dixie-mccurley-shrimp-tank

Why Entrepreneurs Resist Needed Change To Grow Their Business

Dixie McCurley joins Chris Hanks, Ted Jenkin, and Lee R. Heisman on the Shrimp Tank radio show. Dixie’s interview segment begins at 8:40.Many business owners don’t do their books and as a result don’t know how they’re business is doing. As these types of business grow, they’ll face challenges they’ll need to overcome in order to achieve their goals. They hit a point where they can’t do it on their own.

The other issue that prevents entrepreneurs from growing, is their resistance to change and their dedication to their way of doing things. In many cases, they have to change how they grow their business with a different methodology then what they used to get them where they got. Dixie communicates in this episode on why these issues arise and how to overcome them.

Click the play button to listen to the interview or visit the show’s page by clicking here.

dixie-mccurley-shrimp-tank-03
dixie-mccurley-shrimp-tank-04
dixie-mccurley-shrimp-tank-05
dixie-mccurley-shrimp-tank-02

Listen Now


Visit Shrimp Tank

Interview Transcript

DIXIE MCCURLEY – SHRIMP TANK PODCAST

RAdio X Hosts Lee Kantor, Ted Jenkins, Chris Haynes, Rusty from Kennesaw EP

 

lead in with music – shark in a shrimp tank – ends at 1.13

 

Hey everybody, good morning to you welcome to the Shrimp tank and soon to be afternoon on the show. We always appreciate you joining us at lunchtime here on the Shrimp tank brought to you right here at Atlanta Radio X in the beautiful studios in downtown Sandy Springs. If you’ve never been here before you ought to check it out. Have you ever thought about running your own radio show, it’s a pretty cool place to do it. Now, each week on the shrimp tank we bring you some of the brightest and best CEO’s across the state of Georgia, and we bring on students and people who want to pitch their ideas from Kennesaw State University. We’ve got Rusty joining us today; we’ll bring him on in just a minute. On the Shrimp Tank we talk to CEO’s about how to start, grow and run a successful business. Ultimately we find out whether their ideas or businesses will swim or they will sink. On the tank as always every week, I am joined here by my co-host Chris Hanks who is the Executive Founder and Director of the Kennesaw State Shore Center for Entrepreneurship. I understand that the ceremonies are coming up here shortly.

 

Chris

Big time ceremony. Are you coming?

What is this all about? For people who don’t know, universities often start different types of schools within them, Kennesaw State notwithstanding. How does this whole work with naming rights? How does one get to be the naming rights for a division for a college? I want to know that. In fact, Lee Heisman wants to know that.

 

Chris

Does Lee want to?

 

Host

He’s planning on a big gift.

How does one get to be the Founder? How does that work?

 

Chris

So, you can give a naming sized gift.

 

Host.

What is a naming sized gift? 100 grand?

 

Chris

It depends on

 

Host

Is it at least seven figures?

 

Chris,

Yes, there you go. That’s a lot of shekels. It is.

 

Host.

So someone makes a sizable donation and where does their name exactly go, Like in this whole induction ceremony, what happens?

 

Chris

Yes, they get the…we are now going to be known as, well, we are known as the Shore Entrepreneurship Center, more officially the Robin and Doug Shore Entrepreneurship Center and all the signage, all the business cards, everything revolves around that.

 

Host

What did the Shores do? Were they entrepreneurs themselves?

 

Chris

Yes, Doug Shore made his money in the publishing business. He sold out in the late 90’s.

 

Ted Jenkins

It was good to get out in the late 90’s. I don’t know where that business is heading. Though I will say as a child graphically carrying my whole mathematics book in the backpack, the ones that basically, it was like three on the back, then four, then five. That and a trapper keeper kept everything together.

 

Chris

And did you give up the trapper keeper?

 

Ted Jenkins

No.

 

Chris

That would give me confidence if you were my financial advisor and you show up with a trapper keeper. That would be awesome

 

Ted Jenkins

I think there is going to be a resurgence of the trapper keeper. If I start walking with the trapper keeper, the trend will bring it back in the schools.

 

Chris

That’s awesome

 

Host

It seems to me in the schools today there not using that. It’s gotten even smaller I’ve noticed that they have these small satchels or Nike bags that are about this big that are on peoples backs. It’s not even big backpacks anymore. They are tiny knapsacks. I don’t know where the books are. It’s because there are no books, right?

 

Chris

Yes, we are in a digital age.

 

Ted Jenkins

So, for people who don’t know this, we like to talk about this at the beginning of every show. I want to bring someone who is at Kennesaw State now is that, it’s a wonderful thing because one way or the other, your children will always need to learn something about Entrepreneurship. Whether they go to work for a company in the future or they choose to run their own business, there is nothing like learning entrepreneurial skills, and you can sort of learn them the easy way or the hard way. So what actually happens for a student? I’m curious to hear from Rusty about what’s going on with him in the Kennesaw State curriculum when somebody gets into this now, Shore Center for Entrepreneurship.

 

Rusty

Well, they basically get the honor of being in a classroom with Chris Haynes. From that point on, nothing is normal; nothing is set in stone, it’s going to be different every single day. There are no written exams, but every single day is a new test.

 

Chris

Every day is a test of character

 

Ted Jenkins

But Rusty, we understand in here as we’ve done a number of these shows, there actually are no tests that the entire curriculum is basically learn as you go.

 

Rusty

No written tests, but yes, as you go on you’re gonna have to keep up with everybody and what he’s trying to teach you. Every single day is a new lesson.

 

Chris

Yes, because we are not as interested in teaching entrepreneurship as we are in unleashing entrepreneurship.

 

Ted Jenkins

Is that something that is going to go on the back of a jacket?

 

Chris

Do you like that

 

Ted Jenkins

I do. I do like that.

 

Chris

And you can feel free to use it. I wanted to bring this up, and I know it is a subject change, but you’re on the weather channel, and you can feel free to use that. You’re on the weather channel, which I find fascinating. That’s awesome! What kind of finance guy is on the weather channel.

 

Ted Jenkins

What kind of finance guy is on the weather channel.

 

Chris

Well, ones who can make it rain!

 

All

OHHHHH laughter!

 

Chris

is that why you’re on the weather channel?

 

Ted Jenkins

No, but I will say, I’ve got to go back on in a couple of weeks, and I will credit you that. Ted Jenkins, the oxygen finance, I’ll say, I’ll make it rain baby today.

 

Chris

That’s right.

 

Host

That’s the forecast, get your umbrellas out baby.

 

Chris

I’d give it the real forecast. Tonight’s forecast, dark followed by darkness, that’s the forecast.

So that’s an awesome thought. You get to go out and be on the weather channel. You get to talk and give people advice via the weather channel.

 

Ted Jenkins

Well, I want to bring on Dixie McCurley in a second who is our guest today from Trusted CFO Solutions. But I want to tell you this, and this is what will lead into the weather channel. Most entrepreneurs, they don’t understand how to get media and media relations. I understand this as good as anybody in this city right now. And, you pay a PR firm often, 3,4,5K per month with the hopes that they will get you on tv or the newspaper. The fact is that most of the TV stations today are thinning out the staff they have so they don’t have as many worker bees. They have anchors and people that do the shows, but they don’t have stories. And because content is more digitized today, you need more stories. So, if you’re able to present a really good story and you don’t look like a dumbass on tv. I have to say, there’s no dumbass on tv. This is not like sitting in the green room going on the Jimmy Fallon Show. I mean you are basically in there, it’s 3-4 minutes, and you’re out. If you do it and do it professionally, you can get on NBC, ABC, Fox, or any of these other major stations. But you have to basically write the piece. If you can produce the pieces you can get on tv anytime you want for no dollars at all. You’re not going to get paid, but how much will it cost you to do a 3- minute commercial on the weather channel. It would cost you 15K. It’s big stuff, and I’m enjoying it.

 

Chris

That’s pretty impressive though. I could see ABS, CNN which you’ve done but the idea of pitching the weather channel, that’s thinking outside the box.

 

Ted Jenkins

The one in a couple of weeks is 6 Ways to Save Money Here in The Fall. Number one is open the windows!

Laughter

 

Ted Jenkins

You’re listening to the Shrimp Tank right here in Atlanta Business Radio X. I’m sitting here with my co-host Chris Hanks, I am your co-host Ted Jenkin, we are sitting here with Rusty, a student at Kennesaw State and part-time aisle yeller at the Publix. You spill something at the Publix. Rusty, what would you say if someone spilled something at the Publix?

 

Rusty

Excuse me, you need to clean that up!

 

laughter

 

Ted

I’d have one time to say clean up, aisle 5. I’m telling you there is big money in that. You need a voice over business too. Do you not think? He could be a voiceover.

 

Chris

Oh, Absolutely!

 

Ted

We are going to bring on our CEO today who is Dixie McCurley who has a huge background in the finance and accounting industry. But think about this, when you grow a company, and you initially do it. They don’t do any books at all. They basically spend some money, make some money and then they say, I wonder how my company is doing?

Inevitably, people will start this process that they might, I say might, I’ve seen a bunch that haven’t, might do a QuickBooks, might start to put some stuff in an Excel Spreadsheet because a) I don’t know my companies doing and b) am I actually going to owe some taxes. As you get bigger, can you run your company and will you need a CFO or will you need somebody to help you with the financials with the company. Dixie has built a business out of this called Trusted CFO Solutions.

 

How did you come up with this idea to leave a major accounting firm and start a part-time CFO Business?

 

Dixie:

Well, first of all, you described that perfectly. That’s all the clients that I’m talking to right now about bringing on, but most companies like to grow, and they go through changes, they go through steps. Our clients are those who understand they can’t do it themselves anymore.

Why are businesses so worried or has the paradigm changed about bringing on a part-time employee. I think this is a foreign concept for a lot of people in the past of brining on part-time staff as opposed to full-time staff.

 

How do you actually introduce that idea to a business owner to say, this is a good idea to have a fractional CFO in your company?

 

Dixie

Well, I think that businesses are changing so rapidly these days with all the digital content in everything they do. They can’t be really stuck with that one-person that’s part-time that has their niche of what they do well. They are going to be growing so fast that they need a different type of CFO. They might need a bookkeeper that day, but how you record sales transactions, how you record that kind of stuff, you need that team environment. That’s what we do. We have that 14-person team environment that we let them do what they do well that run the business, grow the business, and we handle all those transactions for them. It brings a lot of peace of mind that they don’t really have with a part-time person. If you bring on another full-time person that’s your largest source of expense, salaries. So we do it in a way very customized to what they need as they grow.

 

You get to see a diversity of growing businesses, What do you think is one of the biggest mistakes they tend to make?

 

Dixie

They resist change. I think it’s very hard to be so passionate as an entrepreneur about your idea and what it is you want to create in business, but you’re not able to change it as it grows. So we see that business under a million dollars that’s about to grow to 3 million dollars, they need a whole different business plan to be able to take it from then to 3 to 10 million. So I think, they think they can still do at 10 m how they did it at 1 million. So resistance to change is the hardest thing to overcome.

 

Host

Yes, it is a tough thing. You have to become a different CEO at that level. I had a CEO just tell me recently, wow, I just had a record year, and I never want to go through that again. It’s all the change and challenge that comes with growth, and they do say more business die of indigestion than starvation.

 

When you start doing CFO services for business, a lot of young entrepreneurs that might be listening to this show, or even educated entrepreneurs, they hear this term, margin and when you go into a business is there an ideal margin a business should shoot for when they look at what they sell and what they make? There are some business owners that never think about margin at all, but is there an ideal way a business owner should be thinking about that?

 

Dixie

Absolutely. That might be the second thing other than the resisting change, that you don’t run your business towards the standards. All industries have standards. You can beat the standards you can come underneath the standards, but if you know at least that your margin should be at 27% if you have a 37% margin you need to know if you are doing good or if you are doing bad compared to your competitors. So, you have to know what the standards are to be able to beat those, to be able to make it better, to grow your business and be able to outshine all your competitors

 

Host

And it does matter in the industry, right. Because the industry of the restaurant business, a single-digit margin could actually be okay. You have other businesses where it might be technology, and if you’re not making 32 40%, you’re not okay. So, it’s not one-size-fits-all.

 

Dixie

Right, there are so many variables around that, And that’s really why you need that professional CEO professional CEO type of mentality. That’s where those in entrepreneurship need to learn from the professionals that they work with, learn how to be better business people.

 

Host

So how do you get, I can imagine walking into a company who’s successful and fast-growing, and yet you are telling them that they need to change. How do you get them to change?

 

Dixie

First I don’t tell them that they need to change. You don’t really lead with that, you have to earn their trust. I believe as you earn their trust over and over again that you know exactly what it is that they’re trying to do, you understand their pitfalls, you understand where they need help and where they have issues. That’s what we really service first. It’s one of those things that we can help them overcome, earn their trust, and then really help them understand that okay, let me show you what 2% waste is doing to your bottom line. Once you’ve already worked out that trust issue, they start to understand, okay, you’re right. Our marketing is too high, our revenue is too low, our margins on that 2% can be money in their pocket, it can send their kids to college that year. Once you make it relevant for what’s important to them, that’s where I see we connect with those business owners.

 

Your listening to the Shrimp Tank coming to you every Thursday live from 11:30 to 12:30 p.m. right here in the studios in Sandy Springs. And you can hear a replay Not only of this broadcast but all of our broadcast on shrimptankbroadcast.com. There are videos, there are entrepreneurial articles and all kinds of nuggets that can help you as an entrepreneur.

One of the things about this show is that we get to bring on students of Kennesaw State and other students that pitch us ideas. We have Rusty here today that’s in the Kennesaw State program now so, I was going to ask you when you think about hearing about a business like this or starting your own business, what comes to your mind about the biggest challenge you will face when you start your business?

 

Rusty

Well, my strengths are more toward the culture based so the strategy I’m still working towards. The idea of failing hard failing fast really does terrify me. But I think sometimes it’s the best way to learn. Whenever I think about starting my own business, the thing that really trips me up is the idea of going into a market that I’ve never actually dipped my feet in two and not knowing what’s going to come up. So actually making the leap is the hardest part so far.

 

Host

Fail Hard. Fail Fast.  Is that what they teach at Kennesaw State?

 

Chris

Fail hard. Fail forward.

 

Ted

And to put Rusty on the spot, we learned that whether or not you succeed or fail, the same question always applies so if you succeeded this week or failed this week what question do we always ask ourselves?

 

What did I learn from that? That is the fundamental root of all competitive advantage.  Strategy wheel,  we are nerd word over here. Will blow people’s minds on the strategy wheel.  The strategy wheel is our guiding wheel, right Rusty?

 

Well, we’re sitting here with CFO CEO Dixie McCurley of trusted CFO Solutions. If you ever think about getting a part-time CFO, which is an interesting concept. We’re going to ask Dixie a couple of more questions, and then we’ll take a break.

I was wondering about this idea of culture. If you have a company and someone comes in and starts looking at the finances, how does the CEO’s that you work with integrate the culture of you having a part-time Finance person in their business?

 

Dixie

well, we really want to partner with them and make it feel like even though we are a virtual firm we are not necessarily in their office all the time, that they feel like they can walk down the hall to talk to Betty, the bookkeeper.

 

Host

is there a Betty, the bookkeeper?

 

Dixie

If they don’t get that sense. Well, we are Betty, the bookkeeper.

 

Host

There’s a lot of alliteration to having a company.

 

Dixie

We call it where Betty, the bookkeeper. Anything you want to ask Betty at 5:30 p.m. at night, you can still call and ask us. We want them to feel like where they’re in their office even though we’re virtual. So we hold a lot of virtual meetings with them, we proactively call them, we’re analyzing their books, we’re giving them advice and telling them what we see but also asking what you can do more with this? Then, helping them find those answers to business questions.

 

Host

So what is your process,  I’m taking on a client, and I really want to help them grow financially. That’s such a strain on cash and such a difficult challenge for business owners. Is there a certain process you go through? Do you look at ratios, do you look at percentages of sales, what process do you leave them through?

 

Dixie

I would say the first process is to listen. So, usually, business owners know where they need help. They really know what’s run-amok, especially for the first glance part of it. Business owners usually know more about their business than we do. We really listen to them and then we help them analyze it and ask those questions about what could they be doing better. They can usually tell us it’s just that they may need our help to do it. For example, if they are selling inventory but not tracking items that bill that, they can tell us that. I don’t know exactly what that thing cost that I just sold. We would help them do like how much would it cost if they’re bleeding money. They could have great Revenue but nothing on the bottom line. We help them figure out what can we do to solve that. Cash flow may be a huge problem for a restaurant, and for another kind of heavy intensive businesses. How do you solve cash flow, you really have to understand the balance sheet the income statement and the cash flow statement as well. We teach them, we hold meetings like we hold workshops, so we are there to let them learn our craft and their business over time and really customized out for them.

We’re going to take a break right here for our sponsors right here on the shrimp tank and Atlanta Business RadioX. When we come back with Dixie McCurley CFO of The Trusted CFO Solutions, we are going to find out the single best way to beat the IRS. We’ll be right back after this break on the shrimp tank.

 

Chris

Ted

does it seem like the more money you make, the more money slip through your fingers? Why is it that you make six figures but seem to have six figures worth of bills. Now it’s time to get a plan. Set up time today to start your 21-day budget cleanse.  Go to Oxygen Financial dot net to schedule a complimentary meeting now. That’s Oxygen Financial dot Net to get started today.  Securities offered through Questar Investment Services, LLC, member of FINRA  Si PC. Advisory services offered through Questar advisory Services LLC, an affiliate of Questar Investment Services. Oxygen is not affiliated with Questar.

 

HOst

Hey, welcome back to the shrimp take right here in Atlanta Business Radio X. Boy SCC thank you for having the 19-page disclosure on every commercial right now. We are sitting here with Dixie McCurley who is the CEO of trusted CFO Solutions and sitting here also with Chris Hanks who is the co-host, and he is the man. If you want to learn anything about Kennesaw State he is the executive director and founder of the now soon-to-be the shore, I want to say now the Robin and Doug Shore entrepreneurial center.

 

How did Robin’s name come first? Because he’s a very smart man. He made it very clear that wife comes first.

I want them on the show, and I want to get down to that question. That’s the plead the fifth question there. Why did Robin’s name come first and Doug’s come second. A lot of you don’t know this, but one of the original schools that were in entrepreneurship in the Southeast was Florida State, and recently there was a huge donation for their Center for entrepreneurship, and now Kennesaw State is the first school in the entire state of Georgia to have a degree in entrepreneurship. It is true. And if it wasn’t for Florida State I could say the entire Southeast, so they frustrate me a little bit. I get it. It’s only a matter of time until you pound them into the dirt, isn’t it?  Absolutely.

 

Rusty

Strategy wheel.

Thank you, Rusty. Yes, our strategy wheel is a turning. So absolutely. We are committed to Leading entrepreneurship for in the Southeast for students, Educators, and business students. They’ve been teaching football students a lot over the years about entrepreneurship so free steak from different grocery stores, free shrimp, stuff like that. All kinds of stuff. That’s a form of bootstrapping. That’s right.  Entrepreneurship 101.

Okay so we got it out here it’s not always politically correct, but it is what it is here in the shrimp tank. I wish I could control what I say, but I don’t, so I just say it. That’s how it works here on the shrimp tank. We have got Rusty joining us who is a student at Kennesaw State. When we get to our next segment, we hear from Dixie which is hot or not.

 

Now I brought up this thing of cheese dip before we took the break about the IRS and the best way to beat the IRS. The truth is I don’t know if there’s really a way to beat the IRS, but I do know this when you own a business, what I have found over the years and I’m wondering if this is the hot or not, is that many business owners have this fear of God the CPA has put into them. CPAs really like to say this all the time. You do that you’ll get audited. I’ve learned as a business owner overtime that there are a lot of things that I’ve never seen audited in fact in 25 years I’ve never seen a home office, that someone who declares that gets audited. It may have happened I just haven’t seen it.

 

A lot of CPAs will say if you take a home office deduction you’ll get audited. I’m in 25 years and doing this, and I’ve still never seen it. So, is it hot or not to be aggressive with your expenses inside of a business. Where is that sort of my for a business owner?

 

Dixie

For me, it’s about being prepared and tracking your thoughts on it. So always have proof, documentation that you’ve analyzed what it is, you’ve recognized it, and you’ve thought to plan for something. So usually if the IRS is coming after you and you say well I consider the home office deduction, here’s what I did around it. Regardless if it was right or not, they’re probably not going to pursue it because you have some sort of theory that you’ve used. Now if you go what the home office deduction is, that’s how not to be the IRS.

 

Ted

Right. And there are some rules that the good thing about having a part-time CFO, is that a lot of times these rules change, right? The IRS may make standard deductions now for home office deduction. A lot of business owners need as CFO because they don’t even know the rules.

 

Dixie

Yes,  Absolutely. That’s just a tiny little bit of what is CFO can do for you. For me, the best way to do it is being prepared, and know where you are at every single month of the year. Don’t be surprised by the end of the year taxes. Know your processes, your procedures that you have in place for your home office deduction. Just make sure you’re prepared and documented.

 

Host

Hot or not? Daily key performance Indicators

 

Dixie

I think they are very hot.

 

Host

Why? Do you have favorite ones?

 

Dixie

I do. For us, it’s the number of transactions is an indicator and also the number of client calls. When we get calls from clients, usually it’s because we haven’t been proactive enough to give them what they need.  So, for us in our business, we track the number of calls per day from clients. We encourage clients to call us, but we know we are doing our job best when we have already answered all their questions. So that key performance indicator is how our operation is run in our office of how we could be better as a virtual outsourced accounting department for them.

 

Host

Rusty, you don’t have one today, Huh?

 

Rusty

No

 

Host

Do you recommend business owner hire family members?

 

Dixie

There are two sides of that of course. I think if you’ve got the right relationship with your family members it can be very very beneficial. My niece actually works with me in our business, and she is actually my right-hand person. The loyalty and trust that you can feel with your family members are great.  I’ve also seen it where family members are the ones that will stab you in the back, still all of your money. I’ve seen clients go through that. When businesses break up usually the family members, it’s the hardest between those. Some of the other things that I’ve seen with clients is that level of break up can be harder sometimes with a family member because it affects your personal life.

 

Host

Hot or not? Ratio Analysis. Is that still a hot thing to do or are there better tools to analyze?

 

Dixie

I think it’s very hot, but you’re talking to someone who only wants to do ratio analysis for all of our clients. I want to know if their business is throwing off cash operationally or if they’ve got an investor who’s having to put in the money.

 

Host

What’s the most underrated ratio? Only a professor would ask that question. Everyone is on the edge of their seat right now because that is a question that everybody wanted to hear but was afraid would not be asked.  I was thinking three parts vodka one part something like that.

 

Dixie

Yes, I would say so, but you need a dash of Biggers(?) in it, too. You know that’s a hard question to answer. It depends on the industry. Daily cash ratios, the percentage of hours spent versus average check numbers for restaurants. So it depends on the business. I could tell you really what those ratios are, each one’s a little different.

 

HOst

There are a lot of business owners that don’t know the ratio of their businesses at all. You ask them about their business they hardly even know if they’re making a profit. The big one I see is that people don’t know the cost of Acquisitions so when they build marketing plans, they can’t tell you what it cost them to acquire a customer. They’ll say I get a lot of referrals or, the lifetime value customer. We want to know what it cost you? That’s very important Rusty. Lifetime value costs to acquire customers.

 

Alright let’s do two more hot or not, we’ll take a break, and we’ll get to our plead the fifth question.

 

Host

Hot or Not? should business owner start out and hire 1099’s to start. Is that a hot or a not?

 

Dixie

I think it’s a hot. I think to take out the headache of payroll processing and let them deal with it. If you write your plan to help educate the 1099s on what they need to do, when you’re so small, it can be a very flexible situation for business owners that can help fuel the growth of their business.

 

Host

I like that.

 

Host

Hot or Not?  Transparency and sharing Financial numbers with employees?

 

Dixie

I think it’s hot. I think all of my experience makes me take a deep breath in doing that. It scares me, but I believe if you have the right culture, the right people, the right Talent, you need to make them a partner in your business and show them how we succeed together.

 

Host

Alright, you’re listening to the Shrimp Tank  Right here in Atlanta Business Radio X coming to you live every Thursday from 11:30 to 12:30. Thanks for joining us during your lunchtime. Hopefully, you get some great nuggets today from Dixie McCurley, CEO of trusted CFO Solutions. You can also always hear a replay of her first segment and everything that we talked about here at shrimp tank podcast.com. There are great articles on there on being an entrepreneur and seeing other videos of successful entrepreneurs so you can not make as many mistakes when you’re running and growing your business. We’re going to take a break from our sponsors, and when we come back, we’re going to the plead the fifth section with Dixie. We want to find out the worst CFO that she’s ever fired. We’ll be right back here on the shrimp tank.

 

Are you tired of Bain dating your technological needs? Is your network security up to par with industry standards? Welcome to Secure IT from Savant. Secure IT is a monitoring solution that allows the team to proactively support all of your technical needs. Take the time up front to learn your network so that you can resolve any issues. Why wait, take the worry out of Technology. Call now to schedule your free network evaluation. 770-438-6240 and ask for Lee.  You always have to ask for Lee, if you need technical support, he’s the guy to do it.  We’re right here on the shrimp tank Atlanta Business Radio X, I’m Ted Jenkin your co-host I’m sitting here with my co-host Chris Hanks who is the executive director and founder of the soon-to-be sure, the Robin and Doug Shore, I should say as I do that, Center for entrepreneurship.  

 

I’m sitting here with Rusty, the world’s greatest radio voice, so we have to have him talk here more today. If your future blows up and anything else that you do, and I’m not saying it will, I’m just saying if it does I think radio is a pretty good option for you. I really do.

 

Rusty

I’m flattered

 

Chris

And his voice when he first took my class it was not that deep. It was the fires of Entrepreneurship that forged that great voice.

 

Rusty

Yes, it was.

LOL

 

Chris

I’m also thinking potentially PA announcer for the Hawks. You know. You’ve gone to use that to your advantage somewhere. We’ve got to think about that. Use what you’ve got. I think it could be pretty good and sells here. We’re sitting here with Dixie McCurley who’s the trusted CFO if you need a part-time CFO for your business, and by the way, if you don’t have a CFO, Lee and I have our friend we know who thinks he can do the books for all his businesses. It’s very very disconcerting. If you’re in the owner you’re doing all the books for your business, and you think you know it all, you’re definitely doomed. How can you be spending time in your books and doing your business at the same time? I don’t get it what you do need to know is you need to know what is happening in the business so you can make the best decisions. I think we’ll start out with the first one on here for pleading the Fifth.

 

Is it a good idea to marry an entrepreneur?

 

Dixie

I think yes. I think it keeps life interesting. I think it’s something new every day. I think life is about change and growth and entrepreneurs, they make it fun.

 

Rusty

I say yes to that.

 

Ted

would you do a prenup

 

Rusty

No

 

Ted

Rusty’s an engaged man. He is speaking from experience.

 

Rusty

everything worth having is worth the risk.

 

Ted

You say that, and once you have a couple of million dollars, you might not say that.

 

Ted

What’s the most questionable thing a client has ever asked you to do?

 

Dixie

hide expenditures in the expenses of the company that was personal.

 

Ted

Are you sure we can’t write off that pool for 100K

 

Dixie

Or that Maserati.

 

Ted

I thought those were 6000 pounds and you could write them off.

 

Dixie

Exactly, that’s what I mean. That’s what clients ask you to do every day

 

Ted

The truth is, I don’t really know exactly what it is. But I think if your vehicle is a certain amount you can, well there was a time, and I don’t know if it still exists that you could expense it all off.

 

Dixie

It’s true, and I’m not a tax expert at all so don’t hold to any tax advice you hear from me today.

 

Ted

What do you say? No?

 

Dixie

Well, we handle it, we do need to look at our engagement letter because we will give you the best practices advice, we will help facilitate that decision for you, but ultimately it’s yours, and you’re responsible for how we approach that.

 

Ted

Not one of yours necessarily, but have you ever seen a CFO embezzle money from a company?

 

Dixie

I have, way too often. Way too often. I have seen CFO’s who have been embezzling to make more than the business owners make. One year it was a hundred and eighteen thousand the CFO embezzled and the owners that year earned $30,000. That was a hard one to swallow. But that happens all the time. In our profession that’s what we see. How do you avoid that? That is one thing we do is take that burden off of the client. We don’t want that in-house person, it’s a huge risk.

 

Host

We saw a non-profit the other night that had not basically filed its 990 for a whole number of years. They couldn’t figure out what was happening with their financials until they figure it out the treasurer a part-time something else was making checks to cash.

 

Dixie

Yes or a check to Capital One and they don’t have a card. There are all kinds of scenarios. The CD that comes from the bank to back up the checks. All kinds of stuff like that. We go after that and help our clients find it.

 

Rusty

You mentioned that you’ve caught multiple employees embezzling money. Have you ever had to blow the whistle on an entire organization?

 

Dixie

Not necessarily an entire organization. We hope that we can weed those people out before they get to be our clients. For sure. We don’t care to work with questionable clients. We really want clients who want Partners who do things right. It’s not to say we don’t make exceptions on some things that they may do wrong, but we really want to help guide and steer and teach them as I said. A workshop on how to run a business. If they have questionable Scruples, they won’t be our client for very long. I am more than happy to fire them to get them out of our culture and our organization.

 

Rusty

Is that to protect you or them?

 

Dixie

Which part, protect?

 

Rusty

To protect your company from being involved with unscrupulous people?

 

Dixie

Absolutely. As long as the business owners know that we won’t partake in any of that, which is what I think our values and our beliefs are, they are good at not letting that continue. And us not letting it continue as our client if they do let that continue.

 

Chris

What annoys you most about your clients?

 

Dixie

It’s the same thing that annoys me about me the most, Which is that I think that I know everything. I have that tendency, but I’ve learned to be open throughout the years because I’ve learned so much from my business owners. I’ve learned how to be a better accountant how to be a better CFO through them. So I think that when I get them to open up and trust and ask questions of how I can in my profession help them be better business owners and how they can help us be better in our profession, that’s where we really get that connection and that link.

 

Chris

So for people that listen to the show today and they want to get in touch with you, they’re thinking hey I need somebody to look at my books, I may need somebody to start doing some ratio analysis and helping me be smarter about my finances in my company, how can somebody get in touch with you and learn more about what you do?

 

Dixie

Maybe the easiest way is my name, and it’s Dixie. You can google that, Dixie, CFO, Atlanta. Three of those are the three keywords where it should pop up to trusted CFO Solutions. On our website, we really talk a lot about what we do how we take clients off of QuickBooks and into a more structured program. It’s pretty easy to find me with just our name. We are around the Cumberland Mall area that’s where our office is. But we’re out and about in Atlanta a lot, networking and meeting new potential clients.

 

Chris

Thanks for coming on the show today. I want to thank Rusty for joining us today. I was thinking about this during the show, again entrepreneurship, if you do it you’re going to succeed, if not how about a tarot card reader. I think he would do very well at that people would be very afraid of the advice that would come back after that.

 

Ted

Especially if he wore a turban or some type of head

 

Rusty

Oh My

 

Ted

You just took the sword of death

 

Dixie

The Priestess Says

 

TEd

As always Hanks it’s a pleasure having you with us today and congratulations on all the success that’s happening at KSU. Well deserved. Great stuff going on down there at the soon I guess it’s coming up this weekend, is that when, oh it’s official now.

 

Chris

It’s official now

 

Ted

Check it out, go on down to LSU. Things are blowing up there. Check it out. Next week we’re going to have Jim McCarter,  who’s not only been a long-time entrepreneur but he is on the board for the center of entrepreneurs,  but I understand a finalist in the KSU mentoring program.

 

Chris

His student that he mentored went quite as far but not as far as Mr. Heisman.

 

Ted

Well, Lee knows how to manipulate the system, that’s the key here.  We ought to talk about that a little bit more on our next program so. We’re not going to be here next week. We’re all the way doing things. Will join you in a couple of weeks with Jim McCarter right here on the shrimp tank.

 

Closeout with music.

Tags: , ,

Trackback from your site.

Interested To Learn What We Do?

About us

Save Time, Get Visibility, Gain Control

Trusted CFO Solutions is an accounting solutions and advisory firm with a proven track record of helping clients create…

Learn More…

1000 Circle 75 Parkway, Suite 850 | Suite 850
Atlanta, GA 30339 | 855-236-2384