Navigating the Complexities of Financial Planning for Business Owners with Adam Koós Artwork

The Modern CPA Success Show

Are you the owner of an accounting firm? Do you want to make your firm more profitable? Are you interested in providing Virtual CFO services to clients?Dedicated to perfecting Virtual CFO Services since our inception in 2002, Summit CPA Group, now Summit Virtual CFO Services by Anders, serves as Virtual CFOs for over 100 clients throughout North America. While most accounting firms focus on the past, our Virtual CFO team focuses on the future. This podcast seeks to help accounting firm owners like you learn how to provide successful Virtual CFO Services and become profitable. Tune in bi-weekly as our hosts Tom Wadelton, Virtual CFO, and Adam Hale, Partner at Anders CPAs + Advisors, interview industry-leading experts to share knowledge, as well as Adam’s experience acquired from more than 20 years as the lead provider of Virtual CFO services in North America. We'll answer some of the most common questions like how do I provide accounting services virtually? What's it like running a distributed team? And much, much more.

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The Modern CPA Success Show

Navigating the Complexities of Financial Planning for Business Owners with Adam Koós

September 02, 2024 • info@summitcpa.net (Summit Virtual CFO by Anders) • Episode 127

“Procrastination is a huge problem, but the bigger problem is the lack of awareness of the need for owners to start planning now, whether you're selling in three years or 13 years.” – Adam Koós

The finer details of this episode:

Financial strategies for clients with appreciated properties
Challenges faced by business owners in managing real estate assets and company structures
Tax implications of selling a business and recasting financials
Importance of proactive financial planning and business transition for business owners

Episode resources:

Summit Virtual CFO by Anders website: https://www.summitcpa.net/
If you have questions or would like to be a guest on the show, email us at mcpasuccessshow@anderscpa.com
Check out the Virtual CFO Playbook Course: https://vcfoplaybook.summitcpa.net/
Connect with Adam here: https://www.linkedin.com/in/adamkoos/
Check out Libertas Wealth here: http://www.LibertasWealth.com

Timestamps:

The introduction (00:00:00)

The hosts introduce the podcast and its mission, providing insights on accounting strategies and innovative tools.

Adam's career story (00:00:55)

Adam shares his unconventional career journey from pre-med to becoming a financial advisor and the founding of Libertas Wealth Management Group.

Services provided by Libertas (00:04:45)

Adam discusses Libertas' services, including financial planning, retirement planning, exit planning for business owners, and working with working professionals.

Financial strategies for clients with appreciated properties (00:07:26)

Adam explains the 1031 exchange and passive real estate investing as a solution for clients with appreciated properties who want to avoid active management and taxes.

Liquidity and risk management in passive real estate investing (00:13:51)

The discussion explores the liquidity and risk management aspects of passive real estate investing, including spreading risk by investing in multiple properties.

Impact of COVID-19 on commercial real estate (00:15:39)

Adam discusses the potential impact of COVID-19 on commercial real estate, including lease expirations and mortgage debt held at community banks.

Elevate your firm with a virtual CFO playbook (00:16:36)

An advertisement for a comprehensive online series to create and deliver scalable CFO services.

Real estate and business ownership (00:17:18)

Discussion on the strategy of keeping the building and retaining an income stream after retirement.

Transition planning and exit planning (00:18:00)

Clients' experiences in selling their companies, keeping properties, and the process of selling properties.

Engagements with business owners (00:18:55)

Exploration of the two types of engagements with business owners, focusing on personal and business guidance.

12-step process for business owners (00:19:47)

Explanation of the 12-step process to increase the value of the company, decrease time in the business, and increase efficiencies.

Risk assessment and advisory work (00:21:34)

Discussion on risk assessment, tax planning, and the need for expert assistance in various aspects of business planning.

Recasting and tax strategies (00:23:47)

Importance of recasting business expenses and tax strategies for business owners preparing to sell.

Cash balance plan and retirement strategies (00:26:27)

Explanation of cash ba