ProfitSense with Bill McDermott Archives - Page 3 of 11

Knowing Where You’re Going in Retirement, with Toby Anderson, SGL Wealth Management

March 11, 2024 by John Ray

North Fulton Studio

Knowing Where You're Going in Retirement, with Toby Anderson, SGL Wealth Management

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Knowing Where You’re Going in Retirement, with Toby Anderson, SGL Wealth Management

Toby Anderson: The old saying, if you don’t know where you’re going to get there, and everyone’s got goals. Those goals, as with anything–you need to write them down.

And you need to know how you’re going to get there. Everybody has a goal of retiring at some point, but retirement looks different for almost everybody, right? Is that I want to be done at 62, and I’m never going to do anything? “I’m playing golf five days a week.” Great. If that’s what retirement let’s see what that looks like.

Sometimes it’s: “I’m going to retire, but I’m going to get a part time job because I want to.” “I’m never going to retire.” There’s that one. But you’ve got to know where you’re going, and then are you on track to get there, right? Are you saving the amount of money you need to save to have the lifestyle you desire when that day comes?

And it just makes people put everything down on paper. And even from the younger people, just the importance of budgeting—what’s coming in and what’s going out. Every dollar needs to have a purpose, and do you have the guardrails around what you’re doing to make sure your investments are aligned?

You can’t say, Hey, I need to have this amount of money when I’m doing and have your money sitting in cash. It’s just not going to, it’s just not going to work. And people, helping people understand the risks associated with certain levels of stuff and then the risks of not. Some people’s greatest risk is not being risky enough, right? It’s just important.

Listen to Toby’s full ProfitSense with Bill McDermott interview here.

The “One Minute Interview” series is produced by John Ray and the North Fulton studio of Business RadioX® in Alpharetta. You can find the full archive of shows by following this link.

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.

How to Manage the Buyer-Seller Dance, with Bill McDermott, Host of ProfitSense

March 4, 2024 by John Ray

How to Manage the Buyer-Seller Dance, Profitability Coach Bill McDermott

North Fulton Studio

How to Manage the Buyer-Seller Dance, with Bill McDermott, Host of ProfitSense

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How to Manage the Buyer-Seller Dance, with Bill McDermott, Host of ProfitSense

In this commentary from a recent episode of ProfitSense, Bill offers thoughts on how to manage the buyer-seller dance.

Bill’s commentary was taken from this episode of ProfitSense.

ProfitSense with Bill McDermott is produced and broadcast by the North Fulton Studio of Business RadioX® in Alpharetta.

Transcript

Bill McDermott: I want to talk a little bit today about how to manage the buyer-seller dance. During a sales call, both buyer and seller have their own goals and agendas. They are constantly trying to influence each other and often get caught in what we call the buyer-seller dance. In my experience, if we don’t have a sales process, we automatically divert to the buyer’s process, and the buyer leads in the buyer-seller dance.

Buyers have access to more information than ever before. They are increasingly sophisticated and savvy, and also have the option to walk away from a sale at any time. So, what are some ways that sellers like us can lead the buyer-seller dance? First is set the agenda for the sales call. Sellers can do this by asking the buyer what they want to learn about and what their goals for the call are.

Second, ask open-ended questions. This will help sellers learn more about the buyer’s needs and challenges. Third, focus on the buyer’s pain points. Sellers should know their buyer, how their product or service can solve their problems and improve their life. Fourth, be honest and transparent. Sellers should avoid making false promises or overselling their product and service.

And last, be confident. Sellers should believe in their product or service and their ability to help the buyer. When sellers are able to lead the buyer seller dance, they are more likely to close sales and build long-term relationships with their customers.

About ProfitSense and Your Host, Bill McDermott

ProfitSense with Bill McDermott dives into the stories behind some of Atlanta’s successful businesses and business owners and the professionals that advise them. This show helps local business leaders get the word out about the important work they’re doing to serve their market, their community, and their profession. The show is presented by McDermott Financial Solutions. McDermott Financial helps business owners improve cash flow and profitability, find financing, break through barriers to expansion, and financially prepare to exit their business. The show archive can be found at profitsenseradio.com.

Bill McDermott is the Founder and CEO of McDermott Financial Solutions. When business owners want to increase their profitability, they don’t have the expertise to know where to start or what to do. Bill leverages his knowledge and relationships from 32 years as a banker to identify the hurdles getting in the way and create a plan to deliver profitability they never thought possible.

Bill currently serves as Treasurer for the Atlanta Executive Forum and has held previous positions as a board member for the Kennesaw State University Entrepreneurship Center, Gwinnett Habitat for Humanity, and Treasurer for CEO NetWeavers. Bill is a graduate of Wake Forest University, and he and his wife, Martha, have called Atlanta home for over 40 years. Outside of work, Bill enjoys golf, traveling, and gardening.

Connect with Bill on LinkedIn and Instagram, and follow McDermott Financial Solutions on LinkedIn.

Seth Peabody, iTxRe

February 21, 2024 by John Ray

North Fulton Studio

Seth Peabody, iTxRe

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Seth Peabody, iTxRe (ProfitSense with Bill McDermott, Episode 55)

CPA Seth Peabody joined host Bill McDermott on this episode of ProfitSense. Seth’s firm, iTxRe, emphasizes the importance of proactive tax planning for businesses, and he explained how their approach can significantly impact profitability by strategically reducing tax liabilities. Seth provided insights into tax planning vs. what he calls “tax telling,” highlighted the advantages of having an early and consistent tax plan, and discussed the major issues faced by the CPA industry. Seth also delved into the potential role of AI in aiding the CPA industry, and he underscored the necessity for a pragmatic understanding of accounting for better business outcomes.

Bill concluded the show with thoughts on how to manage the buyer-seller dance.

ProfitSense with Bill McDermott is produced and broadcast by the North Fulton Studio of Business RadioX® in Alpharetta.

Seth Peabody, iTxRe

Seth Peabody has been a CPA for over two decades, working in small, medium, and large firms. In pursuit of growing a niche CPA practice, he learned business owners and high-net-worth individuals didn’t have true annual income tax planning. He created a program and process for clients to reduce taxes annually.

iTxRe creates a proactive environment to assist businesses and individuals across the country with annual income tax planning. They regularly meet with their clients to customize a plan for them. Then they work to control and minimize the impact of income tax on both the business and the individual. Finally, they complete the last step of the plan, filing the tax returns.

Quite simply, iTxRe engages in tax planning, not “tax telling.”

Website | LinkedIn | Instagram | Facebook | Seth LinkedIn

Topics Discussed in this Interview

00:00 Introduction
01:07 Guest Introduction: Seth Peabody, CPA
01:29 Understanding Tax Planning
03:13 Proactive Tax Strategies
04:08 Understanding Tax Credits and Deductions
05:28 The Importance of Quarterly Estimates
07:27 The Role of Tax Planning in Business
09:11 Differentiating in the CPA Industry
15:29 The Impact of AI in the CPA Industry
17:56 The Importance of Understanding Accounting for Business Owners
24:22 The Buyer-Seller Dance in Sales
26:01 Closing Remarks and Contact Information

About ProfitSense and Your Host, Bill McDermott

Bill McDermott, “The Profitability Coach,” is the Founder and CEO of McDermott Financial Solutions. When business owners want to increase their profitability, they don’t have the expertise to know where to start or what to do. Bill leverages his knowledge and relationships from 32 years as a banker to identify the hurdles getting in the way and create a plan to deliver profitability they never thought possible.

Connect with Bill on LinkedIn and Instagram, and follow McDermott Financial Solutions on LinkedIn.

Mastering Sales: It’s Not About You, It’s About Them, with Bill McDermott, Host of ProfitSense

January 23, 2024 by John Ray

North Fulton Studio

Mastering Sales: It's Not About You, It's About Them, with Bill McDermott, Host of ProfitSense

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Mastering Sales: It’s Not About You, It’s About Them, with Bill McDermott, Host of ProfitSense

In this commentary from a recent episode of ProfitSense, Bill McDermott discusses the essential mindsets and skills necessary for mastering sales.

Bill’s commentary was taken from this episode of ProfitSense.

ProfitSense with Bill McDermott is produced and broadcast by the North Fulton Studio of Business RadioX® in Alpharetta.

Transcript

We’re kicking off a new year. It’s 2024. Every business owner I’m talking to recently has been trying to think about “what do I need to do to sell more? Do I raise prices? Do I increase volume?” And so I wanted to talk briefly about how to become the salesperson people want to buy from. Having success in sales can sometimes feel easier said than done.

It takes hard work, dedication, and a willingness to learn and grow. It also takes the ability to overcome objections and setbacks. I recently led a sales training to a group of commercial bankers that we discussed the importance of dealing with mindset first and then adding the right skill set. Two crucial mindsets to have are an abundance mindset and a success mindset.

The best way to have an abundance mindset is to have an abundance of opportunities. A success mindset includes the 80/20 rule. In a sales call, do 20 percent of the talking and 80 percent of the listening. Ask questions based on curiosity and listen to the answers. For skill set, it’s important to engage your client or prospect in as much right brain thinking as you can.

The right side of the brain is where imagination and feelings live. If you can engage those through the art of storytelling, you’ll soon find the client sees themselves in your story. This triggers a desire to do business with you because they see you as someone that can solve their problem. So our formula for success is simple.

Find the level of activity you’re willing to adopt, own your sales process, and ask good questions and solve problems. Don’t sell products.

About ProfitSense and Your Host, Bill McDermott

Connect with Bill on LinkedIn and Instagram, and follow McDermott Financial Solutions on LinkedIn.

Toby Anderson, SGL Wealth Management

January 12, 2024 by John Ray

North Fulton Studio

Toby Anderson, SGL Wealth Management

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Toby Anderson, SGL Wealth Management (ProfitSense with Bill McDermott, Episode 54)

In this ProfitSense episode, host Bill McDermott delved into the importance of business financial planning with guest Toby Anderson from SGL Wealth Management. Key topics included the evolution of the wealth management industry, often misunderstood aspects of financial planning, the impact of personal life experiences on financial decision-making, the trends shaping the financial services industry, the importance of a financial plan, and the role of behavioral finance. Bill and Toby also explored the challenges of business succession and retirement planning, underscoring the need for a well-structured financial plan that can adapt to change.

Bill wrapped up the show with a commentary on how to be the salesperson people want to buy from.

ProfitSense with Bill McDermott is produced and broadcast by the North Fulton Studio of Business RadioX® in Alpharetta.

Toby Anderson, SGL Wealth Management

As a seasoned Senior Financial Advisor, Toby’s experience with long-term planning and enthusiastic approach allows him to view each client’s situation holistically and determine courses of action.

Toby crafts tailored services designed to address the unique needs of each individual client. Collaborating with the competent and knowledgeable team at SGL Wealth Management, he extends this customized service to all clients. Toby believes that everyone should have access to a financial advisor, regardless of their financial standing. He understands the trust his clients place in him and is committed to delivering.

Toby has been in the financial services industry for over 20 years, having obtained his license after graduating from Auburn University in 1997. He holds various financial designations, including Series 7 and 63 with LPL Financial, Series 66 with LPL Financial and IFG Advisory LLC, and a Georgia Insurance license for Life, Accident, and Health and Variable Products.

Website | LinkedIn

SGL Wealth Management

SGL Wealth Management Group helps clients manage their assets by utilizing the efficient financial planning strategy known as ‘S.G.L.’ or Strategic Guidance for Life.

Their services include:

Financial Planning Services
Investment Services
Hourly Consulting
Business Services
Trusts and Estates
Additional Services

They strive to build long-term relationships based on trust, mutual respect, and the highest level of service possible.

Securities offered through LPL Financial, Member SIPC. For hyperlinks to SIPC, please refer to sipc.org. Advisory Services offered through IFG Advisory, LLC, a registered investment advisor. SGL Wealth Management Group and IFG Advisory, LLC, are separate entities from LPL Financial. LPL Financial Representatives offer access to Trust Services through The Private Trust Company N.A., an affiliate of LPL Financial. For a list of states in which Toby and his firm are registered to do business, please visit www.sglwm.com

Website | LinkedIn | Facebook

Topics Covered in this Episode

00:03 Introduction and Welcome

01:07 Getting to Know Toby Anderson

02:27 Understanding Financial Planning

07:25 The Evolution of Financial Services Industry

14:03 Personal Journey and Career Shift

17:55 The Importance of Financial Planning

27:13 Contact Information and Closing Remarks

28:03 Sales Tips for Business Owners

About ProfitSense and Your Host, Bill McDermott

Connect with Bill on LinkedIn and Instagram, and follow McDermott Financial Solutions on LinkedIn.

The Basics of Financial Wellbeing, with Andrew Sullivan, Sullivan and Schlieman Wealth Management

January 8, 2024 by John Ray

North Fulton Studio

The Basics of Financial Wellbeing, with Andrew Sullivan, Sullivan and Schlieman Wealth Management

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The Basics of Financial Wellbeing, with Andrew Sullivan, Sullivan and Schlieman Wealth Management

Andrew Sullivan: A lot of discussions we have with clients in our regular reviews. One I’ve already mentioned earlier is making sure that your beneficiaries on life insurance, retirement accounts, pensions are up-to-date, so that you’ve got that primary and secondary beneficiary. We see this often as a problem, sometimes in a blended family where someone gets divorced, remarried, or a death of a spouse and then gets remarried. We’ve seen cases where the old spouse was named X or deceased. Now the new spouse is cut out of the equation, and it gets into legal wrangling. So make sure your beneficiaries are up to date on these various accounts that you have.

It’s also making sure you’ve got adequate long-term care insurance in place. Just had a client the other day that had to go to an assisted living facility/memory care: $18,000 a month for care, right? And you talk about devastating a set of assets or a portfolio at $18,000 a month. She does not have long-term care insurance. But it’ll rip through some assets very quickly. So you’ve got to be prepared for that.

That’s probably the biggest risk that retirees have. It’s not that I’m going to go on a cruise or that I’m going to retire. It’s that long-term healthcare cost equation. Disability insurance for younger people, and then making sure you have life insurance in place while you have an up-and-coming family independence.

Another one I would say is not having estate planning. This is probably one of the second-biggest issue. It’s amazing how many attorneys I talked to that don’t have wills, powers of attorney in place. So we strongly encourage people to have up-to-date wills and powers of attorney in place.

Having proper liability coverage, property and casualty or umbrella policies in place. So do a property and casualty review with your insurance agent. Very important to do that probably every couple of years.

This is really a dirty word: budget. Most people don’t want to talk about a budget. Unfortunately, I find that most people spend more time planning their vacation than their finances.
But I emphasize a budget, and set goals, and stick to those goals on an annual basis.

And then finally hire the professional, right? If you need counseling and investment advice, or estate planning, any of those things—use a professional. It’s worth the expense. There are people that can manage their own affairs, but most people, again they don’t want to go down that path. And they want to delegate that to someone that’s a professional in those fields.

Listen to Andrew’s full ProfitSense with Bill McDermott interview here.

The “One Minute Interview” series is produced by John Ray and the North Fulton studio of Business RadioX® in Alpharetta. You can find the full archive of shows by following this link.

Workforce Challenges in the Manufacturing Sector, with Jim Pursley, Factory Automation Systems

January 8, 2024 by John Ray

North Fulton Studio

Workforce Challenges in the Manufacturing Sector, with Jim Pursley, Factory Automation Systems

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Workforce Challenges in the Manufacturing Sector, with Jim Pursley, Factory Automation Systems

Jim Pursley: It’s still strong. We had some concerns about rising cost of money and economy slowing down.

But we’ve not seen it in a whole slug taking a downward turn just yet, always subject to change. And I think a lot of what’s driving that is still the strong employment numbers. Our business is structured around automation and helping people manufacture things in all types of spaces.

And, traditionally through the years that takes people to do that. And it’s harder and harder these days to find people that you could trust to show up to work every day that have the skills to do that. And especially in the manufacturing space. And so our customers, and the list keeps growing, from beyond the traditional Fortune 500 companies, to Fords and General Motors of the world to smaller organizations that just can’t find the people to do the work.

And so we get calls for “we’ve had this process we’ve done for years. We’re looking for a way to be able to do it. We can’t run the equipment sometimes because we don’t have people to show up to work to do it.” That’s been a big part of our continued success, whether that’s with robotic systems or just any other type of automation system.

And it continues to, to be even as large capital projects, maybe are slowing down. Even a lot of upgrade work with existing customers are taking the opportunities to replace obsolete equipment if they’ve slowed down. And even customers who aren’t seeing growth in their business in manufacturing still need the automation piece to drive costs down and to really backfill where you can’t find the labor.

Listen to Jim’s full ProfitSense with Bill McDermott interview here.

The “One Minute Interview” series is produced by John Ray and the North Fulton studio of Business RadioX® in Alpharetta. You can find the full archive of shows by following this link.

Three Tips for Perfecting Your 2024 Projections, with Bill McDermott, Host of ProfitSense

January 7, 2024 by John Ray

North Fulton Studio

Three Tips for Perfecting Your 2024 Projections, with Bill McDermott, Host of ProfitSense

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Three Tips for Perfecting Your 2024 Projections, with Bill McDermott, Host of ProfitSense

In this commentary from a recent episode of ProfitSense, Bill McDermott offers three quick tips on perfecting your 2024 projections for your business.

Bill’s commentary was taken from this episode of ProfitSense.

ProfitSense with Bill McDermott is produced and broadcast by the North Fulton Studio of Business RadioX® in Alpharetta.

Transcript

Bill McDermott: Whether you’ve finished your 2024 projections or not, I’d like to share three tips you need to know to put the finishing touches on your forecast.

Projections are critical to knowing whether your financial forecasts are realistic, especially if you will use these to obtain financing or attract investors.

First, look for tendencies in your forecasting to gain insights on things you can do to improve next year. This could be things like: did you overestimate revenue and profits? Did you accurately forecast the timing of collections from clients and payments to vendors?, etc.

Second, compare your assumptions on revenue and expense growth compared to your historical performance and industry norms/standards. It’s possible you’re outperforming your peers in some areas but underperforming in others. Know your tendencies.

Third, forecast from the bottom up, not the top down. It’s not how much you bill, but how much you keep. Plan profit first, then expenses, then revenue. Compare your forecasted revenue number based on what you discovered in your historical performance. If your revenue number is too high, then consider either adjusting your profit number or cutting expenses.

Many business owners will have several rounds of assumptions before they end up with a forecast they’re comfortable with. Remember, it’s important to forecast not only your income statement but also your balance sheet and cash flow statement to get a complete picture of your business.

Here’s to a great 2024 for all of us!

About ProfitSense and Your Host, Bill McDermott

Connect with Bill on LinkedIn and Instagram, and follow McDermott Financial Solutions on LinkedIn.

What is Your Business Worth?, with Bill McDermott, Host of ProfitSense

December 14, 2023 by John Ray

What is Your Business Worth?, with Bill McDermott, Host of ProfitSense

In this commentary from a recent episode of ProfitSense, Bill McDermott asks business owners to consider what their business is worth, and why an informed answer to that question is so important.

Bill’s commentary was taken from this episode of ProfitSense.

ProfitSense with Bill McDermott is produced and broadcast by the North Fulton Studio of Business RadioX® in Alpharetta.

Bill McDermott: I’d like to talk about the one question every business owner should be able to answer, and that’s: what’s my business worth?

In a recent study, business owners were asked what they estimated the value of their business to be. Ten percent didn’t have a clue. The other 90% answered in a wide range between $500,000 and $100 million.

When asked how they arrived at that valuation, two-thirds answered that they had no specific method or that they used some kind of informal methodology. Only 1/3 answered that they obtained an independent valuation from a qualified professional.

But it’s crucial to know the true value of your business for two main reasons:

To make informed decisions about the future, such as whether to sell, expand, or make other major changes. For example, if you know that your business is worth a significant amount of money, you may be more likely to consider selling it in the future. Or, if you know that your business is growing rapidly, you may be more likely to consider expanding into new markets.
To attract investors or partners.  If you are looking to attract investors or partners, knowing the value of your business can be a valuable asset. Investors and partners will want to know how much your business is worth before they commit any money or resources. By having a professional valuation, you can show potential investors and partners that your business is a sound investment.

Typically, our business is the largest asset on our personal financial statement. We should know the value to make informed decisions.