In a short period of time, banks have drastically changed the way they operate in the hope of easing the financial anxiety in the marketplace. With commercial banks being at the epicenter of a financial storm, you can’t help but look at all the ways COVID-19 has affected the banking industry; with many challenges and changes, banks had the monumental task of keeping up with a slew of ever-changing demands. Today, Mike Misich, senior vice president and senior commercial banker at WesBanco, is goi...
Aug 10, 2020•22 min•Ep. 245
Continuing to manage your organization's costs can be difficult to keep top-of-mind — especially with everything else going on. COVID-19, a troubled economy, figuring out how to bring employees back to work... you have enough on your mind, and it can be tempting to take the "set it and forget it" approach with your costs. But understanding your true costs is just one of the ways you can reveal major gaps in your business and, as you already know, it's never been more important to trim the fat th...
Aug 03, 2020•24 min•Ep. 244
Identifying when it’s time for you to finally retire isn’t an easy decision to make. Then, when you finally do decide it’s time for you to exit the business, you soon realize how difficult it is to actually make the whole “retirement” thing happen. There are so many moving pieces and so many factors to take into consideration that it can actually be intimidating to get started. So, we sat down with Bill Ubbing, owner of W.J. Ubbing & Associates, to learn how his transition into retirement ha...
Jul 27, 2020•20 min•Ep. 243
Late last year, lawmakers passed one of the most substantial updates to help business owners with new retirement plans. Today, we are going to take a look at the SECURE Act and the impact it currently has on companies, beneficiaries, and individual retirement accounts. Paul McEwan, principal and director of Benefit Plan Services with Rea & Associates, and Steve Frank, principal and financial advisor with wealth management organization Investment Partners, are here to help us break down the S...
Jul 20, 2020•25 min•Ep. 242
Employers have always grappled with the rising cost of employee healthcare, but ever since COVID-19 reared its ugly head, employers have raised a ton of questions and concerns related to healthcare’s future costs and what they can do to protect their employees as well as their bottom lines. Michael Clark, an employee benefits consultant at Oswald Companies, and Todd Lancaster, a sales executive specializing in property and casualty at Oswald Companies, are here to talk about the impact the coron...
Jul 13, 2020•26 min•Ep. 241
This is not the first time we’ve reflected on how the COVID-19 pandemic has changed the way we do business, and it won’t be the last. But today, we’re going to talk about the crisis from a cash flow and cost optimization perspective. Jim Lichtenberg, a strategic partner with the expense reduction consulting company Schooley Mitchell, is here to help us break down COVID into dollars and cents and share how companies can find some financial breathing room, despite the new COVID line item on their ...
Jul 07, 2020•24 min•Ep. 240
These days, there are challenges at every turn. But that means there are opportunities abound, too. Today we’re going to talk about turning lemons into lemonade… at least, from a tax planning perspective. It’s no longer business as usual. Things are constantly changing, especially with the CARES Act and other legislation related to coronavirus. And, at the same time, businesses are strapped for cash. But none of these challenges should get in the way of tax planning for your business. In fact, t...
Jun 29, 2020•21 min•Ep. 239
If you’ve been watching the news lately, you’ve probably noticed an uptick in reports about cybercrime as many companies operate with a remote workforce. And if you’re currently preparing for re-entry, unfortunately, your cyber-safety concerns won’t go away as soon as your team is back in your physical building — in fact, re-entry poses a lot of cyber risks to companies. That’s why we’re sharing this episode with two of Rea ’s top cybersecurity professionals, Shawn Richardson and Ty Whittenburg....
Jun 22, 2020•26 min•Ep. 238
We’ve all experienced disruption lately. But, as they say, the show must go on. So, if you want to grow your business, you must find ways to continue the important job of business development, even when everything has changed. Our expert guest on this episode of unsuitable is Amy Franko, author of the Amazon best-seller “The Modern Seller.” Amy discusses business development during disruption, how to organize your pipeline, how to stay in front of clients and rise above the noise, and how to hel...
Jun 15, 2020•26 min•Ep. 237
These days, businesses collect a ton of data, and this data can be used for a variety of purposes — even to commit fraud, unfortunately. To help us get the lowdown on our data, we’re joined by Greg Kelley, an expert in cybersecurity and digital forensics and the chief technology officer of Vestige Digital Investigations. Greg takes us on a journey behind the scenes of our electronic data infrastructure to tell us what we should be looking out for in an effort to keep our data — and our organizat...
Jun 08, 2020•25 min•Ep. 236
Like the last couple of episodes, we recorded this in early April. And as you can see, we’re still doing the virtual thing. Some people call this kind of setup “the new normal.” While it’s impossible to say whether that’s true or not, we’re confident that the way we do our jobs and the way employers conduct business will never be the same as a result of the COVID-19 crisis. Here at Rea , we’ve been working to accommodate a growing remote workforce. Many of our policies were already in the proces...
Jun 01, 2020•31 min•Ep. 235
There is no shortage of business owners who are trying to make sense of this current economic environment in an effort to sustain and manage their businesses, and they’re coming to accounting and finance professionals for support — but most of them don’t understand the foreign language of business. So, we all need to be aware of when we’re speaking a language that our clients don’t know so that we can help them navigate these uncertain times more effectively. Luckily, Peter Margaritis has been h...
May 25, 2020•25 min•Ep. 234
This is certainly a time of uncertainty for the business community and nobody knows exactly what the future will hold. But one thing is certain in uncertain times, especially uncertain markets: your business needs a plan before things go bad. So we called up Jeremy Senften, Chief Operating Officer here at Rea & Associates , to get his take on recession readiness and what businesses can do now to ensure that they are able to stay afloat over the next coming months. Jeremy has been grappling w...
May 18, 2020•26 min•Ep. 233
The Setting Every Community Up For Retirement Enhancement (SECURE) Act was passed late last year. Since then, its various provisions have been picked apart and dissected from multiple angles. In this week’s episode of unsuitable , Wendy Shick, a principal in Rea’s Mentor office and SECURE Act scholar, explains some of the changes that are wrapped up in this legislation and how it will affect you and your employees. Listen to this episode of unsuitable to learn: Required minimum distributions (or...
May 11, 2020•24 min•Ep. 232
For those of you who don’t know, we usually record this podcast in our Rea & Associates studio in Dublin, Ohio. But in this episode — which was recorded before the shelter in place orders — was recorded in beautiful Cleveland. Why go to Cleveland? To sit down with Tim Linville, chief executive officer of the Construction Employers Association, who has some valuable insight into what’s happening with the construction industry and the economy in Northeast Ohio. Listen to this episode of unsuit...
May 04, 2020•26 min•Ep. 231
These days, employers know that, even though they might offer their employees the opportunity to save for retirement by participating in their company-sponsored retirement plan, most people aren’t doing enough to get themselves over the finish line. As a result, government agencies continue to look closely at employee benefit plans to ensure that everything is being done to set more people up for success. Pam Dunlap, a principal in our Cleveland office and director of Rea’s retirement plan audit...
Apr 27, 2020•24 min•Ep. 230
Today’s workforce consists of three distinct groups of people – Baby Boomers, Generation X, and Millennials (with the oldest of Generation Z currently entering the workforce) – and they all seem to be arguing over which one is better. Problem-solving, work ethic, and leadership skills are all up for debate. But, at the end of the day, it’s important to remember that, underneath the titles and classifications, we’re all just people who are looking to carve out a place in the world. On this episod...
Apr 20, 2020•26 min•Ep. 229
In this episode, we dive a little deeper into the world of practice ownership and the strategies available to help practice owners offset the high costs associated with building or expanding office space, purchasing equipment, and beyond. Our guest Ted Klimczak, a senior manager in Rea & Associates’ Medina office and a specialist on the firm’s tax team, is here to give you some tips to help you reduce your tax bill, maximize your wealth and better manage your day-to-day operations. Listen to...
Apr 13, 2020•23 min•Ep. 228
A few months ago, Ted Lape, a partner at Lazear Capital, helped us gain a better understanding of Employee Stock Ownership Plans – or ESOPs . Since then, ESOPs have generated even more interest within the business community, which naturally means there are more questions to answer. So, to provide additional clarity, we’ve invited Ted back to tell us why ESOPs have continued to gain momentum and to explain what’s in it for the business owner who decides to go this route. Listen to this episode of...
Mar 23, 2020•28 min•Ep. 227
Be careful – it’s lawsuit city out there and you never know when you might be the target of legal turmoil. Even a poorly worded text can get you into trouble. However, there are some precautionary measures you can take to mitigate risk. Fortunately, Don Gregory, director and chair of the construction law practice at Kegler Brown Hill + Ritter, joins unsuitable to provide some tips that will help keep you out of trouble before trouble finds you. Listen to this episode of unsuitable to learn: What...
Mar 16, 2020•29 min•Ep. 226
None of us are getting any younger. Of course, nobody likes to be reminded of this fact — and when you are a business owner, thinking about what will happen to your business when you reach retirement age can be especially anxiety-inducing. Joel Guth, CEO and founder of Gryphon Financial Partners, has seen countless owners grapple with this type of situation over the years and he helps clients approach future liquidity events holistically. In this episode of unsuitable , Joel will reveal how thre...
Mar 09, 2020•24 min•Ep. 225
As the costs associated with owning and operating a business continue to rise, owners are always on the lookout for ways to keep more of their money in the business. One popular place to look is insurance. There are a variety of insurance options available, but on this episode of unsuitable , we’re focusing on captives. Brad Stammler, vice president of commercial property and casualty with Leavitt Group , will explain what micro captives and group captives are, how they can help, and when this o...
Mar 02, 2020•28 min•Ep. 224
Don’t you just hate it when you get used to doing something one way and then something unexpected comes along and flips your world upside down? Well, that’s what’s happening in the world of lease accounting. While the Financial Accounting Standards Board’s Accounting Standards Codification Topic 842 won’t actually impact companies until 2021, as always, there are steps businesses should be taking now to prepare. Kerry McElroy and Cody Niese are leading up Rea’s internal ASC 842 task force in an ...
Feb 24, 2020•21 min•Ep. 223
Running a business is a lot of work — but we don’t have to tell you that. You already know how busy your average day is. You’ve lived through the struggles of managing the back office, all while trying to deliver your products and excellent client service. You know how hard it is to recruit and retain really great employees. And yet, even though we know it’s impossible to know (and do) everything, most business owners try to do it all themselves. But what if you didn’t have to do everything your...
Feb 17, 2020•25 min•Ep. 222
Business owners hear a lot about the importance of succession planning and exit planning — and for good reason. Your business is, in all likelihood, your largest and most valuable asset. If you aren’t thinking about how to protect it, increase its value, and (eventually) leave it, you could end up with the short end of the stick where your liquidity, longevity, and legacy are concerned. Fortunately for business owners everywhere, there are people out there who can not only help you avoid some of...
Feb 10, 2020•28 min•Ep. 221
When we look back in history, every decade is defined by unique trends, music, and fashion choices. It kind of makes you wonder how this new decade – the Roaring 20s 2.0 – will be defined. But regardless of your personal feelings about bell-bottoms or scrunches, one thing is certain: with every new decade comes progress, in one form or another. As the president of Safex, a family-owned business health and safety organization located in Central Ohio, Dianne Grote Adams is hoping to see continued ...
Feb 03, 2020•23 min•Ep. 220
Businesses need people to survive and thrive. Without the individuals who help you create your products, provide your services, and patronize your establishment, your entire enterprise falls apart — but, unfortunately, people can also be your biggest challenge. So we sit down with Brian Ahearn, who specializes in applying the science of influence and persuasion in everyday situations and is one of only 20 people in the world who currently holds the Cialdini Method Certified Trainer designation. ...
Jan 27, 2020•25 min•Ep. 219
It’s that time of the year again — busy season. Ensuring that the sheer volume of tax returns flowing through our offices are filed with the IRS on time requires a lot of coordination. So, as you might imagine, scheduling is a critical component of our success, and we’re always striving to do better and maximize our capacity. That’s why Melissa Dunkle, a senior manager on the Rea tax team, recently reviewed our existing processes to ensure that we are being as efficient as possible. In doing so,...
Jan 20, 2020•25 min•Ep. 218
Celebrating holidays with family and friends is a great way to put everything into perspective and to simply be grateful for everything we have. But now that it’s January, you might be wondering what you can do to make this feeling of gratitude last. But our guest, Lisa Ryan, has some ideas for how we can improve our life vision with 20/20 gratitude. Noted international award-winning speaker, best-selling author, and sought-after gratitude strategies expert Lisa Ryan has been working with busine...
Jan 13, 2020•28 min•Ep. 217
We all have dreams of retiring someday, and if you’re a business owner, you probably have some thoughts about how you would like to leave your business. As you are contemplating which exit planning route is right for you, there are some pretty major considerations you should be aware of that could ultimately impact the overall value of your business — and if you don’t address those issues now, you could be throwing up roadblocks before you even get started. Joe Popp, Principal and Director of St...
Jan 06, 2020•23 min•Ep. 216
