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Julian Reid, The Entrepreneur’s Source

May 15, 2020 by John Ray

Julian Reid
North Fulton Business Radio
Julian Reid, The Entrepreneur's Source
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Julian Reid
Julian Reid, The Entrepreneur’s Source

Julian Reid, The Entrepreneur’s Source (North Fulton Business Radio, Episode 235)

Julian Reid, The Entrepreneur’s Source, joined the show to discuss how he helps individuals assess whether business ownership through a franchise is right for them. The host of “North Fulton Business Radio” is John Ray and the show is produced virtually by the North Fulton studio of Business RadioX® in Alpharetta.

Julian Reid, Career Ownership Coach, The Entrepreneur’s Source

Take Ownership of Your Career One Proven Path to Entrepreneurship: Franchising! Julian Reid is an Award-winning Career Ownership Coach – and franchise owner – with The Entrepreneur’s Source.

WHAT is Julian’s Mission? “To help professionals assess their career possibilities and dreams – specializing in their exploration of business ownership and franchise opportunities”.

HOW Julian Helps Career Professionals: The process Julian follows is a *no cost* coaching approach, which takes his clients on a journey of self-discovery. The tools used are assessments, education, coaching, and access to hundreds of franchise business possibilities in dozens of industries. The net result: His clients arrive at a “point-of-clarity”, and then confidently embark on their next career venture with excitement – and a high probability of success!

The WHY behind Julian’s work: Because if you’ve ever wondered what it would be like to take ownership of your career destiny, be self-sufficient, and run your own business – without having to “invent” it, then you owe it to yourself to explore what’s possible! Many professionals feel like they’re stuck in a subservient job of “trading time for money”, and just know there’s a better way to make a living. Others are downsized, frustrated, entrepreneurial, or recently retired and don’t know WHERE to start looking for viable alternative career options. Julian helps his clients chart a course from “Your Career 1.0” to “Your Career 2.0”.

A strategic and tactical thinking leader, with engineering and organization management credentials, Julian is well acquainted with the strategies required for small business start-ups and franchise operations. Mail Boxes Etc. (now The UPS Store) business development, operations, and marketing was Julian’s first experience with franchising – over 20 years ago. Since then, he’s also helped small business owners with their critical needs for improved cash flow and funding for growth; in addition to his 7 years as a Career Ownership Coach.

Julian holds a BChE degree from Georgia Tech. He and his wife Lynn have 4 grown children and live in Canton, GA. He enjoys tennis, golf, skiing, college football, and spending time with friends and family. Julian also serves in several volunteer leadership roles at Woodstock City Church, an Atlanta area campus of North Point Ministries. For more information: 

 Schedule a ~15 minute phone meeting at jreid.YouCanBook.me , or
  send a LinkedIn connection request.  Julian can be reached at (770) 521-0698
  or visit his website.

The Entrepreneur’s Source (“TES”) is the premier franchise coaching organization, dedicated to empowering potential entrepreneurs toward achieving their personal and professional goals through self-employment. For 35 years, TES has provided tens of thousands of people with the tools, answers, and opportunities they needed to improve their lives. Today, over 140 Career Ownership Coach franchisees comprise TES, which is recognized as the industry leader in franchise education, coaching, and the knowledge of franchise opportunities across North America.

 

North Fulton Business Radio” is produced virtually from the North Fulton studio of Business RadioX® in Alpharetta. You can find the full archive of shows by following this link. The show is available on all the major podcast apps, including Apple Podcasts, Spotify, Google, iHeart Radio, Stitcher, TuneIn, and others.

Renasant Bank has humble roots, starting in 1904 as a $100,000 bank in a Lee County, Mississippi, bakery. Since then, Renasant has grown to become one of the Southeast’s strongest financial institutions with over $13 billion in assets and more than 190 banking, lending, wealth management and financial services offices in Mississippi, Alabama, Tennessee, Georgia and Florida. All of Renasant’s success stems from each of their banker’s commitment to investing in their communities as a way of better understanding the people they serve. At Renasant Bank, they understand you because they work and live alongside you every day.

Tagged With: career ownership coach, Franchising, franchising expert, John Ray, Julian Reid, North Fulton Business Radio, The Entrepreneur's Source

Steve Fisher, B2B CFO

May 14, 2020 by John Ray

North Fulton Business Radio
North Fulton Business Radio
Steve Fisher, B2B CFO
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Steve Fisher B2BCFO
Steve Fisher, B2B CFO

Steve Fisher, B2B CFO (North Fulton Business Radio, Episode 234)

“I like to help business owners fall in love with their business again.” That’s Steve Fisher, B2B CFO, talking about how he installs systems and procedures which give business owners much more control over their business and peace of mind. The host of “North Fulton Business Radio” is John Ray and the show is produced virtually by the North Fulton studio of Business RadioX® in Alpharetta.

Steve Fisher, Partner, B2BCFO

Steve Fisher helps owners of privately-held businesses manage, grow and eventually transition from their companies. He worked for several decades as the CFO for a nationwide financial services company and guided it from start up to over $90 million in annual revenue before successfully executing the company’s sale. He now offers that expertise and skill to business owners who are ready for a more strategic approach to growing and managing their companies.

Steve has an extensive background in financial and service industries, franchise business models, business integration and managing explosive growth. Steve holds a bachelor of science in Industrial Engineering and Operations Research from Virginia Tech. He has held a Series 27, Series 7, and Series 63 license.

Find out more about Steve at his website or by email. His Cumming, GA office number is 404-931-4430.

Steve Fisher B2B CFO

North Fulton Business Radio” is produced virtually from the North Fulton studio of Business RadioX® in Alpharetta. You can find the full archive of shows by following this link. The show is available on all the major podcast apps, including Apple Podcasts, Spotify, Google, iHeart Radio, Stitcher, TuneIn, and others.

Renasant Bank has humble roots, starting in 1904 as a $100,000 bank in a Lee County, Mississippi, bakery. Since then, Renasant has grown to become one of the Southeast’s strongest financial institutions with over $13 billion in assets and more than 190 banking, lending, wealth management and financial services offices in Mississippi, Alabama, Tennessee, Georgia and Florida. All of Renasant’s success stems from each of their banker’s commitment to investing in their communities as a way of better understanding the people they serve. At Renasant Bank, they understand you because they work and live alongside you every day.

Tagged With: B2B CFO, business integration, CFO, John Ray, North Fulton Business Radio, outsourced cfo, privately-held businesses, Steve Fisher, Steven Fisher, virtual CFO

Alpharetta Tech Talk: Samay Kohli, GreyOrange

May 13, 2020 by John Ray

Samay Kohli, GreyOrange
Alpharetta Tech Talk
Alpharetta Tech Talk: Samay Kohli, GreyOrange
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Samay Kohli, GreyOrange

“Alpharetta Tech Talk,” Episode 16: Samay Kohli, GreyOrange

GreyOrange uniquely combines robotics, artificial intelligence, and machine learning to shape the fulfillment industry and help their customers respond to “Amazon customer experience” expectations. CEO Samay Kohli joined host John Ray to discuss this and much more in a fascinating interview. “Alpharetta Tech Talk” is produced virtually by the North Fulton studio of Business RadioX® in Alpharetta.

GreyOrange

Three technologies are fundamentally changing the nature of how things work: Artificial Intelligence, Machine Learning and Robotics. GreyOrange combines all three to shape the future of the fulfillment industry in real time.

GreyOrange is the only company that integrates software and robots built together specifically to improve order fulfillment throughput, scale, accuracy and economics. Ranger robots are developed in concert with GreyMatter software and use machine learning to adjust decisions and behavior based on real-time observations. Additionally, maximum-life engineering ensures every Ranger robot delivers ‘last and learn’ value. Communication among the robots and the GreyMatter central system incorporates that learning so the entire system continues to get smarter. The GreyMatter Command Center gives fulfillment personnel on the warehouse floor insights into the movement of inventory, performance levels of people and robot teams, order fulfillment rates, Service Level Agreement rates and other relevant information.

GreyOrange is a global company headquartered in the United States with additional core operations in Singapore, Germany, Japan and India. The company has more than 70 installations of its solutions around the world.

Samay Kohli, CEO

Samay Kohli, GreyOrangeWhile still an engineering student at India’s Birla Institute of Tech and Science (BITS Pilani), Samay Kohli began attracting attention as an innovator in robotics as the founder and leader of a team of students who invented a humanoid robot, AcYut, at the institute’s Center for Robotics and Intelligent Systems.

As the team successfully competed in various global robotics competitions, Samay and fellow teammate Akash Gupta decided to join together to channel their passion for robotics, Artificial Intelligence and machine learning into a company focused on “a problem big enough to be worth solving.”

After interviewing leaders from several different industries, Samay and Akash were struck by the lack of modernization they saw in fulfillment operations. They found the core challenges perfectly suited for solving by robotics, AI software and machine learning: thousands of decision variables shaped in real time, the ‘it depends’ nature of optimal decisions, the need to operate quickly but also at the right cost, and the challenge of attracting and retaining high-performing workers. They founded GreyOrange in 2011 to solve these challenges.

Today, Samay Kohli, GreyOrange Co-Founder and Chief Executive Officer, and Akash Gupta, Co-Founder and Chief Technology Officer, are changing the face – and pace – of fulfillment. GreyOrange has evolved from the right idea to a global force of innovators defining “what’s next” in eCommerce and omnichannel fulfillment, working in partnership with leading retailers and third-party logistics providers worldwide.

Samay Kohli, GreyOrangeWhat Samay and Akash understood that others didn’t is that tacking robots onto software built for earlier times improves fulfillment performance some…but not nearly enough. After all, those robots are simply hardware appendages limited by the capabilities of the software systems to which they interface.

Instead, GreyOrange delivers a fundamentally new Fulfillment Operating System: One driven by an AI-enabled software brain called GreyMatter that integrates robots rather than merely interfacing to them. Robots leverage GreyMatter software built into their core to communicate with other robots and with the central system, creating continuous feedback between the algorithms in the software brain and the real-time operations on the floor. In this way, prescribed operations are continuously informed by alternate real-time options to ensure GreyMatter’s always-solving intelligence calculates each “best decision” moment to moment.

In recognition of his achievements, Samay has been named to the Forbes 30 under 30 list, MIT Technology Review’s Top 35 Innovators Under 35, and Fortune’s 40 Under 40 list. He is a frequent speaker at logistics, fulfillment and robotics industry events.

Find out more at their website, or call (470) 223-2260.

Samay Kohli, GreyOrange

About “Alpharetta Tech Talk”

“Alpharetta Tech Talk” is the radio show/podcast home of the burgeoning technology sector in Alpharetta and the surrounding GA 400 and North Fulton area. We feature key technology players from a dynamic region of over 900 technology companies. “Alpharetta Tech Talk” comes to you from from the North Fulton studio of Business RadioX®.

Past episodes of “Alpharetta Tech Talk” can be found at alpharettatechtalk.com.

Renasant Bank has humble roots, starting in 1904 as a $100,000 bank in a Lee County, Mississippi, bakery. Since then, Renasant has grown to become one of the Southeast’s strongest financial institutions with approximately $12.9 billion in assets and more than 190 banking, lending, wealth management and financial services offices in Mississippi, Alabama, Tennessee, Georgia and Florida. All of Renasant’s success stems from each of their banker’s commitment to investing in their communities as a way of better understanding the people they serve. At Renasant Bank, they understand you.

 

 

Tagged With: AI, Akash Gupta, Alpharetta Tech Talk, artificial intelligence, fulfillment, GreyMatter, GreyOrange, John Ray, Machine Learning, order fulfillment, robotics, robots, Samay Kohli, Supply Chain, third-party logistics

Patrick O’Rourke, Practice Quotient

May 13, 2020 by John Ray

Practice Quotient
Dental Business Radio
Patrick O'Rourke, Practice Quotient
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Patrick O’Rourke, Practice Quotient

Patrick O’Rourke, Practice Quotient (North Fulton Business Radio, Episode 233)

Practice Quotient helps general dentistry practices and other specialty dental practices maximize the reimbursement they receive from dental insurance carriers. Founder and CEO Patrick O’Rourke joins the show to discuss how his firm helps significantly improve the profitability of their clients. The host of “North Fulton Business Radio” is John Ray and the show is produced virtually by the North Fulton studio of Business RadioX® in Alpharetta.

Patrick O’Rourke, Founder & CEO

Patrick O’Rourke began his career in operations management at a dental & vision insurance company in Florida, which after several acquisitions and mergers, is now MetLife. He spent five years at Humana in Atlanta selling in the large group segment (100+ employees). In addition to several awards throughout his career, he has earned many professional certifications.

Understanding the nuances involved with all aspects of risk management helped business partners rely on his expertise to guide client recommendations. He is an insurance insider that has built dental networks, worked in operations management, designed dental plans, and opened markets.

In 2013, he founded Practice Quotient, which specializes in dental insurance PPO network contract analytics and reimbursement guidance, representing the dental provider.

As a national public speaker, Patrick educates doctors on how dental managed care participation impacts up to 50% of practice revenue, the importance of diligent contract management, and how to develop criteria specific to a patient acquisition strategy for choosing the best carrier business partners.

To connect with Pat, you can email him directly or call 470-592-1680.

Practice Quotient

Patient Quotient, Inc. serves as a bridge between the payor and provider communities. Their clients include general dentist, oral surgeons, and other dental specialty practices across the nation of all sizes, from completely fee-for-service-only to active network participation with every dental plan possible.  They work with independent practices, emerging multi-practice entities, and various large ownership entities in the dental space.

Their projects evaluate the merits of the various in-network participation contract options specific to a practice’s patient acquisition strategy. There is no one-size-fits-all solution.

While their team is comprised of many individuals, both clients and carrier representatives always interact with the firm’s leadership team.

For more information, go to https://www.practicequotient.com/.

 

North Fulton Business Radio” is produced virtually from the North Fulton studio of Business RadioX® in Alpharetta. You can find the full archive of shows by following this link. The show is available on all the major podcast apps, including Apple Podcasts, Spotify, Google, iHeart Radio, Stitcher, TuneIn, and others.

Renasant Bank has humble roots, starting in 1904 as a $100,000 bank in a Lee County, Mississippi, bakery. Since then, Renasant has grown to become one of the Southeast’s strongest financial institutions with over $13 billion in assets and more than 190 banking, lending, wealth management and financial services offices in Mississippi, Alabama, Tennessee, Georgia and Florida. All of Renasant’s success stems from each of their banker’s commitment to investing in their communities as a way of better understanding the people they serve. At Renasant Bank, they understand you because they work and live alongside you every day.

Show Transcript

Intro: Live from the Business RadioX studio inside Renasant Bank, the bank that specializes in understanding you, it’s time for North Fulton Business Radio.

John Ray: And hello again, folk. Welcome to another edition of North Fulton Business Radio. I’m John Ray. And we are coming to you, yes, still virtual Business RadioX studio. No, we’re not in Renasant Bank quite yet. But hopefully, one of these days soon, we’ll be back in our studio there. But in the meantime, we still love the folks at Renasant. They’ve done a great job with the PPP loans and other help for small business. I know that myself because I worked with them on behalf of clients. So, check them out, renasantbank.com. If you want to go into the branch, you can, but you need an appointment ahead of time. So, give them a call or go to renasantbank.com for more information. Renasant Bank, understanding you. Member FDIC.

John Ray: And now I want to turn to an old friend, Patrick O’Rourke is with Practice Quotient. Patrick, how are you? And welcome.

Patrick O’Rourke: Doing awesome, John. How are you?

John Ray: I’m great, I’m great. So, Practice Quotient, tell us about your firm, tell us about you, tell us about what you do and how you serve.

Patrick O’Rourke: Okay. Well, I’m Patrick O’Rourke. I’m the founder and CEO of a firm called Practice Quotient. Everybody calls it PQ for short.

John Ray: I like that.

Patrick O’Rourke: Yeah. Practice Quotient doesn’t roll off the tongue, I guess. So, I was thinking like intelligence quotient, practice quotient. I thought that was quite clever, actually. My wife thought it was silly, but there you go. So, at any rate, our business is called Practice Quotient. And what we do is, really, the formal technical term for what we do is that we do manage dental care network contract analysis and negotiation.

Patrick O’Rourke: What clients and what most folks understand that to be is that we analyze PPO contracts, and we make sure that they’re suitable for our clients, our clients being general dentists, oral surgeons, periodontist, endodontists, anybody in the dental space, prosthodontists. We have some orthotists, and anybody that’s submitting CDT, which are there’s medical codes and the dental codes that have their own codes. So, we analyze all the contracts. And then, we make sure that they are a win/win for both the provider, i.e., our client, and for the network or payer, i.e., the insurance company. And so, I’d like to think that we’re a bridge between the provider and the payer communities.

John Ray: What you’re talking about is something extraordinarily important to a dental practice; yet, this is not something they cover in dental school, right? I mean, what best practices are when it comes to the insurance carriers that you offer through your practice?

Patrick O’Rourke: It does seem to be the case. They do not have any classes in contract reviews, statistical or actuarial analysis. No, they don’t. Or even credentialing or any of the other stuff that’s involved. We don’t do credentialing, but there’s a lot that’s actually involved with this decision, and it’s a very big decision. And so, no, they don’t teach it in dental school. I don’t know. You’d really have to go to intern school, I think. It’s a bit different, and it’s incredibly time-consuming, but it affects it, not a good portion, I would say it. It can affect up to 50% or more of the reimbursement of a dental practice or dental specialty practice.

Patrick O’Rourke: And so, you have to understand, because this is one of your biggest … It’s top two of your costs if you’re in plans. PPOs can be very useful. It just depends. There’s no one-size-fits-all solution. So, every practice kind of has its own patient acquisition and retention strategy, if you will. And well, what is that? And so, sometimes, I ask clients, and they’re like, “I don’t know.” And that’s kind of the wallet. There is one of the symptoms of, well, you’re losing money.

Patrick O’Rourke: So, if you’re outsourcing, if you just sign up for every single PPO, then what happens is you’re always on discount, you’re always on sale, right? Because if you think about what we’re doing here or what the deal is, the proposition is the dental insurance companies go to the providers, and they say, “Hey, listen. Usually, you charge $100 for this service. And if you give us a discount of 30%, we’ll pay 70,” which is great.

Patrick O’Rourke: Terrific, right? “Don’t you want new patients? And then, we’ll send you all these new patients, and we’ll give you the promotional consideration of being on our website”, woohoo, with dozens and dozens of other names, particularly in Northern Metro Atlanta. And you have the patient convenience of having claim paid as a network. You’re getting the added bonus of the full weight and breadth of Fortune 500 companies, marketing power, steering patients your way.

Patrick O’Rourke: And so, that part of it is definitely true. Now, if you’re in a managed care friendly area like, say, a New Yorker in Southern California, it’s critical that you’re in network, but there’s still fee for service, only practices. So, being in network, your dental insurance isn’t like medical insurance. It’s really a big misconception among consumers, and really, the providers as well. Medical insurance, you have to go and network if you want really any coverage.

Patrick O’Rourke: In most cases, like certainly, in HMO, but even your point of service plans. Dental PPO is a PPO by definition. Has out of network coverage, right? And dental PPO, PPOs are by far and away, it’s not even close, 85% of the entire market of dental insurance. And so, you know, it’s a very limited benefit. It’s usually 100% coverage for your preventive. So, I think, you know, office visits, X-rays, routine cleanings, then 80% for your basic, which could be, I think, extractions and fillings, and then 50% for your major works, I think, crowns, dentures, and plants, that type stuff.

Patrick O’Rourke: And that’s the most common plan. And it’s the same in or out of network in most cases. And so, people can go out of network. It’s not really a problem because you only have a thousand-dollar max. But, you know, the consumers, the number one reason why people don’t go to the dentist, or access, or health care is because they don’t have dental insurance, which I personally think is silly. But I’m not going to change the world, just me and you.

John Ray: Right. You know.

Patrick O’Rourke: We have no reason not to go to the dentist if you don’t have dental insurance, just use your HSA, your FSA.

John Ray: Right.

Patrick O’Rourke: And, you know, the number two reason is they don’t know how much it’s going to cost even if they have dental insurance because dental insurance to me is really easy and kind of it’s my bread and butter. I’ve been doing it for 20 years. But, you know, to Johnny Lunch Bucket, when you’re selling the employer group benefits ,and you’re doing an open enrollment meeting, and you just explain the medical benefits, what’s your prescription copay, how is a maternity work, and here’s your deductible, here’s your HSA and your FSA, you know, like their eyes have already glazed over, you know?

John Ray: Right.

Patrick O’Rourke: I’ve done hundreds, if not thousands of these open enrollment meetings. And the only thing I want, Johnny Lunch Bucket, remember, when he walks out of that door is he better go to a participating provider. And so, I say it over, and over, and over again, a different voice, and then we write it, and I say, we, the insurance industry, put on EOBs, put on all the marketing material. And so, you want to steer all of the members out from the insurance company to your participating providers to ensure your cost of care is manageable. In theory, you also want to make sure they go into quality providers. And you want to reward your providers for being in your network.

Patrick O’Rourke: So, that’s what’s in it for the insurance company. And just for your listeners, you know, you know this, but I’m from the insurance industry, so that’s kind of what makes us different. There are a couple of businesses or a couple of firms that do this across the country. And, you know, really, the big difference is I’m from the insurance industry. So, I help build dental insurance companies, worked with Humana for a while. I’m professionally certified in dental benefits, underwriting HIPAA, high tech Medicare, wellness, consumer-driven health care plans, several other things. None of which make me cool or hit at the neighborhood barbecue, unfortunately.

John Ray: So, what that means is you understand the inner workings and the architecture of these plans.

Patrick O’Rourke: That’s correct. Very good observation.

John Ray: Yeah. Because you’ve been there. And what I heard of, I mean, there’s a lot to unpack there, but one of the things I heard is, number one, as a dentist, you don’t automatically default to accepting every carrier that you possibly can. Say more on that.

Patrick O’Rourke: Yeah. And so, in most cases, you have different folks that are in different stages of their business. So, you know, if you’re a startup and you have empty chair time, an empty oratory, so down, at 20, flush down the toilet.

John Ray: That’s right.

Patrick O’Rourke: And so, you know, in kind of to your earlier point, if you just got out of school and you got a mountain of debt, and you open up your practice, the meter’s running and it’s your money, the bullets are alive. You’ve never owned a business before. Welcome to the entrepreneur club. You know, John, can you please get the man or woman their jacket? Now, you’re the butcher, the baker, the candlestick maker, the bookkeeper, the website person, marketing, the janitor. Oh, hey, listen, you’ve got to be a dentist, too, right?

John Ray: Right.

Patrick O’Rourke: And so, that takes an adjustment period, I think. And so, what’s important is cash flow. And so, you need to make sure, you know, step one is you need to survive. Then, you know, that’s a startup. You know, we don’t do a lot of startups, I think we’re not really doing any. I talked to a lot of folks, I’ve been to GRU over in Augusta, and it was very clear to me in the first 10 minutes, you know, I’m like, so here’s kind of the things that you need to think about. And everybody’s staring at me, you know, like I slipped into Portuguese.

John Ray: You’re like the skunk at the wedding, right? You’re bringing all the bad news.

Patrick O’Rourke: Right. And I’m like, you know, do you guys know what I’m talking about? Do you know what credentialing is? And they’re like, uh-uh.

John Ray: Oh, boy.

Patrick O’Rourke: You know, I’m like, so, here’s our contract works and what a network is. No, none of that, huh?

John Ray: Oh, wow.

Patrick O’Rourke: And so, I spent a lot of, you know—I did my talk, and then afterwards, you know, the kids had a lot of questions. I probably stayed there until like 11:00 at night, and answered all the questions, that I really feel like I was like throwing a pebble in the ocean. And so, unfortunately, there’s a lot of stuff, if you don’t do your own homework or you don’t have good advisers around you that you knew, you got to do what you got to do.

Patrick O’Rourke: So, if you’re just fresh out of school, you know, you’ve got to do what you got to do to survive. You learn a lot of things. Once you’re established, if you’re in a established stock, you know, to make this as simple as I can, when you’re looking at PPOs, it comes down to, well, how much access do you want to have as a participating provider to these various pools of discounted insurance patients, right?

John Ray: Right.

Patrick O’Rourke: This is on a scale of one to 10, you know?

John Ray: Right.

Patrick O’Rourke: And so, some clients look at it as access. Some clients look at it as how much discounting do I need to do in order to fill my schedule? Really, the same question, like we’ll give you the answer, but their perspectives are different, if that makes sense.

John Ray: Right. Sure.

Patrick O’Rourke: And so, you know, most of our practices and most of our clients, you know, tend to be top-tier docs. You know, they’re definitely established. And our job is to convince insurance companies to, you know, pay them more than they would usually pay, which I know this sounds crazy, but they’re just not in a hurry to do it, right?

John Ray: Yeah. Right.

Patrick O’Rourke: And so, we need to understand what it is about that practice that makes that practice important and a good partner for the carrier.

John Ray: So, now, if you don’t mind me interrupting, that was really an interesting statement you just made. I mean, so what you’re saying is, if I can put it in another way, you’re really a practice advocate with the insurance company. I mean, you advocate for that practice and why their business is important with the insurance company so that that insurance company will, in effect, pay more to do business with them?

Patrick O’Rourke: That’s correct.

John Ray: So, what does that mean for the bottom line of a practice? I mean, because you obviously help practices, as you say, accept less discounts, you help them pick the right kind of, I guess, portfolio, if you will, of insurance providers to do business with, right? What does that mean for a typical practice that you work with in terms of their bottom line? I mean, if you don’t want to use a real-life example, maybe you can use one that’s without a name, but it would be interesting, I think, for our folks to hear that.

Patrick O’Rourke: If I told you our actual batting average, John, you would probably use profanity and not believe me.

John Ray: Well, we’re not regulated by the FCC, so try me out.

Patrick O’Rourke: Oh, really?

John Ray: Yeah, that’s right.

Patrick O’Rourke: So, I’m going to have to give my official reply here, which is, it really depends, and this is true. So, every project is different, like where were they when they started out? Maybe they are on good contracts already. And so, we’re just doing a tune up. You know, for practices that are writing off, you know, half-a-million dollars, which happens every day, let’s just say that they’re pleased. You know, sometimes, I tell them like, look, if you’re not sending me a Christmas card at the end of this, I must have got hit by a bus, you know?

Patrick O’Rourke: So, it really depends on how bad off they are, whether anybody’s looked at these contracts. It depends on the leverage of that particular practice. You know, the projects, these projects are not easy. They are not short or brief, you know. So, they’re long-term engagements, where you have to understand exactly what the practice is doing and why. You know, this is a big portion of revenue, huge. I mean, this is it, like this is the whole enchilada. This is your wealth. And so, we need to understand how important the carriers are. We have to look at the contracts.

Patrick O’Rourke: You have to do all of the math, and then you have to go to, you know, what I call the market. And, you know, it’s not Wall Street. I’m talking about, you know, the relevant entities, and networks, and carriers that are in any given market, like we’re a national firm. We have clients from Anchorage to LA. Miami to New York, you know, but we’re based right here in Atlanta, Georgia. God bless Georgia. So, everywhere is different. So, the market in Atlanta is different than LA, or Chicago, or certainly, Boise, Idaho.

John Ray: Right.

Patrick O’Rourke: So, you have to understand all of that, then you’ve got to go out to all of these folks, and go back and forth, you know, then the carriers have to understand. And they’re all different, too, like, you know, I think that nobody wants to lump insurance carriers into some bucket. They actually care about different things. Their target client type, or patient type, or employer group varies as well. And their leadership, they’re all different.

Patrick O’Rourke: And so, they care about different things. And so, you know, we try to be as transparent as possible with the insurance carriers. And so, we give some information about the client, like this is why they’re awesome, right? And then, it comes down to numbers and we have an actual variable tool here that is just as good or better than anything the insurance companies have because that’s where I’m from. So, I had to build something.

Patrick O’Rourke: And, you know, whereas we’re using underwriting methodology based on that practice because they’re usually looking at a market. If you look at Atlanta, so they’re projecting claims out to be two or three years where we’re looking at more specific at the experience or the claims history of that specific practice. And so, you have to go out there. So, really, you’re 10 months into this thing before, you know, now, we’re going to start makes some decisions, right?

Patrick O’Rourke: And now, those decisions and the execution of these decisions are what takes the most time. And so, you have to then, you know, how are you going to execute? We usually have most of the game plan done at that point, but we’re very conservative here. And so, we’re very methodical. We want to avoid fire drills and, you know, minimize any turbulence. And by turbulence, I mean, you know, cash flow disruption, patient disruption, claims disruption, or most of all, if not the most important, staff disruption.

Patrick O’Rourke: Everybody needs to be comfortable and confident in what we’re doing and why. And, you know, so, it’s not like our—you know, we provide the guidance, and we do the math, and we provide all of the recommendations that are based on the direction that the client is giving us up to that point. Obviously, things change. Then, when we go and we sit down with the team at the practices, you know, it’s up to them to say yes or no with what their risk tolerance is going to be.

Patrick O’Rourke: If, let’s say, they wanted to—let’s say there is a major carrier, right? You know, I won’t use any names. Let’s just say you’re in a market, there’s a big carrier, and the carrier, you know, it’s 40% of your practice, right? The revenue volume. And then, we do the math. And they’re paying you 50 cents on the dollar. Well, that’s not good because your business overhead is, you know, 60, 65 five if you include your salaries, which you should. I’m sure your spouses want you to and your children.

John Ray: Sure. Yeah, they like that.

Patrick O’Rourke: Yeah. I bet your wife does too.

John Ray: Yeah.

Patrick O’Rourke: And so, if our business overhead is 65, then how can we take 50 cents on the dollar, right? That doesn’t make a whole lot of financial sense.

John Ray: No.

Patrick O’Rourke: And I don’t think you have to be Stephen Hawking to understand that, you know. But let’s say that we do the math, and then it’s 40% of the practice. Let’s just keep easy numbers. It’s a million-dollar practice. So, it’s four hundred thousand. And then, you’re like, well, okay, we’re getting 50 cents on the dollar, and we have 400,000 revenue at 50 cents on the dollar. So, that’s a ton of patients, right? That’s a lot of patients, you know. And the carrier is unreasonable. Let’s say that they’re in Atlanta just because we’re here and they go, you know what, John Ray Dentistry, you know how many dental practices we have in Alpharetta?

Patrick O’Rourke: So, you have plenty. I’m saying, tell John Ray that we appreciate all of his business and we’ll enjoy counting his money for years to come, but he either takes 50 cents on the dollar or he’s out. And we just say, you know, we’re always playing professional, like I understand, I do, like I understand the insurance carrier side. I’m like, okay, fair enough. And so, they then make their business decisions. Now, we come back to you. We’ll use you and call you Dr. John Ray, make your mama real proud.

John Ray: Yeah, that’ll come as a surprise, but anyway, go ahead.

Patrick O’Rourke: And so then, you know, I’ll come back to you, I say, “John, look, here’s the deal. So, we have a carrier X here is paying you 50 cents on the dollar, so you’re losing money, right? You understand this, right?” And then, you know, usually, the client has a few choice words for a little while. You got to wait for that to die down. And then, we say, “Well, you know, they’re not budging, and they’re not going to budge.”

Patrick O’Rourke: This is the worst-case scenario, but I think that this is really important content in case any of the provider community is listening, and even the payer community because we’re very consistent in this particular message. Rule number one is our clients got to break even, you know. So, we’re not losing money unless there’s a damn good reason why, you know. So, at any rate, so we go, okay, so you’re getting 50 cents on the dollar. We’re going to have to cancel that and terminate that agreement. You’re going to go out of network. This is what our recommendation is going to be.

Patrick O’Rourke: So then, we do a cost benefit analysis. And then, you know, then the client’s reaction is like, oh, man. Oh, that would be awful. That would be awful. What do you mean go out of network? That’s terrible. We’re going to lose patients, Pat. And I’m like, yeah, sure will. How many? They’re like, well, I don’t know. I say, “Well, I don’t know either.” If you think you’re going to lose half. They’re like, oh, half, oh, that would be a disaster. That would be a calamity. No, actually, it wouldn’t.

John Ray: Yeah.

Patrick O’Rourke: From financial perspective, you would make more money. You would. I don’t think you’re going to lose half because you told me that you were awesome for all of these reasons, right? Now, are you the Walmart of dentistry or, you know, like you tell me. And so, they either make the decision—it’s up to them, obviously. But, you know, most folks don’t hire us if they’re not going to kind of, oh, I got it, right?

John Ray: Sure.

Patrick O’Rourke: It’s up to them. But, you know, I just give the facts. We’re neutral towards it. And the bottom line is, and this happens all the time across the country, so once they understand that, they see the math, and they’re like, man, half my income is gone. I’m losing money every time I see one of these numbers. The bottom line, you don’t want any more of them, right? You’re losing money, right? Because you’re doing a good job for them, now, you’re getting referred by your patients, right?

Patrick O’Rourke: And you’re getting referred by people that they work with because where does everybody usually spend all their time? At work. Where do they get that dental insurance? At work. And so, now, you’re a victim of your own success. You get referred in more 50 cents on the dollar, now, you’re losing more and more money, right? So, if you’re at 30%, the next year, it’s going to be 40%. What are you going to do when it’s 60%? So, that’s really one of the most important things. When I’m speaking, you know, across the country, I’m like, you can’t take 50 cents on the dollar, you don’t have to hire us, right? Just stop doing that.

John Ray: Right.

Patrick O’Rourke: But that’s the conversation, there’s naturally some anxiety. But, you know, if it’s planned out properly, then I’ll tell you, you know, we’ve done hundreds of projects at this point. And, you know, they never lose half of their patients.

John Ray: Yeah. So, you’ve got the experience to bring to that, and to help, you know, reassure a dentist that life is going to be good on the other side of this project. So, because of all the other projects you’ve done and all the other, I guess, testimonials that you’ve got from satisfied clients, right?

Patrick O’Rourke: Right. Yeah. We don’t have a sales team at all actually. We’re just, now, kind of raising our visibility and, you know, I’ve had some extra time to work on the website. We are exclusively referral-based. So, you know, it’s usually current client that sent you over to us. You know, current client or sometimes there’s somebody that’s involved in an advisory capacity at that practice that cares about their long-term financial success, like maybe a CPA or, you know, a wealth manager with some of the more top-tier dental consultants that are out there.

Patrick O’Rourke: But it’s somebody that’s really invested into that practice and has some sort of stake in that practice being successful. And so then, they call here, you know, they talk to my team, you know. But every single client has to talk to me first, you know. And so then, we have a conversation and I’m fairly direct, you know, in case that’s not immediately obvious. And we talk about it like, what are you trying to accomplish? Sometimes, we’re a good fit. Sometimes, we can help you, and sometimes not. But I’ll tell you that really right up front.

Patrick O’Rourke: So, you know, you never want to jump on a project or, you know, jump into something that’s going to be two years if you don’t understand what you’re getting into. So, you know, what I tell folks, I said, “Look, we’re going to be friends for two years, so let’s make sure everybody’s very comfortable and confident with what we want to accomplish together because at the end of it, if they’re not thrilled, then there goes our marketing plan”, because that’s how we get all of our clients.

John Ray: Yeah. Well, this has been great, Pat. Great stuff from Patrick O’Rourke. He’s the Founder, CEO of Practice Quotient, better known as PQ. Pat, this has been awesome. And we know you got to get on to work with your clients. So, how about before we let you go, give us your contact information. Folks that have heard this would like to be in touch, how can they do that?

Patrick O’Rourke: Sure. You can contact our offices anytime. We’re not close. We have full staff. We haven’t furloughed anybody. We’re at 470, is the area code, 592-1680. That’s 470-592-1680 or you can submit, and contact us, inquiry on our website, which is www.practicequotient.com, P-A-C-T-I-C-E-Q-U-O-T-I-E-N-T-.com. And if you wanted to email me, you can email me at porourke@practicequotient.om. And, you know, we’re here, we’re open, we’re in Eastern Time Zone. So, if you’re listening to this and you happen to be in Anchorage, you know, we’ll send you a link to my calendar, but we can accommodate before or after business hours. Also, one thing before we go, John, I have a question for you.

John Ray: Oh.

Patrick O’Rourke: Right. So-

John Ray: I’m the one that asks the questions here. Come on.

Patrick O’Rourke: I think it’s fair play.

John Ray: Okay. Bring it on.

Patrick O’Rourke: I get one question in.

John Ray: Okay.

Patrick O’Rourke: So, I’m checking out your hair, and I’m wondering, is John like cutting his hair at home? Do you have a Flowbee, or you’re doing it yourself, or what’s going on?

John Ray: You know, when you have headphones on, it kind of takes care of that. So, if I didn’t have headphones on, you know, it’s a natural beret, headphones on.

Patrick O’Rourke: Well, next time, I’m going to be on camera then because I look like Ted Hanson.

John Ray: There you go. I love it. Patrick O’Rourke with Practice Quotient. Pat, thanks for being with us.

Patrick O’Rourke: My pleasure. Thank you, John.

John Ray: Thanks. Folks, if you’ve got headaches that involve administrative tasks, bookkeeping, marketing, presentations, maybe you’ve got a virtual workshop that needs to be planned, well, go engage with smart and reliable Office Angel. They fly in with talent and experience and get the job done, and they fly out. And they’ve been working virtually for, I think they’re 17, 18 years old now, founded by Essie Escobedo. She’s a Chief Executive Angel over there at 770-442-9246.

John Ray: If you’ve got an issue that is holding your business back, give Essie a call and explain to her what you’ve got, and she’s got answers. And if she can’t help you, she always connects you. So, officeangels.us is the website. So, be in touch with Essie Escobedo, Office Angels. And folks, just another reminder that you can listen to this show on all the major podcast apps. We’d love it if you could go on any of your favorites there, whether that’s Apple Podcast, Google Stitcher, TuneIn, Spotify, iHeartRadio.

John Ray: Go on and give us a nice review. It helps us profile great business leaders like Patrick. So, check out any of those, any of those apps and more. And you can also, of course, go to northfultonbusinessradio.com and find our complete archive of shows. Follow us on social media as well, if you would, for LinkedIn, Facebook, and Twitter. We’re at North Fulton BRX. So, for my guest, Patrick O’Rourke, I’m John Ray. Join us next time here on North Fulton Business Radio.

Tagged With: dental, dental insurance, dental managed care, dental plan, dental practices, dental specialty practices, general dentist, general dentistry, general dentistry practices, John Ray, North Fulton Business Radio, oral surgeons, Patrick O'Rourke, PPO network contract, Practice Quotient, specialty dental practices

Lola Wilburn, Lola’s Sugar Pie Bakery

May 8, 2020 by John Ray

North Fulton Business Radio
North Fulton Business Radio
Lola Wilburn, Lola's Sugar Pie Bakery
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Lola's Sugar Pie Bakery

Lola Wilburn, Lola’s Sugar Pie Bakery  (North Fulton Business Radio, Episode 231)

Lola’s Sugar Pie Bakery has stood the test of both time and taste, thanks to Founder Lola Wilburn and her delicious homemade pie, cake, and candy creations. Lola joins host John Ray to talk about her business and how she serves her community. “North Fulton Business Radio” is produced virtually by the North Fulton studio of Business RadioX® in Alpharetta.

Lola Wilburn, Founder and Owner, Lola’s Sugar Pie Bakery

Lola's Sugar Pie Bakery
Lola Wilburn, Founder and Owner, Lola’s Sugar Pie Bakery

Inspired by her grandparents, Lola’s company actually began when she was a child, when she baked alongside her grandmother and saw the joy that comes from sharing food prepared with love. Blend the baking experience with “Sugar Pie,” her grandfather’s nickname for Lola when she was growing up, and you have the recipe for a successful business.

With a desire to share joy and help others, Lola’s Sugar Pie Bakery also supports a number of community service organizations. Lola has volunteered for Dress for Success and MUST Ministries; her company donates quarterly to Hope House and N-Spire; and 2014 marked the sixth year Lola’s Sugar Pie Bakery® supported Habitat for Humanity with 500-700 lbs. of turtles, requiring 200 lbs. of locally sourced pecans and Lola’s own handcrafted caramel.

Lola and her husband, Kenneth raised two sons, David and Daniel; and in her spare time Lola enjoys playing tennis and meeting people. “Food is a great way to bring people together,” she says. And Lola’s Sugar Pie Bakery allows her to do just that.

Visit their website to learn more, or call 678-743-1456.

 

North Fulton Business Radio” is produced virtually from the North Fulton studio of Business RadioX® in Alpharetta. You can find the full archive of shows by following this link. The show is available on all the major podcast apps, including Apple Podcasts, Spotify, Google, iHeart Radio, Stitcher, TuneIn, and others.

Renasant Bank has humble roots, starting in 1904 as a $100,000 bank in a Lee County, Mississippi, bakery. Since then, Renasant has grown to become one of the Southeast’s strongest financial institutions with over $13 billion in assets and more than 190 banking, lending, wealth management and financial services offices in Mississippi, Alabama, Tennessee, Georgia and Florida. All of Renasant’s success stems from each of their banker’s commitment to investing in their communities as a way of better understanding the people they serve. At Renasant Bank, they understand you because they work and live alongside you every day.

Tagged With: cakes, candy, John Ray, Lola Wilburn, Lola's Sugar Pie Bakery, North Fulton Business Radio, pies

North Fulton Healthcare Leaders Forum:  Managing Pandemic Change and Planning for Recovery

May 7, 2020 by John Ray

North Fulton Healthcare Leaders
North Fulton Business Radio
North Fulton Healthcare Leaders Forum:  Managing Pandemic Change and Planning for Recovery
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GNFCC Healthcare Forum
Clockwise from upper left: Jon-Paul Croom, President, Wellstar North Fulton Hospital, Freda Hardage, Director of Northside Alpharetta Medical Campus and Director, Foundation and Community Services, for Northside Hospital System, and Dr. Daniel Salinas, Chief Medical Officer, Children’s Healthcare of Atlanta

North Fulton Healthcare Leaders Forum:  Managing Pandemic Change and Planning for Recovery (“GNFCC 400 Insider,” Episode 36)

Three respected North Fulton healthcare leaders joined a forum organized by GNFCC to discuss the current state of Covid-19 care at their respective institutions. Jon-Paul Croom, Wellstar North Fulton Hospital, Freda Hardage, Northside Hospital System, and Dr. Daniel Salinas, Children’s Healthcare of Atlanta, also offered recommendations to individuals and businesses as Georgia “reopens,” dispelled myths, and much more. The host of “The GNFCC 400 Insider” is GNFCC CEO Kali Boatright, and the show is presented by the Greater North Fulton Chamber of Commerce and produced by the North Fulton studio of Business RadioX®. Business RadioX and John Ray sponsored and moderated this forum.

Children’s Healthcare of Atlanta, Dr. Daniel Salinas

GNFCC Healthcare Forum
Dr. Daniel Salinas

Daniel Salinas, MD, is Chief Medical Officer for Children’s Healthcare of Atlanta. He provides executive oversight for quality and patient safety, medical staff services, and affiliations. In addition, Dr. Salinas has worked closely with community providers to develop The Children’s Care Network, one of the first pediatric, clinically integrated networks in the country, for which he also has executive oversight. He has also worked to advance Children’s Behavioral Health and primary care strategies.  Dr. Salinas provides visionary leadership for the clinical delivery systems and draws on his skills as a relationship-builder and facilitator to forge strong relationships with physicians in Atlanta and across the state.   A native of Houston, Texas, Dr. Salinas currently serves on several boards and lives in Roswell.

Northside Hospital, Freda Hardage

Freda Hardage, Northside Hospital

Freda Hardage is the Director of Northside Alpharetta Medical Campus and Director, Foundation and Community Services for Northside System.  Freda’s responsibilities include all daily operations of Alpharetta Medical Campus which consists of 3 medical office buildings, 100 + physicians from multiple specialties.  Her foundation responsibilities include comprehensive oversight for all fundraising, donor giving, community activities and research grant writing for the hospital system.

Freda has volunteered for many organizations and also serves as the first MARTA Chair from North Fulton, President Emeritus and Board Member of The Drake House and Former Chair and Board Emeritus for GNFCC.  She has served with distinction on the North Fulton Poverty Task Force, Johns Creek Community Association, YMCA High Harbour Board and Windward Rotary.

Wellstar North Fulton Hospital, Jon-Paul Croom

Jon-Paul Croom, Wellstar North Fulton Hospital

Jon-Paul Croom is the President of Wellstar North Fulton Hospital, a 202-bed facility located in Roswell, GA.  Croom joined Wellstar in April of 2017.   Wellstar North Fulton Hospital is one of Georgia’s only Level Il Trauma Centers and delivers services including cardiovascular services, women’s services, Pain & Spine Center, Wound Care & Hyperbarics, and inpatient rehabilitation. North Fulton Hospital is a Primary Stroke Center arid an accredited Chest Pain Center.

Croom previously served as CEO for the 429-bed Central Mississippi Medical Center in Jackson, Miss. and opened the only burn center in Mississippi and increased the availability of inpatient psychiatric services at the facility.  Croom also lives in Roswell where he serves his community.

GNFCC Healthcare Forum

Questions and Topics in this Interview:

  • care for patients diagnosed with Covid-19
  • common myths surrounding Covid-19
  • collaboration between these organizations
  • North Fulton community support and best ways to further support
  • PPE (personal protection equipment) and other safety measures
  • social distancing
  • time sensitive and elective surgeries
  • expected future Covid-19 case loads
  • safety advice for individuals
  • guidance for businesses to safeguard employees and customers

About GNFCC and “The GNFCC 400 Insider”

North Fulton Mayor's Roundtable
Kali Boatright, President and CEO of GNFCC

“The GNFCC 400 Insider” (formerly “North Atlanta’s Bizlink”) is presented by the Greater North Fulton Chamber of Commerce (GNFCC) and is hosted by Kali Boatright, President and CEO of GNFCC. The Greater North Fulton Chamber of Commerce is a private, non-profit, member-driven organization comprised of over 1400 business enterprises, civic organizations, educational institutions and individuals.  Their service area includes Alpharetta, Johns Creek, Milton, Mountain Park, Roswell and Sandy Springs. GNFCC is the leading voice on economic development, business growth and quality of life issues in North Fulton County.

The GNFCC promotes the interests of our members by assuming a leadership role in making North Fulton an excellent place to work, live, play and stay. They provide one voice for all local businesses to influence decision makers, recommend legislation, and protect the valuable resources that make North Fulton a popular place to live.

For more information on GNFCC and its North Fulton County service area, follow this link or call (770) 993-8806.

For the complete show archive of “The GNFCC 400 Insider,” go to GNFCC400Insider.com. “The GNFCC 400 Insider” is produced by the North Fulton studio of Business RadioX®.

Tagged With: Children's Healthcare of Atlanta, COVID-19, Covid-19 case loads, covid-19 recovery, Daniel Salinas, Dr. Daniel Salinas, Freda Hardage, GNFCC 400 Insider, Greater North Fulton Chamber of Commerce, John Ray, Jon-Paul Croom, m&d, North Fulton Business Radio, Northside Alpharetta Medical Campus, Northside Hospital, personal protection equipment, PPE, social distancing, The Greater North Fulton Chamber of Commerce, WellStar, Wellstar North Fulton

Telling Your Story in a Pandemic, with Mark Hayes, Mark Hayes Consulting

May 5, 2020 by John Ray

telling your story in a pandemic
North Fulton Business Radio
Telling Your Story in a Pandemic, with Mark Hayes, Mark Hayes Consulting
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telling your story in a pandemic
Mark Hayes, Mark Hayes Consulting

Telling Your Story in a Pandemic, with Mark Hayes, Mark Hayes Consulting (“North Fulton Business Radio,” Episode 228)

How do you go about telling your story in a pandemic if you’re a business owner? Former journalist Mark Hayes of Mark Hayes Consulting joins host John Ray to discuss this question and much more. “North Fulton Business Radio” is produced virtually by the North Fulton studio of Business RadioX® in Alpharetta.

Mark Hayes, Mark Hayes Consulting

Mark Hayes is the President and CEO of Mark Hayes Consulting. The firm’s mission is to help everyone from CEOs to small business owners make the most of their opportunity for media exposure. Providing media training and placement consulting, Mark’s firm helps businesses and brands find media placements and create content to build and enhance their brand. The firm also provides media training and communication skills workshops and seminars. Mark is a Certified Jack Canfield Trainer.

Mark is scheduled to appear on the TEDx stage in Woodstock in November.

Mark Hayes has spent nearly three decades bringing news viewers in major cities across the country their news and information of the day.  Some of his stops include major markets like Dallas, Denver, Detroit and Baltimore.  His proudest accomplishments, however, came during his tenure in the great city of Atlanta, GA.  For more than a decade, Mark was a staple of early morning television on Good Day Atlanta on Fox 5 Atlanta.  He believes his most noteworthy achievement, was the nearly 20 hours he spent on air during the Fulton County Courthouse shootings and the subsequent capture of Brian Nichols. He has been recognized nationally with two Emmy nominations and recognition for spot news coverage from the National Press Photographers Association.

For more information, go to https://markhayesconsulting.com/ or call Mark directly at 678-829-4632.

Questions and Topics in this Interview:

  • Mark’s background in journalism and how he works with business owners
  • community impact
  • credibility and reputation in story-telling
  • social media management
  • branding and personal branding
  • media relations
  • digital media

North Fulton Business Radio” is produced virtually from the North Fulton studio of Business RadioX® in Alpharetta. You can find the full archive of shows by following this link. The show is available on all the major podcast apps, including Apple Podcasts, Spotify, Google, iHeart Radio, Stitcher, TuneIn, and others.

Renasant Bank has humble roots, starting in 1904 as a $100,000 bank in a Lee County, Mississippi, bakery. Since then, Renasant has grown to become one of the Southeast’s strongest financial institutions with over $13 billion in assets and more than 190 banking, lending, wealth management and financial services offices in Mississippi, Alabama, Tennessee, Georgia and Florida. All of Renasant’s success stems from each of their banker’s commitment to investing in their communities as a way of better understanding the people they serve. At Renasant Bank, they understand you because they work and live alongside you every day.

 

Tagged With: Branding, credibility, digital media, John Ray, Mark Hayes, Mark Hayes Consulting, Media Relations, North Fulton Business Radio, pandemic, personal branding, reputation, Social Media, social media management, story-telling, TEDx

Kate Stroth, Farm Stores Georgia

April 30, 2020 by John Ray

Farm Stores Georgia
North Fulton Business Radio
Kate Stroth, Farm Stores Georgia
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Farm Stores Georgia
Kate Stroth, Farm Stores Georgia

Kate Stroth, Farm Stores Georgia  (North Fulton Business Radio, Episode 226)

Farm Stores Georgia representative Kate Stroth joins “North Fulton Business Radio” to discuss this unique drive-through grocery-bakery-cafe concept and the franchise opportunities available in the state. The host of “North Fulton Business Radio” is John Ray and the show is produced virtually by the North Fulton studio of Business RadioX® in Alpharetta.

Farm Stores

Kate Stroth is the Area Representive for Farm Stores Georgia.

Farm Stores is a multi-generational brand with over 65 years delivering a unique neighborhood and community experience. As an essential business, they are a combination of a grocery store, bakery and café. They give their customers the freshest products in the most convenient and safest manner, all without ever having to leave the car!

Farm Stores GeorgiaThey sell favorite grocery items combined with convenient fast café items like fresh baked bread, coffee and deli products: the equivalent of a supermarket express lane pick-up window!

Farm Stores’ customers love the convenience of driving through on their way to work for coffee and a breakfast sandwich or fresh pastry, and coming by again on the way home for a gallon of milk, eggs, and cereal.

As their customers’ needs continue to evolve, Farm Stores will evolve with them. Their model is built around convenience, quality, and service, not a locked down product that may go out of fashion.

More information is available at the Farm Stores website, and you can contact Kate by email.

Questions and Topics in this Interview:

  • Kate’s background and decision to affiliate with Farm Stores
  • the unique drive-through grocery-bakery-cafe business model of Farm Stores
  • neighborhood orientation
  • how the business fits the Covid-19 social distancing way of doing business
  • Farm Stores franchise opportunity
  • growth of the Farm Stores Georgia franchise system

North Fulton Business Radio” is produced virtually from the North Fulton studio of Business RadioX® in Alpharetta. You can find the full archive of shows by following this link. The show is available on all the major podcast apps, including Apple Podcasts, Spotify, Google, iHeart Radio, Stitcher, TuneIn, and others.

Renasant Bank has humble roots, starting in 1904 as a $100,000 bank in a Lee County, Mississippi, bakery. Since then, Renasant has grown to become one of the Southeast’s strongest financial institutions with over $13 billion in assets and more than 190 banking, lending, wealth management and financial services offices in Mississippi, Alabama, Tennessee, Georgia and Florida. All of Renasant’s success stems from each of their banker’s commitment to investing in their communities as a way of better understanding the people they serve. At Renasant Bank, they understand you because they work and live alongside you every day.

Tagged With: bakery, cafe, drive-through, Farm Stores, Farm Stores Georgia, food service franchise, franchise, franchise opportunity, Georgia, grocery store, John Ray, Kate Stroth, North Fulton Business Radio, social distancing

Saving Real Money with R&D Tax Credits, with Tommy Zavieh, Frazier & Deeter

April 28, 2020 by John Ray

Tommy Zavieh
North Fulton Business Radio
Saving Real Money with R&D Tax Credits, with Tommy Zavieh, Frazier & Deeter
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Tommy Zavieh
Tommy Zavieh, National Practice Leader for R&D Tax Credits, Frazier & Deeter

Thomas Zavieh, National Practice Leader, R&D Tax Credits, Frazier & Deeter (North Fulton Business Radio, Episode 224)

Here’s an opportunity to get some real money back on taxes, which most small and medium-sized businesses don’t pay any attention to:  R&D tax credits. A wide variety of business in various industries are eligible for these credits, but only about 40% of business investment eligible for allowable R&D tax credits are claimed on tax filings. Tommy Zavieh, National Practice Leader for R&D Tax Credits, Frazier & Deeter, joined the show to discuss this opportunity in detail. The host of “North Fulton Business Radio” is John Ray and the show is produced virtually by the North Fulton studio of Business RadioX® in Alpharetta.

Thomas Zavieh, National Practice Leader, R&D Tax Credits, Frazier & Deeter

Tommy Zavieh
Tommy Zavieh

Tommy Zavieh is the National Practice Leader, R&D Tax Credits for Frazier & Deeter. Tommy started his career as an engineer. When he became a CPA, he joined a Big Four firm in their national practice. Tommy is uniquely qualified to help his clients through his engineering, US and overseas R&D tax expertise. In short, Tommy effectively communicates with both a company’s Engineering and Tax/Finance departments, breaking down the language barriers and providing the most efficient service.

Tommy has over 20 years of professional consulting experience serving clients ranging from start-ups to “Fortune 10” corporations. He has extensive experience in addressing complex business and specialty tax needs (R&D Tax Credit, Section 199 (DPAD), Meals & Entertainment (M&E), Cost Segregation) for a variety of organizations, including automotive, bio-sciences, consumer products, financial services, medical device, oil/gas, manufacturing, pharmaceutical, and technology (software and hardware). He has helped his clients receive more than $1 Billion in credits and deductions and successfully defended his client’s claim when audited.

To get in touch with Tommy, you can email him directly or call (404) 573-4514.

Questions and Topics in this Interview:

  • Tommy’s background
  • the Forgiveness Optimizer, a propriety tool of Frazier & Deeter which helps track PPP loan use of proceeds
  • saving companies money with R&D tax credits
  • wide range of industries, from mining to breweries to financial services, whose activities qualify them for R&D tax credits
  • three year lookback
  • R&D tax credits are a highly specialized and complex part of the tax code

Show Transcript

Intro: [00:00:05] From the Business RadioX Studios inside Renasant Bank, the bank that specializes in understanding you, it’s time for North Fulton Business Radio.

John Ray: [00:00:19] And hello again everyone. Welcome to another edition of North Fulton Business Radio. I’m John Ray, and we are coming to you from our virtual business RadioX studio. No, we’re not inside Renasant Bank, but we still love the folks there and the good work that they do. We’ve got a great guest today, and  we’re going to be talking about saving money, not just a small amount of money, but a lot of money with R&D tax credits. We’ve got Tommy Zavieh. And Tommy is a national practice leader with Frazier & Deeter, a well-known regional accounting firm here in Atlanta.

John Ray: [00:01:01] But before we get to Tommy again, I just want to remind folks that the bank branches at Renasant are closed to just walking in. You’ve got to go call and make an appointment. And they’re happy to see you, but you’d need to make an appointment ahead of time. The drive-throughs are open, so feel free to take advantage of those. But they’ve done an awesome job with some of this PPP loans and some of that work. I know that firsthand. So, check them out, give them a call, be in touch with your Renasant banker, or go to renasantbank.com for the latest. Renasant Bank, understanding you. Member FDIC.

John Ray: [00:01:43] And now, I know I got your attention with this idea of saving money. And Tommy Zavieh from Frazier & Deeter is gonna guide us through that, and we’ll get to that in a minute, Tommy. But welcome. And before we get into what you do and how you help folks, tell us about you.

Tommy Zavieh: [00:01:59] Hi. And thank you for having me on. I appreciate it.

John Ray: [00:02:01] Sure.

Tommy Zavieh: [00:02:01] And all your listeners out there, look, I know these are difficult times, and we’re all trying to figure things out. But hopefully, today’s discussion will give you some ideas of what are the different areas that you can look at to save some cash. A little bit about me, I have had a long career of different subjects that I’ve done. So, I used to be an engineer turned CPA. And that helps me really understand the business of my clients. What is it they do from the engineering geeky side, and as well as the CPA tax side of things. That led me to work with the Big Four where I was in New York, California, and moved overseas to do specifically research and development credits. And lately, the last place that I was at, I was at KPMG leading their Southeast practice before joining Frazier & Deeter.

John Ray: [00:02:59] Awesome. So, Frazier & Deeter, let’s get into that. We know that firm very well. Highly regarded firm. Why did you leave KPMG, another highly regarded firm?

Tommy Zavieh: [00:03:11] Yeah. It’s one of those opportunities. I had known Frazier & Deeter for many years and a very well-respected firm that has gone from being a regional firm to a national firm to, now, we’re international. We have offices all the way west to Las Vegas and across the pond in UK and London. We have an office there as well. And in their growth, they were looking to have somebody come and lead this practice, and it was an opportunity that I couldn’t pass up at the time that it became available.

John Ray: [00:03:46] Yeah, I said regional. And thank you for pointing that out in a nice way, the way you did, because Frazier & Deeter is truly a national and international firm now, particularly, with the London office and all the work around the world that you do. So, congratulations to you and your firm on that growth. So, you’re the national practice leader, Tommy, for research and development. What does that mean? What does it mean to clients?

Tommy Zavieh: [00:04:14] Yeah, that’s just a pretty title. What I love about what I do is I get to go and really see firsthand and sometimes, quite frankly, before the consumers see what wonderful job the businesses that are doing in this country. I get to talk to the C-level suite folks and really get to understand the business. And then, my passion is really get to talk to the engineers who are developing the wonderful products that we all use, whether it’s in the technology sector, software, manufacturers in this country, or oil, gas, mining. I’ve been very lucky in my career that I’ve gotten to see so many different areas that the businesses in the US, what is it that they do, how they do it, see it firsthand before anybody else gets to play with it. I’ve had the chance to look at it and see it firsthand.

John Ray: [00:05:20] That’s awesome. And I’m envious, by the way. That’s a nice place to be to see all that innovation in the future, really and, particularly, in a time like this where people are getting all kind of down, really, about what’s going on currently and with good reason, but there’s a lot of hope in the future. And you see that.

Tommy Zavieh: [00:05:45] Yeah. And when you asked me earlier why did I join Frazier & Deeter, I think the other part of it that I want to really highlight is because the kind of clients that we have, that middle-market client. I get to not just shake the owner’s hand, but I get to talk to all the workers. And as wonderful as the opportunity that I had working at the Big Four and really seeing some of the larger companies out there, I think what it came down to for me is being helpful to the middle market in our country, walking to the plants, and talking to the workers, seeing what they do, and the impact that we can have with the small work that we do but that cash savings that we have for our clients that helps them keep the doors open for a few more months or for a few more years, or the investment they need to make in new and better equipment. I had a chance to go into a mine in Kentucky and got to see firsthand how coal is being brought out. And I went deep, deep into the mine. So, those are the kind of experiences that I don’t know where else in the CPA firm you can experience having those experiences.

John Ray: [00:07:10] Yeah, for sure, for sure. Folks, if you just joined us, we’re speaking with Tommy Zavieh. And Tommy is a national practice leader for R&D at Frazier & Deeter. Now, Tommy, I want to get further into the R&D part of what you do with clients in a second, but one of the things you’re really involved with with the firm right now is the PPP and really the aftermath of PPP, something called the forgiveness optimizer. Talk about that, and talk about the importance of this tool.

Tommy Zavieh: [00:07:43] Yes. So, thank you so much for asking that question. And today’s discussion, the topic, if there’s anything you’re going to walk away from this, that’s probably cash savings. So, this is one of the other areas that you probably looked at and applied for the Payroll Protection Program. And that application process was hectic. You had to quickly do it. We all know that the money run out. And so, now that you’ve gone through the application process, hopefully that you got approved. And now that the moneys are coming in, what do you do?

Tommy Zavieh: [00:08:14] And there’s two parts to it. One is, what do you do with that money to make sure that you reach the level or get it forgiven if that’s the goal because at the end of the day, even if it doesn’t, it is very cheap money. It is 1%. So, it is very helpful. But say, your goal is to get it forgiven, what do you need to do to do that? And then, the last part of it is the banks need to certify that you used the proceeds properly and the levels at which you can get it forgiven.

Tommy Zavieh: [00:08:47] And that’s where at Frazier & Deeter, we have a team dedicated to this program who have delved into the technical aspects of it. And quite frankly, some of it is still unknown. Guidance has not been issued. So, that’s what our team has done. And we will help the applicant who has applied for the loan to optimize it. So, have you reached the 75%? What happens if you’ve lost a headcount? Have you replaced that headcount? What if you try to save cash in these times? And who do you pay? Who do you reduce their income?

Tommy Zavieh: [00:09:26] For example, if I’m a business owner, and I make more than $100,000, and I’ve got five employees underneath me, and I’m trying to save cash, do I not pay myself, and then give some bonuses to my employees? Would that be helpful or not? Do I stay above the 65%? And then, we also help you certify the way you use the proceeds. Then, when you go to the bank and you give them your documentation, the substantiation, we will certify that you’ve used the loan proceeds properly, so that the banks can process that quickly and get it forgiven.

John Ray: [00:10:08] Now, you briefly mentioned the 75%. Well, for folks that aren’t familiar with that threshold, what is that?

Tommy Zavieh: [00:10:17] Yeah. So, you have to use 75% of the loan proceeds towards your payroll. And then, the other 25% have to go towards eligible cost, such as renting, utilities, a mortgage. If you don’t reach the 75%, and this is one of the big areas that guidance has not been issued, will a portion of your loan get forgiven or none of it? So, what if you reach 74.5%?

John Ray: [00:10:52] Oh, boy.

Tommy Zavieh: [00:10:53] By half a percent, did you just lose the entire forgiveness or a portion of it? And again, guidance hasn’t been issued. We know that each bank will make their own determination. But if you plan ahead and you know what your expenses are or you think what your expenses are, then, hopefully, you’ll know what percentage you’re going to reach. If not, be on top of it, which we can help you with, obviously, our tools, but make sure you reach that 75%. That is something that if you’re close to it, you don’t want to miss out.

John Ray: [00:11:31] This is where the accounting industry in your CPA, if you’ve got a good CPA – if you don’t have a good one, call Frazier & Deeter – but if the CPA industry is going to be extraordinarily helpful, this is where they shine when it comes to this kind of issue in dealing with the IRS and dealing with forgiveness later.

Tommy Zavieh: [00:11:56] Yeah. Look, I think many CPAs and many companies will help you out in that loan application process. They are well-versed in it, and they’re doing a terrific job.

John Ray: [00:12:07] It sounds like you’ve kind of gone the extra mile, though, in terms of having a tool that’s really easy for people to access and use. And congratulations on that.

Tommy Zavieh: [00:12:19] Well, thank you. There are a lot of calculators out there, but we have yet to see anyone that has the optimizer portion of it. And we’ve had many sessions with a variety of banks, including Renasant Bank, who’ve told us this is extremely helpful to their applicants, and they are letting them know that we have it available to help them up.

John Ray: [00:12:42] Cool. Awesome stuff from Tommy Zavieh. And Tommy is the national practice leader for R&D with Frazier & Deeter, an international accounting firm and an advisory firm, business advisory firm headquartered here in Atlanta. Tommy, let’s get into the R&D aspect of what you do. You save companies real dollars. Talk about that.

Tommy Zavieh: [00:13:13] Yeah, look. So, I’ll give you a little bit of statistics. I think everybody likes some numbers. Out of the latest that’s available to us, R&D is a little over $13 billion industry. And that is made up of 70% manufacturers. And then, the other 30% is technology firms and others who are doing R&D. I know you would have thought, “Okay. Well, software technology would make up the majority of it.” No, manufacturers are. But if you’re a biopharmaceutical, if you are in the health care industry, if you are oil, gas, mining, you’re doing R&D. As long as you are taking something, and you’re improving on it, and making something new, you’re probably doing R&D. But the problem is that only about 30% to 40% of the companies take advantage of this. The rest of them are not.

John Ray: [00:14:14] So, can we stop there for just a second? That’s really important because I think companies hear, or executives, business owners hear the term R&D and they think like technology, right?  And so, if I’m not technology, I’m not doing R&D.

Tommy Zavieh: [00:14:32] Correct. So, look. Like I said at the beginning, I introduced myself, I said I was an engineer. And I feel that I still think like an engineer. And I certainly have a definition as an engineer what research and development is. But the way that the tax code, the way Congress when they passed this law decades ago, the way they defined R&D is a little bit different. And as long as you meet the definitions of research and development, then your activities qualify. So, many companies either have never heard of it or if they’ve heard of it, they either they don’t apply, it does not apply to them, or that they’re not spending enough money to warrant an R&D study.

Tommy Zavieh: [00:15:12] So, the part that I really love about my job is education, going out there and educating companies about R&D and how it would apply to what they’re doing. And take your bank, Renasant Bank, Renasant Bank is performing R&D, especially with the security stuff that they have to deal with, the online banking. You have to put in security systems into place to make sure that nobody gets in and, for example, take money out of my account. All those security procedures, all of that research and development goes into it. So, it’s not just the big banks that are doing it. You’re a credit union, you’re a regional bank, you’re performing R&D.

Tommy Zavieh: [00:16:02] Take our businesses in North Fulton, the manufacturers, the makers of widgets or you are in the food industry, we have very, very large fortune companies here in Atlanta. And they’re experimenting with food and how to make it taste better, how to make it last longer, how they keep it on the shelves longer, food science, that’s an area that gets often overlooked. I mean, the easy stuff, “Yes. I make the latest and greatest and nobody never seen,” but that’s not how the definition goes.

John Ray: [00:16:45] So, by definition, Tommy, what we figured out, you said 30%, only about 30% of companies are eligible for this tax credit use it. By definition, most of the people listening to this show on tax credits don’t use it and need needed. So, let’s get into it. How can they leverage R&D tax credits? And how do you help with that?

Tommy Zavieh: [00:17:10] Yeah. So, the beautiful thing is that a few years ago in 2016, the R&D credit became permanent in the tax code. It used to get renewed every two years. And in that, they added something for startup companies to be able to utilize it. So, let’s take a broad scope. You’re a company that’s doing R&D, and it’s a credit. The credit is a deduction of your tax liability dollar for dollar. So, first, you got to ask yourself, am I a taxpayer? If you’re a taxpayer, then, yes, this is very helpful, whether at the federal level or at the state level. Now, if you’re not a taxpayer, then why do you care about R&D? You can care about it for several reasons. One, let’s say you are trying to purchase another company. Well, those credits could mean something to you. And if that company has never done R&D credit, then you could be sitting on potentially huge cash savings for yourself. What about yourself? If you’re looking to be purchased, then you want to make sure you get top dollar for your company, and you got to have that R&D in there. And then, finally, if you’re considered a startup company, startup companies considered less than five years of $5 million in revenue, if you are in that category, then you can offset your payroll taxes with the R&D credit. That’s real cash savings.

John Ray: [00:18:34] Oh, wow!

Tommy Zavieh: [00:18:34] As a startup, obviously, cash is important to me. And we have tremendous amount of companies here in the Atlanta region who are part of either the startup community, or the incubators, or the accelerators, and they’ve had their series A funding that they’ve raised. Using the R&D credit saves them cash. And so, I would highly recommend that they talk to their CPA, and the CPA firm should have a specialist in this area. And let me tell you why. This isn’t just a plug for myself, but it really is. You want to use a specialist because this is an area that gets audited. And when it gets audited if you don’t have the proper documentation, not only can all of the credits get denied, but then there could be some potential penalties and fines associated with it. So, just like you go to your general practitioner doctor, your GP, they have a wealth of knowledge and they are fantastic at what they do. But if there’s an issue with your heart, they’re going to send you out to a specialist because you need that specialist to take a look at it. And this is an area that you definitely want to go to a specialist to take a look at your R&D credit.

John Ray: [00:19:47] I was gonna ask you about that. So, it sounds like this is not an area of focus for the typical CPA that’s focused on tax work.

Tommy Zavieh: [00:20:05] No, it’s not. And not every CPA knows everything in the tax code. And if you ever seen the tax code, you see have big and cumbersome it is. And we cannot know every aspect of of the tax law. I mean, I don’t know every aspect of the tax law. I’ve just decided to specialize myself in this one area, and it happens to be just one code section out of the many code section that we have, but it’s the second hardest code section that exists besides Subchapter K, which is your partnership. And so, it is easy to Google it, find the form, look at the instructions, and say, “Oh, I can do this on my own,” whether you’re the company or a CPA that says, “I can save my clients some money. I don’t need to go get a specialist.” The problem becomes when you get audited. Getting the right documentation, creating the right nexus, having that engineering report, being able to have the right activities in there, that’s where the complication comes in.

John Ray: [00:21:12] So, I want to dig into that a little deeper, Tommy, but let’s get clear on the industries that you work in because you mentioned several industries again that may not have thought when they heard R&D that they qualified but they really probably do. So, talk a little more specifically about some of the companies and industries that you work with.

Tommy Zavieh: [00:21:41] Yeah. So, I started out in New York. So, some of the largest clients that I had are financial services industry, whether it was your big banks, investment banks, or hedge funds because I spend a tremendous amount of money on modeling and figuring out how those models work. And automated and speed becomes an issue, not only just security like we talked about on the software side, but the speed of how things get processed. From there, I moved to California where, pretty much, a lot of the companies that you’re using today, and the clients are using today, and those who are listening using today, I’ve done their R&D. And then I got a chance to go to Australia where I did a lot of mining and wineries. Believe it or not-

John Ray: [00:22:31] Wow!

Tommy Zavieh: [00:22:31] … wineries and brewing companies do R&D.

John Ray: [00:22:31] Really?

Tommy Zavieh: [00:22:36] Yes. So, let’s delve into that because I think it’s an interesting one because not everybody hears about it. So, wineries, you have to think about how they’re growing the grape. There’s so much science that goes into how in the area, the region of the world they are, with the ground that they have, with the soil that they have, with the type of grapes that they have that they produce the best for the wine they’re trying to make, what do they put in that soil, and how how many times they have to check it to make sure they’re at the right levels. And then, they get the grape out. And then, now, they have to process that grape. How do you get it to the level that you want it to get the best wine? I mean, I can probably make vinegar, but I can’t make wine. So, how do you make the top shelf wine that they’re trying to make? And then, if you don’t, then what do you do? What do you do with that wine?

Tommy Zavieh: [00:23:30] Some of the local breweries that we have here in Atlanta, they’re performing R&D because they got certain raw materials that they have and trying to reach a certain type of a new flavor of beer profile they’re trying to reach. What if they don’t succeed at it? Many times, they don’t. That’s why you’ve got brewmasters who spend decades crafting  what they do. So, there’s there’s R&D in so many variety of industries that will take up a lot of time.

Tommy Zavieh: [00:24:06] So, let me let me say, who doesn’t do R&D? Typically, your service providers such as myself, a CPA firm, is not going to be doing R&D or law firms, unless they’re investing in technology they’re developing themselves. So, for your listeners out there, look at it this way. If you are making something that you haven’t made before, whether it’s software or something that’s a widget, you’re improving on it, and it could be performance, quality, reliability of that product, functionality of that product, if you’re in software, the speed of that product making it faster or better, then you’re more than likely doing R&D. So, reach out to your CPA firm, reach out to a specialist, and a lot of us perform this at a no cost to our clients, and we’ll take a look at it and see if you’re eligible for it.

John Ray: [00:25:05] Folks, we’re speaking with Tommy Zavieh. And he is national practice leader for R&D with Frazier & Deeter. So, Tommy, you got my attention. I need to look at this. I’m a business owner. I need to look at this for my business. How do I get started? What do I do?

Tommy Zavieh: [00:25:24] I think the first thing that you do is find yourself a good specialist in this area. If you don’t know where to start, start with your CPA firm. If you don’t have a CPA who knows this area, just go to www.frazierdeeter.com, and look under tax, and you’ll find our services, and I’ll be happy to take your questions. So, shameless plug for myself but-

John Ray: [00:25:51] That’s OK. That’s what we’re here for. But what do I need to bring you, right? What do I need to bring you? I’ll give you a call. What are you gonna ask me for? What kind of records do I need to produce? What kind of questions are you gonna ask me?

Tommy Zavieh: [00:26:07] Look, we try to make this thing as easy as possible at the beginning. So, we’re just gonna have a conversation. We’ll have a 15-minute conversation. And having done this for a couple of decades now, you get pretty good at it as to what you really need to ask for.

John Ray: [00:26:22] Gotcha.

Tommy Zavieh: [00:26:22] So, within a 15-minute conversation, I’ll know whether you’re performing R&D or not. And then, from there, then I’ll probably have another conversation with your equivalent chief technology officer or whoever it is that person who is leading the efforts on your product development. And then, from there, we’ll probably know how much an estimate of your R&D credit will be. And then, that’s when you can make a decision on whether you want to move ahead with this study or not. So, probably, you’ll look at about an hour of your time and somebody on your team’s time investment at the beginning.

John Ray: [00:27:03] Big ROI in that, Tommy.

Tommy Zavieh: [00:27:07] I think so. I mean, look, so far in 20 years that I’ve done this, about $1.6 billion of credits that I’ve done by myself for my clients. So, it’s not small numbers. These are big numbers. The reason why I’m on here on your show and talking to North Fulton community is that there are so many companies out there that could be taking advantage of this, and I’d love for them to know about it, so they can go after it.

John Ray: [00:27:38] Sure. Now, there’s a nice little thing here that I read in the show notes is that there’s a three-year lookback.

Tommy Zavieh: [00:27:46] Potentially more.

John Ray: [00:27:49] Oh, really?

Tommy Zavieh: [00:27:50] So, we all know that our tax returns are open for three years. So, you file your personal return, you don’t look and get audited for the next three years, so hang on to your records. We recommend seven years longer than that. But there is definitely a three-year lookback, but potentially more. So, it depends on how your business did, what are the different areas of your return that are may still be open to us that we can have a lookback. But technically, if you have been a C corp that has been in losses, I can go back 20 years, and look at that R&D, and say, “Well, before all this happened, many companies were having a stellar year, and they were having record years. So, maybe this year and next year, you’re going to be a taxpayer, so you’re looking at, ‘Okay. What do I need to do to minimize my taxes?'” Well, if you’ve been doing R&D for 20 years, you could have brought it forward to this year or next year and have gotten rid of your tax liability as an example. Yes, we have a minimum three-year lookback, but potentially more.

John Ray: [00:28:53] Wow, that’s big time. When people think back on the taxes they paid in previous years and getting a credit against all that they’ve already paid, that’s got to get folks’ attention. I would think.

Tommy Zavieh: [00:29:08] Real cash savings.

John Ray: [00:29:10] Yeah, for sure. So, is this something that you file at any time, or do you have to wait until filing time for your annual tax return, or how does that work?

Tommy Zavieh: [00:29:23] Yeah, that’s a great question. So, the work can get done at any time, but it will go on your tax return when your tax return gets filed. So, we just passed the 4/15 deadline that got extended to July 15, but those taxpayers are going to be filing in July 15. If you want to file it on time on that return, this is the time to take a look at it. So, I would highly recommend that you think about it whether you want to put on that return. Otherwise, you would have to go and amend your return.

John Ray: [00:29:57] Let me make sure I’ve got this clear. So, this sounds like a kind of a once-in-several-years opportunity here because the deadlines have been pushed back for filing your return that you’ve got some time here that, ordinarily, the deadline would have passed for you to be able to take a look at this like right now and put whatever your findings are, put that into this year’s return.

Tommy Zavieh: [00:30:26] Yeah. So, let me make sure that I’m clear with it with your listeners.

John Ray: [00:30:31] Right. And clear up what I just said. They need to hear you, not my explanation of it. So, go ahead.

Tommy Zavieh: [00:30:38] I joke a lot with my colleagues at work that it’s only one code section, so how could it be so complicated? It really is complicated.

John Ray: [00:30:47] Sure.

Tommy Zavieh: [00:30:48] But let me see if I can simplify the complicated part of it. As long as the statute of limitations is open, you can take advantage of the R&D credit and put on your return, but it would have to be amended. Okay?

John Ray: [00:31:00] Okay.

Tommy Zavieh: [00:31:00] So, that part of it, I think, it’s clear. The uniqueness that we have today is because the tax deadline got extended. And what’s even more unique is that 2016 tax year, that we would have all filed in 2017, that filing period, that statute of limitation would have ended on either March 15 or April 15. That’s the uniqueness that we have that we’ve never had before is that statute of limitation has been extended. So, that year is still open to us.

John Ray: [00:31:33] Oh, wow!

Tommy Zavieh: [00:31:35] So, that’s the opportunity here that if you did a lot of R&D in 2016, and you didn’t know about it, had this been normal times, that statute of limitation would have been closed, and we wouldn’t be able to go back and claim those credits. But now, you can.

John Ray: [00:31:55] Let’s just let that hang there for a bit. That’s pretty awesome news for folks that need to hear it, I think. So, that’s awesome. Tommy Zavieh with Frazier & Deeter. So, I think I need to let you tell people how to get in touch with you because this is some stuff people need to absorb and get in front of the expert like you to get your help. So, let everybody know how they can contact you, Tommy.

Tommy Zavieh: [00:32:27] Sure. So, you can go on to Frazier & Deeter’s website, www.frazierdeeter.com. And then, underneath tax, we have a specific service line, research and development. Go in there, and you can contact us that way, or you can reach me directly on my email at Frazier & Deeter. That’s tommy.zavieh@frazierdeeter.com. Those are the most simplest way.

John Ray: [00:32:52] Sounds like a plan. Tommy Zavieh with Frazier & Deeter. It’s been a pleasure. Thanks for being with us.

Tommy Zavieh: [00:32:58] Thank you for having me on your show.

John Ray: [00:33:00] Yeah, it’s great. So, folks, just a reminder that if you need some help that involves maybe administrative task or bookkeeping, you probably need some bookkeeping help for some of the issues that Tommy mentioned, so you can get your book straight to give your CPA. I’ve got an answer for you that involves picking up the phone and calling Essie Escobedo at Office Angels. They’re not a temp agency or placement firm. They match your business support needs with angels who fly in with talent and experience that’s necessary to help you maintain and grow your business. It’s your terms and your timeline. They lend a hand when needed. And they fly off when the job is done. So, give Essie a call at 770-442-9246. She is awesome. I use her, and she and her angels are truly angelic.

John Ray: [00:33:56] So, folks, just a another little, I’ll say, shameless plug for ourselves, if you want to find our show, you will find it on any of the major podcast apps out there. And that would be Apple. Google, Stitcher, TuneIn, Spotify, Overcast, iHeart Radio, YouTube. We’re on all of them. So, check us out or go to northfultonbusinessradio.com. That’s real quick. And you can find all our shows there with business leaders we’ve had over the years. Now, four years, 220 plus shows with great business leaders like Tommy. You can find our show archive there. Also, connect with us on LinkedIn, Twitter, or Facebook, North Fulton BRX on all those social media platforms. So, for my guest, Tommy Zavieh, I’m John Ray. Join us next time here on North Fulton Business Radio.

 

North Fulton Business Radio” is produced virtually from the North Fulton studio of Business RadioX® in Alpharetta. You can find the full archive of shows by following this link. The show is available on all the major podcast apps, including Apple Podcasts, Spotify, Google, iHeart Radio, Stitcher, TuneIn, and others.

Renasant Bank has humble roots, starting in 1904 as a $100,000 bank in a Lee County, Mississippi, bakery. Since then, Renasant has grown to become one of the Southeast’s strongest financial institutions with over $13 billion in assets and more than 190 banking, lending, wealth management and financial services offices in Mississippi, Alabama, Tennessee, Georgia and Florida. All of Renasant’s success stems from each of their banker’s commitment to investing in their communities as a way of better understanding the people they serve. At Renasant Bank, they understand you because they work and live alongside you every day.

Tagged With: Frazier Deeter, John Ray, North Fulton Business Radio, PPP, PPP loan forgiveness, R&D tax credits, research & development tax credits, research and development, tax credits, tax savings, three year lookback, Tommy Zavieh

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