Business Secrets of a Long Time CPA

Authentic Business Adventures Podcast

Mike Kollath - Palladium Tax Advisory CPA On the Help Entrepreneurs Need: "Quite frankly, compliance, while it's necessary, isn't where you actually can help someone." You may not know Mike yet, but you need to. Mike helps businesses with tax strategy and he illustrates his journey and a few tax tips in this interview. Mike's stories, from his first venture into the online retail world with a used children's clothing store to the eventual establishment of a successful CPA firm with over 45 employees and $5 million in revenue take you through his education, saving you the time. Through the highs and lows of entrepreneurship, emphasizing the importance of tax planning, strategic growth, and adapting to market demands. Mike discusses key takeaways from his business endeavors, his strategic approach to tax advisory services, and how he leverages his expertise to help clients save money and optimize their business operations. Listen as Mike explains how to position yourself as a business owner, to make sure you keep as much of your money as is legal. Enjoy! Visit Mike at: https://www.palladiumcpa.com/ Podcast Overview: 04:59 Starting a Business Journey 08:19 Growing Pains in Small Teams 12:33 Partnership Growth and Process Implementation 14:45 Private Equity Inquiries Surge 16:30 Origin of Banana VoIP Venture 21:07 Genesis of Sustainable HR PEO 22:50 PEO & HR Tech Services 27:58 Growth Sparked by New Leadership 29:03 Private Equity Growth Factors 32:56 Pandemic Surge in Call Service Interest 37:39 "Excited for New Startup Phase" Podcast Transcription: Mike Kollath [00:00:00]: I call them churn and burn chops, where they're just cranking out as many 10 forties and Yeah. On business returns as they can. But that's the problem. Right? If you have all these returns you gotta get done, you don't have time to do the other stuff that's actually valuable to the client. Right. Quite frankly, compliance, while it's necessary, isn't where you actually can help someone. James [00:00:25]: You have found Authentic Business Adventures, the business program that brings you the struggles, stories and triumphant successes of business owners across the land. Downloadable audio episodes can be found in the podcast link found at DrawInCustomers.com. And today, we're welcoming, slash preparing to learn, from Mike Kollath, and I'd love to list all the companies you got going on, Mike, but I think it's better The you do. So first, we got the Palladium. Mike Kollath [00:00:50]: Yep. Palladium Tax Advisory. Alright. A new CPA firm that I started about 3 months ago. James [00:00:57]: Oh, nice. Mike Kollath [00:00:58]: The there's Sustainable HR PEO James [00:01:00]: Alright. Mike Kollath [00:01:00]: Which is a professional employer organization, which we can talk about later. Sustainable HR recruiting, which we just started to do, basically headhunting. And then we have BananaVoIP, which is a VoIP company. James [00:01:13]: Nice. Alright. So So perfect for Mike Kollath [00:01:16]: a for James [00:01:17]: a show about entrepreneurs and all that jazz. Mike Kollath [00:01:19]: Certainly. James [00:01:20]: So let's talk about let's just go Book. First time you started your business, which business was the first one? Mike Kollath [00:01:25]: Okay. So The first one was a small, used clothing children's store. James [00:01:32]: Used. On mine. Children's clothing. Mike Kollath [00:01:34]: Used children's clothing. Yes. Alright. James [00:01:35]: Tell me about that. Mike Kollath [00:01:36]: On mine. So we bought that company, my ex wife and I did. Okay. So we got lots of, children's clothes in the Kademan. And so we're just doing it online. And then eventually, I figured out it's really hard to make money selling children's clothes online. And it's a pain in the butt to ship and do all that fun stuff. James [00:01:56]: