• Date: Wednesday, August 18, 2010 - 5:00 to 6:00 pm 
• Guest:  Jeff Plank, Manager of Consulting Services, HLB Gross Collins, P.C.
• Listen to show.

Welcome to the Gross Reality.  My name is Steve Gross and I will be your host for the next hour.  This is a show aimed at those of us involved in business as an owner, a motivated manager, or a young business person building their skill sets for the future.  Past seminars are available to listen to here. 

We are not a show about money, but about achievement, personal responsibility, self esteem created by real accomplishments, and the personal freedoms needed to allow these activities to occur.

Additionally, we also support and defend free enterprise, enlightened self interest and a commitment to capitalism, that is not corrupted by special deals and influenced by government.  We need to stand up to corruption, both private and public and recognize the enemy that it is to freedom and free enterprise.

As a CPA and cofounder of HLB Gross Collins, an Atlanta based regional accounting and consulting firm, I have seen, advised, invested in, and consulted with many companies.  I have seen success, failure, struggles with economic cycles or industries going through changes.  Those that accepted change as normal, and challenges as part of the choice to be in business had an advantage and, in more cases than not, have succeeded.

We want to welcome as our guest today, Jeff Plank who is a Manager of Consulting Services at HLB Gross Collins.  We will talk about a variety of topics with Jeff including:

• Building your business for value – In vs. On.
• Managing your business in real time – using insights to bet your competition
  •             By the numbers
  •             Planned
  •             Against competitors performance
• Transitioning or selling when you’re ready

Before we dig into this with Jeff we will visit two features.  Our regular feature – The Good – The Bad – The Ugly and secondly, business tips for overcoming apparent problems.

This Week's Good  Congress and the President are in recess.  No mischief when D.C. is empty of mischief makers.

Even so:

•             Two Senators showed up in D.C. – passed into law a $65 Billion bailout for public workers.
•              They said, we could have passed the rest of Obama’s agenda, with only two votes, if they had the nerve.

The Bad  Both Republicans and Democrats are dodging the hard decisions.

•             Republicans want to lower taxes
•             Democrats want to raise taxes
•             No one wants to reduce spending

New Jersey and Chris Christy are the first example of someone standing up and confronting a legislature.  Fed government needs a Chris Christy.

The Ugly  Very apparent in this election cycle that D.C. is dysfunctional.

• No common sense allowed.
• All policy is postured by both sides.
• Automatic opposition to each other, by both.
• Personal attacks are method of debating policy.
• “Racism” is a word and strategy used to demonize and shut up all rational but different conversation.
• Blame Bush substitutes for getting the job done.
• No one controlling government has any ideas or experience in actually creating jobs.

The current political environment must be destroyed and replaced with reason.

• Term limits – no lifetime jobs.
• Laws passed by congress must apply to congress.
• Comp must equal but not exceed private pay.
• Entitlements must be limited to what we can afford (expected collections).
• Jobs must be encouraged and incented, not bought and paid for (stimulus).

 Tip of the Day:  How to deal with the IRS, if they unexpectedly appear (letter or personally)?

First, don’t panic.  There are many reasons to get a letter.

1)  Numbers didn’t match up – 1099 or W-2 different then what you put on return.

            Easy – provide back up to correct with letter explaining.  If they are right and you aren’t, pay the bill ASAP and be done.

2)  Error in processing return – their numbers don’t agree in computation to yours.

            Easy or Not

1. Review their computations
2. Review your return
3. Have your preparer review the latter and your return.
4. Once you know the answer – letter or check.

3)  Want to audit you – two types

            Specific questions (desk review):  Easy – provide your backup and a letter of explanation, should be enough

             Full return (in person audit):  Hard – get representation, CPA or taxpayer rep – sign limited POA

•  
  •             Have them meet with agent with your records
  •             Minimize your presence, be careful
  •             Review result and leave options open

Now with the show today and our guest Jeff Plank.  Jeff is an experienced business advisor and before joining Gross Collins, held senior management positions in operations and finance areas across various industries in organizations that ranged in size from Fortune 50 companies to technology start-ups.

Jeff earned a Bachelor of Science degree in Mechanical Engineering from the United States Military Academy at West Point and received his Masters of Business Administration from the University Of Chicago Booth School Of Business, with a dual concentration in Finance and Marketing.

Jeff specializes in consulting and valuation services designed to protect assets and make organizations more efficient and effective.  Jeff is an Accredited Valuation Analyst with the National Association of Certified Valuation Analysts, and is also a Certified Mindshop Facilitator.

• Talk about how a business can maximize opportunities by managing by the numbers.
  •             Understanding KPIs, analytics, reports and using this information strategically
  •             What can these things really tell a business owner?
• How can a business owner remain in tune with the business reporting processes and continue to evolve accordingly?
  •             Starting with the business plan
  •             Developing the reporting processes to monitor the flow of the business plan
  •             Marshalling the decisions that are made
• How does the business process flow through the numbers?
  •             Data
  •             Information
  •             Insight
  •             Action
   
• How do the numbers play into each stage of planning, executing, and evaluating?