Shhhhh!!!! . . . Be Quiet!!! . . . Listen!!!!
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Did your mother ever tell you to "Shhhh!!!! Be quiet!!!! Listen!!!!"? And did she follow that up with "You might learn something"?
Well, I recently spent time with somebody who took that lesson to heart -- a partner at a Georgia accounting firm. Today, thirty years later, he uses the principle of listening as a strategic tool for his business and his clients.
The partner asked me to meet with him and one of his clients to discuss the potential tax credits for their company. He explained to me that every year after tax season, he always likes to visit his clients and listen. He found that the less he talks, the more the clients open up about their business and the issues they face.
In our meeting, we learned that the client had recently installed a business-wide computer system. I was able to determine that, based on the client's employee training and costs, they would most likely qualify for the Retraining Tax Credit.
As the partner and I were wrapping up our visit, we continued to keep our ears open! The client said they were about to lease a new machine for their operations. I mentioned that the employee training for the equipment could qualify for the tax credit.
After the partner heard a few more details about the lease agreement, he recommended revisions requiring the vendor to pay shipping costs at the end of the lease, saving the client $$$ thousands of dollars.
So, just as his mother told him all those years ago, the partner listened and learned. And THAT saved his client a lot of money AND strengthened the client relationship!
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Case Study -- Economic Development Done Right??
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It all started out as a textbook case for Georgia's economic development efforts. State and local officials courted the company, a Pennsylvania manufacturer of spraying systems and related industrial, commercial, pest control, and pet products. Among the big incentives for the move were Georgia's job tax credits for growing companies.
Finally, to everyone's delight (well, everyone in Georgia), the company, B&G Equipment, picked up and moved their entire operation to an industrial park outside Jackson, Georgia in 2003. The company got off to a great start, growing within a few months to 50 employees.
Fast forward to October 2006. The company had been operating over three years and was beginning to really enjoy those job tax credit incentives, yes? NO!!! Did I mention that they retained their Pennsylvania accounting firm after the move? And did anyone tell their CPA about the job tax credits? NO AGAIN!! No one had followed up with the company to see if they utilized the economic development incentives.
Then one day, a software sales rep, who had lost out on an implementation project, told Jim the name of the company where he lost the deal -- B&G Equipment Company. He also said they were a new firm to Georgia, 50 employees, really nice people, and he sure was sorry he didn't get the business. Ding, ding! Economic development effectiveness being the only thing on our minds at the time, we contacted the company!
Fast forward one more time, to June 2008. Over half a million $$$ dollars in state job tax credits later, B&G Equiment has finally gotten back into that textbook case! Will someone please follow up with the economic developers?
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About Us
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Alpharesults has assembled a team with the specialized knowledge and approach required to obtain Georgia income tax credits. We are not a public accounting firm. Rather, our services complement those of public accounting firms and do not create conflicted loyalties, because our professionals do not perform attestation work or other external audit functions.
We focus on small to medium-sized businesses and work exclusively in Georgia with a wide variety of in-state and out-of-state accounting firms. For more information on our services, follow this link.
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