WEBVTT 00:00:00.000 --> 00:00:02.399 Hey everybody, welcome back to Vision Pros Live. 00:00:02.560 --> 00:00:04.400 I'm your host and coach, Fletcher Ellingson. 00:00:04.480 --> 00:00:06.700 I'm so glad you're here. I'm so glad that you 00:00:06.700 --> 00:00:09.699 are in this conversation. Today on the show, 00:00:09.820 --> 00:00:13.720 we have Sonny Grappone, and he is the president 00:00:13.720 --> 00:00:20.019 of Precision Accounting and Consulting, and he's 00:00:20.019 --> 00:00:23.530 going to give us... The Goods. I listened to 00:00:23.530 --> 00:00:26.949 one of his podcast shows and I was impressed 00:00:26.949 --> 00:00:30.050 by how they just got to the facts. No fluff. 00:00:30.289 --> 00:00:32.909 And that's what I like. So, Sonny, welcome to 00:00:32.909 --> 00:00:35.390 the show. Pleasure. Thank you so much for having 00:00:35.390 --> 00:00:38.270 me. It's a pleasure. Yeah, you bet, man. Hey, 00:00:38.350 --> 00:00:40.460 before we get into it. I always like to start 00:00:40.460 --> 00:00:42.259 off with the win because there's a lot of uncertainty. 00:00:42.340 --> 00:00:44.659 There's a lot of suffering in the world. We want 00:00:44.659 --> 00:00:47.000 to remind people that they're still good and 00:00:47.000 --> 00:00:50.179 we can create good intentionally. So what's something 00:00:50.179 --> 00:00:53.000 that's going well in your world? What's going 00:00:53.000 --> 00:00:55.679 well in my world? Well, I have a lot going on. 00:00:56.159 --> 00:00:58.460 I guess from a personal standpoint, my children. 00:00:58.859 --> 00:01:01.979 you know uh you know i have two girls a four 00:01:01.979 --> 00:01:04.079 a four -year -old and a two -year -old lena and 00:01:04.079 --> 00:01:07.840 gabriella um so they keep me young and they keep 00:01:07.840 --> 00:01:10.780 me able you know um they're also my motivation 00:01:10.780 --> 00:01:13.359 right you know so when you have young kids like 00:01:13.359 --> 00:01:16.040 that it's like you know i always tell my wife 00:01:16.040 --> 00:01:18.040 these are our earning years right now you know 00:01:18.040 --> 00:01:21.920 i'm 41 and i'm like you know so trying to balance 00:01:22.590 --> 00:01:25.569 The family life and the work life is a challenge, 00:01:25.730 --> 00:01:28.230 but at the same time, you know, when I come to 00:01:28.230 --> 00:01:31.510 work and I'm working until 11, 12 o 'clock at 00:01:31.510 --> 00:01:33.609 night, you know, working on so many different 00:01:33.609 --> 00:01:35.930 things, I know my motivation's there. You know, 00:01:35.930 --> 00:01:38.069 all I have to do is go upstairs while my daughter's 00:01:38.069 --> 00:01:40.209 sleeping, you know, watch her, and I know why 00:01:40.209 --> 00:01:42.989 I'm working so hard, you know. Family is something 00:01:42.989 --> 00:01:46.950 that I didn't think, not that it wasn't possible, 00:01:47.150 --> 00:01:50.989 but, like, it just wasn't in my vision, right? 00:01:51.189 --> 00:01:53.920 Yeah. you know in the beginning you know uh when 00:01:53.920 --> 00:01:58.560 i was like 32 33 i um i was traveling you know 00:01:58.560 --> 00:02:00.980 just doing everything that i i i loved at the 00:02:00.980 --> 00:02:04.319 time you know and i didn't see a family uh in 00:02:04.319 --> 00:02:07.319 store for me and you know god surprised me and 00:02:07.319 --> 00:02:11.340 uh i met my wife and you know the rest was history 00:02:11.340 --> 00:02:14.479 within within a year of meeting her we got married 00:02:14.479 --> 00:02:16.840 bought a house a year later we had our first 00:02:16.840 --> 00:02:19.199 daughter and then 18 months later we had our 00:02:19.199 --> 00:02:23.960 second so of joy comes in thank you yeah yeah 00:02:23.960 --> 00:02:27.300 yeah yeah uh our children can definitely be a 00:02:27.300 --> 00:02:30.560 bright spot and that that inspiration so yeah 00:02:30.560 --> 00:02:35.520 well said well said hey um so you're in the uh 00:02:35.520 --> 00:02:39.159 the you were in the accounting and consulting 00:02:39.159 --> 00:02:43.259 business and the show here we've got is called 00:02:43.259 --> 00:02:47.360 vision pros so that's a big industry there's 00:02:47.360 --> 00:02:50.060 a lot of players but i want to hear from you 00:02:50.930 --> 00:02:55.310 What's your vision? So, you know, when I first 00:02:55.310 --> 00:02:59.550 started this business, you know, this might sound 00:02:59.550 --> 00:03:03.150 a little cliche or like, I don't know. I always 00:03:03.150 --> 00:03:06.849 felt in my bones, like since I was younger, that 00:03:06.849 --> 00:03:08.990 I'd always be an entrepreneur because, you know, 00:03:08.990 --> 00:03:11.550 since I was a young kid, I always, you know, 00:03:11.569 --> 00:03:13.710 I've been working since my first job was 12 years 00:03:13.710 --> 00:03:16.379 old. uh bagging groceries from my parents at 00:03:16.379 --> 00:03:18.259 their grocery store my mother was a bookkeeper 00:03:18.259 --> 00:03:20.599 uh for wall bounds i don't know if you've ever 00:03:20.599 --> 00:03:22.919 heard of wall bounds they're in new york uh so 00:03:22.919 --> 00:03:25.560 i reside in new york uh long island i grew up 00:03:25.560 --> 00:03:28.139 in queens new york and probably tough on my accent 00:03:28.139 --> 00:03:32.400 um but you know growing up at 12 years old first 00:03:32.400 --> 00:03:34.400 thing i did to make money was bag groceries that 00:03:34.400 --> 00:03:36.280 put a little tip jar out there and i would make 00:03:36.280 --> 00:03:39.169 like you know 75 bucks in a day back then for 00:03:39.169 --> 00:03:41.050 a young kid that was great you know that was 00:03:41.050 --> 00:03:44.469 awesome yeah yeah so you know getting forward 00:03:44.469 --> 00:03:47.710 and uh moving forward in my life you know i always 00:03:47.710 --> 00:03:50.689 just got attracted to making money and i knew 00:03:50.689 --> 00:03:52.969 that i always wanted to be my own boss you know 00:03:52.969 --> 00:03:55.569 and you experience that more so when you work 00:03:55.569 --> 00:03:58.770 for somebody and you see all the all you're contributing 00:03:58.770 --> 00:04:02.280 to to making them more money you know and you 00:04:02.280 --> 00:04:04.439 know i kind of didn't want that for myself and 00:04:04.439 --> 00:04:07.219 i remember i'm not a skeptic i don't really believe 00:04:07.219 --> 00:04:09.599 too much in like psychics or stuff like that 00:04:09.599 --> 00:04:12.180 but i remember i went we were like george it's 00:04:12.180 --> 00:04:14.819 a place where people go away in upstate new york 00:04:14.819 --> 00:04:17.480 and uh i was away with my family and there's 00:04:17.480 --> 00:04:20.040 a psychic that's been there for like 25 30 years 00:04:20.040 --> 00:04:22.500 she's been she's like a staple there my parents 00:04:22.500 --> 00:04:24.459 all believe in it my mother and all this stuff 00:04:24.459 --> 00:04:26.660 so you should go i'm like all right you know 00:04:26.660 --> 00:04:28.579 and i went to the psychic and i remember her 00:04:28.579 --> 00:04:30.379 telling me you know she did the social spiel 00:04:30.379 --> 00:04:33.920 and she's like you know i see this vision that 00:04:33.920 --> 00:04:36.579 you're going to be your own boss and always follow 00:04:36.579 --> 00:04:38.899 your intuition your own gut you know people are 00:04:38.899 --> 00:04:40.699 going to talk behind your back and people are 00:04:40.699 --> 00:04:42.199 going to and i'm like where are you getting this 00:04:42.199 --> 00:04:43.579 from she's like you're going to have two kids 00:04:43.579 --> 00:04:46.160 you know and she she nailed it on the head and 00:04:46.160 --> 00:04:47.920 then i remember saying that somebody's going 00:04:47.920 --> 00:04:49.860 to come into your life that you haven't seen 00:04:49.860 --> 00:04:52.939 in a long time you know and it so happened within 00:04:52.939 --> 00:04:56.600 a week later my father you know who uh i was 00:04:56.600 --> 00:04:58.639 never brought up by my real father you know he 00:04:58.639 --> 00:05:00.300 was always in and out of my life he came back 00:05:00.300 --> 00:05:02.699 into my life that week you know and it was just 00:05:02.699 --> 00:05:04.899 like just do it so it kind of like hit me and 00:05:04.899 --> 00:05:07.060 like kind of reassured things for me you know 00:05:07.060 --> 00:05:09.939 like that you know maybe this is my path you 00:05:09.939 --> 00:05:12.560 know and i did i opened up my own uh my first 00:05:12.560 --> 00:05:15.160 real business was an auto detailing business 00:05:15.160 --> 00:05:20.300 um i had a you know a passion for cars and you 00:05:20.300 --> 00:05:22.519 know just taking something old and making it 00:05:22.519 --> 00:05:24.519 look new again you know i just something about 00:05:24.519 --> 00:05:26.600 that i loved and i had a real skill for it so 00:05:26.600 --> 00:05:29.819 that was my first um act in entrepreneurship 00:05:29.819 --> 00:05:33.639 and i was successful with it and um i didn't 00:05:33.639 --> 00:05:35.819 like the fact that my body had so much wear and 00:05:35.819 --> 00:05:38.779 tear on it and uh after like a couple years of 00:05:38.779 --> 00:05:41.560 doing it so um my mother was like listen why 00:05:41.560 --> 00:05:43.620 don't you go back to school you know i was 26 00:05:43.620 --> 00:05:47.149 and I was older and I'm like, go back to school. 00:05:47.250 --> 00:05:49.689 I said, let me take one class. I took one class 00:05:49.689 --> 00:05:52.149 and I fell in love with it. I actually liked 00:05:52.149 --> 00:05:57.029 to learn. What was the class? What was it? It 00:05:57.029 --> 00:06:01.529 was social... What the hell was it? Sociology? 00:06:02.589 --> 00:06:04.970 You know, it was just like more about philosophy, 00:06:05.009 --> 00:06:07.589 life. And I just really took an after and I was 00:06:07.589 --> 00:06:09.689 interested and I saw the difference. And I always 00:06:09.689 --> 00:06:11.910 say this to kids, you know, I feel like you don't 00:06:11.910 --> 00:06:14.129 really know yourself until you're 25. I feel 00:06:14.129 --> 00:06:16.410 like that's age, like when you really mature 00:06:16.410 --> 00:06:20.050 and kind of know what you want. And I went back 00:06:20.050 --> 00:06:22.829 to school and I started from scratch and I decided 00:06:22.829 --> 00:06:27.600 to go with accounting. economy safe and my family 00:06:27.600 --> 00:06:30.060 has an act for it you know and i just saw that 00:06:30.060 --> 00:06:33.139 how it kind of went natural with me and um and 00:06:33.139 --> 00:06:35.120 after i got out of school i worked corporate 00:06:35.120 --> 00:06:38.120 for a while i worked in manhattan for a big firm 00:06:38.120 --> 00:06:40.220 called canton fitzgerald i consulted there for 00:06:40.220 --> 00:06:43.939 many years and then uh i consulted in some other 00:06:43.939 --> 00:06:46.959 firms that i developed my own firm and uh and 00:06:46.959 --> 00:06:50.240 a guy i was consulting for um where i worked 00:06:50.240 --> 00:06:53.720 for him for a couple years um i brought in so 00:06:53.720 --> 00:06:56.480 much business for him where he i actually had 00:06:56.480 --> 00:07:00.079 the uh i had the upper hand in negotiating after 00:07:00.079 --> 00:07:02.399 a while and i kind of said listen the clients 00:07:02.399 --> 00:07:04.439 i bring in going forward i want to put him into 00:07:04.439 --> 00:07:06.439 my business and why don't you become partner 00:07:06.439 --> 00:07:09.240 with me that's doug carpenter and uh he said 00:07:09.240 --> 00:07:13.399 yes and the rest was history right on right now 00:07:13.399 --> 00:07:17.459 well that that is a great story um and i love 00:07:17.459 --> 00:07:20.180 that yeah you you were an early entrepreneur 00:07:20.180 --> 00:07:23.439 then you went back to school you fell in love 00:07:23.439 --> 00:07:26.519 with learning at a new level found something 00:07:26.519 --> 00:07:30.459 that suited you really well excelled at it and 00:07:30.459 --> 00:07:33.319 and then created created another business out 00:07:33.319 --> 00:07:37.939 of that and and you and this uh phil came became 00:07:37.939 --> 00:07:42.920 partners what a great story thank you Yeah, it's 00:07:42.920 --> 00:07:47.319 been very fulfilling. Yeah, it is. It's a fulfilling, 00:07:47.540 --> 00:07:51.060 you know, our services align in the CFO and tax 00:07:51.060 --> 00:07:53.860 world. So we have, you know, where I'm the kind 00:07:53.860 --> 00:07:57.839 of outsourced CFO and my partner Doug is a tax 00:07:57.839 --> 00:08:01.060 guru. But I basically go into businesses that 00:08:01.060 --> 00:08:04.860 are struggling, that are really at their, I wouldn't 00:08:04.860 --> 00:08:06.819 say their lowest end, but I always say this in 00:08:06.819 --> 00:08:08.639 business, nobody comes to us when things are 00:08:08.639 --> 00:08:10.240 good in the county. You know, people come to 00:08:10.240 --> 00:08:15.459 us when things are bad. Yes. You guys and attorneys, 00:08:15.680 --> 00:08:21.620 right? I mean, no one's there proactively. So 00:08:21.620 --> 00:08:25.439 I listened to your podcast that you had on the 00:08:25.439 --> 00:08:28.439 website and I said this at the beginning of the 00:08:28.439 --> 00:08:29.899 show, but what I liked about it was there was 00:08:29.899 --> 00:08:33.120 just no fluff. You guys got right to it. And 00:08:33.120 --> 00:08:35.700 I recommend people listening to that. And I know 00:08:35.700 --> 00:08:37.600 you're going to be doing some other episodes 00:08:37.600 --> 00:08:43.960 as well. on that one you just got right to giving 00:08:43.960 --> 00:08:48.220 some easy advice that anybody could implement 00:08:48.220 --> 00:08:52.360 right like like reducing your taxes uh reducing 00:08:52.360 --> 00:08:56.879 the amount of taxes you pay um putting away money 00:08:56.879 --> 00:09:00.320 like what would you give me a couple bits of 00:09:00.320 --> 00:09:03.799 yummy advice for you know small to moderate -sized 00:09:03.799 --> 00:09:07.419 businesses who maybe don't know a lot about this 00:09:08.659 --> 00:09:11.480 sure um you know there's a lot you can be doing 00:09:11.480 --> 00:09:16.480 to uh you know save on taxes but you know you 00:09:16.480 --> 00:09:18.940 know but first of all it all starts in getting 00:09:18.940 --> 00:09:21.240 your house in order right and when i say getting 00:09:21.240 --> 00:09:23.500 your house in order i mean you know if you're 00:09:23.500 --> 00:09:26.159 a mid to small to mid -sized business get your 00:09:26.159 --> 00:09:28.500 books in order first you know i can't tell you 00:09:28.500 --> 00:09:31.860 how many people we get where we um you know, 00:09:31.860 --> 00:09:33.759 they want to reduce their taxes. We want to look 00:09:33.759 --> 00:09:35.960 at everything and then we get their books and 00:09:35.960 --> 00:09:38.600 either they don't have any or they're, they're 00:09:38.600 --> 00:09:40.519 a nightmare, you know, and they don't take any 00:09:40.519 --> 00:09:43.039 stockhold. And the books is like, you know, the, 00:09:43.159 --> 00:09:44.759 the crux of everything, you know, that's the 00:09:44.759 --> 00:09:46.639 heart, that's the beat, you know, that kind of 00:09:46.639 --> 00:09:49.440 shows you a whole broader picture on what's going 00:09:49.440 --> 00:09:51.759 on in your business, you know, and through that, 00:09:51.860 --> 00:09:54.539 we can kind of see, you know, where you can capitalize, 00:09:54.679 --> 00:09:56.360 you know, there could be a lot of stuff that, 00:09:56.379 --> 00:09:59.149 you know, you're. One thing is a lot of people, 00:09:59.230 --> 00:10:01.289 business owners, don't write off enough through 00:10:01.289 --> 00:10:03.649 their own business. I always tell them, write 00:10:03.649 --> 00:10:05.889 off your car. Write off your car lease, your 00:10:05.889 --> 00:10:10.830 utilities, your phone bill. Look into also state 00:10:10.830 --> 00:10:16.590 tax programs that your state's doing if you're 00:10:16.590 --> 00:10:18.659 a certain type of corporate formation. know they 00:10:18.659 --> 00:10:22.019 do that to entice people right um in new york 00:10:22.019 --> 00:10:23.519 we have something called the pass through entity 00:10:23.519 --> 00:10:26.539 tax where it allows you to write off your state 00:10:26.539 --> 00:10:30.320 income tax through your business okay so you 00:10:30.320 --> 00:10:32.299 pay your income tax your personal income tax 00:10:32.299 --> 00:10:34.399 through the business and what happens is it turns 00:10:34.399 --> 00:10:36.840 into significant tax savings you know someone 00:10:36.840 --> 00:10:40.740 yeah we've seen um We've saved numbers of people, 00:10:40.899 --> 00:10:44.240 business owners, a lot of money. We just had 00:10:44.240 --> 00:10:47.799 one guy we signed up in Brooklyn. He owns a couple 00:10:47.799 --> 00:10:50.360 of restaurants. We saved him close to $50 ,000 00:10:50.360 --> 00:10:53.259 just in his passive -renting tax. You have to 00:10:53.259 --> 00:10:56.360 do an S -election. There's a timetable to that, 00:10:56.460 --> 00:10:59.620 but there's certain things you can do to alleviate 00:10:59.620 --> 00:11:02.399 that tax burden with simple steps like that, 00:11:02.559 --> 00:11:05.879 doing your research. You know, making sure you're 00:11:05.879 --> 00:11:09.419 depreciating, capitalizing, you know, all that 00:11:09.419 --> 00:11:11.379 you can. You know, people don't realize when 00:11:11.379 --> 00:11:13.460 you're starting a business, right, at a stage 00:11:13.460 --> 00:11:15.320 you're building, you know, a brick and mortar, 00:11:15.580 --> 00:11:19.320 stuff like that. All that stuff before you open 00:11:19.320 --> 00:11:23.279 the business is all depreciation, capital expenditures 00:11:23.279 --> 00:11:27.240 that you could be spreading out and getting depreciation 00:11:27.240 --> 00:11:30.480 for tax savings. It's just like a lot of key 00:11:30.480 --> 00:11:33.019 items. But this is why people come to us, right? 00:11:33.639 --> 00:11:36.440 for that type of insight. Simple things like 00:11:36.440 --> 00:11:39.179 opening up an HSA, right? You could write off 00:11:39.179 --> 00:11:46.519 pre -tax up to $8 ,000 in an HSA to a 401k. There's 00:11:46.519 --> 00:11:50.120 just many facets that you can turn on, but you 00:11:50.120 --> 00:11:55.559 also have to be in the right financial... where 00:11:55.559 --> 00:11:58.399 I say that is you have to have the funds to do 00:11:58.399 --> 00:12:00.480 that. A lot of people don't have the funds to 00:12:00.480 --> 00:12:05.559 start a 401k. They're living check to check, 00:12:05.620 --> 00:12:10.700 week to week. I'll say this. The mindset that 00:12:10.700 --> 00:12:14.179 a lot of business owners go by, and this is no 00:12:14.179 --> 00:12:16.019 fault of their own because nobody ever told them 00:12:16.019 --> 00:12:18.620 or never thought outside the box. If I can make 00:12:18.620 --> 00:12:21.919 payroll and I can pay myself, I'm doing okay. 00:12:22.200 --> 00:12:25.409 And that is not the case. If you were thinking 00:12:25.409 --> 00:12:27.169 with that mindset, that is the wrong mindset. 00:12:27.509 --> 00:12:30.129 Because more than likely, you are not doing okay. 00:12:30.409 --> 00:12:32.710 Because nobody wants to see the hard truth. And 00:12:32.710 --> 00:12:34.549 when they look into their books and see what 00:12:34.549 --> 00:12:37.990 they're actually doing, I would say 50 % of businesses 00:12:37.990 --> 00:12:40.629 probably are at a loss. But because they see 00:12:40.629 --> 00:12:42.490 that they can pay themselves and they're making 00:12:42.490 --> 00:12:44.710 payroll, they're thinking, oh, you know. Things 00:12:44.710 --> 00:12:46.769 are OK. And that's when people come to us because 00:12:46.769 --> 00:12:48.990 all of a sudden cash flow gets tight and they're 00:12:48.990 --> 00:12:50.950 not able to pay themselves as much as they can 00:12:50.950 --> 00:12:53.149 or they can't afford to hire a new person. They're 00:12:53.149 --> 00:12:54.929 saying, what am I doing wrong? And that's where 00:12:54.929 --> 00:12:56.690 we come in and say, well, you've been operating 00:12:56.690 --> 00:12:59.330 the wrong way for a long time. You know, we need 00:12:59.330 --> 00:13:01.629 to make some changes. You know, maybe. Yeah. 00:13:02.309 --> 00:13:05.710 Salary. So let me play a devil's advocate because 00:13:05.710 --> 00:13:07.409 some of our listeners might be listening to this 00:13:07.409 --> 00:13:09.470 and they'll be like, yeah, that all sounds good, 00:13:09.649 --> 00:13:14.789 Sonny. But, you know, I got to pay you. and that's 00:13:14.789 --> 00:13:19.669 just one more bill. So speak to that mindset 00:13:19.669 --> 00:13:24.350 too. Can you help us understand investing in 00:13:24.350 --> 00:13:29.110 some professional accounting can ultimately save 00:13:29.110 --> 00:13:31.529 us some money? You took the words right out of 00:13:31.529 --> 00:13:36.250 my mouth, okay? I always tell people that stop 00:13:36.250 --> 00:13:38.470 looking at me like a bill, like an expense. I 00:13:38.470 --> 00:13:41.799 am not an expense. I am an investment. okay same 00:13:41.799 --> 00:13:43.799 thing like school right when i went to school 00:13:43.799 --> 00:13:46.539 i didn't look at school like an expense or some 00:13:46.539 --> 00:13:48.639 type of student loan i'm gonna get you know because 00:13:48.639 --> 00:13:50.960 that's why i chose what i did very carefully 00:13:50.960 --> 00:13:53.159 because it's an investment school what is it 00:13:53.159 --> 00:13:55.000 going to produce for me long haul same thing 00:13:55.000 --> 00:13:58.700 with an accountant and my guarantee is what I 00:13:58.700 --> 00:14:03.179 try to do for my clients to live outside of that 00:14:03.179 --> 00:14:06.220 scope of a regular account is that I try to justify 00:14:06.220 --> 00:14:09.419 my fee where I'm saving you more than our fee 00:14:09.419 --> 00:14:11.519 at the end of the year. And usually at the end 00:14:11.519 --> 00:14:13.940 of the year, you know, where what I'll do is 00:14:13.940 --> 00:14:16.019 at the end of the year when you've been with 00:14:16.019 --> 00:14:18.820 me for a year or so, I'll give you a little package 00:14:18.820 --> 00:14:20.759 and I'll show you the savings that we provided 00:14:20.759 --> 00:14:24.240 you that surmount our fee. and whether i'll give 00:14:24.240 --> 00:14:26.919 you a perfect example we just got this client 00:14:26.919 --> 00:14:32.639 um probably about six seven months ago uh he's 00:14:32.639 --> 00:14:35.259 a physical therapist out in manhattan losing 00:14:35.259 --> 00:14:38.059 a lot of money okay and he can't get a grasp 00:14:38.059 --> 00:14:40.639 on his financials so he comes to me i'm looking 00:14:40.639 --> 00:14:43.120 at his financials right and i break it out year 00:14:43.120 --> 00:14:45.559 to year right and i see he opens up the business 00:14:45.559 --> 00:14:48.659 he's making he starts out about a million to 00:14:48.659 --> 00:14:50.559 two million dollars of revenue he's still losing 00:14:50.559 --> 00:14:56.309 money from 2019 to all the way to 2025 or 24 00:14:56.309 --> 00:14:59.129 he's at currently eight million dollars in revenue 00:14:59.129 --> 00:15:01.830 that's a big jump right you're now you're increasing 00:15:01.830 --> 00:15:05.710 your revenue substantially okay and then i look 00:15:05.710 --> 00:15:09.429 from 2024 to 2023 i see revenue starts to stay 00:15:09.429 --> 00:15:12.629 consistent it starts to stay at the 7 .5 to 8 00:15:12.629 --> 00:15:15.710 million dollar range okay but all of a sudden 00:15:15.710 --> 00:15:18.669 in 2024 you're losing more money If you're making 00:15:18.669 --> 00:15:21.389 the same revenue, why are you losing more money? 00:15:21.730 --> 00:15:24.549 Then I start breaking down the bottom line and 00:15:24.549 --> 00:15:28.169 I start to see his payroll went up by $500 ,000. 00:15:29.009 --> 00:15:32.730 Okay. With his revenue staying the same. His 00:15:32.730 --> 00:15:35.649 hand was not on the pulse. You know, and I remember 00:15:35.649 --> 00:15:37.429 saying this then, how did your payroll go up 00:15:37.429 --> 00:15:41.629 by $500 ,000? And he had no answer for me. And 00:15:41.629 --> 00:15:43.210 then when I started diving in deeper, it was 00:15:43.210 --> 00:15:45.690 overtime. He's paying out benefits that he can't 00:15:45.690 --> 00:15:49.190 afford to pay out. It was just stuff like that. 00:15:49.289 --> 00:15:51.789 And because of that, he started making drastic 00:15:51.789 --> 00:15:55.330 changes. And now it's been three years since 00:15:55.330 --> 00:15:57.110 he's been in the green. He's finally in the green 00:15:57.110 --> 00:16:00.429 where he's making a profit. We implemented simple 00:16:00.429 --> 00:16:03.549 things too where he's in a business where he 00:16:03.549 --> 00:16:07.389 has a lot of employees and talent is not out 00:16:07.389 --> 00:16:12.490 there for him. incentivize to get him a wellness 00:16:12.490 --> 00:16:15.909 program. I did some research and there's huge 00:16:15.909 --> 00:16:18.870 FICA tax savings in implementing wellness programs 00:16:18.870 --> 00:16:21.110 for employees, right? The government wants their 00:16:21.110 --> 00:16:24.490 employees to stay healthy, to stop using health 00:16:24.490 --> 00:16:28.049 insurance and to reduce costs, so they give incentives. 00:16:28.889 --> 00:16:31.190 to implement wellness programs, gym membership, 00:16:31.529 --> 00:16:34.889 smoking programs, mental counseling. And if you 00:16:34.889 --> 00:16:38.509 implement these wellness programs, they give 00:16:38.509 --> 00:16:41.129 you significant tax savings where you're saving 00:16:41.129 --> 00:16:44.909 close to 76, like say you pay an employee $1 00:16:44.909 --> 00:16:48.149 ,000, for example, a week. If you implement the 00:16:48.149 --> 00:16:51.049 wellness program, you're saving about $76 to 00:16:51.049 --> 00:16:55.889 $100 per employee per paycheck. Over a year, 00:16:55.990 --> 00:16:59.200 that adds up. You know, so, you know, we've seen 00:16:59.200 --> 00:17:01.720 significant savings around. Last customer we 00:17:01.720 --> 00:17:04.059 did it for, it was about $26 ,000 to $30 ,000 00:17:04.059 --> 00:17:06.779 in a year, you know. Wow. And we saved them in 00:17:06.779 --> 00:17:10.140 FICA savings. So here's what I want our listeners 00:17:10.140 --> 00:17:15.940 to really get, because I've been skeptical of 00:17:15.940 --> 00:17:20.319 accountants and consulting, because it's easy 00:17:20.319 --> 00:17:24.450 to think of them, oh, it's another bill. What 00:17:24.450 --> 00:17:26.970 I love that you're bringing a spotlight to is 00:17:26.970 --> 00:17:29.289 this is an investment into the health of your 00:17:29.289 --> 00:17:32.630 company. What I'm hearing is you and your team 00:17:32.630 --> 00:17:37.170 have the ability to read the health of a company. 00:17:37.349 --> 00:17:40.410 You're able to dive in much like a physician 00:17:40.410 --> 00:17:44.009 and kind of diagnose where things are not working 00:17:44.009 --> 00:17:48.470 well, where there is ill health. And then you're 00:17:48.470 --> 00:17:52.150 able to... coach them and advise them on what 00:17:52.150 --> 00:17:54.589 to do and I love that you went out and did that 00:17:54.589 --> 00:18:00.589 research for that client in an attempt to elevate 00:18:00.589 --> 00:18:05.089 the health of his business and I also love because 00:18:05.089 --> 00:18:07.789 how many industries can say this or how many 00:18:07.789 --> 00:18:11.230 business could say this my job is to save you 00:18:11.230 --> 00:18:15.450 more money and you're investing in me I mean 00:18:15.450 --> 00:18:19.420 that's awesome so If this is resonating with 00:18:19.420 --> 00:18:20.859 you, if you're a small to medium -sized business 00:18:20.859 --> 00:18:24.039 and you're like, man, I want to get some advice 00:18:24.039 --> 00:18:26.619 or have a sit down with this guy, what's the 00:18:26.619 --> 00:18:28.920 best way for them to reach out and get in touch 00:18:28.920 --> 00:18:33.539 with you? Sure, so they could go to precisionaccountingconsulting 00:18:33.539 --> 00:18:36.819 .com. You can look us up on Google, Precision 00:18:36.819 --> 00:18:39.220 Accounting Consulting in Melville, New York. 00:18:39.299 --> 00:18:41.680 There's a few Precision Accounting, so just to 00:18:41.680 --> 00:18:43.640 pick the right one, it's in Melville, New York. 00:18:44.039 --> 00:18:46.880 You can come to our website and look at our podcast 00:18:46.880 --> 00:18:50.019 also, The Profit Principle Podcast. It's on YouTube 00:18:50.019 --> 00:18:54.579 and Spotify. And you can reach out on the website. 00:18:54.720 --> 00:18:56.799 You'll have our phone number there. And my email 00:18:56.799 --> 00:19:00.359 is sgr at precisionaccountingconsulting .com. 00:19:00.480 --> 00:19:04.339 And I'm willing to do a free consultation. We 00:19:04.339 --> 00:19:06.980 don't charge anybody for that. And just to kind 00:19:06.980 --> 00:19:09.039 of see where you're at and if we're a good fit 00:19:09.039 --> 00:19:12.569 for you. Sonny, I want to acknowledge you for 00:19:12.569 --> 00:19:18.750 elevating the industry, for working and exhibiting 00:19:18.750 --> 00:19:22.130 with such integrity. It's refreshing to hear 00:19:22.130 --> 00:19:26.789 this. And it really makes me feel good about 00:19:26.789 --> 00:19:30.250 like, oh, yeah, there are still people out there 00:19:30.250 --> 00:19:34.150 doing good for the good of others. And so thank 00:19:34.150 --> 00:19:37.250 you for being on the show. Thank you so much 00:19:37.250 --> 00:19:40.869 for having me. And I really liked your questions 00:19:40.869 --> 00:19:43.750 and your format. It really challenged me to think 00:19:43.750 --> 00:19:45.829 about things in a way that I haven't in a long 00:19:45.829 --> 00:19:48.230 time. And giving you the motivation to go out 00:19:48.230 --> 00:19:50.789 there and do it even better. Thank you. Right 00:19:50.789 --> 00:19:53.250 on. All right. And now it's time for you all 00:19:53.250 --> 00:19:55.529 to get out there. Be a source of kindness. Be 00:19:55.529 --> 00:19:57.690 a source of contribution. You do have something 00:19:57.690 --> 00:20:00.630 to offer this world. And I believe in you. Thank 00:20:00.630 --> 00:20:02.589 you for being here today. I'm really happy that 00:20:02.589 --> 00:20:04.630 you tuned in to Vision Pros Live. I'm looking 00:20:04.630 --> 00:20:07.869 forward to seeing your reactions as these episodes 00:20:07.869 --> 00:20:09.670 continue to move forward. This is going to get 00:20:09.670 --> 00:20:12.269 more and more fun. We'll have more and more engagement 00:20:12.269 --> 00:20:14.390 as well. We'll invite people to participate in 00:20:14.390 --> 00:20:16.549 the show. And thank you for giving us your time 00:20:16.549 --> 00:20:18.849 and attention. Have an excellent time building 00:20:18.849 --> 00:20:21.150 out your vision and becoming a vision pro yourself.