Our audience will learn how business owners / employers can overcome the hurdles and challenges of inflation and high interest rates. Our listeners will gain a better understanding of how inflation impacts them, as an employer, and what steps to take to adapt and thrive financially.
Businesses / Employers: How are inflation and high interest rates impacting your business? What new strategies and solutions might help to counter inflation's negative impact on running your company and compensating your employees?
On this episode my guest, Brian F. Califano, CPA, Co-Founder of the fractional CFO firm, AcceleratingCFO, will discuss tips for businesses to survive - and even thrive - through inflation and other economic challenges that lie ahead.
Website - https://www.acceleratingcfo.com
Eric Sarver welcomes his guest for tonight’s episode, Brian Califano. He was on the show back in March 2021. He is Co-Founder of the fractional CFO firm, AcceleratingCFO. This firm provides fractional CFO services for businesses with revenue between 1 million and 40 million dollars in all industries with a focus in entertainment, media and technology. Brian talks more about his journey into co-founding this firm. He mentions how he helped lead a 260 million dollar IPO (Initial Public Offer) offering. One of his roles was to work with smaller companies that ranged between a million and 20 million in revenue. It was the first time where he would work with owners of small businesses. He felt that business owners never really had someone like him helping through the process in things like understanding about having to drive their business and provide information to a company so they can disclose information financially. Soon after is when he decided to start AcceleratingCFO. One of things that also inspired him was working with entrepreneurs. He says that he loves the small-medium sized business community and takes his experiences with big companies and brings it to this other level with these businesses. Brian also discusses inflation and about doing scenario planning with his clients to look at what the budget process may look like coming into 2022.
Eric and Brian discuss how some of the ways inflation and high interest rates might impact employers and business owners. Brian mentions that when the Fed starts to combat inflation, it starts to raise interest rates. For many business managers and owners, for many years now, it's been an unusual time where there was low inflation and interest rates and now they have to adapt by looking at their supply chain and prices. When it comes to interest rates, he explains that if you're going to borrow money or refinance your loan, do it now because it will be more costly going forward. In order to be successful during this period of increasing interest rates and inflation, Brian mentions that one thing that is common with his clients is realizing that employee costs and wages are going higher. What he tells companies is that if you have a good employee, make sure that they are well compensated. He also mentions different factors as to why it costs much more to bring in new employees. Brian says that by budgeting and planning, you become proactive instead of reactive.
Eric and Brian continue their conversation on inflation and interest rates, what they mean, and the current state of them now. Eric asks Brian whether there is a risk where the government's actions combating this can trigger a recession. Brian says that one thing he always discusses with his clients is about what happens if your company and its sales goes down 20 percent or if you lose your biggest supplier or customer. He says that's as close to a recession as one can get. He tries to focus more on a “globally, act locally” kind of philosophy. You should see what's going on at a macro level and then apply it down to your business and what happens if these situations occur. Most businesses today now talk and strategize about what can happen and what can be done. He brings up points about now that this is happening, business owners can also strategise on how and what they spend their money on whether it's a marketing campaign, technology , travel, etc. So you don't always want to move with fear but rather be more prepared. Eric also asks Brian about his unique approach at AcceleratingCFO. Brian says that they consider themselves as a small boutique consulting firm. With his firm, they have a central philosophy that everyone understands and adheres to, and so the quality of the work is consistent no matter the industry their clients are in.
Eric talks with Brian about companies who are starting out now and what kind of advice Brian would give them. He says that if you're starting your business now, its not necessarily bad as there are no preconceived notions or ideas. But he says that if you're serious about leaving a job and starting your own business, to make sure that you have all of your personal finances in order before doing things like getting a loan. Although planning can’t solve all of the problems, it can give you a psychological way of handling business. If you want to hear more about topics like these and more, AcceleratingCFO has a blog that they send out at acceleratingcfo.com and they also post on Linkedin. You can follow him on Linkedin by searching for “Brian Califano” and you can also send an email to him at email@example.com.
00:00:55.980 --> 00:01:05.490 Eric Sarver, Esq.: evening, welcome to employ a lot today i'm your host erick solver i'm an employment law business law attorney and I host this live weekly talk radio show.
00:01:05.760 --> 00:01:15.630 Eric Sarver, Esq.: And this live video broadcast every Tuesday night from 5pm to 6pm Eastern standard time right here on talk radio nyc and each week I have.
00:01:16.050 --> 00:01:24.540 Eric Sarver, Esq.: interesting and engaging guests, to discuss some of the most novel and complex and timely topics that impact business owners and employers.
00:01:25.080 --> 00:01:40.620 Eric Sarver, Esq.: In small, medium sized businesses in various industries, and so in the line with that spirit i'm happy tonight, very pleased to have that to the show and encore guest, who is on in March of 2021 Brian Colorado Ryan welcome back to the show.
00:01:41.370 --> 00:01:45.990 Brian Califano: Thanks to be here and watch 2021 wow nothing, it seems like Thomas soul Mayra.
00:01:46.530 --> 00:01:54.240 Eric Sarver, Esq.: Totally yeah I know I can't leave as over a year ago now, much has changed and something that stayed the same, but I think a lots changed in terms of coven and what we're doing.
00:01:54.600 --> 00:02:00.120 Eric Sarver, Esq.: But yeah no it definitely good to have you back on it yeah it's really interesting topics last time and.
00:02:00.810 --> 00:02:11.280 Eric Sarver, Esq.: So I know we haven't checked topic that's very timely and important and people were talking about much these days so so good to have you i'm going to give you a more proper introduction just a moment, so our audience can hear.
00:02:12.030 --> 00:02:22.530 Eric Sarver, Esq.: More about you, Brian but first I just know a little bit about our topic tonight and so folks our topic this evening is combating inflation as an employer or business.
00:02:23.040 --> 00:02:31.170 Eric Sarver, Esq.: And this is really an interesting show, I think, for businesses, employers and that the question is, how are inflation and high interest rates, impacting your business.
00:02:31.650 --> 00:02:39.900 Eric Sarver, Esq.: And what new strategies and solutions might help to counter inflation's negative impact on running you're running your company and compensating your employees.
00:02:40.290 --> 00:02:43.470 Eric Sarver, Esq.: So if you're tuning in this evening to apply a lot today what you're doing right now.
00:02:44.250 --> 00:02:56.640 Eric Sarver, Esq.: You can hear my guest Bryan telephoto and be a CPA and CFO co founder of the fractional CFO firm accelerating CFO and we're going to discuss some tips for businesses to survive.
00:02:56.970 --> 00:03:07.230 Eric Sarver, Esq.: And even thrive through the inflation and any other economic challenges that might lie ahead so with that I just want to give you, Brian again a proper.
00:03:07.740 --> 00:03:17.520 Eric Sarver, Esq.: introduction, if I may know right and, as I mentioned folks my guest tonight is so Brian Brian is the fractional CFO and co founder.
00:03:18.090 --> 00:03:29.520 Eric Sarver, Esq.: and managing partner of accelerating CFO accelerating CFO provide fractional CFO services for businesses with revenue between 1,000,040 million dollars in all industries.
00:03:29.970 --> 00:03:38.670 Eric Sarver, Esq.: With a focus in entertainment media and technology they empower companies to maximize their value and expand their cash flow.
00:03:39.030 --> 00:03:45.570 Eric Sarver, Esq.: By increasing the transparency of their financial statements and performance and offer financial guidance and expertise.
00:03:45.930 --> 00:03:56.130 Eric Sarver, Esq.: To entrepreneurs and small business owners who want to focus more time on adding value to their customers and some background here after more than 20 years.
00:03:56.820 --> 00:04:04.560 Eric Sarver, Esq.: In some senior financial positions at mcgraw hill financial Viacom at the national hockey League, as well as computer associates and kaplan.
00:04:07.020 --> 00:04:18.180 Eric Sarver, Esq.: Successfully leading a 216 million dollar impressive ipo for a live music entertainment company Brian co founded accelerating CFO llc in 2013.
00:04:18.900 --> 00:04:27.300 Eric Sarver, Esq.: Since founding accelerating CFO he has participated in several hundred million dollars of capital raises recapitalisations.
00:04:27.900 --> 00:04:36.960 Eric Sarver, Esq.: An acquisition and disposition activity, Brian is a certified public accountant in New York state and he earned his MBA in finance from the Stern school of business and nyu.
00:04:37.650 --> 00:04:48.570 Eric Sarver, Esq.: Brian enjoy spending time with his wife and highschool sweetheart very nice and two adult daughters, as well as playing cards are reading Stephen King novels novels.
00:04:48.990 --> 00:04:58.230 Eric Sarver, Esq.: and hoping that the mets win the world series an optimist and a true well fan there excellent and so again, Brian i'm really glad you can join us this evening.
00:04:58.680 --> 00:05:01.470 Brian Califano: i'm glad thanks for having me again Eric it's a pleasure to be here.
00:05:01.860 --> 00:05:06.810 Eric Sarver, Esq.: Sure thing sure thing yeah so I guess kind of get trained to our first question.
00:05:07.860 --> 00:05:18.870 Eric Sarver, Esq.: I just like you, if you may Brenton tell us a bit more about yourself mainly like when did you realize your interest in accounting and CFO services and what inspired you to found accelerating CFO.
00:05:19.650 --> 00:05:28.200 Brian Califano: Yes, so when I was working you mentioned earlier in my introduction that I helped lead a $260 million ipo offering as part of that offering.
00:05:28.770 --> 00:05:33.960 Brian Califano: My primary lots of roles, actually, but one of my roles was to work with smaller companies.
00:05:34.530 --> 00:05:44.220 Brian Califano: That range between a million and about 20 million in revenue and the business model was to acquire those companies consolidate it and then spin it off into a public entity.
00:05:44.610 --> 00:05:50.340 Brian Califano: So my role was to actually speak with all these small business owners and understand.
00:05:51.300 --> 00:05:56.670 Brian Califano: What drove the business and disclose it, you know it through the S one process that I was going through at the time.
00:05:57.060 --> 00:06:07.110 Brian Califano: And, as I was going through it, it was the first time in my career, that I was really working with the owners of a small business previously my career i've worked for large companies places like mcgraw Hill and.
00:06:07.560 --> 00:06:14.970 Brian Califano: Computer associates in the national hockey League, so I was kind of like in the ivory tower kind of dictating stuff but not really you know, in the grassroots.
00:06:15.270 --> 00:06:24.840 Brian Califano: And for the first time, my career, I really felt that I was where the tire hits the road, if you will, and I thought wow, this is a really interesting dynamic and, as I was going through that process.
00:06:25.260 --> 00:06:28.200 Brian Califano: I realized that those business owners didn't really have.
00:06:28.590 --> 00:06:37.500 Brian Califano: Anybody like me with my experience, helping them through the process because they were selling their company, which is a significant event in there in any entrepreneurs career.
00:06:37.770 --> 00:06:40.890 Brian Califano: Sure, but they didn't really have anybody to help them, they had a tax accountant.
00:06:41.100 --> 00:06:50.400 Brian Califano: But they were largely driven for taxes they weren't really driving the practical business model like asking questions like hey Do you realize you're no longer going to have independence, you really going to be.
00:06:50.970 --> 00:07:01.380 Brian Califano: You know, speaking to a boss now is that OK, with you or hey you know you're going to have to drive your business and be able to provide information to a company, so they can disclose your information, financially.
00:07:01.620 --> 00:07:11.940 Brian Califano: So, nobody was having those information so when I did my research I realized there was nobody out there and it was like one of those moments, where I said hey, is it not out there because it's not a good idea or that nobody thought of it.
00:07:12.360 --> 00:07:17.460 Brian Califano: So, after the ipo I left there and I started accelerating CFO soon thereafter.
00:07:18.330 --> 00:07:28.080 Eric Sarver, Esq.: Interesting interesting brand yeah it's funny how a lot of guests, I find come on the show, and what motivated them or inspired them to start their own business or practice.
00:07:28.860 --> 00:07:34.950 Eric Sarver, Esq.: Some came looks like you went from a larger company that could they sort of they miss it and they got a taste of.
00:07:35.340 --> 00:07:42.510 Eric Sarver, Esq.: What it's like to work with with a small company right on the ground and just kind of know feel as you mentioned the rubber meets the road as you put it.
00:07:43.350 --> 00:07:51.570 Eric Sarver, Esq.: I think that's often a common path putting others might find their path and I just always go into small business route and then eventually forming their own business, but that's.
00:07:51.900 --> 00:08:03.750 Eric Sarver, Esq.: that's really great and i'm also glad that you were optimistic enough and confident enough to say no, this isn't this isn't a good idea and it's just that somebody else has not bought it yet so yeah glad that you did that.
00:08:03.810 --> 00:08:06.240 Brian Califano: With the confident confident stupid not really.
00:08:07.560 --> 00:08:11.310 Eric Sarver, Esq.: fine line between that when I first started my law practice just.
00:08:11.460 --> 00:08:24.900 Eric Sarver, Esq.: greenfeld keep focused on you, of course, the show, but it was April 2001 was about just turned 28 years old they're about to get I didn't know I didn't know so it was full confidence, but maybe not the background yet to have.
00:08:26.070 --> 00:08:34.080 Eric Sarver, Esq.: A trial by fire, but I applaud you for taking that sounds like it took a while, for an out route and i'm glad that you're here today and yeah.
00:08:35.280 --> 00:08:41.880 Brian Califano: One of the things that really helped me inspire we're doing this work with entrepreneurs, I really love working with them and.
00:08:42.510 --> 00:08:47.970 Brian Califano: Each day is different and each you know, in the in the lives of the entrepreneur he or she will go through.
00:08:48.420 --> 00:08:53.160 Brian Califano: Many things whether acquiring a business disposing of their business transferring on to their families.
00:08:53.850 --> 00:09:03.510 Brian Califano: Significant changes, whether it's a capacity issue and such but my experiences i've been blessed with having a lot of those experiences already so I know what to anticipate I know what to.
00:09:04.710 --> 00:09:12.090 Brian Califano: How to handle many things, or to it, or how to deal with certain issues that come up so for me it's really.
00:09:12.930 --> 00:09:23.130 Brian Califano: Very welcoming to work with entrepreneurs I love the small, medium business community, I wish i'd done it sooner, but, like everything in life, I think I was able to take my experiences at the.
00:09:24.150 --> 00:09:25.500 Brian Califano: Big companies at the public.
00:09:25.500 --> 00:09:36.120 Brian Califano: companies that are able to bring it to a level of the industry that normally doesn't see the kind of expertise and experiences that myself and the rest of the people at accelerating CFO bring.
00:09:37.110 --> 00:09:45.270 Eric Sarver, Esq.: yeah that's great you know this, I mean you know, the timing it's like is you know, whatever it is, and I think it's i'm sure any experience you God.
00:09:45.570 --> 00:09:52.230 Eric Sarver, Esq.: Leading up to that was only helpful in know and you mentioned that just the fact that you're helping businesses entrepreneurs whole different issues they face.
00:09:52.620 --> 00:10:02.550 Eric Sarver, Esq.: I know, once a tissue like a good segue for our topic tonight is just issue now of inflation right Everywhere you go we're hearing a lot about inflation it's in the news.
00:10:03.060 --> 00:10:10.890 Eric Sarver, Esq.: Inflation you know prices costs going up in such an interest rates so i'm wondering if you could famous person in your expertise like typically.
00:10:11.310 --> 00:10:23.520 Eric Sarver, Esq.: Like what is the current state of inflation right now and then what interrupt me and Ryan, are some of the causes inflation and then Lastly, how do we, how do inflation, interest rates adversely impact businesses employers.
00:10:25.500 --> 00:10:36.660 Brian Califano: yeah no fair enough, so I think you know, last time I was here, we were about a year into Colvin right and we were talking about all the money that was going in for the paycheck protection program the idea.
00:10:36.960 --> 00:10:38.550 Brian Califano: And the government was basically trying to.
00:10:38.550 --> 00:10:46.230 Brian Califano: Keep businesses alive and not having the huge impact that many economists would have predicted would have happened, had we not stepped in had they not something, excuse me.
00:10:46.830 --> 00:10:52.350 Brian Califano: So, but with all that money that goes into the economy there's ramifications for that.
00:10:52.770 --> 00:10:53.250 Eric Sarver, Esq.: Right so.
00:10:53.280 --> 00:10:54.570 Brian Califano: it's almost like you know you.
00:10:56.250 --> 00:11:06.540 Brian Califano: Once you kick the tires you kick the can a little bit down the down the street all the sudden now you have to you have to address the fact that there's a higher money supply because that money supplies out there.
00:11:07.500 --> 00:11:16.440 Brian Califano: That that leads on to inflation and over the past over the past six months, the inflation rate has tracked above eight and a half, eight eight a half percent.
00:11:17.160 --> 00:11:18.300 Brian Califano: But fortunately.
00:11:18.360 --> 00:11:23.640 Brian Califano: What what i've been working with my clients on for several months now, is We saw this coming.
00:11:24.660 --> 00:11:35.730 Brian Califano: Because many of the console predicting this there was a lots of indications that think that when you look at the macro level everything from supply chain to rising costs.
00:11:36.120 --> 00:11:47.460 Brian Califano: Along the way of bringing stuff in to salaries going up, so there was there was enough, I guess smoked indicated, there was fire coming, and I think now over the past two months.
00:11:47.940 --> 00:11:55.890 Brian Califano: The fed has come out and said, both you know they're going to they're going to try to combat inflation with higher interest rates, which has other costs, which will deal with in a second.
00:11:56.280 --> 00:12:05.640 Brian Califano: yeah but during you know, during the actual word November timeframe which for my clients, we do what we you know the budget process where we say how was 2022 and a look.
00:12:06.360 --> 00:12:13.140 Brian Califano: And one of the things that we do always do scenario planning, when you plan for this yeah one of the scenarios that I said was what happens if.
00:12:13.140 --> 00:12:15.000 Brian Califano: prices and free so much.
00:12:16.230 --> 00:12:19.920 Brian Califano: That you can wait that you can only sell so many items, how are we going to handle that.
00:12:21.090 --> 00:12:27.300 Brian Califano: And, and also when you do your pricing let's let's let's watch a price increases.
00:12:27.360 --> 00:12:33.630 Brian Califano: Even if you don't see that much increases yet it's going to be it's going to be coming and i'd rather have get in front of it.
00:12:34.710 --> 00:12:36.030 Brian Califano: Rather than play catch up.
00:12:36.510 --> 00:12:42.840 Brian Califano: And you know, unfortunately for my clients, where we were able to kind of assess two things number one.
00:12:43.590 --> 00:12:46.410 Brian Califano: Do you really need to pass on this cost so should we absorb it.
00:12:46.890 --> 00:12:54.930 Brian Califano: Right that's the two if you can absorb it, how much, are you willing to pass on before you really have some significant impact on consumer demand.
00:12:55.320 --> 00:13:05.340 Brian Califano: So we did all this scenario playing so when when things happen in 2022 what they did there's no big shop for my clients and you know, we were able to say Okay, we anticipated this.
00:13:05.760 --> 00:13:15.420 Brian Califano: And now we're going to deal with the inflation so we're going to we built in price increases on our side and we anticipated price price increases on our supply side, so that we can get stuff in.
00:13:16.590 --> 00:13:21.750 Brian Califano: In a costly and effective manner, so we were able to maintain profit margins and continue along the way.
00:13:22.650 --> 00:13:33.810 Brian Califano: Now, it remains to be seen what happens in the second half of the year, but well you know, in terms of our inflation prices going so up that people can start saying well I don't have to get that extra cup of coffee you don't have to buy that widget.
00:13:34.290 --> 00:13:39.120 Brian Califano: That is going to be an issue that we're going to watch closely and that's what I have my eyes on right now with my clients.
00:13:39.510 --> 00:13:49.530 Brian Califano: we're going to make sure that as things adjust, you know as being entrepreneurs and small, medium business, you have to be able to adjust and make sure that you adapt to the environment around you.
00:13:50.100 --> 00:13:55.770 Eric Sarver, Esq.: Yes, very true yeah you know I heard you talk about forecasting and planning and seeing things coming.
00:13:56.820 --> 00:14:00.660 Eric Sarver, Esq.: I remember right when we had this in class competition actually right in March.
00:14:01.380 --> 00:14:10.560 Eric Sarver, Esq.: I remember this, I think, was somewhat alluded to, but back then, it was a topic of estate planning for emergencies and situation so just coven you know they've had that MIC.
00:14:11.280 --> 00:14:21.000 Eric Sarver, Esq.: Here I ever hear that planning aspect, again we talked about here, to me, I get the picture of like say if you know what tradeoffs coming right to you bought everything up and you go into the basement and prepare.
00:14:22.080 --> 00:14:28.170 Eric Sarver, Esq.: so that you can hear that and I, like you said, there are different approaches, you can take like, for example, the question is.
00:14:28.680 --> 00:14:35.160 Eric Sarver, Esq.: For a small business can you I think you said, a path on the costs increase costs to your consumers your customers and clients.
00:14:35.580 --> 00:14:50.580 Eric Sarver, Esq.: And if you can can you absorb it, I imagine, is there might be even an auction see if, like passing some modest increase in cost on to those consumers and then reducing ones expenses and ways perhaps shavings as possible.
00:14:51.660 --> 00:14:59.670 Eric Sarver, Esq.: And I want to talk more about that, but before I get to we get to that to that we have to take our first commercial break time finally having fun and have interesting topics to discuss.
00:15:00.030 --> 00:15:09.870 Eric Sarver, Esq.: So folks you're listening to employment law today here and talk to me that my see i'm your host erick Sabra my guest tonight, Brian kind of find out we'll come back we'll talk more about.
00:15:10.170 --> 00:15:20.640 Eric Sarver, Esq.: Inflation we'll talk more about how businesses and employers can analyze situations and strategize and protect themselves going forward so stick around regret back.
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00:17:35.520 --> 00:17:41.820 Eric Sarver, Esq.: Welcome back to implement lunch today i'm your host erick Sabra i'm an employment law business attorney my guest tonight.
00:17:42.390 --> 00:18:01.650 Eric Sarver, Esq.: Is Brian telephone orion CPA MBA and also CFO and runs his fractional CFO company accelerating CFO helping companies reach their potential faster as i'm reading from this tagline there so yeah Brian again really great to like the CFO is there is there the speed i'd be.
00:18:03.030 --> 00:18:03.390 Eric Sarver, Esq.: happy.
00:18:03.960 --> 00:18:07.890 Brian Califano: right there inside this phenomena yeah thanks that's an homage to one of our.
00:18:07.950 --> 00:18:11.460 Brian Califano: oldest and favorite clients, the classic car club.
00:18:12.360 --> 00:18:14.880 Brian Califano: So when we first when we first started on, we thought it was.
00:18:14.910 --> 00:18:16.230 Brian Califano: We are we love cars and.
00:18:16.650 --> 00:18:16.980 Eric Sarver, Esq.: yeah.
00:18:17.040 --> 00:18:22.890 Brian Califano: they're valid, so we can we have one of our symbols or slow logos have that kind of homage to them.
00:18:23.310 --> 00:18:28.080 Eric Sarver, Esq.: Nice nice yeah that's not quite sure, but that's great to hear that and how much you know it's your it's your clients.
00:18:28.440 --> 00:18:28.980 Eric Sarver, Esq.: We tried.
00:18:29.400 --> 00:18:37.920 Eric Sarver, Esq.: yeah absolutely so it's interesting because I think a lot of what you do, has to do with planning and forecasting and staving off potentially.
00:18:38.430 --> 00:18:54.480 Eric Sarver, Esq.: negative consequences, I know I have a similar approach in my work with you know, companies and sort of foreseeing employment issues that might come up and helping them to plan, accordingly, but I think one thing you talked about maybe we can talk about or it's like what are some of the.
00:18:55.950 --> 00:19:02.070 Eric Sarver, Esq.: The the ways in which inflation high interest rates might adversely impact, employers and business owners.
00:19:03.600 --> 00:19:04.080 Brian Califano: yeah so.
00:19:04.320 --> 00:19:10.080 Eric Sarver, Esq.: she's like i'm sorry you mentioned something in terms of the supply chain issue and stuff but there any other things we should be aware of.
00:19:10.680 --> 00:19:25.770 Brian Califano: yeah absolutely so I mean we talked about inflation, a lot so i'll put that to the side for a second, but what happens is, as I alluded to earlier when the Fed starts to combat inflation it starts to raise interest rates, which is what they charge.
00:19:27.090 --> 00:19:33.030 Brian Califano: backs of our money from them and, therefore, in the banks chip pass that charge on to us so for many business.
00:19:34.590 --> 00:19:36.390 Brian Califano: managers and owners.
00:19:36.600 --> 00:19:40.890 Brian Califano: For several years now, and when I say several probably in the past 1015.
00:19:40.920 --> 00:19:45.720 Brian Califano: Years it's been a very it's been an unusual time and economic history where you have.
00:19:45.780 --> 00:19:52.470 Brian Califano: low inflation and low interest rates, which means prices are low cost of borrowing as low as so there's not a lot of.
00:19:53.010 --> 00:20:00.630 Brian Califano: Costs historically, I mean there's always cost but relatively low cost compared comparing to the risk that's involved so.
00:20:01.260 --> 00:20:11.340 Brian Califano: business owners have to adapt to that new environment so, which means on the inflation side, we talked about pricing increases and looking at your supply side and make sure that supply chain.
00:20:12.180 --> 00:20:22.260 Brian Califano: they're able to both access product that you need to produce your widget as well as making sure that you have access to that and for those prices and it's not an exorbitant prices.
00:20:23.880 --> 00:20:27.570 Brian Califano: On the interest rate what we're telling clients early on this year is.
00:20:29.100 --> 00:20:35.400 Brian Califano: If you were going to borrow money or if you were going to refinance your loan do it now, you know.
00:20:35.430 --> 00:20:37.980 Brian Califano: So, because or do it recently because.
00:20:38.160 --> 00:20:44.580 Brian Califano: With interest rates, rising it's going to be more costly going forward so if you are, if you have if anybody who's listening has.
00:20:44.850 --> 00:20:46.410 Brian Califano: variable rate financing.
00:20:46.830 --> 00:20:50.400 Brian Califano: Here the to rely on whether he lock or even your personal life is the same impact.
00:20:51.060 --> 00:20:53.430 Brian Califano: you're caught you're already starting to see some of those costs creep up.
00:20:53.430 --> 00:21:00.690 Brian Califano: Because when you have a variable rate of interest, it increases as the Federal Reserve rate increases well.
00:21:00.870 --> 00:21:12.540 Brian Califano: So, as the prime rate goes up, so we are so the industry being charged, so you already seeing that for those who have fixed rate now yeah playing on changing you know there's the benefit of having a fixed rate because there's no change to make.
00:21:12.960 --> 00:21:21.720 Brian Califano: sure if you're if you're on the sidelines and saying well I don't know if I want loans or if you were getting some loans from the government, so you try to tap that out before you ended up.
00:21:22.020 --> 00:21:23.160 Brian Califano: going for new loans.
00:21:23.430 --> 00:21:27.780 Brian Califano: Well, now that that that loan, you could have gotten probably for three or three to 5% a year ago is.
00:21:28.020 --> 00:21:32.730 Brian Califano: Probably closer to five five and a half percent now so 2% doesn't sound a lot but.
00:21:33.330 --> 00:21:42.810 Brian Califano: It is when you when you compound it over time, so it does tend to put a strain on your cash flow, which puts further strain on your ability to finance operations, etc.
00:21:43.110 --> 00:21:45.930 Brian Califano: So if you're one of those that are looking for loans.
00:21:46.170 --> 00:21:52.830 Brian Califano: or think you need to financing, today I would emphasize that you should do it sooner rather than later, because most experts agree that.
00:21:53.580 --> 00:22:01.890 Brian Califano: At least for the foreseeable future, interest rates will continue to go up and not down, I mean this is no there's no firm crystal ball that we have but.
00:22:02.340 --> 00:22:06.930 Brian Califano: Leading indicators are indicate that it's not going to be as low as it has been historically so.
00:22:07.140 --> 00:22:20.340 Brian Califano: If you're thinking about taking a loan, you should do it now and try to figure out the best way to keep your cash flow flowing without having a serious impact on pricing, as well as the interest expense you're going to incur.
00:22:21.240 --> 00:22:30.840 Eric Sarver, Esq.: Thank you bye that's great advice I think really for our audience thank listening, people who have a concrete example but here's something concrete, you can do is step, you can take and here's what you should consider.
00:22:31.950 --> 00:22:37.890 Eric Sarver, Esq.: it's sort of right in line with my my next question which I was kind of in the middle of in terms of your answers about.
00:22:38.640 --> 00:22:53.040 Eric Sarver, Esq.: Just what are some issues that businesses that employers need to analyze in order to be successful, during this high inflation high interest period, like you mentioned the loans, a good example there, but there are other like tips or actions that employers can can take.
00:22:54.360 --> 00:22:59.880 Brian Califano: Well it's interesting I mean you're an employment law, so one of the things that you know that's.
00:23:01.080 --> 00:23:09.630 Brian Califano: been common throughout all of my clients and all of the people that we work with is wow employee costs are going higher wages are going higher.
00:23:09.990 --> 00:23:12.120 Eric Sarver, Esq.: When is it going to end right.
00:23:12.150 --> 00:23:20.820 Brian Califano: I don't I don't have an answer, but what i've been telling companies is really something that is probably for all good companies they've been doing this all along.
00:23:21.120 --> 00:23:22.590 Brian Califano: He had a really good employee.
00:23:22.950 --> 00:23:32.040 Brian Califano: Quality doesn't cost it saves so I always tell people that if you have a strong person and they're motivated by money, make sure that well compensated.
00:23:32.610 --> 00:23:43.950 Brian Califano: See converse of, that is, you know for people who have been in business, for a long time and they've used new College graduates or people who are a little bit green behind the years are wet behind the ears, excuse me.
00:23:44.160 --> 00:23:46.350 Brian Califano: And then don't have as much experience yeah.
00:23:47.220 --> 00:23:51.000 Brian Califano: The salaries that are you know we're speaking, obviously, the New York centric area.
00:23:51.270 --> 00:23:53.220 Brian Califano: But your salaries that are being.
00:23:54.420 --> 00:24:00.900 Brian Califano: Market rate right now for for new people in the in the marketplace is is significantly higher than they should be, I mean for.
00:24:00.900 --> 00:24:03.090 Brian Califano: example for, and I think.
00:24:04.200 --> 00:24:15.180 Brian Califano: For a basic starting level entry person who's called him or her a staff accountant or whatever you're talking about 55 to $60,000 at least a year.
00:24:15.210 --> 00:24:15.870 Eric Sarver, Esq.: For privacy.
00:24:16.350 --> 00:24:18.990 Brian Califano: When you talk about public accounting gets more significant, etc.
00:24:19.170 --> 00:24:21.150 Brian Califano: But it was called medium sized business community.
00:24:21.390 --> 00:24:24.150 Brian Califano: salaries that were have probably gone up, and this is.
00:24:24.210 --> 00:24:27.390 Brian Califano: Again this is Brian Cowen fan, it was a Bureau of Labor statistics.
00:24:29.100 --> 00:24:41.190 Brian Califano: But, roughly speaking costs have gone up roughly 10% 10 to 15% on just turn over over the last year, which is much higher than the three, four or 5% that was being budgeted for and actually achieved.
00:24:41.490 --> 00:24:42.240 Eric Sarver, Esq.: So.
00:24:42.570 --> 00:24:45.090 Brian Califano: You know people have turned to me and say hey you know, do you have.
00:24:46.200 --> 00:24:48.210 Brian Califano: Why these people new people so expensive.
00:24:48.660 --> 00:24:53.220 Brian Califano: And it's just it's a matter of the market rates and dynamic of what is going on right now I mean there's also.
00:24:53.460 --> 00:24:57.180 Brian Califano: Factors such as staying at home versus bringing them in.
00:24:57.210 --> 00:24:58.740 Brian Califano: it's also that factor but.
00:24:58.830 --> 00:25:04.860 Brian Califano: Sure, right now, I think, employers, you know higher Labor costs so salaries overall.
00:25:06.390 --> 00:25:11.100 Brian Califano: You know, some people saying well it's going to go down eventually then we'll be able to wrestle it back, and I might.
00:25:11.160 --> 00:25:12.900 Brian Califano: My advice to clients as that.
00:25:13.560 --> 00:25:17.670 Brian Califano: I wouldn't budget for that I wouldn't plan for that if it happens that's a kind of a nice monetary.
00:25:17.670 --> 00:25:19.380 Eric Sarver, Esq.: Surprise right but.
00:25:19.470 --> 00:25:27.840 Brian Califano: I think you need to adjust to the times and realize that salaries is where they are now and probably where they're going to be for a while, so lock in your good people.
00:25:28.080 --> 00:25:35.670 Brian Califano: Right, except the fact that it's going to be probably higher than you want to pay and then again going back to pricing your product or your.
00:25:35.850 --> 00:25:36.690 Eric Sarver, Esq.: service.
00:25:36.900 --> 00:25:42.300 Brian Califano: Accordingly, then it factor that in when you figure out how much you should pass on to your customer.
00:25:42.810 --> 00:25:50.190 Eric Sarver, Esq.: very true, you know that he said about don't sort of count on that link to the theory that the you know the market translating swing.
00:25:50.520 --> 00:26:03.750 Eric Sarver, Esq.: You have the direction that people stars might go down, and in fact as an employment lawyer I think that's where I kind of over that maybe you know I counsel, from the perspective of what is the different minimum set the law requires overtime pay or minimum.
00:26:03.750 --> 00:26:11.550 Eric Sarver, Esq.: Wage premium pay and such commissions and so forth, and there are more more laws being passed that are favorable towards.
00:26:11.910 --> 00:26:18.690 Eric Sarver, Esq.: You know, employees, you have new york's now requiring certain salary, transparency and postings and such being argued in New York City.
00:26:19.350 --> 00:26:24.600 Eric Sarver, Esq.: In the business community and that just I think drug drives up like the competition and also.
00:26:25.020 --> 00:26:30.840 Eric Sarver, Esq.: You know if people have more options and they can see what's out there and and I think also you have this remote working it kind of.
00:26:31.290 --> 00:26:37.260 Eric Sarver, Esq.: gets into more flexibility people know that they can turn down a job and possibly work somewhere.
00:26:38.010 --> 00:26:43.980 Eric Sarver, Esq.: In any other State to be in there, you know brasco can be a foreigner in a lot of positions, not all but in a lot, so I think that, like could have.
00:26:44.310 --> 00:26:48.330 Eric Sarver, Esq.: Also, you know, changes the whole supply demand that when it comes to positions.
00:26:49.050 --> 00:26:56.760 Eric Sarver, Esq.: But I like your perspective about knowing this and seeing it as a cost but also budgeting accordingly, so if you got to pay our salaries.
00:26:57.180 --> 00:27:01.830 Eric Sarver, Esq.: Where do you where do you cut some of your expenses or where do you build it into your pricing and fees.
00:27:02.580 --> 00:27:14.910 Eric Sarver, Esq.: So I think great everything you're saying sort of lines up with this just create your theme Brian i'm hearing about forecasting and planning and having a strategy in place that's a good example you gave some of the strategies, you have right now.
00:27:15.750 --> 00:27:25.290 Brian Califano: yeah thanks I want to say two things number one, I think, by budgeting and forecasting you end up becoming proactive instead of reactive.
00:27:25.650 --> 00:27:38.790 Brian Califano: Right like we said earlier, I mean people have been saying for several months now, that prices are eventually going to go up, so I can't say that anybody's really surprised that shouldn't be too surprised what occurred, maybe the level it is or maybe but.
00:27:39.270 --> 00:27:40.110 Brian Califano: We knew.
00:27:40.170 --> 00:27:52.830 Brian Califano: I think people who study business and understand how finance works could understand that what's going on, but the second interesting thing that I was telling somebody the other day when we go back a little bit in history about when I started my company.
00:27:53.040 --> 00:27:55.590 Brian Califano: One ranked differentiators here.
00:27:55.710 --> 00:28:00.060 Brian Califano: I said was you know I always tell my my prospective employees.
00:28:00.570 --> 00:28:01.800 Brian Califano: You can work from home.
00:28:02.280 --> 00:28:06.540 Brian Califano: So you don't have to worry about going to a client every day you maybe have to go once a week or once every other week.
00:28:06.990 --> 00:28:08.640 Brian Califano: Did you can manage your schedule better.
00:28:09.090 --> 00:28:11.340 Brian Califano: All right, and that was back in 2013.
00:28:11.400 --> 00:28:13.320 Brian Califano: You know, back in the Stone Age.
00:28:13.350 --> 00:28:15.240 Brian Califano: When dinosaurs walking around and so.
00:28:15.570 --> 00:28:17.670 Eric Sarver, Esq.: So it's like what seemed to be able to know that I.
00:28:18.210 --> 00:28:21.930 Brian Califano: Was zoom zoom was a show that I think I watched when I was a kid.
00:28:21.990 --> 00:28:22.950 Eric Sarver, Esq.: You know yeah great.
00:28:24.120 --> 00:28:24.420 Eric Sarver, Esq.: question.
00:28:25.590 --> 00:28:37.050 Brian Califano: But what what's become commonplace now is, you know that that that remote from work remote model now has become much more prevail and actually expected almost in many cases, so.
00:28:38.520 --> 00:28:43.800 Brian Califano: it's one of those things where, again as a business owner and the small biz in the small, medium sized business community.
00:28:44.190 --> 00:28:45.210 Brian Califano: They have to.
00:28:45.630 --> 00:28:48.630 Brian Califano: You have to kind of react to the times and understand what it is.
00:28:49.650 --> 00:28:56.580 Eric Sarver, Esq.: very true and I think that, and the whole thing about that you mentioned, Brian I think a lot of our listeners thinking identify with this, the idea of being.
00:28:57.030 --> 00:29:00.420 Eric Sarver, Esq.: Proactive is always a better approach than reactive whether it's in.
00:29:01.290 --> 00:29:12.360 Eric Sarver, Esq.: employment law oriented when you come to your CFO services in your your financial planning for your company or even in the personal life, you know I think people don't crack the whip going to the dentist for cleaning checkups.
00:29:12.930 --> 00:29:23.610 Eric Sarver, Esq.: As often less painful and drawn out, then you know not doing so going on as a toothache or problem, so I think it's definitely interesting to know, and I think that.
00:29:24.420 --> 00:29:31.740 Eric Sarver, Esq.: We actually believe the next commercial break right now so take that break and when we come back run, I will be discussing.
00:29:32.550 --> 00:29:48.750 Eric Sarver, Esq.: More these issues around the whole inflation high interest and then we'll get into more about Brian and his company and how they differentiate themselves with their clients so stay tuned to stick around and talk to them, I see and the weather like today, and we will be right back.
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00:30:51.990 --> 00:31:02.850 www.TalkRadio.nyc: Small Business trying to navigate the covert 19 related employment laws Hello i'm Eric solver employment law business law attorney and host of the new radio show employment law today.
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00:31:53.250 --> 00:32:04.080 Eric Sarver, Esq.: Welcome back to employment law today every host Eric Sabra my guest tonight, Brian co founder managing partners accelerating CFO Brian, as I mentioned, is.
00:32:04.740 --> 00:32:14.700 Eric Sarver, Esq.: very experienced and knowledgeable clearly see a book CFO excuse me CPA an MBA and we're talking about this this topic of combating inflation.
00:32:15.030 --> 00:32:22.020 Eric Sarver, Esq.: kind of a business or an employer and just understanding what inflation and interest rates are the current state of them right now.
00:32:22.440 --> 00:32:30.930 Eric Sarver, Esq.: Understanding the cause and understanding how inflation and how it just rates impact your business and then Brian talking about some strategies.
00:32:31.770 --> 00:32:37.470 Eric Sarver, Esq.: To going forward such as if you're pacing and looking at what you can absorb.
00:32:38.010 --> 00:32:47.730 Eric Sarver, Esq.: Looking at financial forecasting looking at your Labor and so oh really great stuff find that you're giving us tonight really great analysis and great solutions, I appreciate that you're.
00:32:48.720 --> 00:33:04.230 Eric Sarver, Esq.: Welcome, you know if you say I think something that just came to mind I know there's a sort of a gentle or delicate balancing act fans Brian when it comes to raising interest rates are car the government taking steps to to come to combat inflation.
00:33:05.310 --> 00:33:17.550 Eric Sarver, Esq.: Is there a risk of a tipping point where the government's actions could trigger like a recession and that's something that you were in it so that's something you talk with your clients know well.
00:33:17.640 --> 00:33:20.130 Brian Califano: We don't like to use the word right so.
00:33:21.900 --> 00:33:22.770 Eric Sarver, Esq.: yeah yeah.
00:33:23.490 --> 00:33:24.780 Brian Califano: All kidding aside, I mean I.
00:33:24.780 --> 00:33:32.430 Brian Califano: Think, we always try to plan for scenarios like when we talk about being reactive proactive instead of reactive, one of the things that we always discusses.
00:33:33.570 --> 00:33:39.810 Brian Califano: What happens if you do contract or what happens if not so much recession for the whole company, what happens if your company.
00:33:40.200 --> 00:33:44.250 Brian Califano: and your sales goes down 20% what happens if you lose your biggest customer.
00:33:44.520 --> 00:33:46.800 Brian Califano: What happens if your biggest supplier goes under.
00:33:47.130 --> 00:33:57.660 Brian Califano: So in the world of the of the of the entrepreneur and the and the small business owner, that is, that is about as recessionary, as you can get right so that that may be a symptom of a larger.
00:33:59.070 --> 00:34:02.370 Brian Califano: You know macro economic indicator of what's going on in the world.
00:34:02.790 --> 00:34:06.840 Brian Califano: But I try to focus it on the world that we live in, and try not to make things to.
00:34:07.110 --> 00:34:15.330 Brian Califano: To global in the sense of you know you take global matt you know it's one of those think globally act locally kind of philosophies that we have when we do our budgeting forecasting.
00:34:15.570 --> 00:34:27.960 Brian Califano: You know you see what's going on, what are the tea leaves telling you up up up on the macro level and then apply it down to your business and what happens if these things occur, I think, when we were talking back in March of last year.
00:34:28.140 --> 00:34:36.930 Brian Califano: One of the things I said that that was powerful about what we did in the patent in the in the budgeting forecasting process, no nobody ever said, the word Colvin before it came around.
00:34:37.260 --> 00:34:44.520 Brian Califano: But we did we did we did talk about what happens if something catastrophic happens in your business, nobody likes to really talk about it.
00:34:44.850 --> 00:34:48.000 Brian Califano: But we always I always make it a point before we close the budget.
00:34:48.840 --> 00:35:00.570 Brian Califano: session that we say what happens if things go really, really bad and things go really, really good everybody's happy right now, everybody knows what to do, you take money you spend your money you buy a new Porsche etc.
00:35:01.080 --> 00:35:02.190 Brian Califano: But what happens if you.
00:35:02.430 --> 00:35:14.760 Brian Califano: yeah what happens if you don't have all the funds that you need what happens if the cash flow slows down so much that you can't afford to you know purchase the materials that you need to manufacture the clothes that you buy that you're.
00:35:15.870 --> 00:35:21.060 Brian Califano: Doing so what happens if interest rates go up so either you can't sell the properties that you're trying to sell online.
00:35:22.020 --> 00:35:35.430 Brian Califano: So these are things that we know I talked about, and again most business owners now, I think I think probably the biggest difference in a couple years ago when you go through these processes, they say all right well let's think about what happens is big on thinkable happened, you know.
00:35:35.640 --> 00:35:39.450 Brian Califano: race and memory let's let's take it a little bit further so.
00:35:39.960 --> 00:35:43.680 Eric Sarver, Esq.: Those are great points that right, the one thing I said I remember, he said that.
00:35:44.160 --> 00:35:52.290 Eric Sarver, Esq.: I recall this point coming up in March of 2012 which is you know say they thinking globally, but you can have your own version.
00:35:52.680 --> 00:36:03.300 Eric Sarver, Esq.: of a pandemic, or a session in terms of the countries doing fine if your company, you know your sort of micro level world classes, like to say, you know with clients that are.
00:36:04.110 --> 00:36:10.710 Eric Sarver, Esq.: As you mentioned example losing a very big clients are losing couple of good clients, or just not having the sales you once had.
00:36:11.340 --> 00:36:17.250 Eric Sarver, Esq.: Those are very important, I think, too often entrepreneurs, they have to keep it very optimistic outlook.
00:36:18.060 --> 00:36:26.910 Eric Sarver, Esq.: To to survive, and to do that, every day, right after they keep it the mind up you know the greatest would it be granted this would be wonderful much like I think you know I think in the world of.
00:36:27.330 --> 00:36:38.550 Eric Sarver, Esq.: musicians and entertainers and one of the professionals like to have to think the mindset of I go to succeed at this but somewhere in there that's to me the the factoring of what if you don't or whatever things.
00:36:39.210 --> 00:36:44.580 Eric Sarver, Esq.: Speed bump right do you have the funds you play so I think it's a great point I think the coven.
00:36:45.750 --> 00:36:50.370 Eric Sarver, Esq.: connection that one of the points Now people are more willing to look at those hard questions because.
00:36:50.670 --> 00:37:02.280 Eric Sarver, Esq.: Three years ago, I thought i'll just doomsday thinking Brian you know just been a negative net you know now it's like Okay, we see what could happen on the turn you know turn of a dime, so to speak, so glad you're bringing that up.
00:37:02.340 --> 00:37:07.980 Brian Califano: The idea yeah in the role of the fractional CFO if you're a CFO of a major corporation listen this.
00:37:08.190 --> 00:37:21.300 Brian Califano: You know the other you tend to be the person that tends to be the wet blanket right you're the person that says women Is this how much are we spending on this marketing campaign, or you show we need the crp system, what are you talking about that you want to go overseas, you know.
00:37:21.360 --> 00:37:24.150 Brian Califano: These are things we're the we're the ones that have to kind of bring.
00:37:24.420 --> 00:37:31.620 Brian Califano: The dreamers you know a little bit down to reality, I mean we don't and that's and that's again, you know when you weren't an entrepreneur was everything is.
00:37:32.340 --> 00:37:42.120 Brian Califano: Is is seeing the vision of what you want to create you don't see the pitfalls and the obstacles, because if you spend too much time on that you'll never get anything done that's just not what successful people do.
00:37:42.540 --> 00:37:48.000 Brian Califano: And you know, there are you know, there are buying every success is also many failures, but my job is to either.
00:37:48.540 --> 00:38:00.660 Brian Califano: To prevent those failures, or to mitigate the impact of those failures and it's been my role as the CFO for the small, medium sized businesses, so it is a fine line, but again, sometimes i'm the person got on here, he goes again.
00:38:01.170 --> 00:38:08.700 Eric Sarver, Esq.: Right right, but we know, but I think our clients need that they need that sort of you can say it's responsible, but you know.
00:38:09.270 --> 00:38:18.600 Eric Sarver, Esq.: just been parent figure, or maybe they're responsible I like the idea of sort of bringing the dream, a little bit down to earth with some you know a little bit of an anchor but not so much that, then I.
00:38:19.170 --> 00:38:26.400 Eric Sarver, Esq.: You know story and flying and such a reason that metaphor, but I know I think it's true, I think, and I, I see with my clients as well you know that.
00:38:26.700 --> 00:38:36.750 Eric Sarver, Esq.: Like some don't want to think about saving worst case scenarios with disgruntled employees with them, I do know that would never happen, you know we're like we're like a family here, and you will get along so well.
00:38:38.040 --> 00:38:44.340 Eric Sarver, Esq.: And they do until they don't so, but you don't want to be too much running on fear of worst case scenario, we want to be prepared for that.
00:38:44.760 --> 00:38:53.670 Eric Sarver, Esq.: And that's what I think I hear you saying like helping them to succeed by looking at like the the what IFS of negative, you know events.
00:38:54.000 --> 00:38:54.390 Brian Califano: So yeah.
00:38:54.420 --> 00:38:55.170 Eric Sarver, Esq.: good to have that.
00:38:55.440 --> 00:39:01.410 Brian Califano: I mean a perfect example, and this is going to bring it back to the appointment is when you start a company if you're starting with more than one person.
00:39:01.860 --> 00:39:16.140 Brian Califano: yeah you have to lay out like when you do this, you have to basically say Okay, how do we defeat like, how do we divide up the assets, when we ultimately break apart yeah you're like wait a minute we haven't even started yet you already talked about breaking apart.
00:39:16.500 --> 00:39:16.770 Eric Sarver, Esq.: Right.
00:39:16.800 --> 00:39:24.960 Brian Califano: But the reality is is that it's almost like a pre prenup prenup agreement when you get married when we talk about that towards when we get married.
00:39:25.320 --> 00:39:29.880 Brian Califano: yeah you know i'm not advocating productions in the marriage situation, but you do business.
00:39:30.960 --> 00:39:33.270 Brian Califano: You have to kind of plan for all scenarios.
00:39:33.300 --> 00:39:34.530 Brian Califano: when things are going great.
00:39:34.800 --> 00:39:44.370 Brian Califano: it's like you said earlier, with it, with it well, that that employee would never do that to me that person would never steal those clients from me if they if they were here, it just wouldn't trust him or her so much.
00:39:44.490 --> 00:39:53.610 Brian Califano: Right right, what happens if this is something that's a fine line with maybe it's maybe the other person doesn't think it's immoral, maybe the other person.
00:39:54.000 --> 00:40:02.700 Brian Califano: feels they got it on their free time or outside the company time you know there's a lot of there's lots of things and that's where people should hire you to talk about those situations, but.
00:40:02.790 --> 00:40:11.490 Brian Califano: Yes, for me how it impacts, the finance world is, you have to you have to account for, and you have to protect your financial assets of the small, medium sized business person.
00:40:11.820 --> 00:40:19.680 Brian Califano: So it can't do that then you're not doing your job, and if you just want to say yeah you're right no problem, you want to be a yes person, you know knock yourself out but.
00:40:20.040 --> 00:40:24.360 Brian Califano: You have to be a contrarian sometimes if for no other reason than just to show another point of view which.
00:40:24.660 --> 00:40:29.310 Brian Califano: Thankfully, you know, hopefully won't happen, but if it does yeah there's a plan in place.
00:40:29.550 --> 00:40:37.620 Eric Sarver, Esq.: Right it's you know it's I think all the ones, but I assure your philosophy right very much and I have some clients who I see you know when they.
00:40:38.250 --> 00:40:44.220 Eric Sarver, Esq.: Talk to you know if they have a CFO in their company somebody already has your role, for example, if they don't.
00:40:44.790 --> 00:40:52.620 Eric Sarver, Esq.: send them to you, of course, but if they don't see how someone someday I can see that sort of disappointment when they hear that they have sort of their wings a little bit.
00:40:53.070 --> 00:41:04.290 Eric Sarver, Esq.: But again it's for the long haul you know you're in the long run, you have to have a certain I think why sacrifices and also just have a contingency plan set up, which brings me to talking about plans, I think my.
00:41:05.460 --> 00:41:11.430 Eric Sarver, Esq.: Other question I have you is about you know talking about your company, if everything CFO, how do you differ.
00:41:12.360 --> 00:41:22.830 Eric Sarver, Esq.: In your approach to fractional CFO services like how might you help your clients we've actually talked about this accounting equation, but how do you define what's your unique approach.
00:41:23.430 --> 00:41:35.700 Brian Califano: yeah so we have like a you know, so our philosophy, the way we run our company in the fractional CFO industry is you know we have a relatively we consider ourselves a a small boutique consulting firm.
00:41:36.150 --> 00:41:37.230 Brian Califano: in the sense that.
00:41:37.470 --> 00:41:43.110 Brian Califano: You know, we don't have we're not very large are about 10 you know 10 people employees and consultants.
00:41:43.440 --> 00:41:56.340 Brian Califano: But we have a playbook that we adhere to and it's the accelerating CFO way, so we talked about the philosophy, a little bit about the philosophy of budgeting and forecasting, you know how you raise find it, you know we haven't even touched about you know how you raise financing.
00:41:56.850 --> 00:41:59.160 Brian Califano: You present ourselves to potential investors.
00:41:59.340 --> 00:42:03.600 Brian Califano: When you sell a company and how you manage your company using kpis.
00:42:03.990 --> 00:42:11.580 Brian Califano: You know these are just a little bit of tidbits that i'm throwing out there that talk about what How does he How does accelerating CFO different from everybody else.
00:42:12.360 --> 00:42:22.290 Brian Califano: Who do similar services and products they're all good in her own way, so what what we have learned over the years, both working for big companies and for the entrepreneurial community.
00:42:22.590 --> 00:42:23.130 Brian Califano: Is that.
00:42:23.190 --> 00:42:32.640 Brian Califano: Everything is you know there's a playbook and place where you can study, finance and maybe not you know you don't use every tool in the toolbox, but every tool boxes there for you to use so whether you need.
00:42:33.240 --> 00:42:47.130 Brian Califano: some kind of analysis on income statement balance sheet, we can do that if you want to analyze things a little bit differently, and maybe go with different directions here geographically a product line we can do that we are able to kind of turn the rubik's cube a little bit.
00:42:47.460 --> 00:42:49.980 Brian Califano: and help companies look at things a little bit differently.
00:42:50.400 --> 00:42:55.260 Brian Califano: and deploy all of our experiences so that they can make the most informed decision.
00:42:55.290 --> 00:42:59.280 Brian Califano: That they can make it by having it as as slow as a small.
00:42:59.850 --> 00:43:08.730 Brian Califano: enclosed playbook we can control quality that goes out to our clients so whereas other other providers may.
00:43:09.780 --> 00:43:13.500 Brian Califano: pull in different people from different industries as they need him or her.
00:43:13.920 --> 00:43:15.870 Brian Califano: and have him or her decide how they go to.
00:43:15.870 --> 00:43:18.960 Brian Califano: deploy their their philosophies.
00:43:19.260 --> 00:43:22.770 Brian Califano: We have a central philosophy that everybody understands adheres to.
00:43:23.040 --> 00:43:35.460 Brian Califano: And that we make sure you know, at our level at the partner level that the quality of the work is being done correctly and it's consistent throughout all our clients and it doesn't make a difference if you're a.
00:43:36.480 --> 00:43:39.090 Brian Califano: manufacturer if we're going to tame it.
00:43:39.480 --> 00:43:51.960 Brian Califano: Right or if you're doing or if you were in technology space any any everything is relative the same everybody's got key performance indicators, they have to track to everybody adheres to the same account and philosophies that we to.
00:43:52.290 --> 00:43:53.700 Brian Califano: everybody gets the same rigor and.
00:43:53.700 --> 00:44:00.570 Brian Califano: Review along the way, so you have a consistent application of finance and accounting at the highest degree.
00:44:01.680 --> 00:44:08.550 Eric Sarver, Esq.: Excellent right appreciate that Brian really good that you can share with our audience tonight so for audience and we're going to take her.
00:44:09.030 --> 00:44:15.510 Eric Sarver, Esq.: Last commercial break we'll come back we'll talk to Brian little more and then we'll find out more about how you can contact Brian.
00:44:16.260 --> 00:44:26.700 Eric Sarver, Esq.: For now i'll just say that you're tuned into employment law today with your host erick solver and my guest tonight, Brian color font right here and talk with nyc stick around we'll be right back.
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00:46:27.120 --> 00:46:29.310 Eric Sarver, Esq.: Welcome back today.
00:46:30.960 --> 00:46:41.190 Eric Sarver, Esq.: My guest tonight, as I mentioned, joining us late is CFO Brian Colorado of accelerating CFL and Brian really great stuff to talk about tonight is topic of.
00:46:41.790 --> 00:46:52.500 Eric Sarver, Esq.: Inflation high interest rates and how companies and business owners and employers are like we can combat inflammation I think it's really important that people hear this glad you're here tonight joining us.
00:46:53.970 --> 00:47:04.320 Brian Califano: now listen the screen I love this audience yeah I love the way you deliver in the podcast I listened to it when i'm not on it myself, so you deliver a lot of great quality so on behalf of all of us, thank you.
00:47:06.030 --> 00:47:09.150 Eric Sarver, Esq.: appreciate that, thank you very much thank you Thank you again.
00:47:09.840 --> 00:47:17.700 Eric Sarver, Esq.: Thank you that's very nice to say I try to keep the topics fresh and you know and whatever it is timely and interesting presentation and and.
00:47:18.060 --> 00:47:24.210 Eric Sarver, Esq.: and Kofi 19 and all kinds of stuff I think I think small businesses and medium sized businesses really need.
00:47:24.600 --> 00:47:32.760 Eric Sarver, Esq.: Resources in your corner so glad that you're here, you know with us tonight we have a little time, so we always have about 11 minutes on.
00:47:33.120 --> 00:47:46.980 Eric Sarver, Esq.: The last three or which are usually reserved for you to wrap up and for me to wrap up the show as well, but we can certainly talk about this idea of you know, inflation i'm wondering like when a when a company let's say is starting out.
00:47:48.330 --> 00:47:52.170 Eric Sarver, Esq.: And they're starting out in the time like now, with high inflation I industries.
00:47:52.200 --> 00:48:00.570 Eric Sarver, Esq.: yeah is there any different advice to have like say a new business starting out today versus if they were starting out in a different time with lower inflation.
00:48:01.350 --> 00:48:09.510 Brian Califano: or yeah my you know anybody know I would say, initially know, and I think in some ways it's okay to start now because you have no preconceived.
00:48:11.310 --> 00:48:15.120 Brian Califano: ways of doing things that you may feel differently so if you're starting a business now.
00:48:15.690 --> 00:48:21.030 Brian Califano: you'd be like okay Well, this is the inflation area Now this is, this is the borrowing rate, and this is how we.
00:48:21.360 --> 00:48:30.210 Brian Califano: This is how I gotta deal with it, I don't have to worry about what it was because doesn't apply because I didn't have a business, then I got it right, it is now so that's good but I always have this piece of advice.
00:48:30.600 --> 00:48:39.150 Brian Califano: For all businesses depart, no matter what what's going on the economy or what have you I tell him or her if you're serious about leaving a.
00:48:39.870 --> 00:48:50.400 Brian Califano: w two job and going to start your business make sure that you have all your finance your personal finances in order before you start your business.
00:48:51.060 --> 00:48:58.650 Brian Califano: One of the things you know, I was mentioning earlier, where I was working at at some of the well known brands like like I said Viacom and national hockey League, etc.
00:48:59.610 --> 00:49:06.480 Brian Califano: When you go to the bank you say you want money or you want you want financing will you want credit cards that lined up out the door right.
00:49:06.630 --> 00:49:11.460 Brian Califano: So dark you know they're like oh you're making X amount of dollars a year will do that no problem yeah.
00:49:11.850 --> 00:49:12.240 Brian Califano: And yeah.
00:49:12.630 --> 00:49:15.810 Brian Califano: You know, like Okay, no problem, you know every day you don't throw those out this that.
00:49:16.050 --> 00:49:16.740 Brian Califano: And then.
00:49:16.800 --> 00:49:22.590 Brian Califano: When you leave that w two job, and then you end up becoming a 1099 employees, if you.
00:49:22.590 --> 00:49:33.660 Brian Califano: Will or your work on your own all of a sudden, you know you go to that same bank and they say oh so which wi fi well here's my number two but I don't work there anymore, but I started my own business okay great.
00:49:34.470 --> 00:49:36.030 Brian Califano: will lend you money in two years.
00:49:36.360 --> 00:49:37.470 Brian Califano: Right what.
00:49:37.920 --> 00:49:38.340 Right.
00:49:39.600 --> 00:49:51.450 Brian Califano: yeah because now all of a sudden, you know when you were when you had steady income and stay, it was viable income they'll they'll back you up and do well, the minute you saw even though you're the same person, you were 24 hours earlier.
00:49:51.720 --> 00:49:52.110 Eric Sarver, Esq.: Right.
00:49:52.320 --> 00:49:54.570 Brian Califano: They say well sorry talk to us in two years.
00:49:54.900 --> 00:49:56.940 Brian Califano: And that was that was something that I didn't.
00:49:57.180 --> 00:50:02.700 Brian Califano: You know, anticipate when I first started, I thought they were hey Brian how fantastic great guy.
00:50:02.730 --> 00:50:03.600 Eric Sarver, Esq.: let's just get money.
00:50:03.720 --> 00:50:14.820 Brian Califano: that's not how it is so for those that are thinking about doing that I would say, you know if you have money set you know set aside for money for a rainy day make sure the funds are there.
00:50:15.180 --> 00:50:21.570 Brian Califano: Or, if you have money secured away make sure you have all your key significant expenses accounted for for at least three to six months because there is a.
00:50:21.570 --> 00:50:22.830 Brian Califano: certain type of doing that.
00:50:23.220 --> 00:50:27.690 Brian Califano: And it's like waterway find it, and if you want to refinance your loans on your house or whatever other.
00:50:27.780 --> 00:50:28.860 Brian Califano: assets you own.
00:50:29.130 --> 00:50:32.130 Brian Califano: It would again before you start your new business because.
00:50:32.280 --> 00:50:33.360 Eric Sarver, Esq.: Right now.
00:50:33.660 --> 00:50:42.690 Brian Califano: you're not going to have that same access to that won't have that ready access of capital funds until your business becomes on its feet as established as a regular cash flow and.
00:50:43.800 --> 00:50:49.890 Eric Sarver, Esq.: Yes, you're right that's so true I think it's one of those things that you know people don't think about when they go off on their own.
00:50:50.820 --> 00:50:58.200 Eric Sarver, Esq.: That you know that whole, as you mentioned the credit line alone that they would have given you and you had a comfortable you know salary and who you are and.
00:50:58.590 --> 00:51:03.870 Eric Sarver, Esq.: They know that they can rely on you to pay it back and they know that you know you'll be there to pay them if you missed a payment if there's interest.
00:51:04.200 --> 00:51:20.070 Eric Sarver, Esq.: You can cover it, but now you you a person's more of a rinse gifts because they're starting so they could fail, and it could get into a jam, or they could not make the money that they make so like I think it's definitely a an interesting point that i've seen a lot of small business owners.
00:51:20.280 --> 00:51:20.580 Brian Califano: On.
00:51:20.610 --> 00:51:31.170 Eric Sarver, Esq.: To that situation where they say, but I have a great credit rating and i've been you know, history and I borrow before and even from you this tank and they may still get that kind of response to come back in two years, so.
00:51:32.310 --> 00:51:37.410 Eric Sarver, Esq.: Definitely I think it's all part of that right sort of greater theme talking about today and being proactive.
00:51:37.770 --> 00:51:43.890 Eric Sarver, Esq.: And lining of your ducks in a row, and then before you take an action which I know is a big part of what you do right it's sort of.
00:51:44.220 --> 00:51:53.700 Eric Sarver, Esq.: it's like this, look at the you know what we have to do to plan to make things happen, so I isn't much for the business owners look at their own private funds as a company's.
00:51:54.600 --> 00:52:10.440 Brian Califano: ya know I again, you know it's all it's you know, though you if you if you fail to plan you plan to fail right, yes, and again that's it no planning doesn't solve all the issues, but it also gives you a good psychological way of approaching business in the sense of.
00:52:10.620 --> 00:52:13.800 Brian Califano: hey i'll be able to handle anything that comes to its way.
00:52:14.010 --> 00:52:15.360 Brian Califano: It may not be ideal but.
00:52:15.360 --> 00:52:22.020 Brian Califano: At least we have a game plan in place like when good things happen, unfortunately, again, going back to you know march 2020.
00:52:22.320 --> 00:52:22.800 Eric Sarver, Esq.: Yes.
00:52:22.860 --> 00:52:32.070 Brian Califano: A lot of people had to lay people off or, at least temporarily per month for a low, but you know for the for my clients, while was not an easy decision to make.
00:52:32.730 --> 00:52:43.110 Brian Califano: Emotionally from a practical financial standpoint, it was easy because we said look if you lost 20% of your business, you would have to access this department or you have you don't need.
00:52:43.530 --> 00:52:48.810 Brian Califano: You know, manufacturing so much because you're going to go with whatever you have in stock before you revamp it.
00:52:49.380 --> 00:52:59.910 Brian Califano: Right, so people knew what to do so, you automatically switch gears to like oh wait a minute we talked about this all right, so now it's a matter of Do you really want to do it so.
00:53:00.750 --> 00:53:12.810 Brian Califano: I think again from a psychological standpoint it's really, really important to keep things as close as you can to where you want to be, and then, when you when you're heading due north.
00:53:13.170 --> 00:53:17.580 Brian Califano: yeah you know when you when you know we talked about key performance indicators and if your.
00:53:17.640 --> 00:53:19.320 Brian Califano: Gross margins are going well and.
00:53:19.320 --> 00:53:20.010 Brian Califano: Cash flow is.
00:53:20.100 --> 00:53:20.610 Eric Sarver, Esq.: Good.
00:53:20.850 --> 00:53:30.330 Brian Califano: Maybe you have too much debt, but your interest rate coverage and all these fancy financial terms, at the end of the day, if you're heading if you're if you're going with your plan to be.
00:53:30.510 --> 00:53:40.740 Brian Califano: There to achieve your goals and objectives that you want to achieve, and if you do start to steer away the question becomes too I do I make corrective actions in my operations to.
00:53:42.360 --> 00:53:48.600 Brian Califano: change due North maybe maybe I you know, I have to get rid of a particular product line, maybe I have to.
00:53:49.410 --> 00:54:01.710 Brian Califano: know not not plan on purchasing as much as I planned on purchasing because my margins on certain products aren't as good as others, so we have to change that up so maybe my top line is not going to be my.
00:54:01.980 --> 00:54:15.900 Brian Califano: or my revenue wine is not going to be what i'm going to focus on anymore it's going to be hey what's my what's my net income, going to be what's my ultimate savings and i'm going to have, at the end of the year so again by by measuring and planning.
00:54:16.140 --> 00:54:17.670 Brian Califano: you're able to adjust.
00:54:17.730 --> 00:54:21.990 Brian Califano: and be able to look at things objectively I look we're all emotional people and.
00:54:22.200 --> 00:54:25.500 Brian Califano: We were our business as anything else, so we want to make sure.
00:54:26.310 --> 00:54:35.670 Brian Califano: That there are times that you think, do you think so rose colored glasses, but sometimes you just have to take it and put on a different set so maybe it's that rolls college, maybe it's a little bit Hugh did you use a little bit change so.
00:54:36.390 --> 00:54:42.960 Eric Sarver, Esq.: Absolutely no, I think that psychological component is so important, and I think just everything you say there is really you know spot on.
00:54:43.650 --> 00:54:49.200 Eric Sarver, Esq.: I think it's like yeah sure if obligation to keep the psychological emotional component in mind as well.
00:54:49.680 --> 00:55:00.150 Eric Sarver, Esq.: And you know it's great Brian we have about two and a half minutes, I want to give you a little time to target audience how they can contact you or your website email, and anything else, the floor is yours.
00:55:00.960 --> 00:55:14.430 Brian Califano: Thank you so much, I appreciate it so for people who want to hear about more about topics like inflation and interest rates and how to raise money for the first time we have a blog that we send out, and we also post on linkedin.
00:55:15.090 --> 00:55:26.790 Brian Califano: You can look me up Brian Calafat oh si K l I F isn't frank, no, you can look me up and feel free to follow me there, we also have a mailing list so you can do that.
00:55:27.000 --> 00:55:39.000 Brian Califano: You asked us to scribe on that and we also have on our website accelerating CFO COM that's accelerating ACC IE ll E ra ta n G CFO calm.
00:55:39.480 --> 00:55:44.580 Brian Califano: And if you go there you'll see all the blog posts that you see in the linkedin you'll also learn a little bit more about myself and.
00:55:44.910 --> 00:55:54.690 Brian Califano: And Scott margolin my co founder of the firm, as well as different examples of how we help companies, become more profitable or reach their goals quicker.
00:55:55.290 --> 00:56:00.270 Brian Califano: And i'm also you can also find on there, how you can get a free diagnostic on your business to determine.
00:56:00.570 --> 00:56:06.150 Brian Califano: You know where you are where we see areas of improvement, and how we can potentially help you achieve your goals and objectives.
00:56:06.510 --> 00:56:18.330 Brian Califano: So go to go to the website accelerating CFO calm to learn more about how we can help you in your business, if you want to email me, you can email me at Brian my first name at accelerating CFO calm as well.
00:56:19.560 --> 00:56:28.560 Eric Sarver, Esq.: Right, that was an excellent wrap up I do i've done this for a long time now, you got all the major points there the email the website, the tools, you have in your website linkedin.
00:56:29.370 --> 00:56:36.540 Eric Sarver, Esq.: also appreciate how you spelled it out too, because people are always watching off and people are listening so that's really great you know you did that and.
00:56:37.050 --> 00:56:47.310 Eric Sarver, Esq.: You know just say again, Brian it was a pleasure, having you on the show tonight Thank you so much for sharing all your knowledge and your insights with our guests, I really want to thank you once again for being here.
00:56:47.880 --> 00:56:53.370 Eric Sarver, Esq.: And i'll just say that you know if people like what you hear tell your colleagues or your clients or your friends.
00:56:53.700 --> 00:57:02.850 Eric Sarver, Esq.: or your family that tune in Tuesday nights from 5pm to 6pm right here on talk radio and why see you can find us on Facebook live, you also find us on.
00:57:03.210 --> 00:57:15.570 Eric Sarver, Esq.: spotify or take a patient right here, and then surely spotify stitcher Amazon apple podcast Google play and public radio so once again i'm your host erick sovereign.
00:57:16.560 --> 00:57:21.360 Eric Sarver, Esq.: It truly a pleasure, having you back on the show Bryan callen find all of its origins CFO.
00:57:21.780 --> 00:57:33.240 Eric Sarver, Esq.: want to thank you very much, and I want to wish everyone out there listening really good night and a good week we'll be back next week with exciting topics so stick around for other great programming and great night.
00:57:34.920 --> 00:57:35.190 Brian Califano: Thank you.