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Be the CEO
Mark Puzdrak, CPA
Objectives for Today
• Identify scenarios that will alert you when you are not receiving financial
information in a timely fashion
• Practices your CFO/CPA should provide you
• How to set and reach your financial goals
Your Financial Goals
• What do you want to accomplish?
• What is important to you?
• What is your risk tolerance?
• How long do you plan to be in this business?
• Hit and Quit
• Short Range – Long Term
• 100 Year Company
• Legacy Builder
What is a Chief Executive Officer (CEO)
• Highest ranking executive in a company
• Primary responsibilities:
• Major corporate decisions
• Overall operations and resources of the company
• Main point of communication between board of directors and
corporate operations
• Public face of the company
• Often has a position on the board – sometimes even the chair
• Small company – CEO is a hands on role
• Makes most of the business decisions
• Lower level business decisions (example: hiring staff)
Red Flag Scenarios
• Closing of books > 10 days
• Avg. closing time = 5.2 days
• Monthly financial statements delivered late
• February statements delivered in April
• Financial statements sent without analysis of or comparison to
budgets, YOY amounts, industry standards
• Questions go unanswered for days/weeks
• CFO/CPA/Bookkeeper should be an accountability partner
Provided to You
• Action items to be completed
• What to expect in the monthly financial statement package
• Analysis of the financial package
• Timeline
• Day the books will be closed (monthly)
• Scheduled meetings to discuss information
Reaching Your Financial Goals
• Learn the business of the business
• Educate yourself
• Hire from the bottom up
• Think of the business from the bottom up
• Perceive employees as Profit Drivers, not Cost
Centers
• High people with a high ceiling and a low
floor
• KISS
• Keep It Simple Silly
Learn the Business of the Business
• Legal Structure
• LLC
• Partnership
• S-Corporation
• Budgeting
• Bottom up budgeting
• Financial Statements
• What they are
• Why they’re important
• Cash vs Accrual Basis
Hire from the Bottom Up
• Sales
• IT
• Bookkeeping Services
• Banker
• CPA
• Receptionist
Cost Center or Profit Driver?
• Sales
• IT
• Bookkeeping Services
• Banker
• CPA
• Receptionist
Questions?

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Be the CEO

  • 1. Be the CEO Mark Puzdrak, CPA
  • 2.
  • 3. Objectives for Today • Identify scenarios that will alert you when you are not receiving financial information in a timely fashion • Practices your CFO/CPA should provide you • How to set and reach your financial goals
  • 4. Your Financial Goals • What do you want to accomplish? • What is important to you? • What is your risk tolerance? • How long do you plan to be in this business? • Hit and Quit • Short Range – Long Term • 100 Year Company • Legacy Builder
  • 5. What is a Chief Executive Officer (CEO) • Highest ranking executive in a company • Primary responsibilities: • Major corporate decisions • Overall operations and resources of the company • Main point of communication between board of directors and corporate operations • Public face of the company • Often has a position on the board – sometimes even the chair • Small company – CEO is a hands on role • Makes most of the business decisions • Lower level business decisions (example: hiring staff)
  • 6.
  • 7. Red Flag Scenarios • Closing of books > 10 days • Avg. closing time = 5.2 days • Monthly financial statements delivered late • February statements delivered in April • Financial statements sent without analysis of or comparison to budgets, YOY amounts, industry standards • Questions go unanswered for days/weeks • CFO/CPA/Bookkeeper should be an accountability partner
  • 8. Provided to You • Action items to be completed • What to expect in the monthly financial statement package • Analysis of the financial package • Timeline • Day the books will be closed (monthly) • Scheduled meetings to discuss information
  • 9. Reaching Your Financial Goals • Learn the business of the business • Educate yourself • Hire from the bottom up • Think of the business from the bottom up • Perceive employees as Profit Drivers, not Cost Centers • High people with a high ceiling and a low floor • KISS • Keep It Simple Silly
  • 10. Learn the Business of the Business • Legal Structure • LLC • Partnership • S-Corporation • Budgeting • Bottom up budgeting • Financial Statements • What they are • Why they’re important • Cash vs Accrual Basis
  • 11. Hire from the Bottom Up • Sales • IT • Bookkeeping Services • Banker • CPA • Receptionist
  • 12. Cost Center or Profit Driver? • Sales • IT • Bookkeeping Services • Banker • CPA • Receptionist