Financial Due Diligence with Dollars and Sense Bookkeeping

Elmer Howard joins Justin Recla to discuss the importance of performing financial due diligence before making decisions about your business. Not all bookkeepers and accountants are a good fit for your business needs. So how do you know? Listen in as they discuss how you can protect yourself and your business with financial due diligence. Welcome to the In The Clear podcast. I'm your host Justin Recla, and today we are talking to the founder and CEO of Dollars & Sense Bookkeeping about financial due diligence, and the 10 accounting mistakes that business owners commonly make. Elmer, welcome to the show. Thank you for having me. So Elmer, you've been in the accounting world for a while now, and in full transparency Elmer is our bookkeeper as well. His firm manages our books, and he's by far one of the best that we have found. You [...]

Do Your Due Diligence with Cryptocurrencies

What does it mean to do your due diligence with cryptocurrencies? It seems like every day a new crypto coin or crypto business opportunity pops up. And they run the gamut from legitimate, and extremely lucrative, investment opportunities to get-rich-quick and ponzi MLM models.  So how can investors sort out the good from the bad from the downright ugly? The secret lies in doing extensive due diligence and thoroughly understanding the opportunity in order to mitigate risk. Listen in as Clear Directory Founder Justin Recla sheds some light on the complex and fast-paced world of cryptocurrencies. Welcome to the In the Clear podcast. My name is Justin Recla, and I'm your host. Today, we are going to be talking about a ... Well, it's a very hot topic right now, and it's huge in the investment arenas, so if you've been following anything in the news, [...]

How to Perform Vendor Due Diligence

Performing vendor due diligence is extremely important in the B2B space. So many service providers aren't who they say they are and cannot do what they say they can do. Nothing is more hazardous for a business than outsourcing to the wrong company. Listen in to hear how to mitigate risk for your business and make sure you're hiring smart.   Welcome to the In the Clear Podcast. I'm your host, Justin Recla, and today I'm going to be answering the question of how do you perform vendor due diligence? I absolutely, absolutely love this topic. It's one that we often get from people who don't think they need due diligence. A great example of this is we were ... Tonya and I were giving a talk at a local group and one of the women in the group was like, "Well I'm a caterer. I [...]

What is Due Diligence?

Listen in as Clear Directory Founder Justin Recla tackles the very popular and misunderstood business question: What is Due Diligence? Welcome to the In the Clear podcast, I'm your host, Justin Recla and today I'm gonna tackle a question that we get quite often, and that is, "What is due diligence?" Now for most people to understand, due diligence in the business world means that your lawyers looked over the contract, your CPAs looked over the financials. But really, at the core of due diligence, it really applies across the board in everything that you do And it really just means to fully examine something, to make sure you really understand what's going on, regardless of the situation. Now in the business world, it used to be the just the contracts and the financials. But unfortunately, because of the advent of the Internet, anybody and everybody [...]

Diving Deep Into Business Relationships with September Dohrmann

September Dohrmann is the CEO of CEO Space International. Her role in the company encompasses rebranding, HR, office management, and finding external solutions for the company. CEO Space believes in cooperation among businesses; they seek to build a community that encourages and educates in conference settings. In this episode, she talks about the importance of building business relationships and how CEO Space aims to achieve that. We go into a deep dive on how business relationships help you grow and succeed as a business, even as your own business needs changes and you evolve. Today, we're actually talking to one of my favorite people in the planet, September Dohrmann, the President and CEO of CEO Space International. Before I bring September on to the show, I do want to give a huge shout out to CEO Space as an organization because it's where Tonya and I got [...]

Yelp the Hidden Risk Behind Peer Ranked Sites

Is Yelp hurting small businesses? "The challenge is, of course, for small businesses or medium sized businesses the Yelp process has come under a lot of scrutiny." Listen in to find out the hidden risk behind peer ranked sites. Show Notes Welcome to the In The Clear Podcast. I'm your host Justin Recla along with my gorgeous wife Tonya Dawn Recla. Hello everyone! So this week we're taking on a giant. This week we are looking at Yelp. Just call us David! Yelp and the hidden risk behind peer ranked sites. Maybe I'm going to explain my comment. So, you are talking about taking on a giant; which then my mind went to Goliath; which then that led me to David and then I envisioned the rock and a slingshot. So, that's where that one was going folks, but make no mistake about it you [...]

Due Diligence Process for Mergers and Acquisitions

Due diligence process for mergers and acquisitions is crucial. Show Notes Welcome to the In The Clear broadcast I'm your host Justin Recla along with my business partner and wife Tonya Dawn Recla. Hello everyone! So this week we're talking about due diligence process for mergers and acquisitions. Such a great topic. We will get into this all the time with folks who really think that they're doing solid due diligence. Attorneys in particular for their clients and making sure that you know they've got all the business information and that the financials have been passed on to any CFOs or CPA is involved. Inevitably when I ask them “So who's looking at the people involved in the business?” they get kind of sheepish you know like, one guy here lately even said to me “You know if I'm totally honest we do a very cursory [...]

Success Steps for Hiring Businesses

Listen in as we discuss the success steps for hiring business. Before you get involved with anyone, if it's going to cost you time or money, make sure your business is In The CLEAR.  

Why are small businesses hiring other businesses

This week we explore the reason why small businesses are hiring other businesses. For small business owners, hiring an employee can be a huge burden and risk. But is hiring another business to assist your business even more riskier? Listen to find out.  

How to do a Company Information Search

Small business owners and entrepreneurs alike always ask how they can do a company information search. This goes way beyond yelp and the yellow pages. If you truly want to mitigate your risk you have to go further. Listen in as we give you the tools you can use to mitigate your risk.  

How to do due diligence before hiring a business.

When we started off in this world, coming out of government, we saw that there really was no process for vetting businesses. What’s interesting is that all of us are trained to expect some sort of screening process or due diligence process when it comes to employment. That’s a given. You fill out the application, you know they will check references (or they should, of course). Maybe it’s not the best system. What we didn’t see was a system for how to look into businesses before hiring them.   You go to a business’s website; if they have one, they must be a legitimate company. Maybe you pick up the phone to call somebody, and you’ll hire them for something you need. That doesn’t always work. It’s a throwback to the good old days. We had the Yellow Pages or the Mom and Pop shops. With the advent of the [...]

Do you need to run a business credit check as part of your due diligence?

The idea of a business credit check is a confusing topic to most people. It’s not a well-known idea in all honesty. The quick answer is “it depends”. It depends on why you’re doing due diligence. Let’s say you’re doing it in the realm of business, obviously. But it depends on what the deal is. If you’re looking to bring on somebody to do a website for you and you’re just outsourcing the service, a business credit check is pretty insignificant in that decision-making process. You need to know if they can build the website that you need them to build. That doesn’t have anything to do with a credit check. So here are three points to help you make a decision if you should do a business credit check: 1. Identify the situation Let’s say you do have a situation where it is applicable, such as a merger acquisition. [...]

Four secrets background check companies don’t want you to know

There are four big secrets background check companies don’t want you to know. 1. They are not magical. Background check companies pull from public records, and those public records depend on databases.  If the database is not up to date because an individual hasn’t lived in an address for a certain period of time, that information is not going to show up. 2. Overemphasizing importance of Criminal Checks Criminal Check One of the things background checks look are criminal records.  The problem with doing a background check solely for criminal records is that criminal records are only good if the person has been caught. More importantly, not every single state reports up to a national criminal database. Colorado, for example, is one of those states and does not report to the national database. Local agencies within certain states don’t even report up to the state level. As such you would [...]