Description

Summary

In this episode, Jason Kruger, a partner at Citrin Cooperman, shares insights on the importance of accounting in business growth and decision-making. He discusses his journey from public accounting to entrepreneurship, the challenges of scaling a business, and the significance of building strong relationships with financial institutions. Jason emphasizes the need for financial education among business owners and the value of leveraging accountants for strategic planning and maximizing business value for exit. He also highlights common mistakes small businesses make and the importance of understanding cash flow and financial health.

Takeaways

• Understanding cash flow is critical for business success.
• Building relationships with banks can provide valuable support.
• Sales strategies should focus on building relationships, not just transactions.
• Accountants can help businesses maximize their value for exit.
• Establishing processes early on is key to scaling a business.
• Finding the right partners can fill gaps in expertise.
• Financial education is essential for business owners.
• Outsourcing accounting can be more cost-effective than hiring in-house.
• Visibility into financials allows for better decision-making.
• Common mistakes include neglecting inventory management.

Chapters

00:00 Introduction to Jason Kruger and Citroen-Couperman

02:13 Jason's Career Journey and Entrepreneurial Insights

05:34 Growth Challenges and the Decision to Sell

09:38 The Importance of Partnerships in Business

14:34 Navigating Industry Transitions and Finding Expertise

23:48 Leveraging Accountants for Business Growth

26:57 Understanding Business Profitability

32:28 The Importance of Financial Visibility

36:42 Building Relationships with Financial Institutions

40:45 Outsourcing vs. Internal Accounting

45:01 Overcoming Resistance in Business Leadership

Credits:

Hosted by Ryan Roghaar and Michael Smith

Produced by Ryan Roghaar

Theme music: "Perfect Day" by OPM 

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