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Future-Proofing Your Business: Financial Guidance and Planning with Laura Madajewski
25 Plays9 months ago
Laura Madajewski, a Principal at HLB Gross Collins PC, shares her expert knowledge on navigating business financials. As a leader in the firm's manufacturing, distribution, supply chain, and employee benefits practice, Laura offers valuable insights that can help businesses achieve financial success and unlock their true potential.
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Transcript
Introduction to The Growth Catalyst Show
00:00:00
Speaker
Welcome to the Growth Catalyst Show where we believe that growth could come in many forms, professional, personal, company, sales, you name it. I'm your host, Dan Mahoney, founder of Transcendent Sales Solutions and a guide to a world of growth possibilities. I've spent my career empowering companies and their people with strategies that accelerate growth.
00:00:18
Speaker
I'm here to bring you stories of these business leaders and their trusted advisors to gain insights into their journeys and learn how they fueled their own growth. Just maybe their journey could become part of your own growth story. Are you ready? Let's grow.
Guest Introduction: Laura Matajewski
00:00:34
Speaker
Welcome to the next edition of The Growth Catalyst Show. I'm your host, Dan Mahoney, and I'm excited to have my next guest. Laura Matajewski is a principal at HLB Gross Collins PC, an Atlanta-based full-service certified public accounting and consulting firm that has been providing excellence in client services for over 50 years. Laura leads the firm's manufacturing, distribution, and supply chain practice.
00:00:58
Speaker
and the employee benefits practice. She also has extensive expertise in serving nonprofit organization and serves on several boards. Laura, welcome to the Growth Catalyst Show. Thank you for having me, Dan. It's truly a pleasure. It's good that we've we've we've been talking about doing this. I finally got on your busy schedule and here we are today.
00:01:16
Speaker
I know. Hey, listen, Dan, it's you. I'll always make time for you. I appreciate that. So, so learning a little bit about ah Laura as I was doing our research for our talk today. So I'm going to make an assumption that you're an Atlanta native. um I am actually not. I am a New Jersey native. Oh my God. You hid that so well. I couldn't find that anywhere.
00:01:38
Speaker
Yeah, I tell it's deep. Yes. Yeah. So, um, yes, many moons ago, I was, um, uh, born and raised there briefly and lived down in South Florida and the glorious city of Naples until, um, I came here to Georgia right before the 96 Olympics and, um, uh, just fell in love with the Atlanta area. Uh, was said, went to college here. KSU grad. Um, I saw that.
00:02:07
Speaker
Yeah. Yeah. Go out. That's all I could find about you was KSU grad. And I, and I was like, okay, this must be somebody that's a Georgia native.
Laura's Journey and Interests
00:02:15
Speaker
So how old were you when you moved here? Well, maybe I shouldn't ask that cause people are going to do the math. I'm sorry. So right I was, it was, I was close to the, uh, the, the 20 marks. So let's see, right as we're getting into the, uh, the college era. so So you did your whole high school and all those years up in, in the Northeast.
00:02:33
Speaker
Um, actually did those down in the south. Florida. Yeah. So was fairly young one moved here, but the connections to family and, um, my mother's one that has the heavy accent. My dad, you could not tell that he was from there. So I probably get a little bit more of that from her and her side of the family. So get me around a few people from up north and I'll i'll really get going. and but So a lot of the folks I have on the show, I always look like they started in one kind of career and then they pivoted to something else. Am I, ah I'm assuming that you pretty much knew that you wanted to be in business and accounting from the start. Yes, very much so. And it's, it's funny. It's not about the numbers per se because people go, gosh, you must be really killer at math. ah No, no. I mean, that's what Excel is for. I'm not over here doing quadratic equations.
00:03:25
Speaker
But it was about the people, you know, as much as we're perceived to be introverts, it's about the people. It's about, you know, individuals. And gosh, there's so many ways that we can get out there and help them. And it's something they actually don't even teach you in college, that that's really the bulk of what it is you're out there doing, listening, engaging, identifying and helping them figure out their path and how their success is defined and and what they do along the way. So.
00:03:55
Speaker
through effective communication and listening skills. That's exactly it. That's exactly it. So I want to go into some of your experiences. Okay. So this first one we've got to talk about, which I had no idea you are a Kansas city barbecue judge.
00:04:14
Speaker
Yes. Yes. Oh my God. Okay. We could do a whole other show on this, but I i need to know more because you are now talking my language here. Okay. oh we go Yeah. No, I've ah always been a bit of a foodie. And, uh, you know, I think barbecue can be a very decisive thing. So, you know, I know we, so that we said we weren't going to go.
00:04:33
Speaker
political here, but I don't know. we We would be more safer to go political than start barbecue in the South. But no, I, I, I grew up in the Midwest. So again, that's all I knew was Kansas city barbecue until I moved here. So yeah. So how do you, so, so got to tell me how you became a judge for that. time So I had a friend who has since um ah passed on and she would get into these interesting things. And one day she reached out to me about what 15 plus years ago or so,
00:05:03
Speaker
and said, they're coming through town with this thing where you can go and get training and become a certified judge. What do you think? And I was like, well, I guess I got nothing else going on and I love barbecue. So I did that. And then the rest has kind of been history. COVID was not kind to those of us that were out there doing the judging and things, but things are certainly of course back full square. And i it's a whole lot of fun. I've been to some interesting places um I'm one of those few people that likes to judge sauces too. There's some very discerning people that won't do that um But it's just opened up a whole other world and it's been a blast really has been still active doing that ah Need to really get back more into the circus So it's been a minute that all these amazing opportunities and in my professional world and the paying job
00:05:53
Speaker
um continue to keep me hopping. I just love that. I did not know about you. And then I also understand you're an expert in movie and movie buff. So yes, yes. I didnt hit and hit up the IMDb list. I've probably seen every almost every single one of those movies plus some it's just a passion and You may often find me quoting movies um along the way. I have heard you and now I know why. So but you got to give me your, your, your couple top two or three favorites. All right. Let's see. So, um, uh, the inconceivable one where from the princess bride where he goes, I don't think you understand what that word really means. Um, uh, double secret probation animal house. That's a fantastic one as well too.
00:06:40
Speaker
Yes. That's great. That's great. And what's your top movie? What's your all time favorite movie? Oh my goodness gracious. That's a tough one, I know. It is. It is tough. um ah It probably leans a little bit more on um ah the comedy side of things. I've always enjoyed that side of it. so I am a bit of a British comedy um lover, so I do love Monty Python and the Holy Grail. Oh, the old ones are awesome. They were so funny. I would say my top movies I would say are I love The Godfather. I just think that whole Godfather trilogy. And another one, which is a movie that I could watch any time, is I love The Shawshank Redemption. That is one of my favorite movies. Yeah. Yeah. my Probably my kind of more serious one would be Rain Man. I really enjoyed that movie.
Nonprofit Involvement: Golf for the Kids
00:07:27
Speaker
Charlie Babbitt. So awesome. well
00:07:29
Speaker
And, you know, and again, other thing too, is that as we're going to get into your business is you give back so much on your boards. I was looking, I know you're I know you're a board member for golf for the kids. And again, I, I know so many of you that are involved in that great organization, good friends with Angie. So talk a little bit about that organization because you guys do great things. Absolutely. Truly been an honor and privilege. It started off with me assisting um our IT director when she had some family matters several years ago.
00:07:58
Speaker
And it's just grown from there. Golf for the Kids puts on an annual golf tournament where all the funds from that tournament go to a choice Aflat Cancer Center. And this the first around twenty twenty five thousand dollars worth of those funds go to support their canine assistance program. When you see those dogs that are at the hospitals that are helping the families and the children. And it's just how can it not touch your heart. um Every dollar is going towards helping these ah these families and these kids to maybe forget a few minutes about all of the things we're going through. And so it makes it ah an easier ask for sure out there. And we get to have a lot of fun and the faces that we've, we've brought to the table over the years and seeing those that we have helped in some capacity. It's just, it just lifts you up. That's, that's what I love doing and everybody that's involved in the group, Angie and Mark McKenzie. Amazing, amazing individuals that founded the golf for the kids. And you guys have a tournament coming up, don't you?
00:08:58
Speaker
We do. We do. It's on this whole post, by the way, this whole, our Joe will be up before that. so Okay, great. Yeah. It's in October. Get out there and take a look at the Gulf for the kids website. We've got details um again, just truly phenomenal organization and really honored to be a part of a small part of it.
00:09:16
Speaker
So we just talked about all your side hustles and now we got to get into the real thing is, you know, what you do for a living, right?
Professional Path and HLB Gross Collins
00:09:23
Speaker
So, um, so looking at your background, you started at a big firm, you were there, I think it was Williams-Benter and Libby for 15 years. And it looks like that's kind of where you went through and had a lot of position and you quote unquote got your bones, as they say in the industry, correct?
00:09:39
Speaker
That is that is correct. Yeah. um And they are they are phenomenal firm and it it was a real pleasure and honor to be a part of that group again. Yeah. i'm I'm an old schooler. Yeah. And in the sense of that you've got to get in there and you pay your dues and it it builds so much of who you are as a professional all those that you're surrounded with and you learn from.
00:10:02
Speaker
And then I found the opportunity to step away from there and move on to my next path um where I'm at now, which is HLB Gross Collins. Tell me a little bit about your firm and talk about HLB Gross Collins. Absolutely. Absolutely. So you kind of mentioned a few little points at the beginning of our conversation here, but um yeah, HLB Gross Collins is um a part of a global network of firms, HLB International. We are actually eighth in the globe.
00:10:30
Speaker
And what that means for our firm ah is that we have a deep connection with our affiliate partners across North America and internationally, constantly engaging, sharing ideas, sharing resources and referrals. So it really helps to elevate us to a whole other level here in what we do. We've got two offices here in Atlanta for H.L.B. Gross Collins. um But I can reach out at any given point in time and have a conversation, whether it's um Australia, the UK, Poland, Africa, you name it. And that type of engagement um and the resources it provides really helps to bring that next level of expertise that we have built here to the table for our clients. And we're truly honored. There's one other firm here in the US that actually does put HLB on their name. Many of the others don't. We're gosh darn litigious here in in the US. You're messing around. Miami that does that as well too.
00:11:25
Speaker
so but HLB is helping local businesses. so And then the eye on there is internationally, but we truly take that to heart in how we approach our our clients and our engagement in what we bring forward for them. And being part of the community is how you become an HLB company, really? Yes, absolutely.
The Audit Approach and Business Improvement
00:11:45
Speaker
it's There's so many asks in being a part of these organizations, um a lot of requirements and things and they cross-check us just like anybody else's um ah regularly. And yeah, so I'm very fortunate to lead our HLB manufacturing group for North America with our partners that all call themselves out as experts in that area. And um it's truly been ah an amazing growth process and opportunity that's, ah it's it's just a win-win all around. So I've been really blessed.
00:12:18
Speaker
You know, I know you're mostly on the audit side and there's ah the audit side of practice. And you know, that's one word that just, I mean, taxes are like, Oh, I don't like taxes, but audit scares the hell out of people. That word just itself is like intimidated. Am I wrong? Like if you're an individual, if you're a business, it, it, you know, and if, especially if you don't understand the whole meaning of and the depth of it. It's like, oh my God, I hear the audit. They first think of the IRS and taxes and everybody starts losing their mind, right? Absolutely. No. And that's immediately what people think is that we're like the IRS there. So we now call it a sexier word.
00:12:57
Speaker
assurance services. really ah yeah serve So practice. Exactly. But yes, much of my time is spent in that space, but we take what we call a client service principle approach with our clients. So I am that one stop person for each of my clients in the segment, along with other partners as well too. So no one ever feels like they don't have that one resource that always has their finger on what's going on with them. So.
00:13:27
Speaker
ah We kind of ah point a pride for us on that and what helps to, we feel, differentiate ourselves from the rest of the market. But audit, yeah, audit's a scary word. um ah So we do offer other types of services that aren't just audits. That's probably the highest level but because we're digging deep and we're going long and we're really trying to make sure that we uncover as much as we can in our processes and procedures. So the goal is is that if you're going to get something is as high level as an audit,
00:13:55
Speaker
Um, that's going to hopefully, ah you know, rattle the cages, uncover some of the things that we know that on the surface may look like they're working the way they should. But the goal is to find the opportunities for enhancement. What could be done differently? Where do we find ways to strengthen things? Doesn't mean that you have to go all in and spend a ton of money to make everything perfect. But that audit tells a story is what we tell people.
00:14:22
Speaker
Yeah, it's happening at some point after the end of a particular fiscal calendar year, but use the audit for what it it it is and the resources that come along with it. We analyze and do KPIs and things for our clients. We're we're taking the standard commoditized item that that many organizations need for various reasons, whether it's a bank or a board of directors or what have you. And we take it to that next level and really the value prop is all of the pieces that we're looking at, what is the story that we're seeing? Where are the opportunities to do things differently, do things better? Because when at the end of the day, we're handing you something, but it's up to you. You're the business owner. You're the decision maker. And we're just here to be that independent resource to tell you maybe when things aren't going the way they need to be.
00:15:13
Speaker
Um, bring forward the ideas, the thought leadership, the things that are important that the have to use. How do you figure out through that process getting this particular thing here? Um, and yes, all the other ancillary components that we do, the taxes, the other types of stuff. But, um, that's just a ah part of that process that we feel, you know, take the word audit away. And, and again, just focus on what's going on there. How are things happening?
00:15:40
Speaker
and how we can identify ways for you to be more successful. So we try not to make it so painful. Uh, we get it, but you know, it is still a pain point for a lot of people. So, but so when I work with, when I work with business owners and especially that have inventory or stuff like, Oh, you know what? We count our inventory every, you know,
00:15:59
Speaker
you know, six months and we reconcile what our books at the end of the year, you know, we're pretty much doing the audit. We're pretty much doing all that. And do you see a lot of that? Oh yeah. Yeah, I do. Everything's great. Everything's wonderful. And then we started asking for stuff. They're like, well, why would you need that? Or what do you do now? So it does, i I tell people if you can ease in and you don't have to get an audit, maybe get a review. It's a little bit of a lesser one, a service. But what it does is it starts to make you think,
00:16:29
Speaker
on all the stuff that you thought was happening there. And again, we're not about trying to come in and blow everything out of the water because you're not going to like us very much. ah No, exactly. Where can we find those opportunities and the things that you're like, well, I thought I was doing that, but I guess I'm really not, or my team's not doing that. So, and then that's where we can add the value in, you know, where we keep the independence, of course, and that's important for all of us accountants to do.
00:16:55
Speaker
But how can we bring the resources to the table for you to do the things that you need to do? Because at the end of the day, the business owners are going to look at those numbers and they're making significant decisions off of them. So if you're putting them forward as, as the person in charge of the finances, you want to feel comfortable that what you're doing makes sense and it's, it's got all the components in place that need to be. And you thought of the major risk areas.
00:17:21
Speaker
like you said, the inventory, you know what are the red flags that ah come up consistently that need attention? So let's figure out how to work together so you better understand them and understand how you can implement the things that you need to on your end.
00:17:35
Speaker
but Let's take a moment for a quick word from our sponsor. This episode of The Growth Catalyst Show was brought to you by Transcendent Sales Solutions. Whether your company is facing uncertainty, declining sales or resource limitations, Transcendent Sales has the solution. Their team has decades of experience helping businesses find alignment to meet their growth goals and transforming underperforming sales organizations into revenue producing market leaders.
00:17:58
Speaker
They take a hands on results oriented approach to solving sales challenges. Visit transcendence sales.com to learn more and subscribe to the biweekly growth catalyst newsletter for insightful growth strategies. Transcendence sales solutions, empowering businesses to reach new heights. And now back to the show.
Client Challenges and Consulting Focus
00:18:18
Speaker
So what are the biggest challenges you see when you go into like a new client? Like what are some typical things you see?
00:18:25
Speaker
um Usually we're seeing ah things that are just being captured. Whenever they come in the door, there're and there's no formality to the process. um So you don't have like a good snap the line if you wanted to look at a particular month and go, here's how I really performed. um There's components of team members not you know filling in the gaps and doing what they need to do behind the scenes there. And so you you get you get a set of financial statements and you think,
00:18:53
Speaker
they're right, and then you start looking at it and going, wait a minute, I i sold X amount this much, and i I know I didn't change my prices, so why why is my margin so significantly off? Oh, well, there's three or four or five things over here that somebody didn't pick up because they didn't realize they were supposed to. So it's um it's there's a there's a lot of clunkiness, I think, and a lot of time and attention spent going through all of these things together, whether we it's doing an audit or just consulting or what have you.
00:19:21
Speaker
ah So, it's a lot of peeling the layers away and then kind of saying, okay, here's where the attention needs to be placed. Here's where you need to do to write size to what what's required now. Or also, too, what are people looking at that's most important? Maybe they don't care so much about you know your prepaid expenses account, even though you're super proud of it.
00:19:41
Speaker
but They want to know that the assets that are on the books are actually valuable assets that you still have around. Or maybe if you don't, maybe those should have been cleaned up because you're paying property taxes on those. You got inventory there, but when was the last time you did count your inventory and make sure what you've got on hand is right? And do you know what costs should be capitalized into your inventory? So these two different types of things that are in there being on top of the exposure that you may have with your customers,
00:20:11
Speaker
with your vendors, um us looking at it and going, gosh, it looks like you've got like 25% of your business with one customer. Did you intentionally mean that? Or what what are your opportunities here for diversification? So it's us coming in with this kind of brand new set of eyes and really kind of trying to find a way for it to take the bites, the smaller bites of it. So it's not all overwhelming where they go, Oh Lord, let me just close the doors right now. I don't know what I'm doing. No, it's not that.
00:20:40
Speaker
It's about how we can find ways for them to better understand it and be a partner alongside of them um so that they feel like they can take the right steps. So in it is a lot of consulting, it sounds like. It is a whole lot of consulting. um That's really where um we spend a good bit of our time. I think any of us as professionals and our in the world um of accounting, it's not just that kind of tangible, here's here's a report type of thing.
00:21:10
Speaker
but it's us bringing the expertise. And it's not just you know us here as what we've formed as our members and our partners and our team members in our firm. Our job is to build relationships, not only with our clients, but relationships in the community, because there's certainly always going to be things that I can't do for you directly. But I know you're gonna ask me as your trusted advisor, do you know you know these four different types of people because I have needs here. And if I identify something that is a need that is not in my purview,
00:21:40
Speaker
then it should be part of you know what I do as that value prop to say, by the way, here's a couple of trusted advisors in this space that I know that I think would behoove you to have a conversation with. So is it's the tangible stuff. And then it's all the intangible, all the human capital side of it is where we can add a ton of value. And you got to be out there building relationships to make it happen.
Advising Business Owners for Growth
00:22:04
Speaker
Absolutely. Um, you know, if you look at, um, if you're a business owner now and you're sitting there thinking, you know, maybe I need to look for some services, you know, what are there some of the realizations they come to when they say like, I need to call a company like HLB girls Collins.
00:22:23
Speaker
Well, we're a firm, I should say, of course. Yes. So where we see oftentimes we get a touch point or I run into someone and I start to have a conversation where it may have been an introduction from someone else. They feel they have questions, but they aren't getting the answers to those questions that they feel comfortable with. They feel like maybe it's just scratching the surface or they're just getting the partner that they might be working with is actually scratching their heads. And,
00:22:53
Speaker
It's a point where sometimes there's a loyalty factor where I started my business with with so-and-so over here. They've been with me along this whole way. And they just are not certain how to break away from that. And I tell people, it's okay that you've outgrown someone at some point. that They're in their space to help people there for those reasons. And we're in our space with the depth and breadth of it the expertise and the team members we have to help facilitate from that point in the past, all the way, hopefully we take you all the way down to the next generation coming in, to the day you decide to sell that business, whatever your future plans are, because it's a point where you want to feel like you have answers, you have somebody that's being proactive for you as a partner, as thinking a couple of more steps ahead, and as bringing ideas and resources to the table for you as well too. So if you feel like you're not getting the answers, you feel like you're not certain
00:23:50
Speaker
You hear all these things from maybe other professionals that you work with or family members or whoever it might be. And you're like, well, nobody said anything about that to me. ah It's a, it's an opportunity for you to at least engage in a conversation. It doesn't mean you have to make a change, but educate yourself more, get some answers, determine maybe it is time and that I need to expand my scope and work with, you know, the next level because I want to take my business to the next level.
00:24:19
Speaker
And that's next level too. Cause you think about it, there's, there's, there's, there's a lot of good firms out there, but some of them, I think business owners stay with a firm that might've handled them from the beginning way too long and they need to up their game. Absolutely. Absolutely.
Success Stories and Client Solutions
00:24:35
Speaker
And that's where I always tell people, Hey, listen, I'm not trying to mess with who you're working with now. I just hope that I could be a resource. And if you give me an opportunity, let me share some thoughts, leadership, some things for you to take away and to chew on.
00:24:51
Speaker
So any success stories that you could think of recently that, um, might, uh, give everyone an idea of the impact of the work that you're doing in your, with your, with your practice and your practice area. Wow. Yeah. There's, there's so, there's a lot of different ones in different ways. I would say probably, um, most recently, uh, I had a chance to facilitate a conversation with an opportunity And I could tell that they weren't certain that this was a ah point that they even wanted to be at, but they're like, Hey, listen, I'll give you five minutes. And I shared just a couple of key points for them that they had not even begun to think of. They didn't think they were in that realm of like, I could take advantage of these types of credits. I could maybe consider shifting over here and doing this.
00:25:43
Speaker
And it was a little bit of a process. you know no Oftentimes, this this isn't something that happens overnight. I tell the next generation, I'm like, don't expect you're going to go out there and and get somebody and walk out and you're going to come back with five new clients. But when we had this conversation, they went back and it was literally a year later that they came back and said, you know what? I remember you told me these things. And I went to the table and I I solved some of my problems. I didn't solve these ones because I didn't think they were that important, but now they've become important. And I remembered that you had said that to me. So can we talk? And it just snowballed from there. And it was just, it was a beautiful opportunity for me to be able to come back and say, Hey, listen, I appreciate it. Something I said to you added value and I'm here to help in whatever way I can. And now we've had a chance to work together, share the stories,
00:26:38
Speaker
bring some additional enlightenment to the rest of their, their team members and their investors. so and And we've opened up doors. I think they just hadn't thought of and it's those types of things. That's what lights my fire. If I can get up in a particular day and I can have a conversation that's going to add some value, whether you're going to be a client or whether you may just continue who you're working with, then, then I think I've done my job there and I've not only benefited you, but I've benefited myself too. Cause I got to hear your story.
00:27:08
Speaker
And I think you've probably learned with business owners, you know, you could give them that great advice, but when they're ready, they're going to be ready and it has to be on their own timetable. It's not always on the timetable we want, but they have to be ready or it's not always the best engagement. No, no. And that's where you have to learn to listen and read the room, so to speak, and know when it's okay. Listen, I've put out there the things for you to consider, but maybe it's just not time right now. Cause as soon as you start taking more of an approach where it's not about them, it's solely about you, then you you started to lose your way in that process. And it can happen easily, but you've got to take the time to engage and listen. And then at the end of the day, if you're gonna work with them, make sure that you own every aspect of that relationship as the best you can, because that way you're gonna continue to add the value and be open to the opportunities that are gonna present themselves on both sides.
Conclusion and Contact Information
00:28:05
Speaker
Laura, I've really enjoyed our conversation today. I've learned so much. um Our next time we go to lunch, you're picking the barbecue place in Atlanta we're going to. So i've our that that's on the checklist. but And you're you' you've done you're such a community leader and do so much for the community here and the way you give back. you know The last question I have for you is if somebody wants to learn more about HLB Girls Collins and get ahold of you, what's the best way to contact you? All right. Well, of course we have a website. But please check me out on LinkedIn.
00:28:36
Speaker
reach out to me there, drop me a message. I'd be happy to connect with you and have a conversation. um And there's many different organizations. If you kind of probably ah check out our firm name, you're gonna see some additional connections there as well too. So certainly though, um our our site, there's an inquiry spot underneath my practice area. You can reach out to me there or reach out to me on LinkedIn and I'd be happy to engage and have a conversation with you.
00:29:02
Speaker
Laura, I really appreciate you and I appreciate our friendship and thank you so much for taking some time to come on The Growth Catalyst Show. Thank you for having me, Dan. It's really been a pleasure and that barbecue lunch is on me. i And I didn't put you on the spot to ask you what you think your best barbecue restaurant in Atlanta is, so I so i saved you. Oh, thank you. Thank you. and We'll have to cover that in our next one. We'll just focus all on barbecue, right? That's right. Thank you, my friend.
00:29:29
Speaker
thank you it's been a pleasure
00:29:44
Speaker
look forward to our next journey together if you've enjoyed the show please subscribe and leave a review until next time keep growing
00:29:53
Speaker
Thank you. It's been a pleasure.