Corporate Sponsor Gena Jones Interview

Our Chairperson,Coach Swan Simpson, Interviews Gena Jones

Corporate Sponsor, Canna Boss CFO

This was a one of my most anticipated interviews because after reading Gena’s bio, I saw that this sistah was a triple threat! Smart, highly educated, dripping with confidence! I want our readers to get the real feel of the conversation, so we kept things as 100 as possible.

Coach Swan: All right, we’re already recording... I recorded this entire meeting just in case there are things that I need to remind myself so everything’s already been recorded. I hope that’s okay with you.

Gena: Yep.Coach Swan: Okay, how are you feeling?

Gena: Feeling good, I’m feeling a little hungry. I didn’t know that I was going to be this long. My stomach is like [laughter] but I’m good.

Coach Swan: I want to know about Gena, the person before we even talk about Gena, the businesswoman. Who is Gena? I mean, where are you from? Where’d you grow up?

Gena: So, I am a girl from the Southside of Chicago. I am all about my family. I have 6 children. I have been married for 24 years. My awesome husband makes it all possible for me to do this. He’s dealing with a lot of the kids and I just enjoy life, I’m just grateful. You know, the truth is I’m living my dream. I’m doing all the things that I want to do. And, you know, the Bible says that your gift will make room for you. And it absolutely has. The things that I enjoy doing are things that I get paid to do. I feel like I’m chilling every day. And people are like, you’re talking to the IRS? Do I have to be there? Can I go in another room? Oh, my God! We’re just talking, It’s a conversation. So, it’s nothing. But the help that I’m able to

provide people is transformative for them. And that is totally huge for me to be instrumental in improving the lives of others.

Coach Swan: Absolutely.Gena: That’s me. I also like to eat.Coach Swan: You like to eat?Gena: I like to cook.Coach Swan: Now you know cooking is right up my alley!

Gena: And I love to travel. So, if there’s food involved, you know, I’m there.

Coach Swan: I’m also a Chef. I love hearing about people and food.

Gena: I am a Chef too. Did you go to culinary school?

Coach Swan: No, I didn’t go to culinary school. I got my training in the kitchen. My great-grandmother and my grandmother were amazing in the kitchen. My family is from Mississippi, so every woman knew how to burn lol except my mom. But I’m self-taught 30 years as a vegan chef.

Gena: Oh okay, that’s awesome. But yes, so I was a chef. And then I went to culinary school, because you know, if your grandmother didn’t teach you how to cook, it’s kind of rough.

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Coach Swan: Well, my grandmother taught me how to cook.

Gena: Exactly. So, you know. Going to culinary school refines the skills that your grandmother already gave you. That’s really what it’s about. I love to eat. I love to cook. It’s all about food and travel for me. Like that’s everything. Oh, and cocktails. Cocktails and a Martini.

Coach Swan: So how do you go from culinary school to law school? Tell me where the transition happened for you.

Gena: It wasn’t in that order. I was already a CPA and attorney when I went to culinary school. That’s just what I wanted to do. I just like to entertain. I like to cook and I love to eat. I was like, let me just go to culinary school. I went before work every day and after work every day. And you know, hey, I got two degrees. A degree in culinary arts and a degree in patisserie art.

Coach Swan: Wow. This is interesting already. Gena, people tend to think when they have to talk to an attorney it’s a necessary evil. I only want to talk to lawyers when I need them. What made you decide to become an attorney in general?

Gena: The honest truth is I’ve never wanted to be an attorney. That was totally something that I did not like, in fact, I hated it, the thought of it. And I even remember saying out loud, I do not want to be a lawyer. But things happen. After I graduated from college, I didn’t really have a plan. I was just chilling. I had a job. I worked for an attorney CPA, in his office. I was just feeling relaxed, and I was still living at home, so I didn’t have no bills. I was just like, whatever.

But I went to a technical college, Illinois Institute of Technology in Chicago. I started out as a chemical engineering major, I failed physics and woke up real quick, like, okay, it does not work, so then I switched over to the Business School. And from there when I graduated, I felt like I wanted to have a black experience, like at an HBCU. Then I decided to go to graduate school. But what happened was out of nowhere totally unsolicited. I was just minding my own business.

Howard University sent me a letter saying why don’t you come to our law school? We’ll pay your tuition. We’ll give you a full ride. I was like, Okay! I’m not really doing anything. I’m available. So, I went down there, I chose my apartment. I came back home, and so it was getting close, and I hadn’t really heard anything about the scholarship. So I was like, Okay, let me just call to make sure everything’s cool. They told me they lost my scholarship money, but just come down and we’ll find it. But anyway, long story short, I was already in law school mode from this experience. I ended up applying at the last minute to Kent Law School in Chicago. That’s how I got my law degree there. It was totally crazy. And I was like, why? Why am I a lawyer? Like, I never wanted to be this. But you know, when there’s a plan, there’s not much you can do about it.

Coach Swan: That’s true. Did you also become a CPA? And then decide to do this work? Or did you decide to do the work you’re doing now with your business and then you became a CPA?

Gena: So, I had already been doing this work. Even when I was in college, because my father was an entertainer, and he had tax problems. And he had a representation by an attorney CPA.

And so I began to work in the attorney CPA, his name is Edward A. Williams. And he was a black attorney, CPA, one of the first. I began working in his office when I was in college. And he’s the one who helped my father to stay out of jail for tax evasion. I was already doing the work even before I was a CPA, and even before I was an attorney, but the fact of the matter is that seeing my father go through that trauma, and really our family go through that trauma, is why I was doing the work in the first place. The degrees just kind of fell into place to advance my ability to work at a higher level for people.

Coach Swan: Got you! Perfect. So, what made a girl from the south side of Chicago, culinary specialist and foodie, now an attorney, a CPA, what made you decide to get involved in cannabis in any kind of way?

Gena: Well, so my firm Jones Tax Group, we grow through acquisition. We acquired a firm in 2018, that had cannabis clients. That was my introduction to servicing cannabis clients. And one of the things that I loved about cannabis clients is that just like entertainers, musicians, and creatives, they just trying to do what they love, they just trying to do their thing. And it’s so many other things, that’s just not their passion. I have to help people, because this is my lane. If I help them, they can do what they love, I can do what I love, they can stay out of jail, not overpay tax, and be able to operate their business in a comfortable way. it was just kind of the perfect combination.

Coach Swan: Tell us who is your perfect client, ideal client? And what do you do for them?

Gena: I don’t know if I have a perfect client, but several of the clients that I inherited in cannabis, were clients who had business structures with multiple entities, all servicing cannabis companies as investors or in some ancillary capacity. And what I did for them was run the gamut. Anything from bookkeeping to accounting, tax planning, CFO services, IRS representation, tax return preparation, all of those things. I would say from the bottom would be bookkeeping. And then from the top would be tax planning and IRS representation. All the other things are just kind of in between. And it just depends on the level of service or the level of support they need. And if the IRS has called them about that audit yet…

Coach Swan: A lot of people start their businesses, they don’t think about accounting, right? That’s the last thing they think about.

Gena: Well, let me say that accounting is crucial for all businesses. And a lot of times when people start out they got their cousin doing the bookkeeping, because she took accounting in high school. But at some point, you should graduate to a situation where you recognize that your circumstances have changed, your revenue has changed, your whole business model and structure has changed. But a lot of times there’s growth in businesses, but people are still treating it as if it’s a startup and it’s a multimilliondollar company, like your cousin should not be doing your bookkeeping at this point. Something in your mind should say, “Hey, I should probably hire somebody who does this every day who actually knows what they’re doing?” I’ve seen a lot of people miss opportunities, because they have not had an accountant in

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place. And they did not have their financials. They did not have their tax returns prepared. And it’s just sad to see.

So, as far as accounting goes for cannabis businesses, not having an accountant is a wreck. Like, you’re just waiting for a problem. I mean, you already have the banking issues, you know that you have the audit coming... It’s not okay at this point for you to have those receipts in your pocket. Ink dissipates and disappears, like over a certain amount of time. That could be the difference between you getting shut down, either by regulators or the IRS because you can’t prove up your inventory, and where everything went, and actually being able to continue to operate your business. Good accounting is huge in the cannabis space.

Coach Swan: I think a lot of people have a negative opinion or thoughts about accounting? a) I don’t need it. b) they are in my business. c) they’re going to steal my money. I don’t want anybody else handling my money. What can you say to people who have those kinds of fears when it comes to bringing someone in from the outside to help them with their finances?

Gena: Trust is always the thing. I certainly get it. But when we find ourselves in situations in business, we have to change our mindset a little bit, and be willing to give up a little control. And to be willing to trust a little bit more. It’s difficult because there’s money involved. Historically, some people have always been like why are you in my business? But because I do understand that... I think that people do need to take their time and make sure that they hire the right professional. But I also think they need to be open to hiring a professional in the first place. That alone is a mind shift that needs to take place to be successful in business.

Coach Swan: Do they need to wait until they’ve earned a certain amount of money? A lot of people make a few thousand a year. Do they need to wait until they are making 6 figures before they hire someone to help them with my books? Or at what point? I

think we said from the very beginning of starting your business that it’s necessary, right?

Gena: I think for many reasons it needs to be at the beginning. And I realized that there’s not always investors involved. And it’s not always a situation where you were able to write up the plans and the projections and all those things. But even at a basic level, thinking about budgeting, and just inquiring, for example, I have calls with people all the time. I say do these 5 things, do these 2 things, you know, just make sure that you’re keeping these receipts. I think even approaching a professional CPA or attorney to get the basics is free.

Coach Swan: What are those 3 to 5 things that you would recommend that businesses basically do? Especially cannabis businesses?

Gena: I would say that cannabis businesses especially need to make sure that they have some type of software, that they’re tracking their inventory, their revenue, making sure of what they have... a professional bookkeeper at least.

The reason behind this is I want to make sure that they’re maximizing their cost of goods sold, which is really the only way they’re able to deduct any expenditures in the business. And that’s going to be key to profitability. I would just say make sure that your bank accounts are properly titled that you have more.... that you kind of pay attention to the differences between somebody being an owner on an account or a signer on the account. I want you to make sure that you’re clear on any agreements that you’re making, and what you’re leaving on the table for somebody else, and what your portion is that you’re taking.

We also want to look to make sure nobody’s stealing from you. Next, I want you to make sure that you’re looking at not only your profit also look at your balance sheet. How much cash do you have? What’s your burn rate? What do you need? What do you

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have in the bank right now? And how far could that get you if you don’t make another sale until 6 months from now? Would you be out of business? How long could you last? Could you make payroll, like all these things are sometimes thought about too late, just because nobody’s advised you or them that these are the things that you need to pay attention to. Employee theft and worker theft is like crazy because they know you’re not looking.

Coach Swan: That’s right. And the numbers don’t lie, right? The numbers tell the story of your business.

Gena: That’s right. And that’s why I love accounting, because I could just... You know, I have a lot of clients who I’ve never met, but when they send me the documents, when they send me their statements, when they send me all this information, I can tell the whole story of their life just by reading this information. Addiction, other weaknesses, astuteness, cheating people. You can tell all this just by looking at this documentation. And it’s totally fascinating!

Coach Swan: Absolutely! What jurisdictional areas do you serve ? We know that we have issues at a federal level. And then individual states have their own issues? Do you have a service area? Or can you help anybody anywhere?

Gena: Generally speaking, I stay in the federal tax arena, and with that I could serve taxpayers in all 50 states. What I’m generally focusing on is, how can I help you to relax when you get that letter from the IRS because I want to switch the narrative from oh my god, they’re going to audit me to let’s just give them access to the online document portal that we have, and gone on vacation, because it’s already done. It’s nothing to worry about.

Coach Swan: I love it!

Gena: Oh, yes. In my mind, it’s not that difficult. You know, if something happens, and you just blow it up in your mind, and you keep hearing other people blowing it up, and you’re just like, oh, my God! But it really doesn’t to be that way.

Coach Swan: That’s why preparation is so important from the very beginning.

Gena: Exactly.

Coach Swan: When people make a call or reach out to Gena, what should they expect?

Gena: We have a program called Don’t Blow It. And Don’t Blow It is where we really get a hold of cannabis businesses and their

owner/ CEO to sit down and say, look, this is where your business is right now. Here are the weaknesses. And here’s where you need to improve. We’re going to do that for you. We’re going to make sure that you know, you have these controls in place, and that you have your documentation and then you have all your SOPs because really a lot of the times that people have a tax problem or they have adjustment on that tax liability, it’s just because they can’t communicate what they’re doing effectively. Nobody can read what’s in your head. What’s in your head is not on paper. It’s all about communication and making it clear, making it plain and being able to easily allow somebody else to understand how you operate, why you do, what you do, what the control points are, and how you’re making sure that everything is getting counted correctly. And that all the money and expenditures are properly categorized.

Coach Swan: How do you prefer that people reach out to you? Do you prefer that they call your office? Do you prefer they go to social media, go to your website, which would you prefer?

Gena: I would like for them to go to our website www. CannaBossCFO.com and schedule a call. I usually like to enroll people in our program in person, because it allows me to have an opportunity to meet face to face and kind of just gauge their disposition. When we start talking about the audit letter and the IRS calling, a lot of times people get fidgety…like oh my God, I could go to jail. I have to tell them we’re just talking.

I always ask why would you go to jail? It’s just interesting because from that point, the transformation takes place. And when it is time for the audit, just kind of comparing their disposition from then to after we work together is just amazing. Like, you don’t realize the amount of stress and illness that can occur just because the IRS is evolved in your life for some reason. And it’s just unnecessary. And I just want to tell people, don’t be scared, just get your stuff together. Let’s just get it together. You know what I mean? And then you don’t have to worry about it.

Coach Swan: I love it. Well, Gena, it has been a pleasure. Getting all of this wonderful information from you. And thank you for sharing all this information with our readers. I think I might share this video because people can get some added value by listening.

Gena: Oh, my God, I wasn’t ready for the video!

Coach Swan: People are going to hear you on the main stage. They’re going to hear you in the breakout sessions. But hearing it just makes sense, right? It makes sense. And people have to hear sometimes as well as read what’s on the page. So, let’s think about what we’re going to do with this video content LOL>

Gena: Alright, I would have at least put on some lipstick!

Coach Swan: LOL this is amazing! This is very educational for me. I’m so glad that our paths crossed because I think you’re going to definitely be a huge value add this year!

Gena Jones

Well, thank you so much! And the pleasure is mine. Always glad to talk about how people can calm down and not be so nervous about IRS interactions. But I definitely look forward to the conference.

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