Success Stories
Below are some of the types of businesses we have helped to increase profits, take advantage of applicable tax deductions, and most importantly, offer peace of mind to the business owners.
Auto Body and Paint Shop
The Financial Performance Center was able to resolve old tax issues and negotiate with the IRS a reduction of their tax liability and also a payment plan for the remainder and we helped them set a strategy to increase sales and help their financial organization and discipline.
When we started with them they were experiencing NSF charges of approximately $20,000 a year and we’ve reduced those NSF charges via helping them organize their financial processes to zero.
That was a very successful outcome for the business and really helps them feel much more in control of what they’re doing than ever before.
Again, helping this business understand what their issues where in cash flow management and in the operating results of the business gives them more piece of mind, helps them focus on running the business and actually working on the business instead of is the business to maximize revenue.
The other thing we were working on with them they were recently hit with a surprise inspection by a new State of California initiative, which brings in four different entities; The Board of Equalization, The Labor Board, the Bureau of Automotive Repair and Cal OSHA all come in together to inspect the facility.
They essentially use very challenging and you would even refer them as Gestapo-like tactics to separate everybody, employees, and ask questions and inspect all the records.
This company came out of this dangerous inspection with flying colors. The comments they got back from the representatives of the State of California was that their books and records where in exceptional state and a status that they don’t frequently see in inspecting different businesses.
Auto Dealer
The Financial Performance Center worked with an auto dealer who has significant investments in several different areas including agriculture to restructure their taxable entities in 2008 to reduce their tax liability by $37,000 in a one-year period.
Automobile Dealership
The Financial Performance Center was engaged by an auto dealer in Stockton to review their operations, do the monthly accounting and do our complete service package for this significant auto dealer in Stockton.
In our process of looking at their books and working on their business we did some profit enhancement services which increased their gross margin by approximately $20,000 a week. That’s about $1 million a year.
We reduced their operating savings by evaluating the effectiveness of their advertising and redirected advertising dollars to the right markets. This saved them $18,000 a month and provided them advice on certain real estate deals which saved them roughly another half million dollars.
The benefits of them knowing and understanding their numbers has enabled them to dramatically increase profits and adjust their business at a time when the market was thrown into turmoil with the recent financial difficulties and problems regarding people who wanted to buy cars and not being able to get loans due to issues with the banks and the financial meltdown of 2008.
This company was able to react very quickly because of the advice and consultation of our business and successfully transitioned their business to a new market and is doing better in the economic downturn than they were before the economic downturn.
This has been a dramatic positive change for this business. We also assisted with legal consulting and several nuisance lawsuits that they had and successfully negotiated those lawsuits to essentially go away for a relatively small settlement’s.
Auto Dealer in Modesto
The Financial Performance Center came to this business when they were in the midst of an audit by the State Board of Equalization. The auditor for the state board of equalization had identified an underpayment of approximately $600,000.
With fines and penalties that amount would have grown to over a million dollars. We successfully reduced that demand by the board of equalization and corrected the auditors’ work and made the majority of that $600,000, roughly 90% of it, go away.
We also helped to prepare the monthly financial statements for this business and helped them successfully adjust through the economic and financial meltdown of 2008.
Construction Company
The Financial Performance Center worked with a construction company to completely review their books, make corrections to the books and provide monthly financial statements that ended up retooling their operating controls to turn a monthly loss into a profit in a two-month period.
And we helped them secure new financing to expand their business.
Construction Contractor
The Financial Performance Center worked with a construction contractor to review their books and records. We completely outsourced their accounting function improving collections of accounts receivable, improving controls, giving them advice and consultation on how to reduce costs implementing a retirement plan and savings plan.
We found tax errors in prior returns that resulted in a $15,000 refund and set up a tax planning structure that has reduced their taxes by $28,000 a year every year.
Construction Contractor and Flooring Contractor
The Financial Performance Center worked with a construction contractor and flooring contractor who was unable to find financing in the recent months due to the challenges in the financial markets. We were able to help him find the financing necessary for him to expand his business in a very difficult time and continued to give him the guidance necessary to reduce costs, refocus his business and return to profitability as quickly as possible.
Custom Cabinet Manufacturer and Installer
The Financial Performance Center worked with a custom cabinet manufacturer and installer to restructure their business and reduce their tax liabilities by $7000 a year.
We provided consulting in their real estate investments to help them obtain a positive cash flow on real estate investments. We also worked through issues regarding their structure in their family run business to help provide a smooth transition with family members.
Daycare Provider
The Financial Performance Center worked with a daycare provider to review their past books and records and identified several errors made in their payroll tax records resulting in a $13,000 reduction of payroll taxes and penalties and interest.
And we also helped this business obtain the financing necessary to purchase a $1 million building to relocate their business to. We successfully enabled them to achieve SBA financing.
Dentist
The Financial Performance Center was engaged by a dentist to organize his accounting and remove from the dentist the time he was spending in doing his account work so that we could provide him with the clarity necessary to understand his business.
In looking at his business we understood that he essentially had two separate businesses: a dental practice and a consulting practice working with other dentists.
We reorganized these businesses into different legal entities to maximize his tax planning opportunities, which resulted in his tax liability being reduced from roughly $75,000 in 2007 to about $15,000 in 2008.
This significant reduction in tax liability should continue for this dentist and we’ve also allowed him additional time to be able to focus on his consulting practice which has helped him increase his consulting revenues by about $25,000 a year with additional opportunities for a long-term earnings based on the development of new consulting products for his business.
The ability for him to spend more time working on his business instead of in his business doing the accounting cannot be understated. It’s really meant a great deal to him to be able to increase his profits and revenue on that basis and essentially increased the amount of time he’s able to devote to profitable pursuits rather than clerical pursuits, which he should have never been dealing with.
Doctor
The Financial Performance Center reorganized the business of doctors in private practice to effectively help them save about $45,000 in taxes on an annual basis.
Again, the organization process involved a wife’s business that is involved in aviation and separating that out from their existing medical business and really successfully putting into place the proper retirement vehicles for both the husband and wife and also making sure they can maximize their deductions on an effective basis.
Food Manufacturing Business
The Financial Performance Center helped a food manufacturing business clean up old tax issues saving about $5000 in old interest and penalties and we worked on a strategy for them to refocus their business in their most profitable sector helping them to increase margins by approximately $15,000 per year.
Florist
The Financial Performance Center worked with a florist to monitor their profitable, suggest improvements and also help them benefit from the economic downturn as they went to acquire a larger competitor and relocate their location to a much more successful spot.
Their sales have risen by 45% per year for the last two years.
Florist
The Financial Performance Center worked with a florist with multiple shops in the Stockton area during a time when they were under audit for a six-year period by The Board of Equalization. At the time we arrived The Board of Equalization was assessing sales tax penalties and interest in excess of $2 million.
By our work with the sales tax auditor and preparing the proper books and records and documented everything that needed to be documented we were able to reduce that reliability in excess of 93% and also helped this company to reorganize their operation, their books and records and to help them increase their sales, increase their profit margins to margins consistent with the industry and did a complete examination of their operation to help improve cash control and other operating controls to dramatically increase their bottom line.
We’ve also provided this business with a great deal of consulting and a device on real estate transactions, helping them build a portfolio of real estate that will provide an exceptional retirement opportunity for them in the future.
High Technology
The Financial Performance Center assisted a high technology company startup to increase their sales from six figures in a year to seven figures in a month.
We provided a great deal of consulting on the process of signing up new large customers. We worked with their EDI compliance, we work with their billing processes and we provided them cash flow planning and management. We also worked to help them maximize their return on this high-growth situation with great success and have seen them turn in a matter of a year from losses to very high profitability.
Local Restaurant
The Financial Performance Center worked with a local restaurant and analyzed their operating results for five monthly financials statements, helped them strategize to relocate their restaurant to an area that helped them quadruple their sales.
The move was very successful. We were able to put together financial projections and help them secure an additional loan when most of the banks had turned them down.
We were able to find an additional source of funding to allow them to actually make this move and move from a very difficult situation with poor results into a much more positive situation.
Manufacturing Business
The Financial Performance Center worked with a manufacturing business in San Joaquin, tripled their sales, provided the advice and consultation to work through the growth process, manage their cash flow, and obtain additional financing.
We work with the banks and we provided the tax planning and structures necessary to improve their retirement and reduce taxes by $182,000 a year on a go-forward basis. This company continues to grow and be very successful in exporting equipment to other countries.
We’ve also provided consulting to help them expand their markets and look at new opportunities.
Marketing Company
The Financial Performance Center worked with a marketing company in the review of their payroll taxes and found that their payroll taxes where overstated by approximately $14,000.
We submitted the amended returns to allow this person to avoid unnecessary tax liabilities and reorganize their books to give them an accurate picture on what their opportunities where and are helping them reposition their business in a more profitable direction.
Manufacturing Company
The Financial Performance Center worked with a metal manufacturing company. We did a profit enhancement examination of their books. We found pricing issues that resulted in them improving gross margins by $16,000 per month in the first month of us working with them.
We also found about $21,000 of errors and sales taxes and tax payments that where not properly documented in their books. And we were able to resolve old tax issues with payment plans and reductions of penalties and interest. That saved another $15 to $20,000.
We have provided ongoing profit enhancement services to help structure their tax planning to reduce their income taxes significantly and have set up their operations to allow them to expand their business to new markets, which resulted in them booking an additional $1.8 million in revenue in the 2009 calendar year.
Owners of a Company
The Financial Performance Center worked with the owners of a company to properly structure the sale of their company to minimize taxes and resolve a difficult situation so that all of the parties involved where satisfied with the outcome.
This process ended up saving roughly $60,000 in taxes and it ended up saving a deal that could have been very challenging.
Retail - Pool and Spa
The Financial Performance Center was engaged by a pool and spa dealer. We had prepared monthly financial statements, helped them with profitability and helped them adjust to changes in their business.
We helped them with opening new stores and also helped to prepare a letter to a supplier to assist with the acquisition of new locations. We were able to really clearly understand their business issues and helped to explain that to a supplier why they should be given a new store.
We provided them with exceptional tax planning and helped them minimize their taxes all the way around saving them roughly $25,000 a year in income taxes.
We also worked with them on several sticky employee issues including going with them to the labor board and helped them successfully manage a situation where an employee was planning to sue them for wrongful termination and essentially resolved that issue to the complete and total satisfaction of our client.
Real Estate Company
The Financial Performance Center was retained by the principle owner of this real estate company to help reorganize their business and prepare the accounting for their business.
Unfortunately about three days after that owner hired us he was unfortunately afflicted with a stroke that left him incapacitated and we had to come in and review his entire history for the wife who took over the business.
This was a major player in the stock and market and we were able to work with them over the next 18 months to untangle a fairly complicated set of interlocking partnerships which resulted in them securing properties that were debt free in exchange for properties that where completely debt ridden and ended up selling the buildings and the properties that we secured resulting in additional cash flow of approximately $2.4 million in an 18-month period.
This was an extremely beneficial result for the wife and the owner of the business because she had the financial capacity to care for her husband and the rest of her family for decades to come after the result of our successful planning and negotiations.
This was a complete demonstration of our exceptional understanding of her business, the market, the pluses and minuses of making certain decisions and strategic planning that is a situation that resulted in millions of additional cash flow for this person during a time in their life that was very important for them to have it.
We also advised them to divest of a certain significant holding in a regional bank in the area. Unfortunately they did not follow our advice because that bank ended up having very significant problems with the challenges in the banking business due to the economic meltdown in 2008.
Had they followed our advice and liquidated their holdings they would have netted an additional $2.5 million.
Unfortunately the decline in the value of the stock was a large negative for this person.
However, again, we were able to properly identify and clearly identify the opportunities and risks in the market and the investment portfolio of this important client.
Rental Business
The Financial Performance Center worked with a recreational vehicle rental business to review their books, help them understand where their opportunities and issues where in their numbers.
We also where able to find them opportunities to adjust their pricing that had no impact on the level of sales yet helped them increase their margins by about $20,000 a year with no impact to volume.
So this was a very positive result.
We also helped them in restructuring their tax planning and helped them save about $5000 to $6000 a year in taxes at the federal and state levels and also provide the consulting necessary to help them properly charge sales tax and eliminate any risk of negative audit results from The Board of Equalization.
Roofing Company
The Financial Performance Center worked with a privately held roofing company to restructure their business and put into place effective tax planning strategies which is saving them approximately $75,000 a year in income taxes that they would have paid had they not engaged our business to help them organize and properly structure.
We’ve also worked with them to find new Worker’s Comp insurance to reduce their costs by approximately $3000 a year. We’ve also worked with them through some difficult issues with a former accountant who had essentially embezzled $50,000 from them.
This former accountant was successfully prosecuted and is now serving time in jail as a result of their underhanded actions.
Sign Shop
The Financial Performance Center began working with a sign shop in the Lodi area at a time when they had begun to be audited by the State Board of Equalization.
The State Board of Equalization had identified an underpayment of sales taxes of approximately $35,000 with penalties and interest the total amount due was going to be roughly above $40,000.
We were able to go over the numbers that the auditor had prepared and was successfully able to reduce the demands of The State Board of Equalization by over $25,000 saving them an amount close to $33,000 in additional sales taxes.
During the audit it became clear to us that the auditor himself did not fully understand the sales tax law and the relative complexities with that sales tax law in the sign business and we were able to help educate M&M Signs how to better handle their sales tax reporting so that they would never had an underpayment again and be able to charge the right sales tax to the right people at the right time.
The company was obviously very happy with this. We’ve also provided the monthly financial statements to help them improve their profitability and help them refocus their business in different areas.