcript

00:00:30.870 --> 00:00:41.580 Eric Sarver, Esq.: Good evening, welcome to employment law today i'm your host erick solver i'm an employment law and business law attorney at the law office of Eric i'm solver.

00:00:41.970 --> 00:00:49.980 Eric Sarver, Esq.: I also bring you this podcast and talk radio show every Tuesday night from 5pm to 6pm Eastern standard time.

00:00:50.400 --> 00:00:59.430 Eric Sarver, Esq.: And the goal of my show employment law today is to basically help small to mid sized businesses out there, as they try to navigate this pandemic.

00:00:59.850 --> 00:01:10.680 Eric Sarver, Esq.: We have guests, we talk about issues involving employment law and business law matters, along with additional issues that many businesses currently struggle with.

00:01:11.220 --> 00:01:16.680 Eric Sarver, Esq.: And so, in that spirit tonight i'd like to welcome for very pertinent discussion during these times.

00:01:17.730 --> 00:01:23.190 Eric Sarver, Esq.: special guest of ours friend and colleague Brian califano Brian welcome to the show.

00:01:24.000 --> 00:01:26.190 Brian Califano: thanks for having me Eric it's a pleasure and honor to be here.

00:01:27.990 --> 00:01:35.700 Eric Sarver, Esq.: Wonderful glad to have you as well i'll give you a much more proper introduction with your background and so forth in just a moment but.

00:01:36.120 --> 00:01:51.540 Eric Sarver, Esq.: Before I do, I thought I would perhaps discuss, or at least announced the topic of tonight's podcast for those listening and watching at home, and so our our episode this evening is about financial forecasting and budgeting.

00:01:52.950 --> 00:01:58.740 Eric Sarver, Esq.: planning for the pandemic and beyond, and Brian and I had a conversation about this topic.

00:01:59.130 --> 00:02:06.240 Eric Sarver, Esq.: And Brian, as I mentioned, is an outsourced CFO and i'll get to his company in just a moment, as you can see, on the screen there is backdrop.

00:02:06.750 --> 00:02:19.470 Eric Sarver, Esq.: But the purpose here the topic rather tonight is as follows, as we approached the first anniversary of the United States going into lockdown quarantine and full on coven 19 pandemic mode.

00:02:20.220 --> 00:02:25.200 Eric Sarver, Esq.: This issue of budgeting and financial forecasting for business owners, has never been more relevant.

00:02:25.890 --> 00:02:35.310 Eric Sarver, Esq.: One of the many services that Brian Kelly final and his company accelerating CFO offer include analyzing a company's financial revenue stream.

00:02:35.850 --> 00:02:46.710 Eric Sarver, Esq.: Budgeting resources accordingly and forecasting and planning strategies for how a business ought to operate in a best case routine and worst case scenario.

00:02:47.190 --> 00:03:03.450 Eric Sarver, Esq.: And arguably folks in the last year i'd say we'd all agree, this could have been the worst case scenario for many people so Brian will discuss with me tonight, some of the common mistakes that companies make in not financially planning for worst case scenarios and it also describing.

00:03:03.450 --> 00:03:17.280 Eric Sarver, Esq.: offer some outline of solutions that he and his company accelerating CFO provide for small to mid sized business owners so with that backdrop and topic in mind, I wanted to now.

00:03:18.000 --> 00:03:25.770 Eric Sarver, Esq.: Introduce Brian and a little bit more again formal and proper fashion, because Brian has an impressive background year of experience and knowledge and.

00:03:26.910 --> 00:03:27.540 Eric Sarver, Esq.: expertise.

00:03:28.620 --> 00:03:40.680 Eric Sarver, Esq.: My guest tonight, as mentioned folks is Brian Calvin o'brien's a CPA MBA and outsourced CFO Brian is the Co founder and managing partner of accelerating CFO.

00:03:41.250 --> 00:03:51.540 Eric Sarver, Esq.: and accelerating CFO llc provides fractional CFO services for businesses with revenue between 1,000,040 million dollars in all industries.

00:03:52.440 --> 00:04:05.790 Eric Sarver, Esq.: With a focus in the entertainment media and technology they empower companies to maximize their value and expand the cash flow, by increasing the transparency of their financial statements and performance.

00:04:06.390 --> 00:04:15.300 Eric Sarver, Esq.: And they offer financial guidance and expertise to entrepreneurs and business owners who want to focus more time on adding value to their customers.

00:04:16.140 --> 00:04:27.000 Eric Sarver, Esq.: In terms of brian's background prior to and including up until the present after more than 20 years in senior financial positions at mcgraw hill financial.

00:04:27.420 --> 00:04:39.120 Eric Sarver, Esq.: Viacom the national hockey league computer associates and kaplan and I have to successfully leading a 216 million dollar ipo and for live music entertainment company.

00:04:39.750 --> 00:04:50.880 Eric Sarver, Esq.: Brian co founded accelerating CFO llc in 2013 since founding accelerating CFO he has participated in several hundred million dollars of capital raises.

00:04:51.270 --> 00:05:01.110 Eric Sarver, Esq.: recapitalisations and acquisitions and disposition activity, Brian is a certified public accountant in New York state and earned his MBA.

00:05:02.400 --> 00:05:17.940 Eric Sarver, Esq.: In finance and from the Stern school of business at nyu Brian enjoy spending time with his wife and highschool sweetheart and to adult daughters, as well as playing cards reading Stephen King novels and hoping the mets win the world series.

00:05:19.110 --> 00:05:25.590 Eric Sarver, Esq.: All very impressive, especially the last part there so once again Brian welcome to the show good to have you.

00:05:26.010 --> 00:05:34.800 Brian Califano: Thanks thanks again Eric and, yes, I agree that the most important thing you said in my bio was that the mets need to win the world series so i'm really helpful this year but we always get helpful at this time don't wait.

00:05:35.910 --> 00:05:39.090 Eric Sarver, Esq.: Yes, i'll keep my fingers crossed for you, you know everything.

00:05:39.090 --> 00:05:40.080 Eric Sarver, Esq.: A dog as well, a lot.

00:05:40.170 --> 00:05:41.070 Eric Sarver, Esq.: Oh for sure.

00:05:41.460 --> 00:05:50.580 Eric Sarver, Esq.: Alright, so so just wanted to get into a price for this initial question if you can tell us a bit more about yourself and if I could add them into that mainly.

00:05:51.180 --> 00:06:01.620 Eric Sarver, Esq.: In terms of how will you inspired to founder company and are there any additional services that perhaps i'd mentioned in my intro that you'd like to expand upon.

00:06:02.370 --> 00:06:17.760 Brian Califano: yeah so thanks Eric and I would say that what really inspired me was you mentioned in my bio that I helped lead a $260 million ipo launch for live music team and company and, in my role and doing that.

00:06:18.960 --> 00:06:29.310 Brian Califano: One of my one of my primary roles was was was conducting due diligence on the acquisitions that we were performing on the various places that we purchased we consolidate it rolled it out to.

00:06:30.150 --> 00:06:45.300 Brian Califano: On NASDAQ but I dealt large and we were dealing with multiple acquisitions at the time or ranging between 10 and $25 million in revenue and one thing I realized, when I was doing the due diligence and again I was on the buying side, not the selling side was.

00:06:46.410 --> 00:06:56.940 Brian Califano: These these companies, these entrepreneurs didn't have somebody like me, on the other side of the fence at advising them on the business operations, yes, they had a CPA.

00:06:57.420 --> 00:07:05.520 Brian Califano: And they would give them tax advice, but they weren't giving them practical operational experience of know what's it like when you join a publicly traded company.

00:07:05.910 --> 00:07:09.840 Brian Califano: You know all the things that you got away with quote unquote got away with when you were a small company.

00:07:09.840 --> 00:07:17.190 Brian Califano: Private you know it all gets put under a microscope and it's been you know lights a blast at upon it, when you do operating expenses, when you go.

00:07:17.700 --> 00:07:22.320 Brian Califano: Public and nobody was there to give that practical experience nor were they given the practical experience of.

00:07:23.100 --> 00:07:32.790 Brian Califano: When you go public, you have to hold on to your shares for six months there's a lock on period so there's a lot of things that I felt that you know again my obligation was to was to the company, I was working for at the time.

00:07:33.240 --> 00:07:37.500 Brian Califano: But I just felt that what you know why wasn't there anybody there helping small business owners.

00:07:38.010 --> 00:07:40.770 Brian Califano: And when I was doing my research as we've gone through the ipo.

00:07:41.280 --> 00:07:53.970 Brian Califano: I realized that there wasn't anybody out there, doing it so like most ideas that come from germination it comes out of necessity right, so I figured all right, once we go once I went took the once we finished our initial public offering.

00:07:55.050 --> 00:08:00.690 Brian Califano: I negotiated my buyout with my old company and I just started from scratch starting the company that we did.

00:08:01.110 --> 00:08:09.060 Brian Califano: I opened up with a colleague of mine who had similar experiences and had similar time thinking that he wanted to help small businesses because.

00:08:09.390 --> 00:08:12.960 Brian Califano: What really energized me after being you know, for lack of better words in the ivory tower.

00:08:13.650 --> 00:08:21.660 Brian Califano: For the companies that you mentioned in my program I can repeat them again but they're all well known names and and they were great experiences I learned so much from there.

00:08:22.470 --> 00:08:29.430 Brian Califano: And I add value there as well, what I realized was there was a playbook there you know, there was there was finally something that you know for somebody in my.

00:08:29.790 --> 00:08:35.310 Brian Califano: Senior finance roles, something I could do entrepreneurial to kind of you know scratch that itch if you will.

00:08:35.580 --> 00:08:44.280 Brian Califano: And at the same time provide a real value for smaller businesses that they weren't currently reaching you know the kind of experience that we know that i've had with the companies.

00:08:44.760 --> 00:08:50.580 Brian Califano: That that I worked for small businesses could never afford if it was a standard rate of a consulting firm.

00:08:51.090 --> 00:08:57.390 Brian Califano: So, by making it more affordable and dividing it into fractional parts of a CFO instead of hiring.

00:08:57.690 --> 00:09:04.830 Brian Califano: A full time CFO I was able to you know help devise a playbook for our employees and our clients, so they can.

00:09:05.130 --> 00:09:17.220 Brian Califano: adopt the best practices and procedures for a fortune 500 finance and accounting company without all the overhead and everything else that came with it so adding that value is help small business owners.

00:09:17.370 --> 00:09:19.140 Brian Califano: Look at their business more analytically.

00:09:19.320 --> 00:09:25.740 Brian Califano: prepare for everybody selling ultimately selling their business or at least disposing of their business in some way, shape or form.

00:09:26.010 --> 00:09:33.450 Brian Califano: and being more intelligent about how they run their business, I think, is the best way many business owners run by the by the seat of their pants, to put it nicely.

00:09:33.780 --> 00:09:44.220 Brian Califano: And there's nothing wrong with that, but when when something doesn't seem right or you're trying to convey to your employees and the people that work for you, that something doesn't seem right.

00:09:44.730 --> 00:09:52.770 Brian Califano: You know, by saying it doesn't seem right it's hard to convey the issue when you have hard facts and figures kpis and other stuff behind it so.

00:09:53.460 --> 00:10:01.410 Brian Califano: that's what really got me going i've been we've been doing this for eight years now, when I say we might my my co founder and I, my business partner.

00:10:02.130 --> 00:10:06.930 Brian Califano: we're having a lot of fun it's a lot of work, but we enjoy enjoy it really a lot, because we feel that.

00:10:07.320 --> 00:10:13.590 Brian Califano: By working with small business owners, it really is the majority of the business of jobs that have created.

00:10:13.860 --> 00:10:23.670 Brian Califano: Wealth that's done, and when you talk about the American dream, in my mind that's What that means is when you work with them, because I think I no disrespect to the big organizations that I work for and that continued to be out there.

00:10:24.090 --> 00:10:31.620 Brian Califano: But for me dream, where the rubber hits the road is really what I what I enjoy and love and gives me inspiration every day to get up and really attack work.

00:10:33.360 --> 00:10:39.660 Eric Sarver, Esq.: yeah well and that's really I think talking about you know some good virtuous and and also.

00:10:40.260 --> 00:10:55.110 Eric Sarver, Esq.: You know, pragmatic reasons to be in a field that you, you know you see a need right you saw it, and you just start to fill it with your company and I share your that sort of I had a soft spot for to writing for the small business, I mean I do work for.

00:10:56.490 --> 00:11:03.240 Eric Sarver, Esq.: employment law business services for mid sized companies as well, but a lot of millions of small businesses and.

00:11:03.930 --> 00:11:07.800 Eric Sarver, Esq.: something about you know they're often they're very hungry and they're hard working.

00:11:08.190 --> 00:11:17.460 Eric Sarver, Esq.: And so, to give them the benefit of free in your case i'll keep the focus on you, because you're our guest tonight, but they give them the benefit of your.

00:11:18.360 --> 00:11:29.070 Eric Sarver, Esq.: fraction CFO services, as you mentioned, without having to spend money that they probably don't have or cannot afford on an entire CFO was full time in house team.

00:11:30.030 --> 00:11:40.410 Eric Sarver, Esq.: I feel that satisfaction, because I know that my clients, many of them do not perhaps have the resources for a full time in house counsel, but will call upon me to their compliance.

00:11:40.770 --> 00:11:56.340 Eric Sarver, Esq.: Their employment issues and on so forth, so, so I definitely hear that and the idea of you know, filling seeing a need and filling in that come came from your big big firm experience so all interesting all good background good to know about you about your company and.

00:11:57.420 --> 00:12:07.080 Eric Sarver, Esq.: yeah and it's I think the another question, I was thinking about and I know we have a commitment commercial breaks out i'll put the question out there for you to ponder.

00:12:08.220 --> 00:12:15.240 Eric Sarver, Esq.: And then we can maybe go from there, we have a little time to get into a branch, but what were the most i'm wondering so we've all been in this coven.

00:12:16.440 --> 00:12:21.510 Eric Sarver, Esq.: pandemic for a year now, it seems that come up with your anniversary and i'm wondering what are the most.

00:12:22.410 --> 00:12:37.740 Eric Sarver, Esq.: Common mistakes that you saw companies made in terms of failing to plan or failing to budget for a worst case scenario, so trying to think about that for a moment, as we come upon our first commercial break.

00:12:38.850 --> 00:12:46.080 Eric Sarver, Esq.: And just to remind those at home listening tonight you're here with me i'm Eric solver those of employment law today here with my guest.

00:12:46.530 --> 00:12:58.590 Eric Sarver, Esq.: Bryan callen photo outsourced CFO within souring CFO and so why don't we tackle that next question when we return these messages folks stick around we'll be right back.

00:15:55.980 --> 00:16:02.130 Eric Sarver, Esq.: evening welcome back to employment law today i'm your host erick savoured from the law office that very GM solver.

00:16:02.520 --> 00:16:13.410 Eric Sarver, Esq.: employment law business all attorney and here tonight with my special guests, Brian kind of fan oh CPI MBA and outsourced CFO with his company XO accelerating CFO.

00:16:13.830 --> 00:16:23.070 Eric Sarver, Esq.: And so we just for those that may be joining us late, we were discussing our topic tonight, which is we're approaching the one year anniversary of the pandemic and all of its.

00:16:24.030 --> 00:16:33.480 Eric Sarver, Esq.: All of its implications for business owners and we're talking about how can be made essentially forecast and plan accordingly for worst case scenarios.

00:16:33.750 --> 00:16:39.090 Eric Sarver, Esq.: i'm going forward and Brian been sharing his experience as well, and what motivated him to start his.

00:16:39.480 --> 00:16:50.970 Eric Sarver, Esq.: His company so before the break I was just about to ask Brian a question I didn't want you to cut off Brian during the with a two minute minutes or so, so we just be afraid that, or we asked that question, one more time.

00:16:51.600 --> 00:17:03.540 Eric Sarver, Esq.: So wondering what were the most common mistakes, you see companies make in terms of pre coven that is in terms of failing to plan and budget for worst case scenario.

00:17:04.560 --> 00:17:11.520 Brian Califano: yeah I think you know small business owners, I think there was there was a day, where I would put into two buckets I think the first one was.

00:17:12.030 --> 00:17:15.090 Brian Califano: They didn't have a fundamental process to budget and forecast, they just.

00:17:15.990 --> 00:17:24.810 Brian Califano: wanted to keep on improving whatever that meant they just you know their idea of success would be doing better than the previous month or compared prior to current year.

00:17:25.170 --> 00:17:29.550 Brian Califano: And as long as they were doing better, they will find it or if they're doing worse, they understood why and they kind of.

00:17:30.030 --> 00:17:38.130 Brian Califano: dealt with it, so they were more reactive than proactive and the power of doing the budgets and forecasts at the beginning of the year.

00:17:38.610 --> 00:17:52.350 Brian Califano: is being able to say to yourself Okay, this is where I see my company in the next 12 to 15 months, this is where we need to be and where we need to guide ourselves and how we're going to do that a lot of times owners know.

00:17:53.160 --> 00:17:54.840 Brian Califano: But they don't necessarily communicate it out.

00:17:55.380 --> 00:18:05.730 Brian Califano: But during the budget process that we do at accelerating CFO for our clients we sit down with the owner, we also sit down with the heads of the various business key functions so whether it's sales.

00:18:06.240 --> 00:18:18.240 Brian Califano: back office marketing manufacturing shipping, etc, will bring everybody in the room and say what are the key drivers of your expenses try to document it what it's going to be.

00:18:18.660 --> 00:18:28.470 Brian Califano: Instead of just saying, well, we want to grow 5% so everything across the board goes on 5% because that's not true because, for example, if you're going to double if you're going to double shipments.

00:18:28.920 --> 00:18:30.360 Brian Califano: In E commerce.

00:18:30.780 --> 00:18:33.870 Brian Califano: You know it'd be simplistic just to say that costs are going to go up.

00:18:34.170 --> 00:18:39.540 Brian Califano: Double they may go up a little bit more, because now you don't E commerce and you're delivering it to consumers versus wholesalers.

00:18:39.780 --> 00:18:50.340 Brian Califano: there's a there's an incremental cost impact of that that's not not 5% maybe 70% or 8% so now, if you want to have the you know the growth that you want, you may have to go sales by 10%.

00:18:50.760 --> 00:18:58.380 Brian Califano: So if you don't flush all these things out within a company and with all the key people that you have running helping you run your business.

00:18:58.770 --> 00:19:08.280 Brian Califano: you're going to miss out on a great opportunity to both be make your financials more transparent to both the owner, as well as to the the rest of the organization.

00:19:08.550 --> 00:19:15.630 Brian Califano: But also understand the key drivers of what's going to happen so when shipments are down for the month, you can say all right well.

00:19:15.990 --> 00:19:25.980 Brian Califano: we're going to lose 20% or point 20 points and our gross margin percentage, can we make it up somewhere else, or if you see that shipment that's not going to happen or, if you do see a shipment that's going to happen.

00:19:26.340 --> 00:19:32.130 Brian Califano: What does that mean for the rest of the results, and if you can see that coming you can plan and forecasts and say all right.

00:19:33.210 --> 00:19:40.380 Brian Califano: let's plan ahead let's look at our cash flow do we have what we need, etc, and do it helps to alleviate a lot of stress for the business owner.

00:19:40.590 --> 00:19:46.350 Brian Califano: And it makes everybody feel like they're part of things and they're making an it when you see the impact of what's going on.

00:19:46.770 --> 00:19:56.040 Brian Califano: It creates a more cohesive team union and and can make things more documented and make things more again Patrice I keep using the word transparent because.

00:19:56.340 --> 00:20:02.580 Brian Califano: I think it's important when it's all in an owner's head there's a lot of things that go wrong, ranging from.

00:20:03.240 --> 00:20:15.510 Brian Califano: You know, not being good communicator to you know life happens and if he or she is not around to run the business who's going to convey that message who's going to who's going to continue with the mantra of the business of the mission statement.

00:20:16.050 --> 00:20:18.240 Brian Califano: And it's all in one person's head it's not going to happen.

00:20:18.690 --> 00:20:25.950 Brian Califano: So the budgeting forecasting process puts it all on paper it gets it out of the owners head wanted documentation that everybody can watch and follow.

00:20:26.280 --> 00:20:32.970 Brian Califano: And when you when you can track success of failure that way it's hard to dispute that you know it's hard to dispute when the numbers are the numbers.

00:20:33.690 --> 00:20:44.340 Eric Sarver, Esq.: yeah yeah yeah you know I think what you're saying I hear three, you mentioned the word transparency, certainly in the importance of that I heard three words in my head came out what you were saying right.

00:20:44.730 --> 00:20:53.550 Eric Sarver, Esq.: Transparency right clarity, because that's be clear focus on what the numbers are what they represent, as you mentioned a higher number in one.

00:20:53.940 --> 00:21:05.070 Eric Sarver, Esq.: area might impact the company directly in the company like thing but also heard cohesiveness right, so that you mentioned what struck me when you said a moment ago, is how your company expiring CMO.

00:21:05.640 --> 00:21:15.630 Eric Sarver, Esq.: Has your clients sit down and you said to many different people different let's say departments, and I can see why because I think sometimes business owners.

00:21:16.830 --> 00:21:21.180 Eric Sarver, Esq.: may not even realize that while it's good to have separate sections and segments.

00:21:21.750 --> 00:21:36.990 Eric Sarver, Esq.: To have departments that department that handles different aspects of the business that ultimately, the business comes together as a team, and you know it's one unit Lisa unit in the end it's not the sum of all its individual part doing their own thing.

00:21:38.160 --> 00:21:47.970 Eric Sarver, Esq.: And I find that I know with employment lot of times, where one department say is not communicating with the other department and it could be problematic for the.

00:21:48.660 --> 00:21:57.180 Eric Sarver, Esq.: The owners aren't aware of a certain policy that's been in place device while it's Labor law, for example, so I definitely can see the value in that.

00:21:58.350 --> 00:22:05.460 Eric Sarver, Esq.: So, in terms of of common mistakes companies were making in selling the plan would it be something brands going to see.

00:22:06.690 --> 00:22:19.110 Eric Sarver, Esq.: The relevance significance of certain with certain numbers meant and perhaps or or maybe found to have a proper backup plan, if things went wrong with this awesome Thank you song or.

00:22:19.140 --> 00:22:25.890 Brian Califano: yeah yeah there was a couple of things right, so I think the documented get I think many companies did not do that, and I think the other thing was.

00:22:26.160 --> 00:22:34.500 Brian Califano: Is that they didn't do what I what I call a sensitivity analysis which I would say, you know if you grow by 20 10% of 25%.

00:22:35.040 --> 00:22:47.550 Brian Califano: What does that mean for your overall cost structure, what does it mean for profitability, what does it mean for headcount what does it mean for these costs and looking at that and also taking the converse what happens if your revenues dropped 25%.

00:22:47.910 --> 00:22:49.560 Brian Califano: What if you one big customer.

00:22:50.040 --> 00:22:53.100 Brian Califano: doesn't have that decides not to buy from you this year.

00:22:53.550 --> 00:23:12.870 Brian Califano: Right, so I always do a best worst and most likely scenarios by just tweaking where you're going to grow, so if you're planning on grow 10% what happens if you go 30% or if you, you know if you live on 10% what happens if you do 25% and it's funny because one you know, every time.

00:23:14.130 --> 00:23:30.390 Brian Califano: You know, every once in a while, when people say well what's worse than 25% I always call that doomsday the doomsday but you know, and I never until 2020 he had to do anything other than you know joke about it, and unfortunately it came to life for.

00:23:31.410 --> 00:23:40.920 Brian Califano: I can say easily all of my clients, you know, and one of the things you know that that I think this pandemic taught my clients and emphasized in my head.

00:23:41.610 --> 00:23:49.350 Brian Califano: Was the idea of really when you budget it's not you know to say it's all going to be, you know rosie.

00:23:49.860 --> 00:23:55.500 Brian Califano: What is it rose colored glasses look at the world, you know that's good and and most entrepreneurs are positive.

00:23:56.190 --> 00:24:03.870 Brian Califano: optimistic people and you want them to continue to do that way and it's really important that they are, and, obviously, to do what we do as entrepreneurs, you have to be.

00:24:04.710 --> 00:24:11.670 Brian Califano: optimistic because a lot of times when you get kicked in the teeth so many times or rejected it's the ability to get up and keep going, however.

00:24:12.450 --> 00:24:18.060 Brian Califano: it's important to acknowledge that there may be times when things aren't going your way and if things don't go your way.

00:24:18.330 --> 00:24:24.990 Brian Califano: it's important to correct and make sure you keep your competence going North right to make sure you continue going down the path.

00:24:25.500 --> 00:24:34.440 Brian Califano: So one of the things that happened, you know as the you know when we when I reflect upon the year anniversary of this pandemic that we're going through.

00:24:35.370 --> 00:24:42.930 Brian Califano: One of the things that you know I don't want to say i'm proud of, but one of the things that really sometimes when you do stuff in theory, and then it happens in reality.

00:24:43.740 --> 00:24:50.580 Brian Califano: You kind of he kind of reinforces that you maybe you're doing the right thing well in this case, by doing what I was just saying about the sensitivity analysis.

00:24:51.780 --> 00:25:00.030 Brian Califano: When things started going sour people started realizing it, believe it or not, in late February right so for my clients that were getting shipments from China.

00:25:01.290 --> 00:25:07.950 Brian Califano: china's ability to ship was impacted because they were doing a shutdown so we had the practical instance of okay.

00:25:08.370 --> 00:25:16.410 Brian Califano: We can't get our stuff to us this week, so what does that mean to our clients all right, well, we have to start communicating out and making sure that we have alternative suppliers.

00:25:16.680 --> 00:25:29.760 Brian Califano: You know, so we started looking at that you know that was initially part of the issue was like okay let's allocate some of this out, which we had already looked at previously because of various policies that was going on under the then trump administration with terrorists, which.

00:25:29.850 --> 00:25:34.320 Brian Califano: Again, so we had something in place or an idea in place, because we talked about these things.

00:25:34.560 --> 00:25:41.280 Brian Califano: Right once once cove it hit, then we realized oh boy like alright, so this is impacting what was then you know.

00:25:41.700 --> 00:25:49.770 Brian Califano: Looking back very easily just one country or one region, so we said well let's let's allocate out to production, so we keep our business going.

00:25:50.340 --> 00:25:59.130 Brian Califano: And then, as it started evolved now it started evolving over a couple of weeks now it's like Okay, now we said, well, what do we got to do well, we already had a blueprint.

00:25:59.580 --> 00:26:02.040 Brian Califano: We already had the worst case scenario.

00:26:02.280 --> 00:26:06.420 Brian Califano: yeah man, it turned out that in many in some of my clients cases it was much worse.

00:26:06.750 --> 00:26:20.340 Brian Califano: But at least we had something to turn to we had something to say look we've talked about this, you know we unfortunately have to endure this but let's look at the worst case scenario, what happens if our sales goes down 25 or 50%.

00:26:20.970 --> 00:26:27.390 Brian Califano: Right and for many of my and for many of my clients and you know with you and employment law right, you will probably very busy.

00:26:28.110 --> 00:26:39.180 Brian Califano: All of a sudden, the new word of the month, was furlough versus laying off and there was a lot of discussions with HR people and employment lawyers like yourself.

00:26:39.600 --> 00:26:46.080 Brian Califano: and saying what do we do I mean nobody, but you know, obviously, you know we all live the history and we all felt.

00:26:46.470 --> 00:26:58.410 Brian Califano: That was only going to be a temporary thing two weeks, two months, you know it kept on evolving obviously to where we are today, but nobody wants to let people go and especially in a small environment like we all operate in small, medium business community.

00:26:58.680 --> 00:27:08.010 Brian Califano: Nobody wants to let people go, so we all wanted to maintain hope so, we all said Look, we needed to follow people who we did it in a responsible and respectful manner.

00:27:08.460 --> 00:27:16.980 Brian Califano: We told people, and we were up front with them, they will and and listen everybody was experiencing this and nobody was ever like you know how can you do this to the area was kind of like all right, we get it.

00:27:17.220 --> 00:27:18.540 Brian Califano: But don't worry.

00:27:19.020 --> 00:27:26.100 Brian Califano: You know this is going to be a temporary issue once things turn around once once the once we open up again will let you back in.

00:27:26.490 --> 00:27:31.470 Brian Califano: You know, we got to maintain bad effects, so if you have families and stuff we're not gonna leave you, though, you know we like to leave you high and dry.

00:27:32.040 --> 00:27:39.180 Brian Califano: And I think everybody was able, but you know was was impressive, I guess, was that we were able to identify quickly.

00:27:39.900 --> 00:27:46.560 Brian Califano: Which employees were mission critical for the new sales targets and which ones were.

00:27:47.100 --> 00:27:59.460 Brian Califano: Again, not directly related to revenue, so you know you have to segment into like what's revenue generating what's, not just for survival mode right now, as this is happening, you know this is before PPP and all the other stuff that's already evolving so.

00:28:00.480 --> 00:28:09.780 Brian Califano: You know you had to react and one of the things by having a blueprint of a worst case scenario, I mean it wasn't exactly what we plan, but at least we had something that we can say all right.

00:28:10.380 --> 00:28:12.480 Brian Califano: we're going to maintain margins if we're going to do.

00:28:12.540 --> 00:28:19.110 Brian Califano: If we're going to have only for shipments coming in from from the certain part of the world, so, then who are we going to sell it to you know so.

00:28:19.410 --> 00:28:28.980 Brian Califano: All of a sudden, the conversations became, how do we maximize our cash flow today, and if you don't have that blueprint if you don't have like a potential.

00:28:29.850 --> 00:28:33.780 Brian Califano: way of dealing with it in the event that it had that would happen.

00:28:34.260 --> 00:28:41.550 Brian Califano: Then you know you're running around like scared and all of a sudden you're you're up all night trying to figure out what to do well in a way, by doing the budget forecasting.

00:28:41.970 --> 00:28:48.450 Brian Califano: In a non pressurized situation where you're thinking clearly and you got everybody in a room, you know, six months before it happens.

00:28:48.810 --> 00:28:52.560 Brian Califano: Now you can real you know you can rationally pursue a plan, and I think.

00:28:53.220 --> 00:29:06.870 Brian Califano: that's the biggest impact for what happened this year and for many people, the ability to pivot you know was was critical I mean I have clients that were that were actually more profitable last year than they were in the previous year in.

00:29:06.870 --> 00:29:15.360 Brian Califano: 19 because of their ability to play it, you know because they had you know the business cycle, which was very consumer based instead of you know wholesale base, for example, so.

00:29:15.750 --> 00:29:27.960 Brian Califano: Why people were able to adapt I think that's you know again being able to do that thinking about it rationally and thinking it through, because you had issues to flush out.

00:29:28.440 --> 00:29:38.730 Brian Califano: In front of you, it made things a lot easier to adapt, I mean yes people's jobs were in some cases, never recovered, but most cases they did come back eventually.

00:29:40.260 --> 00:29:55.800 Brian Califano: I think it was and again it made people feel more respected right because I mean if you typically get laid off it's not it's not fun, but in the manner that was handled the communicated i'm very proud of all my clients, for the way they did it and how we did it responsibly.

00:29:57.270 --> 00:30:07.590 Eric Sarver, Esq.: And i'm sure well, you should be heard a lot of good things that are really worth highlighting and unpacking a bit, and of course the judge a commercial break.

00:30:08.700 --> 00:30:12.870 Eric Sarver, Esq.: It seems that that's like the maybe the the edges offense where there's like a.

00:30:12.870 --> 00:30:19.110 Eric Sarver, Esq.: really good point I love to either make or that you just made or question but, but we do want to hear from our sponsors so.

00:30:19.920 --> 00:30:35.400 Eric Sarver, Esq.: folks i'm the Eric savoured host of employment law today i'm here tonight with my guest Bryan califano and co founder managing partner of accelerating CFO we're having a great conversation here so stick around we'll be right back.

00:33:30.660 --> 00:33:37.110 Eric Sarver, Esq.: welcome back to employment law today i'm your host Eric savoured.

00:33:37.440 --> 00:33:47.850 Eric Sarver, Esq.: i'm here every Tuesday 5pm on talk radio, am I see where we discuss issues affecting small midsize business owners, particularly during this pandemic and so Brian.

00:33:48.840 --> 00:33:58.680 Eric Sarver, Esq.: Brian can find our guest tonight of accelerating CFO has been great great topics really great talking points and great things you mentioned just now, Brian in the last segment.

00:33:59.670 --> 00:34:09.390 Eric Sarver, Esq.: And before the commercial and I just wanted to sort of expand on that a little bit, if I may get some really interesting nuggets they're worth perhaps taking out and and looking at.

00:34:10.710 --> 00:34:18.960 Eric Sarver, Esq.: Before getting to another question, you know, the question that I asked you about when I asked what are some of the most common mistakes companies make in terms of.

00:34:19.650 --> 00:34:29.340 Eric Sarver, Esq.: filming the plan for a budget budget for worst case scenario, and you talked about what you were company did, for your clients to help them right to forecast and plan.

00:34:29.820 --> 00:34:39.480 Eric Sarver, Esq.: And how having this blueprint, even the ability, some of them the ability to pivot and to be better prepared when the bottom fell out when things were going awry.

00:34:40.260 --> 00:34:50.670 Eric Sarver, Esq.: I also heard you talk about entrepreneur is generally being optimists and I found that with my clients as well right they look to what should go right could go right we'll go right and, as you pointed out.

00:34:51.120 --> 00:35:04.200 Eric Sarver, Esq.: That is a great attitude for an entrepreneur for a business owner for somebody who's starting a business or running a business to have, but what I heard that and I tend to find this to.

00:35:04.980 --> 00:35:10.830 Eric Sarver, Esq.: One can be optimistic and hopeful about the future, one can have hope and be positive.

00:35:11.250 --> 00:35:23.040 Eric Sarver, Esq.: And still be mindful of and aware of the potential right for the negative it's like right you hope for the best and plan for the worst and what I found is that sort of like some observations here.

00:35:23.580 --> 00:35:29.520 Eric Sarver, Esq.: That maybe grab something that you and I might see where our clients that I think some companies might be hesitant.

00:35:30.030 --> 00:35:39.930 Eric Sarver, Esq.: To talk about the dress worst case scenarios almost perhaps a little bit of a superstitious mindset that if I don't talk about this or think about it, and it won't happen.

00:35:40.350 --> 00:35:50.760 Eric Sarver, Esq.: And I think that's very much a part of human nature, I mean I have colleagues who work with their wills trusts and estates attorneys and it's talking about people call them up and say.

00:35:51.690 --> 00:36:01.350 Eric Sarver, Esq.: My wife and I have two small children were 40 and 42 we like to like to have a will, and then they don't follow through, and I think happens a lot and I don't think it's because of his.

00:36:01.800 --> 00:36:05.550 Eric Sarver, Esq.: abilities, you know he's very smart attorney or a sociable and.

00:36:06.540 --> 00:36:15.540 Eric Sarver, Esq.: clients I think people are just afraid to address worst case scenarios, so I appreciate a part of your message that I got from what you do is how.

00:36:15.900 --> 00:36:24.450 Eric Sarver, Esq.: how important it is to plan for the worst and also keep in mind that the worst can look very different I mean a pandemic might come along one's a century, but, as you pointed out.

00:36:24.780 --> 00:36:31.380 Eric Sarver, Esq.: If one of your clients, had they had a fire in the warehouse or lost the the partner or the owner had a heart attack.

00:36:32.340 --> 00:36:42.210 Eric Sarver, Esq.: That could be like their own personal panic, if you will, you know their own catastrophe so really the important to this planning is really something I think to note so appreciate all that.

00:36:43.290 --> 00:36:49.230 Eric Sarver, Esq.: just want to point that out there from your last you know what you were saying this is what I got from it and yeah and I want.

00:36:50.310 --> 00:36:52.560 Eric Sarver, Esq.: To ask you oh sorry question, if I may.

00:36:53.670 --> 00:37:02.340 Eric Sarver, Esq.: Just about sort of the the PPP and applications and factors that folks might consider you know their second second around the PPP.

00:37:02.730 --> 00:37:13.260 Eric Sarver, Esq.: yeah i've been counting my clients on it, so I guess i'm wondering what type of questions of your clients had and how have you been helping them from the CFO respective around PPP.

00:37:14.280 --> 00:37:19.110 Brian Califano: Right so obviously with the first row of the PPP.

00:37:20.160 --> 00:37:35.610 Brian Califano: And what's made an extra complicated is that the rules, even as the as of the date of this podcast they continue to change and evolve, which may which impacts hugely on the both the business and the personal.

00:37:36.750 --> 00:37:46.590 Brian Califano: finances of a of an individual worker, because it has a lot of impacts like I was saying earlier by furloughing or terminating individuals.

00:37:47.100 --> 00:37:58.380 Brian Califano: From from from job positions it has an impact on the ultimate calculation that's going to be forgiven by the government now there's been lots of changes of what.

00:37:58.950 --> 00:38:09.720 Brian Califano: is acceptable for forgiveness of expenses versus what's not forgivable what's acceptable as a payroll costs, so what i've been providing for my clients, from the beginning is.

00:38:10.410 --> 00:38:15.750 Brian Califano: kind of like well what lawyers do all the time, which is interpreting law and then guiding your clients in the best way.

00:38:16.410 --> 00:38:19.890 Brian Califano: What makes it more difficult, is a i'm not a lawyer and be.

00:38:20.730 --> 00:38:29.100 Brian Califano: This was happening in a way that was like real time, you know and and what was famous, especially over the summertime is that if there was a change to be made.

00:38:29.430 --> 00:38:33.690 Brian Califano: The SBA and or the job former treasury was doing our Friday night at 10pm.

00:38:34.230 --> 00:38:42.060 Brian Califano: And they would publish the rules and then i'd have to read it over the weekend and then my my clients would be like what and I feel personally responsible for doing it because.

00:38:42.540 --> 00:38:45.570 Brian Califano: I mean this was they're talking about their livelihood we're talking about you know.

00:38:45.960 --> 00:38:55.080 Brian Califano: What you know battling for the survival of the company and the jobs associated with it, so that was a That was a major factor, and what we were doing during this time period.

00:38:55.590 --> 00:39:06.630 Brian Califano: Now for companies going through the pvp right now there's two things going on, so the first one is forgiveness of the first PPP loan which is going to be based upon a number of factors.

00:39:07.410 --> 00:39:18.060 Brian Califano: Numerous which i'm not going to bore our listeners or you with but it's going to be largely dependent on a couple of things, primarily what your staffing levels were pre pandemic.

00:39:18.540 --> 00:39:26.400 Brian Califano: And throughout the the pandemic or the or the the period, the recovery period that we're using to calculate was forgivable or not.

00:39:27.990 --> 00:39:38.880 Brian Califano: These are all calculations that i've been working with my clients and if any of you listeners after this call assistance on i'd be happy to do that we'll we'll talk at the end of our contact information so we'll do that.

00:39:39.660 --> 00:39:47.610 Brian Califano: But in the meantime, you know, this is what I was doing for my clients is figuring out Okay, this is what we can we can use and using the funding, so we were getting the funding first.

00:39:47.790 --> 00:40:00.420 Brian Califano: Right, the domain gave it to us first and then later on the forgiveness calculation, which keeps on sliding back in back in terms of a deadline that needs to be filed, I mean we're getting close to the end now, where it has to be done for the first draw.

00:40:02.010 --> 00:40:05.310 Brian Califano: what's an impactful in the second drawer is the first draw.

00:40:06.330 --> 00:40:12.480 Brian Califano: presumption of need was assumed, for the most part, I mean there was a lot of bad press about.

00:40:12.960 --> 00:40:22.020 Brian Califano: Companies that had about that took the maximum amount of $10 million, they will larger companies and they that wasn't in the spirit of what the PPP was supposed to be.

00:40:22.470 --> 00:40:34.890 Brian Califano: Although they didn't technically, you know violating the rules they got a lot of bad press so but for everybody else, it was the presumption of meeting it was already there for the PPP to which was what was published in in December.

00:40:35.970 --> 00:40:53.910 Brian Califano: It was different now you had approved monetarily that you had a 25% decline in revenue in every any given quarter and or for the entire year, so there was a little bit of a calculation going on, but as an additional wrinkle in this.

00:40:55.320 --> 00:41:01.290 Brian Califano: The government said that even if you have 25% and given quarter year over a year, where the revenue decline.

00:41:02.550 --> 00:41:03.210 Brian Califano: If you.

00:41:04.530 --> 00:41:07.890 Brian Califano: If you ended up having a an overall positive year.

00:41:08.430 --> 00:41:16.620 Brian Califano: And you're still applying for the PPP alone yeah we're gonna we're going to probably review your application and see if, whether or not you, you really needed this.

00:41:17.010 --> 00:41:26.220 Brian Califano: So the presumption that they gave us in the in the first draw was not there in the second draw so now, the government saying look, you may have just eat the second quarter declined.

00:41:26.670 --> 00:41:35.730 Brian Califano: But, did you make a profit, overall, did you really need these funds in order to keep everybody employed or did you or was it more of a timing thing.

00:41:36.360 --> 00:41:42.360 Brian Califano: So there's a lot more judgment and number two, and you know i'm helping clients work through this you know.

00:41:42.420 --> 00:41:51.060 Brian Califano: struggle with do I asked for it, am I am I entitled to it or not, and it's tough because listen if you brought your employees back and everything's going fine.

00:41:51.510 --> 00:42:00.210 Brian Califano: Maybe you don't need to you know to fold alone or not so it's not as clear cut so it takes some guidance, both on you know from a CFO like myself.

00:42:00.630 --> 00:42:06.750 Brian Califano: As well as lawyers, I think you know when the only employments I mean what, what do you really signing up for you have to be very careful in the second draft.

00:42:07.530 --> 00:42:15.120 Eric Sarver, Esq.: Absolutely absolutely I mean what's funny is when you said I don't want to bore the listeners or you mean with the reason house.

00:42:16.500 --> 00:42:21.420 Eric Sarver, Esq.: Because I read today, I read these you know the updates in the out that print doubts.

00:42:22.020 --> 00:42:29.670 Eric Sarver, Esq.: You know, on a regular basis, and so I was nodding along i'm reading and all their publication is no definitely not I don't find it boring but.

00:42:30.030 --> 00:42:39.030 Eric Sarver, Esq.: I respect I appreciate how you wanted to give you know people, just like the main gist of it and you right people can get really well i've had clients who get very.

00:42:39.600 --> 00:42:45.450 Eric Sarver, Esq.: caught up in the hyper technical details and I say you know what i'm happy to explain that to them, and they want to know but.

00:42:45.810 --> 00:42:49.470 Eric Sarver, Esq.: If they're really getting frustrated it's like let me worry about that and we'll just go.

00:42:50.130 --> 00:42:58.470 Eric Sarver, Esq.: Look at the Employment implications, you know what's interesting about this is that you rate the the pvp the second time to be a little bit tougher.

00:42:58.770 --> 00:43:08.850 Eric Sarver, Esq.: Not so much I don't think in terms of loan forgiveness, but in terms of showing that you're eligible and how much you're eligible for, as you mentioned that presumption eligibility that we saw in 2020.

00:43:09.330 --> 00:43:19.320 Eric Sarver, Esq.: has been a little bit more scrutinizing roll back so you know, but that really brings up also I think you've been important important point, Brian that the.

00:43:19.890 --> 00:43:24.660 Eric Sarver, Esq.: have this this situation to be looked at from many different angles you've got.

00:43:24.990 --> 00:43:33.030 Eric Sarver, Esq.: The CFO right looking at the company now moving ahead so if you do get a PPP money, for example, how do you best spend it to increase revenue, how do you cut costs.

00:43:33.360 --> 00:43:40.050 Eric Sarver, Esq.: How do you also do that, while making sure that your maximum landry loans forgivable right they spending on the.

00:43:40.890 --> 00:43:52.860 Eric Sarver, Esq.: The approved expenditures to be forgiven and if you're not forgiving interviews depending on other things well still write a 1% interest loan the loan a five year lease pay out so yeah does that affect.

00:43:53.610 --> 00:43:59.190 Eric Sarver, Esq.: You know I I look at the furloughing and I had a lot of calls from businesses.

00:44:00.090 --> 00:44:11.730 Eric Sarver, Esq.: Perhaps a smoky to see if it was like yourself first and accountants and they're doing the furlough and me, and what they have to be careful of there was Okay, if your company is not so diverse.

00:44:12.570 --> 00:44:19.470 Eric Sarver, Esq.: Or has a history of, say, of allegations of discrimination, even if i'm down dementia you're proven not proven to be true.

00:44:19.830 --> 00:44:24.300 Eric Sarver, Esq.: So you have to be extra careful right, I mean right which people who are you laying off which workers.

00:44:24.960 --> 00:44:36.990 Eric Sarver, Esq.: Is it is there a disproportionate impact on your female workers, you know you laying off anyone that can't work X number of hours and more if more because i'm home now homeschooling your children on zoom so you know.

00:44:37.410 --> 00:44:47.550 Eric Sarver, Esq.: it's it's I think it's very much a symbiotic relationship between the seat CPA CFO and attorneys so they look at the financial implications does look at the tax implications.

00:44:47.910 --> 00:45:00.990 Eric Sarver, Esq.: As look at the HR and look at the legal implications of what we're doing so really you know good stuff here, I appreciate your bringing that up and and we actually got to discuss it unfold before the next commercial break which we're going to take in a moment, so.

00:45:01.050 --> 00:45:12.210 Eric Sarver, Esq.: Yes, we got a break in a moment i'm Eric solver host of the weekly show employment law today, Tuesday nights 5pm 6pm on talk radio, am I see very.

00:45:13.110 --> 00:45:25.710 Eric Sarver, Esq.: special guest prank on fellow Brian the CPA nda and elsewhere CFO managing partner and co founder of it's already CFO so stick around we'll be right back.

00:47:42.810 --> 00:47:52.110 Eric Sarver, Esq.: Welcome back to employment law today i'm your host erick sovereign here tonight with my guests, Brian color photo co founder and managing partner of accelerating CFO.

00:47:52.440 --> 00:48:03.510 Eric Sarver, Esq.: Brian is an outsourced CFO and his company helps businesses with everything from financial forecasting and budgeting for businesses to planning as you've heard, hopefully, in the last.

00:48:04.260 --> 00:48:19.020 Eric Sarver, Esq.: 45 minutes of our show tonight so Brian again it's great to have you on the show really a lot of excellent information and just the analysis of what you do and how it helps your companies rather and your client companies is really, really good for our listeners to hear.

00:48:20.040 --> 00:48:34.830 Eric Sarver, Esq.: I want to take a moment just for those listening tonight, maybe some business owners that know astro CFO So my question is, and how does your company differentiate itself from other outsourced CFO companies out there.

00:48:35.730 --> 00:48:41.760 Brian Califano: So you know Scott margolin who's my partner, and I, you know, we have come up with a methodology and approach.

00:48:42.030 --> 00:48:48.780 Brian Califano: To how small business owners should approach the finance and accounting function, so we have what we call a playbook that we adopt.

00:48:49.110 --> 00:48:55.830 Brian Califano: For all industries, I mean we have tweaks here and there to adopt specific key performance indicators or driving factors.

00:48:56.160 --> 00:49:06.120 Brian Califano: But, to use a football analogy, you know the blocking and tackling of what we do on a daily basis, has the same methodology, the same approach, which is all about process people.

00:49:06.960 --> 00:49:20.160 Brian Califano: and procedures, and I think once you document all those procedures that you need to do, every month on close i'm reviewing your budget comparing year to date or Whatever the case may be, making sure that all your expenses are done, etc, etc.

00:49:21.180 --> 00:49:32.040 Brian Califano: that's what differentiates us from others, because I think we also adapt to our company so when you talk about implementing anything there's no one size that fits all.

00:49:32.490 --> 00:49:39.030 Brian Califano: We have our in our system, while it is rigid and like I said the policies that the three p's the policies of the procedures and the people.

00:49:40.050 --> 00:49:57.720 Brian Califano: We do have it malleable so that we can actually change the processes to adapt to what a company strengths are or where their personnel resides or wherever the case may be, so we always refine our processes, but we keep the methodology, all the same.

00:49:58.800 --> 00:50:02.700 Brian Califano: Other people have only one way of doing it, and if you can't adapt to it.

00:50:03.510 --> 00:50:14.190 Brian Califano: Then you then you can't use them, so, for example, some people will say, well, we can only do quickbooks or we can only do zero or fill in the blank on GS we say what is it.

00:50:15.030 --> 00:50:30.240 Brian Califano: We can handle it so we our clients to everything from quickbooks to netsuite to mass 92 all the other GL applications that can be done so we don't say no, we just say we can get it done.

00:50:30.570 --> 00:50:40.770 Brian Califano: And we just don't mouth those words we take it seriously and the other thing that differentiates us as well, which is important to Scott and I is that he and I have a personal relationship or clients.

00:50:40.800 --> 00:50:42.480 Brian Califano: So what I mean by that is, we have.

00:50:42.870 --> 00:50:55.110 Brian Califano: We have controllers and we have consultants that work in certain ways, but were what we call the throat to choke so clients can always reach out to us, they can always turn to us to find out the key.

00:50:55.620 --> 00:50:59.430 Brian Califano: Strategic matters that that that are important to their business.

00:51:00.180 --> 00:51:07.950 Brian Califano: You know, sometimes in other other firms that do ours, they like to delegate out to other companies and there's no real standardization behind it.

00:51:08.340 --> 00:51:16.740 Brian Califano: You know, we have a standard process that Scott, I have learned from working at companies over the past 20 plus years and we've taken those best policies and we've adopted it this way.

00:51:17.130 --> 00:51:27.360 Brian Califano: You know we've come up through the ranks of from the ground up there's different paths that CFO is can take our paths kind of meshed together so some people come up through the accounting side.

00:51:27.720 --> 00:51:36.960 Brian Califano: Which is kind of like you know, a controllership and using debits and credits and and others come through the finance side, which is kind of like business development and mergers and acquisition.

00:51:37.410 --> 00:51:43.350 Brian Califano: Scott and I have had the unique and the blessings of having both experiences and our previous experiences.

00:51:43.860 --> 00:51:57.690 Brian Califano: At the at the other companies prior to starting this company, so we bring the best of both, and we can meld it all together and we've seen both sides and that perspective and value that we add to our clients, is something that most firms can provide.

00:51:58.620 --> 00:52:02.880 Eric Sarver, Esq.: yeah yeah and that's you know great to to articulate that and to.

00:52:03.360 --> 00:52:14.370 Eric Sarver, Esq.: convey that to our listeners, because I think having a multifaceted approach based on different but complementary experiences can be really helpful, I know I tried to.

00:52:14.760 --> 00:52:25.710 Eric Sarver, Esq.: Bring my experience my clients I represent employers mainly some employees have been many employers, but I started out exclusively as a plaintiff side employee.

00:52:26.220 --> 00:52:39.090 Eric Sarver, Esq.: employment law attorney and libra and so forth, so I know how plaintiffs attorneys thing how they operate, what they're considering side with the same and can bring that as one of my Defense work, so I I definitely hear how that.

00:52:40.080 --> 00:52:45.240 Eric Sarver, Esq.: That having that multifaceted approach to be very helpful and having different experience can be beneficial.

00:52:46.260 --> 00:52:50.700 Eric Sarver, Esq.: also good to know that you know for those listening tonight if they have an issue they want to talk to you about.

00:52:51.120 --> 00:53:04.770 Eric Sarver, Esq.: Around budgeting forecasting the PPP just good business sense that you guys have a process and you do have some right some standards and methodology, but it's not rigid like what i'm hearing you i'm hearing.

00:53:05.430 --> 00:53:14.430 Eric Sarver, Esq.: What comes to mind is structured, but not like two regions, so that people can you can adapt, you mentioned the word malibu now the ability, you know.

00:53:14.460 --> 00:53:15.090 Brian Califano: city work.

00:53:15.870 --> 00:53:16.500 Eric Sarver, Esq.: Yes, right.

00:53:16.800 --> 00:53:19.470 Eric Sarver, Esq.: There we go everyone out there to.

00:53:19.650 --> 00:53:22.170 Brian Califano: The most extensive most extensive article used today.

00:53:22.620 --> 00:53:23.280 Eric Sarver, Esq.: Right okay.

00:53:25.050 --> 00:53:27.180 Eric Sarver, Esq.: yeah so both get you somewhere right so.

00:53:27.240 --> 00:53:27.420 yeah.

00:53:28.440 --> 00:53:34.740 Eric Sarver, Esq.: it's good to do you know but yeah I mean, I think that is that people understand this, because.

00:53:35.280 --> 00:53:41.790 Eric Sarver, Esq.: A lot of businesses might gravitate towards a company that might not have that open ended approach with him, I think, well.

00:53:42.090 --> 00:53:51.810 Eric Sarver, Esq.: If I also see a boulder only work with one entity or one one type of program they quickbooks I need to then change the outcome, so I hear you say no, we can say yes, we need.

00:53:52.710 --> 00:54:05.460 Eric Sarver, Esq.: which I think you know, is a common thing for us as those that came up perhaps and then had a passion for working with small business, you know you're talking about how your plans to retrieval personal time.

00:54:06.510 --> 00:54:16.740 Eric Sarver, Esq.: Which again kind of like tons of my heartstrings because I share that as well, when I push my clients, but i'm keeping the focus on you hear someone you know you clearly.

00:54:18.690 --> 00:54:23.700 Eric Sarver, Esq.: laid out tonight lot about what you do we've got about three minutes to be and.

00:54:24.000 --> 00:54:34.770 Eric Sarver, Esq.: What i'd like to do is i'd like to give you two minutes or so just to wrap up with your contact information, I just want to share, about upcoming events and i'll take a minute to wrap up the show, so the floor is back to you all yours mine.

00:54:35.130 --> 00:54:44.340 Brian Califano: Thank you Eric, thank you for your time, and thank you listeners for listening, I want to offer two things number one anybody who has any questions about what we do.

00:54:44.880 --> 00:54:51.870 Brian Califano: Most times I will offer well for this for all our listeners today who mentioned your name or mentioned this this this broadcast.

00:54:52.410 --> 00:55:03.690 Brian Califano: we're going to be doing a free diagnostic on your company's financials, which means we will do an overhaul about where we think there's issues and stuff and how we can improve cash flow budgeting and forecasting, as well as your reporting so.

00:55:04.470 --> 00:55:16.620 Brian Califano: I will, yes, all listeners out there today we'd be happy to do that, you can reach me at Brian at accelerating CFO COM, or you can use info at accelerating CFO calm as well.

00:55:17.820 --> 00:55:19.080 Brian Califano: The in terms of what.

00:55:20.130 --> 00:55:28.740 Brian Califano: Other things that i've been doing i've been spending a lot of time now on m&a and I know I think that a lot of your listeners may be thinking about selling your business.

00:55:29.430 --> 00:55:35.700 Brian Califano: If you reach out to me again and either Brian accelerating CFO or reach out to us at info and accelerating CFO COM.

00:55:36.870 --> 00:55:44.970 Brian Califano: We have a broadcast of what companies need to be doing I participate in a panel just today, as a matter of fact, about what companies need to be doing to prepare for a sale.

00:55:45.390 --> 00:56:01.590 Brian Califano: And there was a great conversation with myself and some personal wealth individuals about how to handle that unique aspect that many entrepreneurs strive for, and will experience many times only once in their lifetime so for anyone reaching out there be happy to pass along that.

00:56:02.790 --> 00:56:11.100 Brian Califano: That video that podcast the video of it as well, I will be talking about different things, and that can give you a different perspective of what you should look for in the m&a process so.

00:56:12.390 --> 00:56:18.060 Brian Califano: that's my PR but thank you very much for your time it's been great, this is a great venue you do a great job Eric.

00:56:18.450 --> 00:56:18.720 Eric Sarver, Esq.: Thank you.

00:56:18.780 --> 00:56:19.830 Brian Califano: Time is flown by.

00:56:20.220 --> 00:56:27.270 Eric Sarver, Esq.: It really has and it's flying very quickly, we have about 30 seconds to wrap up, so I just wanted to take the time Brian and say thank you so much for being on the show.

00:56:27.990 --> 00:56:31.140 Eric Sarver, Esq.: You, the scene tonight to employment law today i'm your host erick savoured.

00:56:31.500 --> 00:56:40.710 Eric Sarver, Esq.: employment law business logic screening i'm here Tuesday nights 5pm to 6pm i'm here with Brian call a photo of a starting CFO if you liked our show come back and.

00:56:41.190 --> 00:56:52.920 Eric Sarver, Esq.: check in next Tuesday at talk radio nyc so again wishing everyone a really happy healthy rest of the week, and a good night and Brian Thank you once again.

00:56:53.670 --> 00:56:55.740 Brian Califano: Thank you Eric do well, and God bless.

download this episode of https://tabmaron.s3.amazonaws.com/talkinga/recordedshows/ELT/20210309-ELT-Business_Budget_and_Forecast_Planning.mp3

SIGN UP FOR OUR NEWSLETTER