Entrepreneurship with BDO
November 5th, 2021
Photo Credits to Unsplash
Health in Motion
This podcast will provide Ontarians with a new source of information on health and wellness topics from the perspective and the experience of Athletic Therapists. We treat a wide range of injuries and our practices focus on getting you back to what you love! Whether it's professional or high-performance sport, recreational activities, or moving around the garden; we have you covered.
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In this episode of BUZZCAST Jen Mark sits down with Anthony Vercillo from BDO to talk about Health Care Entrepreneurship with a focus on advice to clinic owners post-pandemic, COVID-19 recovery and other advice for new owners.
Jen Mark: Hi, everyone. This is Jen Mark with Health in Motion podcast for the Ontario Athletic Therapist Association. Today we have Anthony Vercillo, who will be talking to us about business management. Welcome, Anthony. Thank you so much for joining us.
Anthony Vercillo: Thanks, Jen. Happy to be here.
Jen Mark: So great to have you. Today, Anthony comes to us with 15 years of experience in public accounting. His area of practice is focused on income tax and providing tax planning and compliance services for individuals, corporations, trusts, estates, and partnerships in various industries, including health care and technology sectors. So glad to have you here. This is so, obviously so timely with athletic therapists and the pandemic and not being able to work, being able to work, and all that stuff.
Anthony Vercillo: Yeah, for sure. And just meeting this way is, I guess, a reflection of that too.
Jen Mark: Yes, this is our new normal, I suppose, right?
Anthony Vercillo: Yeah. For the moment it is. And maybe going forward, who knows, you know?
Jen Mark: Talk to me a little bit about some of the health issues or the issues that health professionals will be facing right now.
Anthony Vercillo: Well, I mean, there's a wide range of concerns they have and I don't know if it's any different than any other business owner or industry for that matter. What tends to vary is really where they are in terms of their business lifecycle and, you know, whether they're starting out or in the growth and maturity phase or just looking to sell or retire. People want to understand just the risks that they're confronted with at that particular time and concerning their life situations. So, you know, their plans have to adjust and adapt and be effective for what their outcomes or goals are. And that's where we come in. And you know, those risks vary across the board depending on that phase. So particularly it's concerning reputation or branding and wealth preservation. Those are key. And. The type of strategy advice will be again predicated on what their goals are and what their outcomes or objectives are and the time horizon involved.
Jen Mark: Making sure that I suppose that that's flexible now that everything has changed a little bit. Maybe some businesses have changed. Talk to me a little bit about the flexibility of your goals and outcomes and so on.
Anthony Vercillo: Yeah, for sure. And it's interesting. You kind of phrase it that way because depending on where you're at in that, I guess, business and personal life cycle or stage of life, you could take advantage of certain opportunities that the pandemic or other risks or market factors could present for you. So for example, if you're starting a new business during the pandemic, if you had the fortitude and the desire to do so, perhaps that was a great time to take advantage of some government programs or funding or just the government and bank levels that they were provided to help facilitate job growth and get businesses started. Sometimes it's not necessarily specific to the pandemic, but certain programs can afford you that opportunity depending on the flavour of the month or who's in power and what sort of, I guess the niche marketability is concerning your industry. When you look at somebody who may be retiring or looking to involve other family members as part of their business and maybe retire in five or 10 years, and there seems to be a dip in the marketplace and maybe their business is negatively impacted for the short term. I mean, you never know for real, but you can put planning in place that could be a lot more effective and provide a lot more benefits down the road. Should you recover and come out of that pandemic or risk on the other side, and you can take advantage of the dip for a larger upswing and benefit you and your family on an exit strategy, let's say later on. So when values are down, there are opportunities when values are up. There are different opportunities, so those risks can be turned around to be taken advantage of, depending on what you're doing and what your goals are.
Jen Mark: Yeah, thank you. So kind of talking about with that, the pandemic was tricky for small businesses, not just health care providers, but also small businesses. Talk to me a little bit about some of those issues, specifically that the pandemic brought. In the customers that you're working with.
"So for my clients. A lot of it had to do with. Maintaining cash flows that were number one, and, you know, if you were self-employed, that was a little bit easier to manage if you were just one individual proprietor as your business had a lot more significant parts to it. And pieces that you needed to manage well, that's where you needed to take care of employees and take care of rent and take care of overheads and expenses when money's not coming in the door. It's a lot harder to manage those risks. And if you're already leveraged with the bank, well, that makes it even exponentially harder. So there were a lot of government programs that were made available, and we as a professional firm pivoted our focus and attention on helping clients navigate those programs and taking advantage of the ones that were appropriate and applicable for them that could help them. And it was coming fast and furious, and it was hard enough for us to keep up and keep it straight and understand what was out there and what was the best way to kind of take advantage of them and. While clients were equally as confused as most of the marketplace was, they had a business to worry about, so we had to fill that void and come in and do a lot of educating, a lot of communicating and. Taking advantage of those programs where I think the key to righting the ship and just weathering the storm in the meantime, so cash flow was king, obviously that. Gave a bit of peace of mind to those expenses and the commitments that businesses had so that they can refocus their energies on turning their revenue side of the business around so that they can keep money coming in the door from traditional sources."
About Anthony vercillo
Anthony has over 15 years of experience in public accounting. The area of practice is focused on income tax in providing tax planning and compliance services for individuals, corporations, trusts, estates, and partnerships in various industries including real estate and construction and technology sectors.
His work involves reorganizations, tax credit applications, scientific research and experimental development, remuneration planning, split-ups, estate planning, asset-protection management, voluntary disclosure program applications, and resolving disputes with taxation authorities.