In the Zone Magazine: Q4 2023

HEART OF GOLD Adam Goldberg’s brilliant and profitable mission to help pets in need.

Picture This.

Coming in 2024

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HEART OF GOLD

Adam Goldberg dedicates his photography career to helping pets in need.

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REMARKABILITY

PERSONABILITY

PROFITABILITY

Stripe it Rich

Rett Scudder

From: Your Business With Love

Trends

Ask Venus

Call to Action

Photographers finally have access to BNPL benefits.

Instagram metrics, Bright Spots, 1099-Ks and more.

Setting sail for success at Beach Front Boat Rentals.

Answers to real bookkeeping questions from real clients.

The Profit First gift of quarterly distributions.

Joshua Massingill demystifies the Corporate Transparency Act one21accountability.com I 3

FOURTH QUARTER 2023 VOLUME 1 NUMBER 4 A P U B L I C AT I O N O F

T R ADI T I ONAL F OR MU L A In this model, your business’s profits are whatever money will be left over. It’s simple in theory, but it is more likely to leave you with less profit—if you have any at all.

Why? Because you’re human, and humans aren’t good at keeping leftovers. If you have food to eat, you eat it. If you have money to spend, you spend it.

Venus Michael Owner, Small Business Development Expert

Ella Chief Canine Officer

PR OF I T F IR ST F OR MU L A What you need is a formula that prioritizes

PRODUCED BY

your profit, so that you know at the beginning of the year how much money you want left.

By deciding up front how much you want to have at the end of the year, you force yourself to find ways to get the same things done for less money.

CALL F OR A C O M PLIMEN TAR Y C ONSU LTATION (51 2) 7 91-3 74 7

Jamie Ezra Mark Creative Director Heather Anne Lee Editor Heather Luxemburg Writer Kate McDonald Writer Rheya Tanner Art Director Andrew Ontko Designer Josh Clark Designer Wendy Mak Designer

407-573-6061 hello@emagency.com emagency.com @EMagencyinc In the Zone Magazine is published quarterly by One 2 1 Account-ability. Copyright© 2023 One 2 1 Account-ability. All rights reserved. Reproduction in whole or in part without written permission is prohibited. Opinions expressed in the articles are those of the authors and do not necessarily represent the opinions of One 2 1 Account-ability.

4 I In the ZONE I Q4 2023

THE VIEW FROM VENUS

We live our lives

second by second, and sometimes it feels impossible to take a moment to step back and survey what is right in front of us. The goodness. The lessons, even the hard ones. We don’t take the time to see how all the little pieces fit together.

But maybe we should. Maybe you and I should step back more often to see just how much we’ve been blessed and count it out loud.

In fact, I cannot think of a better activity to pursue during this season—in between shopping for superfluous gifts that may be shoved in a closet and forgotten the next day—than saying “thank you.” Which is why I’m writing dozens of thank-you notes this season instead of holiday cards. It’s worth all the extra effort, simply because each person I have encountered this year has impacted me in a remarkable manner that no one could ever replicate.

Take Adam Goldberg, for example. Adam came to us through the Profit First referral network, but I was charmed by him right away.

Genuinely a nice guy, Adam’s passion for animals has not only become a brilliant business model, but he’s making a huge impact in his local community. Recently World News Tonight with David Muir featured Adam’s work with shelter animals, and I beamed with pride watching that segment. He and his wife, Mary, have poured their heart and soul into that business, and I can’t wait to see how Profit First helps transform their lives and business in the next year.

The same can be said for Rett Scudder. Rett and I have been working together for the better part of a decade, and I’m so thankful to know him. Not only has he become a treasured friend, but the way we’ve been able to streamline his bookkeeping has empowered his business to grow exponentially.

It’s nice to see the good guys win, right?

Now I’m not a gratitude expert, but I have been practicing long enough to know that it multiplies. The more I say “thank you” for the little things, the more I find things to be thankful for. We are thankful for financial stability, an expanding Profit First portfolio of clients, a growing team, and exciting opportunities on the horizon.

And that’s my hope for all of you! Whether your business has soared or struggled this year, here’s the good news: Progress doesn’t have to be perfect to be powerful. And a setback doesn’t mean we give up. In this season, we encourage everyone to celebrate the good within the hard, personally and professionally.

The more I say “thank you” for the little things, the more I find things to be thankful for.

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REMARK ABILI T Y

6 I In the ZONE I Q4 2023

Stripe it Rich

Previously, credit card processing companies required businesses to have a physical location. Synchrony, for example, will work with photographers, but not until inspecting addresses and locations to confirm the studio existed. The integration of Stripe and Affirm bypasses It’s been a crazy decade for from $50 to $30,000, with this requirement, opening up an e-commerce. Thanks in part to a maximum credit limit entirely new sales opportunity gateway payment programs* of $17,500. True to Affirm’s for photographers looking to like Stripe and Synchrony, busi- long-standing commitment to nesses from all over the world never charge late or hidden fees, grow their retail business and are creating their own online customers will never owe more improve their cash flow.

Stripe’s products make it stores selling their goods and than they agree to upfront. services. However, these proAccording to Geoff Kott, Chief easy for creators to earn more revenue on your platform with grams have been a roadblock for Revenue Officer at Affirm, minimal engineering, legal, many photographers. Until now. businesses using this program and compliance investment.

Recently, Stripe partnered report an increase in average Help creators build stronger with Affirm, the payment netorder values by as much as relationships with their fans by work that empowers consum85%. “Stripe’s infrastructure, allowing them to accept payers to optimize bi-weekly or combined with Affirm’s cusmonthly pay-over-time options, tomizable payment options and ments from around the world in exchange for sharing their opening huge new opportuniunrivaled flexibility and transcontent and craft. You can also ties for photographers. parency, provides immense help creators manage their Why? Well, now, eligible value for businesses looking to clients can have the option reach new customers, increase cash flow by issuing credit to split the cost of purchases sales, and drive growth,” he says. cards and digital wallets.

Photographers finally have access to buy now, pay later offers. Here’s how!

*KEY TERM A Payment Gateway acts like a bridge, connecting a business’s website to its payment processing provider.

Gateway payment programs securely convey the buyer’s payment information to the payment processor for authorization and settlement.

The program then communicates the approved or denied transaction back to the buyer.

BENEFITS OF GATEWAYS Faster. With payment gateways, automated processes handle transactions more efficiently than manual processing, which means a better buying experience for customers and a better sales cycle for businesses, improving cash flow.

Safer. Payment gateways implement stringent security measures such as high-level encryption technologies and secure protocols to protect sensitive customer information from fraud and data breaches. Many payment gateways employ sophisticated fraud detection tools that screen

transactions for suspicious activity, helping to build customer trust and confidence in the payment process.

Easier. Modern customers expect hassle-free shopping experiences, and a payment gateway caters to these expectations. It allows customers to make payments anytime, anywhere, from any device. This level of convenience increases customer lifetime value (LTV), the total net profit a company makes from any given customer. A positive payment experience can foster customer loyalty, leading to repeat purchases and long-term customer relationships.

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REMARKABILITY

Story Rules

Instagram metrics that matter most

Are you using Instagram Stories to market your business? If not, you may want to add that to your 2024 To Do List. Though stories last a mere 24 hours — here today, gone tomorrow— they can have a lasting impact on your business. That is, if you know what to track.

These are the three words you need to know: Discovery, NaviTHE PRICE OF gation, and Interactions.

PARENTHOOD

Discovery Metrics

A middle-income family with two children is now • Reach. The amount of acestimated to spend counts that saw your story. $310,605 to raise This figure is an estimate. both children to age 17, not including • Imressions. The total numthe cost of higher ber of views on your story (ineducation. That’s an average of $9,135 cluding repeat views). per year, per kid in additional expenses.

— Brookings.edu

Why Discovery Is that higher Stats Matter:

or lower than People use Instagram to you expected?

Share your discover brands. And 62% of story at venus@ people surveyed by Facebook

one21accountability.com

say they’re more interested in a brand or product after seeing it in Stories. Compare reach and impression numbers to your follower count to gauge how much of your audience is watching your Stories.

8 I In the ZONE I Q4 2023

Navigation Metrics

• Replies. The tally of people who responded to your story.

• Follows. Number of accounts that followed you after viewing your story.

• Shares. The number of times your story was shared.

• Website visits. The number of people who clicked the link in your profile after watching your story.

• Link Clicks. The number of people who followed your link sticker.

• Business Address Taps. The number of times your business Navigation metrics show you address was tapped by somewhat’s working and what isn’t. If a one who viewed your story. lot of viewers exit or skip to the next • Interactions. The total count story, it’s a not-so-great sign that of actions people took after your content isn’t capturing attenviewing your story. tion. Back taps, on the other hand, suggest your story shared content or info people wanted to see twice.

If a story’s earned a lot of repeat If your goals include a higher views, it may be a good one to save engagement rate or other meato your Instagram Story highlights. sures, interaction stats help you gauge your success in achieving them. If your goal is to get more • Likes. The number of people followers, compare Profile Visits who gave your Story a like. with Follows. Did you want your • Profile Visits. The number of story to drive traffic to your times your profile was viewed by website? Website visits will someone who viewed your story. show you how it fared.

• Forward Taps. Number of times someone tapped to the next story.

• Back Taps. The number of times someone tapped back to see the previous story.

• Next Story Swipes. The number of times someone swiped to the next story.

• Exit Story Taps. The number of times someone exited your story.

Why Navigation Stats Matter:

Why Interaction Stats Matter:

Interactions Metrics

BUYING TIME

TAX FACT

GOOD NEWS FOR ALL YOUR 1099-K REVENUE: THE INTERNAL REVENUE CLIENT FEEDBACK

Emily & Caitlyn Bright SpOT Pediatrics Therapy brightspotpediatrics.com WHAT’S THE HIGHLIGHT OF WORKING WITH US?

Venus is always a breath of fresh air. She talks us down when we are stressed and she has so many amazing ideas. We always look forward to our meetings.

WHAT ARE YOU ABLE TO DO NOW THAT WAS NOT POSSIBLE BEFORE WORKING WITH ONE21?

Our profitability has greatly increased and continues to tread in the right direction. So now, we are able to be more confident in the financial choices we are making; we have more peace in what we are taking home and what is staying in the business; and Venus always highlights how self-care is important!

If you are looking for an investment to grow your business in 2024, this is the one to make. You will start and end the year more confident, more knowledgable, and more at peace with your business.

SERVICE ANNOUNCED IT WOULD

BUY NOW PAY L ATER Buy now, pay later (BNPL) usage hit an all-time high on Cyber Monday.

47% The amonunt BNPL increased on Black Friday from a year ago.

$7.3B

Generated from (BNPL) between Nov. 1 and Nov. 26, YoY.

$79M Generated from (BNPL) this year.

42.5% The amount (BNPL) has risen YoY. ADOBE ANALYTICS

POSTPONE THE $600 THRESHOLD FOR REPORTING TRANSACTIONS ON FORM 1099-K FOR THE SECOND YEAR IN A ROW, AND BEGIN TO PHASE IN A THRESHOLD OF $5,000 STARTING IN 2024.

The American Rescue Plan Act of 2021 lowered the old threshold from $20,000 to $600 as a way of collecting more taxes from people and businesses who receive payment through third parties such as eBay, PayPal, Airbnb, Venmo, Etsy and more, but many taxpayers and tax professionals had worried that it would prompt a flood of 1099-K forms arriving in the mail for people who had never been subject to the requirement.

The IRS said it would continue to work to implement the new law and will treat 2023 as another transition year. It hopes to reduce the potential confusion caused by the distribution of the estimated 44 million forms sent to many taxpayers who wouldn’t anticipate one and may not have a tax obligation. That means reporting won’t be required unless the taxpayer receives over $20,000 and has more than 200 transactions in 2023.

SAVE FACE Bad with names?

This year try the SAVE method.

Say the name three times in conversation Ask a question about the name or about the person Visualize the person’s prominent physical or personality feature End the conversation with the name.

In the meantime, taxpayers have more time to get accustomed to the change, as the IRS is planning for a threshold of $5,000 for tax year 2024 as part of a phase-in to implement the $600 reporting threshold. one21accountability.com I 9

PERSON ABILI T Y

10 I In the ZONE I Q4 2023

ONE-ON-ONE WITH

Rett Scudder

Adventure, friendship and brilliant bookkeeping set the sails for success at Beach Front Boat Rentals.

S T O R Y K AT E M C D O N A L D

“The overarching thing I can say about my entire life is that I never had a plan, but my world turns on relationships.” Have you ever wondered where your friendships could take you?

Could they impact where you move? Your profession? Your adventures? Could multiple good acquaintances blaze a path to a booming boating business? If you’re Rett Scudder, the answer is an astounding, yes.

As a self-proclaimed gypsy, Rett has had six different careers throughout his life but accredits all of his experiences to those he has met along the way. “In the past, before drone imaging, I used to be strapped onto the skids of a helicopter with a camera to capture aerial shots of Galveston. The person who hired me for this job later offered me to be his boat captain on his multimillion-dollar 60-foot yacht. Despite having

no prior experience in boating, I accepted the offer. I was sent to boating school out of the generosity of the man who hired me where I got my captain’s license. Thanks to that bond, I got the opportunity to charter clients around Galveston and the Gulf of Mexico.”

The breadth of his career has led him all across The United States; Rett has lived in various cities such as New York, Las Vegas, and San Francisco, and while he’s had different careers, they’ve all shared one common attribute: relationships. “I am not a businessperson I am a people person. I have built countless connections along the way.” His photography business let him travel the world; meet people from every culture, and experience some of the most thrilling adventures (including coming face to face with an alligator in the Amazon).

After some time away, Rett’s heart was set on returning to the place he loves the most— Texas. As a young adult, Rett remembers that at one time he couldn’t wait to move away from home, but when faced with the decision of where to move next he knew Austin was where he had to be. With a big grin, he says “There’s no other place like Texas. I just had to come back.” Upon returning, Rett was fortunate to discover an opportunity to captain a 62foot party boat on Lake Travis.

While enjoying the sunset and sipping a beer with his boss, Bob, the former owner of Beach Front Boat Rentals, Rett expressed his desire to have an office with a view like the one they were seeing. Little did he know that this conversation would lead to the perfect opportunity to purchase the successful company. Over the one21accountability.com I 11

PERSONABILITY past 13 years, Rett has continued the legacy and tradition of the business by serving 20,000 summer clients, with the help of his staff.

Beach Front Boat Rentals has been operating for 30 years and owns two party barges, “Large Marge”, and “The Ark”, which can each accommodate up to 150-200 people at a time. Every summer these boats host companies, birthday parties, college events, and even weddings - these boats are places for people to get together and have a good

time. Rett believes that all of us have a shared experience, and these boats give people the opportunity to share memories. The company prides itself in hosting a diverse clientele from different socio-economic backgrounds, skin colors, religions, and sexualities. Rest says, “Party boats bring people together, and that’s what people have in common.”

Rett shares that a day-to-day summer is a breeze because 99% of people who get on board are ready to have a good time. While they may leave

sunburned, or even a tad hungover — he takes great pride in keeping his clients safe with the service he provides.

For the first five years, Rett, struggled with the business side of his company, despite the growing numbers and returning summer clients. The “nitty-gritty” of owning and operating a business led to multiple stressful days every month.

However, in 2010, he met his soulmate, Jenny-Lou. As she became more involved in his life, she noticed that the most stressful times of the month

“I am not a business-person I am a people person. I have built countless connections along the way.”

12 I In the ZONE I Q4 2023

were related to payroll, taxes, payments, and accounting. At the time, Venus was working at one of Jenny-Lou’s sisterin-law’s Jackson Hewitt Tax Locations that was being closed.

She was also beginning her own company and Jenny-Lou thought she could be of assistance. Yet again, a relationship paved the way to a wonderful new chapter in Rett’s life: Venus Michael. Rett recalls, “I met Venus about 10 years ago, right when she was starting her own bookkeeping company—I may have been one of her first customers. We met at a unique time; our friendship changed my life.”

“What Venus has given back to me cannot even be measured. I would say she has given me 30% of my life back—I was finally able to let go of the items of my business I spent so much time on that I didn’t understand.” Rett further explained.

Before Venus, Rett had trouble balancing his checkbook and keeping up with receipts.

He found it challenging to determine what counted as a business expense and how to track that. The stressors associated with financial management took over his life, and he often had piles of papers everywhere. However, Venus’ expertise helped ease his stress and allowed him to focus more on the people and the operation of his company.

“I can go to work and focus on ensuring the mechanical safety of our customers and one21accountability.com I 13

boats. Whenever I have any questions on taxes or payroll, I don’t have to guess. I can just call Venus and hand it off to her, knowing that the job will be done perfectly. She can automate almost anything. She just punches a few buttons and tells me everything I need to know about my business—it’s like magic,” he says.

With Venus helping Rett set sail on financial freedom, it’s no surprise that he credits her as a huge component of the success of his business. Rett’s love for people is evident; “That’s the part of the job I love to this day. To me, human beings are the most fascinating things on the planet. They’re more fascinating than architecture or nature—I love people.”

“By giving me back the time I didn’t have before, Venus has made it possible for me to spend more time with my family, friends, dog, and of course, my soulmate who made the relationship between Venus and me possible.

Having more time is priceless, and she has made that possible for me. I trust her completely,” Rett beams.

The next time you are wondering what a friendship can do for you, stop, breathe, and know that who you meet can most definitely change your life. “I’m not a rich or wealthy man. But, I do know what makes me feel like a wealthy man. All the relationships I have made from coast to coast—that’s what makes me a wealthy man”.

14 I In the ZONE I Q4 2023

ASKVENUS

Venus Michael answers your cash management questions I’m curious—what’s your favorite piece of advice to share with people at the end of the year?

That’s easy! Do not spend $10 to save $3. I get it… this is the season of sales and promotions. Everyone and their brother has a can’t-miss-offer that is meant to increase revenue at the end of the year.

And I encourage my clients to come up with similar offers all the time. But as a consumer, it’s easy to overspend. If your business needs a new laptop or a VPN network, then by all means, take advantage of promotions. But do your homework. Know the value of what you are shopping for.

For example, if that MacBook Pro you’ve been eyeing goes on sale for $250 off, then I say yes, add to cart. Saving $50 on those Continuing Education Credits you need for your business license? Go for it! That new mirrorless Sony camera is $150 off, but you already have four other camera bodies??

No, no, no. Do not spend $10 to save $3, or in this case, $1,000 to save $150.

I’ve started a 401(k), and I’m also doing Profit First.

But I’m not sure where to allocate those funds. Does that get allocated from my OpEx account or my owner’s pay?

What are considered “Cost of goods” for a professional photographer and how do I manage that on my expense sheet?

Let’s talk broad strokes first.

Cost-of-goods-sold (COGS) is the total cost required to produce a First of all, congratulations!

When it comes to securing your good or service, including labor and materials. So any materials financial future, few things are or items bought for resale used as critical as planning for retirement. As a business owner, in your photography business can be considered COGS. For exyou’ve worked hard to build ample, any kind of printing mayour wealth, and now it’s time terials—ink, paper, frames, coffee to ensure a smooth and suctable books, printed galleries, cessful retirement. etc.—plus less-obvious costs But yes, this can get confusassociated with the final deliving. So let’s revisit the definitions. The Operating Expensive erables, such digital file storage and delivery, photoshop or video account is for all of your busieditors, travel costs related to the ness’s day-to-day operating expenses, such as rent, utilities, photoshoot, and more. Details matter, so don’t overlook them! insurance, employee payroll, Time is money, yet many marketing, and software. The photographers underestimate Owner’s Compensation (also known as Owner’s Pay) Account the value of their time and labor when pricing their services. is used to pay your after-tax salary or wage. And since 401(k) Aside from the actual photo session, the hours you spend contributions come from your meeting with the client, doing pay, this is drawn from your pre-production, traveling to the Owner’s Pay account. site of an assignment, setting up the equipment, and conducting post-production activities should all be factored into your pricing. That is not COGS—COGS are directly related to client deliverables—but pricing reflects your value. one21accountability.com I 15

16 I In the ZONE I Q4 2023

HEART OF What started as a hobby back in 2013 has become a full-time career for Adam Goldberg and a brilliant way to give back to pets in need.

S T O R Y H E AT H E R A N N E L E E

A

dam Goldberg has made a living photographing man’s best friend. Though he snaps pictures of other animals as well—cats and guinea pigs and bunnies, oh my!—his series of shelter dogs seeking adoption are captivating audiences, even going viral.

The photographer also has three books of his amazing images called Tails of Gratitude – A Collection of Thank You Notes from People to their Pets that has raised nearly $30,000, a calendar project for 2024, an online education program for aspiring photographers, and a growing roster of corporate and private clients.

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HEART OF GOLD SAVING LIVES Hazel (below left) was at the Humane Society of Tampa Bay for a little over a month. Adam took her new photo on 11/7 and she was adopted two days later!

Oh and her head tilt video on TikTok has over 16 million views and counting!”

The same can be said for Hersey (right).

His story was shared on World News Tonight with David Muir in December.

At 36 years young, Adam is just as amazed by the turn of events as you are. What started as a hobby in 2013 is now a six-figure endeavor that gives back as much as it takes in.

The results are endearing and often funny: well-lighted action shots of goofy, gangly or bugeyed pups in dogged pursuit of treats, with their tongues out or head tilted, truly showing off their individual quirks.

The best part? “Adoption rates are soaring,” says Adam proudly.

Case in point: “Hazel was at the Humane Society of Tampa Bay for a little over a month. We took her new photo on 11/7 and she was adopted two days later!

Oh and her head tilt video on TikTok has over 16 million views and counting!”

“Seven of the 10 dogs we photographed last week were all adopted within three days. It just makes me so happy.”

Humble Beginnings “I always had an interest in photography, even as a kid but never had any formal training. My dad had a dark room growing up, so maybe it’s in the genes,” Adam laughs.

His love for animals may also be genetic since his dad also worked for the Humane Society of Broward County. Either way, Adam’s love of pets and pet photography began at the Humane Society of Broward County, where he was originally hired to manage the shelter’s social media and website. He knew nothing about photography

18 I In the ZONE I Q4 2023

“Seven of the 10 dogs we photographed last week were all adopted within three days. It just makes me so happy.”

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HEART OF GOLD

when he started, but spent months watching how-to videos online and practicing at the shelter. The goal of each photoshoot was to bring out the personality of each pet to help increase their chances of adoption.

Adam quickly became an expert at putting pets at ease, capturing their unique and lovable personalities in every picture. He says, “The animal shelter was in South Florida and taking adoption photos outside was challenging. The lighting was never consistent and it was very, very hot, especially in the middle of the day. Midday is an awful time of day to take photos outdoors without any lighting equipment.

The pets were also distracted by the other smells, which made it harder outside too. So after a lot of trial and error outside, I moved inside, began experimenting with a lighting kit donated from Westcott Lighting, and the rest is history.”

Those humble beginnings set the stage for his future business. One that took him from South Florida to Tampa. While working at another marketing job, Adam continued to volunteer at the Humane Society, this time in Tampa Bay. And like Broward County, Adam’s pet photos were helping the shelter animals get adopted faster.

It wasn’t long before he was asked to help organize a Pet Photoshoot Fundraiser which, to his delight, raised several thousand dollars. “I can remember thinking, wouldn’t it be amazing if I could do this full-time? It was

20 I In the ZONE I Q4 2023

just a lofty dream, and I never really took it seriously, but it’s kind of amazing that it all came true.”

Not only did Adam find his love for shelter pet photography and fundraising at the Humane Society of Tampa Bay, but he also found his future wife, Mary, who was an Art Director for the shelter’s advertising agency. The shelter asked Adam to photograph a special project and Adam and Mary met on the day of the shoot. The two spent five hours together taking photos of GP, the Guinea Pig—and the sparks started flying.

Together, they started hosting more fundraisers, and when those sold out, over and over, the pair started traveling the country hosting similar events.

In 2017, Adam turned his parttime passion into a full-time career, and together Adam and Mary raised more than $250,000 for 50+ animal shelters and rescues since July 2016.

In March 2019, Adam and Mary got married, and even had their dogs walk them down the aisle.

And in 2022, they welcomed their son, Benjamin to the family.

All because a love of shelter animals brought them together.

Pandem…onium Thanks to the viral success of the Tampa fundraisers, Adam and Mary took their dream on the road in 2019 and 2020, hosting Pet Photoshoot Fundraisers all over the country.

When the pandemic hit in March of 2020 and they could no longer travel, they were

“You’re going to see tongues sticking out and eyes closed and, obviously, shots with peanut butter.

What other photographers may trash as outtakes, that’s what I’m providing.”

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HEART OF GOLD

forced to return $100,000 in commitments and found themselves with a dwindling bank account and empty schedule.

They had to stop everything and rethink their business. In April and May 2020, Adam and Mary launched a project officially called Safer At Home, however Tampa locals lovingly renamed it the Front Porch series. Adam and Mary would pull up to the home, staying 15-20 feet away, and photograph owners with their pets in their front yard or front porch.

Safely distancing, but still donating a portion of the proceeds to local shelters in need. The shoots lasted no longer than 10 minutes, but it became a local sensation.

The efforts of the front porch series really took the business in a different direction, more lifestyle-focused. But that never was the long-term plan. “It was more of a way to stay busy and recoup a little bit of money, but it was never like I wanted this to be the new direction of the company,”

22 I In the ZONE I Q4 2023

Adam remembers. “Mostly because I always loved the studio work. It’s a little more niche and specialized, I think. Anyone with a camera can take a dog outside to a park, but to be able to have a studio… it commands a little more professionalism.”

So, Adam and Mary decided to open a brick-and-mortar photography studio in Tampa, and follow their dream of making pet photography their livelihood.

They signed the lease in July and opened the studio by August. Pet lovers clamored for time in front of the lens for their own furry companions, but the love for shelter pets never abated. Adam and Mary kept monthly appointments at The Humane Society of Tampa Bay and dreamed of a day when they could photograph shelter animals full-time.

Adam’s passion for animals comes through in his distinctive style. All of his photographs have a clean, neutral backdrop—dark gray for private studio portraits,

white for shelter adoptions— and he doesn’t use costumes or props. Instead, he prefers to let the dogs shine. “You’re going to see tongues sticking out and eyes closed and, obviously, shots with peanut butter. What other photographers may trash as outtakes, that’s what I’m providing.”

“I always tell people, ‘How cool of a world is this that I can have a job like this?’” he continues. “But really, in what other job can you see the return on your investment in just 24 hours, watching a scared shelter animal find a forever home just because we took the time to take better photos? It’s just amazing.”

Course Correction If you’ve ever tried to take a photo of a dog—not an impromptu quick pic for social media but a nice, memorable portrait—then you know it can seem impossible. Even for pros, animal photography can be a lengthy and frustrating

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HEART OF GOLD

READ FOR YOURSELF The award-winning photographer now has three books of his amazing images called Tails of Gratitude – A Collection of Thank You Notes from People to their Pets that raise money for the Humane Society of Tampa Bay through application fees.

experience, particularly if they assume their expertise in other areas is going to be an asset.

“Other photographers whom I respect, they would do headshots of people, architecture, that sort of thing, and I loved their work,” says Adam. “But when I saw them trying to take a photo of a dog, it was clear they had no idea how to take a picture of an animal.”

It doesn’t take a lot of photo gear or training to photograph shelter pets, but knowing how to photograph them when they’re happiest and most comfortable is what sells the vision for owners to adopt them. Understanding the different angles and lighting goes a long way, but mostly it’s about being mindful that these animals are often sad, scared, and lonely.

Now he’s sharing this knowledge with a new generation of pet pros… thanks to the advice of Venus Michael, Adam’s new bookkeeper and Profit First mentor. “It was totally Venus’ idea,” he says. “There was a month or two where we were not hitting our revenue goals. Venus said that many of her clients were selling their knowledge, so I took that and made a few courses, and netted like seven or $8,000. Just from her suggestion. Now we offer courses on How to Plan an Entire Pet Photo Shoot Fundraiser, Studio Pet Photography Course, and 1:1 Mentoring. And in January we plan to launch and pets and people course.”

His advice for aspiring pet photographers? “Get into it

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because you love animals and you just want to do something different and make an impact.

If you’re doing it for the money, you’ll get burnt out and quit….

It takes years for you to get the benefit from it, so it has to be a real passion.”

The success of Adam’s studio is nearly a decade in the making, and there were some big pivots that were made during that time. It’s only in the last year that Adam has been able to realize the true value of his business, and much of that has come from working with Venus.

“I went to a three-day photography workshop in California, and there was a presenter there talking about Profit First and accounting. I had no idea what it was, and usually I’m on top of new things. So it piqued my interest. I went to the website, downloaded the audiobook, and as I’m listening at the airport, I knew it was more complicated than I thought. I’m a creative— math and numbers were always my worst subject in school. It just gives me so much anxiety.

So I went to the website, filled out an inquiry, and they connected me to Venus right away.”

For those that don’t know, Profit First method is an approach to cash flow management that helps entrepreneurs ensure they make a profit and are paid accordingly. Although Adam’s only been working with One21 Account-Ability for about eight months, he says, “It’s been fantastic. For the first time in my entire business, cash flow

makes sense. I can see the big picture, and with Profit First, it’s so easy to see the health of our business in a different way.

It makes it a lot more fun, and definitely less stressful.”

He hasn’t quite yielded all the benefits of Profit First just yet, but that’s okay. “My first goal is to be able to plan to take the entire month of December off.

That won’t happen this year, but Venus says we’re on track for next year, and I can start to see how that will be possible,” Adam says. “Before Profit First, it was nearly impossible to visualize that, or how our business would operate year after year.

But with Profit First, especially in this spreadsheet that Venus created for me, it’s a lot easier to visualize and see how bright the future really is.”

And for Adam, the future burns brighter with every photo.

His journey from a photography hobbyist to a thriving career in the world of pet photography has been nothing short of remarkable. His success, coupled with the financial clarity brought by Profit First and Venus’ mentorship, marks a significant milestone in his nearly decade-long career. Now, as Adam shares his knowledge, he not only extends his influence but also perpetuates a legacy of compassion for shelter animals. As Adam and Mary continue to impact the lives of countless pets and their owners, their story is a witness to the transformative power of pursuing one’s passion with genuine dedication and love.

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4 Q

Q3

PROFIT ABILI T Y

Q2

FROM… YOUR BUSINESS WITH LOVE Profit First has saved something special for you—the gift of “a little extra.”

Q1

26 I In the ZONE I Q4 2023

You did it. You made it through another year. And it’s high time to treat yourself to a little extra.

Because you know what? You deserve it. You’ve been working in and on your business, day in and day out, year after year.

What’s the point of all that time and effort if you never get to enjoy it?

Believe it or not, your business knows how hard you’ve been working. You’ve been practicing Profit First diligently and have taught your business how to run more effectively. Now your business wants to give back, above and beyond what it already gives you. How? With a quarterly profit distribution.

Not to be confused with Owner’s Pay, which is treated as a salary, the quarterly profit distribution is more like a bonus. This is your business’s gift to you as the owner for always going the extra mile to keep it

healthy. And rather than only getting that gift once a year, you get it every three. months.

Good Things Come in Quarters Surely we’ve talked to death about the Profit First process and its five bank accounts: Income, Tax, Operating Expenses, Owner Pay, and (our favorite) Profit. The main purpose of the Profit account speaks for itself, but it also serves some other, secondary purposes: • Growth metric. As your business grows, your profit grows in kind. The Profit account, then, is almost a small-scale model of your success.

• Cash reserve. Ideally, you only ever draw from this account when you want to, but, ready or not, emergencies happen. In those cases, the Profit account is the big, fluffy cash cushion that gets you through it.

Not to be confused with Owner’s Pay, which is treated as a salary, the quarterly profit distribution is more like a bonus. This is your business’s gift to you as the owner for always going the extra mile to keep it healthy. And rather than only getting that gift once a year, you get it every. three. months.

THE DEBT FACTOR

The percentages used in this article assume you don’t have any debt. Debt ties you to the past and prevents momentum.

It’s important to keep your cash flowing for present expenses and future growth.

We encourage business owners to prioritize their debt— take on as little and pay down as much as possible. However, we also recognize that’s easier said than done. The beauty of Profit First is it can help you get rid of debt while still giving you profit to take home.

So, when you withdraw that 50% from your profit account at the top of the quarter, we suggest you take 98% of it and throw it at your debt! From our earlier $5,000 example, you would withdraw $2,500, put $2,450 toward your debt (Do you feel that? It’s the feeling of your success punching your debt in the face.) and take the remaining $50 as profit.

It’s important to enjoy the fruits of your labor; even if it’s a small portion, it still gives you more confidence than if you’d kept nothing. Only have enough to buy a Big Mac? It’ll be the best Big Mac you’ve ever had.

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PROFITABILITY

TURN EXTRA INTO EXTRA EXTRA

Part of the Profit First Process involves converting more of your expenses into profit. Each quarter, you evaluate your current percentages and move them closer to your target.

Just one caveat: Never take a step back.

If you are adjusting and tweaking your percentages conservatively, we suggest that you account for three percentage points each quarter. Meaning you could move your Profit Account from 5% to 8%.

Or you could move your Tax Account from 11% to 12%, Profit from 5% to 6%, and Owners Comp from 23% to 24%.

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• Quarterly reward. On the first day (or first business day) of the quarter, equity owners draw from this account as a thank-you for having the courage and risk tolerance to start and maintain the business.

It’s this third function that we’re homing in on here—the “reward” part, of course, but also the “quarterly” part. Some people choose to take their distribution more or less often.

But in our experience, quarterly is the sweet spot; it’s long enough between distributions that they don’t feel like part of your income, but still frequent enough that you can enjoy the benefits of business ownership, not just “every now and then,” but here and now.

It’s best to follow the financial quarter, rather than counting the months from

the first day you begin implementing Profit First. Let’s say your Profit First practice began August 12. You’d still take your distribution on October 1, the first day of Q4. It doesn’t matter whether you started on July 3 or September 26; what matters is that you get into a rhythm that’s as easy to track as possible.

Profit, Meet Pocket On to the good stuff. Drawing your quarterly profit distribution takes three simple steps: 1. Tally the total in your Profit Account as of the last day of the previous quarter. If it came in this quarter, it doesn’t count.

2. Take half of the money (that’s right:50%) as profit.

3. Leave the other half in the account so it can keep serving its other functions, growth

So what do you do with those funds?

Whatever you want! Your profit distribution is that little extra you can put toward all the other extras of your life.

$ $

REMOVING TEMPTATION

Profit First is a behavioral system. It leverages Parkinson’s Law and human nature to make it easier to spend less and save more. So far, we’ve been doing the work to make the most of your positive habits, your habit of checking your bank balance and making decisions based on what you see.

But while strengthening your good habits is important, it is equally important to weaken your bad habits.

To separate Profit and Tax out from your other expenses is step one, but having those accounts at your disposal means you have to exercise some willpower to prevent yourself from dipping into them. Willpower doesn’t last forever, as anyone who’s given in to the temptation of the cookie jar would know, and eventually you’ll be too tempted to “borrow” from yourself. (And let’s be honest, we all know that we don’t end up paying that money back. We spend it. It’s gone.)

So it’s time to seal the proverbial cookie jar. Your Profit and Tax accounts are vulnerable if they’re accessible, so the key is to make them less accessible!

If you haven’t already, we highly recommend choosing a second bank – a separate physical location – and establish these two accounts there. For maximum security, avoid establishing online access, linking to a debit card, and ordering checks for these accounts. That way, when you feel you do need to access money—for legitimate profit/tax reasons or otherwise—you have to drive to the bank, ask for the manager, and have them write you a banker’s check.

By making it so inconvenient to access the profit and tax money, you’ve reduced or outright removed the temptation to “borrow” from yourself.

metric and cash reserve.

Let’s say, for example, you had $5,000 in your Profit account on September 30. If you are the sole owner, you’ve got $2,500 in your pocket on October 1. If you share ownership (ex., you own 60%, a partner owns 35%, and an angel investor owns 5%), then you would distribute the profit according to each owner’s share ($1,500, $875, and $125, respectively).

In either case, $2,500 stays in the Profit account.

So what do you do with those funds? Whatever you want! Your profit distribution is that little extra you can put toward all the other extras of your life. There is, however, one exception: You can never put your distribution back into the company.

Your business gave you a gift that it doesn’t want back.

Even if you try to dress it in fancy terms like “reinvest” or “profit retention,” you can’t cover up the fact that you are robbing Peter to pay Paul. Your business needs to run off the money it generates in its operating expenses. Full stop.

Always take your profit, and always treat it like profit. Use it on whatever gives you joy: A nice dinner for your family; a vacation; that new Coach bag. And if you couldn’t take enough profit distributions last year, make it a goal to have good habits and take more for 2024 and forward. one21accountability.com I 29

PROFITABILITY

Call to Action

If you own a small business or family office, you could soon be required to report ownership details to the federal government—or face stiff penalties and possible jail time. Joshua Massingill, Esq. demystifies the new Corporate Transparency Act As we stand at the threshold of 2024, a significant regulatory shift with far-reaching implications is about to take center stage—the Corporate Transparency Act (CTA). This federal law, scheduled to take effect on January 1, 2024, will significantly impact millions of unsuspecting small business owners and entrepreneurs who own and

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operate their own business, requiring them to submit filings with the Financial Crimes Enforcement Network (FinCEN), a division of the U.S. Department of the Treasury.

Understanding the Scope At its core, the CTA attempts to close a loophole in corporate regulations that enables

criminals to hide their identities using shell companies and combat financial crimes, including money laundering and illicit financing. The linchpin of this endeavor is the concept of beneficial ownership, or the identification of individuals who exert control or reap benefits from a business behind-the-scenes. And

it casts a wide net, affecting almost every small business in the U.S., including family offices, independent contractors, and the limited liability companies (LLCs) commonly used by mom-and-pop shop owners. In fact, FinCEN estimates that more than 32 million businesses will be required to report Beneficial Ownership Information in the first year of the program.

Many federal laws, such as the Family and Medical Leave Act (FMLA) and the Occupational Safety and Health Act (OSHA), exempt small businesses from full compliance, but the CTA does not. This means that the majority of small to medium-sized businesses will find themselves squarely on the CTA’s radar.

For this reason, small business owners should acquaint themselves with the CTA’s requirements and make plans to comply to avoid penalties.

This means sharing detailed information (such as names, addresses, and government IDs) for the people who really own or control your business.

Because the filing process is expected to be complex, many business owners will likely rely on attorneys to oversee their CTA compliance—but intrepid entrepreneurs may prefer a DIY approach.

The Benefits of Compliance Beneath the surface of regulatory adherence lies tangible

benefits for small businesses and entrepreneurial ventures.

Foremost among these is the notion that compliance serves as a mark of integrity, appealing to potential investors, partners, and financiers who seek assurance of ethical conduct.

While the CTA aims to enhance transparency and create an environment less hospitable to fraud and illegal activities, it is not without its challenges and concerns.

Privacy and data security issues loom large, necessitating a proactive approach by business owners. Staying informed about data protection measures and FinCEN’s operational protocols will be crucial in order to create a strong line of defense against bad actors looking to take advantage of potentially vulnerable information.

Entities created on or after January 1, 2024, must report beneficial owner information to the FinCEN website within 30 calendar days of creation.

Existing entities have until January 1, 2025, to comply with the statute, unless they undergo ownership changes—such as those triggered by a sale or minor children reaching the age of majority—in which case they have 30 days from the date of change.

If you have questions about the CTA’s requirements, or aren’t sure whether the law applies to your business, consult an attorney for individualized advice .

Many federal laws… exempt small businesses from full compliance, but the CTA does not. This means that the majority of small to medium-sized businesses will find themselves squarely on the CTA’s radar.

JOSHUA MASSINGILL is an attorney prac­ ticing in Austin. He routinely manages seven- and eightfigure corporate transactions for domestic and international clients in assorted industries. His previous clients include various elected officials, members of Texas health licensing boards, and a former Surgeon General of the United States.

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