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LI BMAN 'S AWESOME LETTER
LIBMAN TAX STRATEGIES
MAY 2019
A Break From the Chaos Means It's Time to Examine Some Metrics
I don’t want to jinx myself, but I’m going to say it anyway: Tax season is officially over. Thank you to all my awesome clients, both new and returning, for working with me through this chaotic time. A massive thank-you also goes to my family for holding down the fort while I withered away in my office for the last several months. Now that I have a little more free time on my hands, I intend to get them dirty with some home projects, much to Maria’s dismay. In addition to further breaking several already- broken household items, I also use this time to evaluate the business’s performance during the previous quarter. Because Libman Tax Strategies primarily revolves around seasonal demand, the majority of our cash flow is derived in three months, which leaves me ample opportunity during the remaining nine to reflect on the business and how everything is going. The following are a few of the metrics I look at every quarter but spend more time on in May. In fact, these are metrics that a business owner of any kind of company should consider. 1. NUMBER OF NEW CLIENTS While this number might seem fairly easy to determine initially, there is a lot that goes into adding a new client to your database. For example, no matter how many new clients you brought in during a single quarter, you have to compare that with the number of dollars
you spent on advertising to get an average cost of acquisition. You also have to determine how many of your new clients came from referral sources and take that into consideration, as well. 2. YEAR-TO-YEAR GROWTH-RATE COMPARISON How much do you grow from year to year? How long does it take to get a product out the door? For my operations, I examine how long it takes me to get a tax return back to a client. 3. EMPLOYEE PERFORMANCE For this metric, you might consider the following questions: What was the average wait time for a client in the office? How many complaints did you get, and how quickly did you resolve them? You also need to examine billable hours versus nonbillable hours and income production per hourly basis. 4. EXAMINE CRITICISMS This might be the least-fun metric to analyze, but it's also probably the most important. You need to dive deep into the reasons that previous clients left. While there may be a variety of factors, it usually all boils down to one overarching reason: When we fail, we get fired. It’s important to follow up with the clients who left and see what you did wrong in order to correct it. Truthfully, the people who are most pissed off at you give you the best advice. People who like you won’t give you the truth, but people who are upset will be very specific in their criticisms. Think about it. Have you ever ended a relationship and had your ex-boyfriend or ex-girlfriend give you a laundry list of all your shortcomings? I know that when I frustrate Maria, she can come up with enough of my deficiencies to cover at least 15 pages. Exploring these criticisms might be difficult, but it’s a valuable part of the human experience. We shouldn’t shy away from what we do poorly or what we do positively; both should hold equal weight. Lastly, if you don’t have a way to track any of these metrics, get some systems implemented sooner rather than later. Knowing these numbers is the best way to know whether you’re growing or remaining stagnant.
"In addition to further breaking several already-broken household items, I also use this time to evaluate the business’s performance during the previous quarter."
-Adam Libman
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CLUBS: NOT JUST FOR HIGH SCHOOL
The Best Way to Stay Active in Retirement
While it’s great not having your nose to the grindstone nine-to-five, leaving work also means leaving behind a lot of daily activities and social interaction. Eventually, having nothing but free time goes from relaxing to isolating, and that can be dangerous to your physical and mental health. When planning for retirement, it’s important to plan ways to stay active and engaged. Joining a new organization or club can be a huge benefit. Here are a few suggestions to help you stay active in retirement. ENJOY YOUR HOBBIES Did you spend years dreaming about hitting the golf course every day? While it can be nice to spend some time alone on the green, consider joining a golfers club if you want to mix things up. Enjoy scrapbooking? Check for get-togethers at the craft shop. If you’ve always wanted to try pottery, look for a class at the rec center. It’s easy to find groups dedicated to just about any activity. GET INVOLVED Think of the causes you’re passionate about and get involved! Animal shelters and soup kitchens are always looking for volunteer help. Book lovers of all ages can join their local Friends of Libraries chapter. To make a difference through politics, help with fundraisers or join an active campaign. If you want to stay closer to home, check out your local homeowners association. There are plenty of ways to engage with like-minded people while making a difference. Client Spotlight
TRY SOMETHING NEW Don’t know where to start when looking for a group to join? Start online! Try searching “groups for retirees” and see what comes up. You might discover a travel group and start planning your trip to Asia. Or maybe you’ll have more fun mentoring young people in your professional field. Don’t be afraid to spend your retirement doing something new! There’s nothing wrong with enjoying your alone time, but don’t let your alone time turn into a lonely retirement. Joining a group can help you broaden your social circle, stay active, and maybe even learn something new about yourself.
Meet Rick Hicks!
For my client spotlight this month, I’d like to feature a man I consider to be an all-around good-hearted and genuine human: Rick Hicks. I had the pleasure of meeting Rick nearly 20 years ago when he sought out some financial and tax assistance from my dad. When he opted to stay on as one of my clients, I was thrilled for several reasons. First and foremost, Rick is the former police chief of the Placentia Police Department.
and caring leader who had a great reputation throughout the community. He served as a bridge to connect the police force to the community members they served. While he has since retired from the force, I still see all of Rick’s awesome qualities shine through each time we meet. He’s one of those people you can tell has a strong moral compass and would help anyone in need at the drop of a hat. Even though he retired from the force in 2014, Rick found a way to stay involved and aid the community using his previous experience. He now works as a dean of mathematics at a local community college that specializes in training future police cadets. Lastly, and most importantly, Rick is a USC graduate, so he and I share in our nostalgic memories as former Trojans! Thank you, Rick, for showing all of us what it means to be a source of kindness and compassion in the community. The world could use a few more people like you!
He served as an officer for many years and oversaw the entire force as chief for three years. From the stories he told me, as well as the ones I heard from his admirers, Rick was a thoughtful
2 • www.AdamLibman.com • Pay Less Taxes by Implementing Tax Reduction Strategies
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Shrimp Sausage Skewers
A Lesson in Organization and Planning
BY LINDSAY KAN INSURANCE
Inspired by PaleoLeap.com
INGREDIENTS
Creole Seasoning Ingredients • 2 tablespoons paprika • 1/2 tablespoon garlic powder • 1/2 tablespoon onion powder
1/2 pound raw shrimp, peeled and deveined
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1/2 pound cooked sausage, cut into 1-inch pieces
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2 zucchini, cut into 1/2-inch cubes
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2 tablespoons extra-virgin olive oil Wooden skewers, soaked in water for 30 minutes
1/2 tablespoon cayenne or chili powder
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1/4 tablespoon dried oregano
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1/4 tablespoon dried thyme
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DIRECTIONS
Heat your grill to medium-high.
1.
If there is one thing I’ve learned from being an accountant and tax strategist, it’s that in order to feel confident handling clients’ finances, you need to be detail-oriented. Now, when I say “detail-oriented,” I don’t necessarily mean it as a simple characteristic you add to your resume to build up your ethos for a job interview. I mean that you have to pay extremely close attention to every minor detail in order to avoid potentially catastrophic issues. Honing in my abilities to do this required a lot of practice. Fortunately, I had one of the best examples as a client: Lindsay Kan. Lindsay has owned and operated his health insurance brokerage company for at least 30 years now, and I’ve had the good fortune of working with him for 25 of those years. During that time, I’ve tried my best to pick up on his organization and planning strategies. Even considering all my years working with clients, Lindsay’s meticulous attention to detail is astounding. Additionally, he is phenomenal at helping his clients, something I've witnessed firsthand. Approximately nine years ago, Maria and I found out she was pregnant with our first son. This was before health care laws were in effect, so at the time, neither of us had health insurance. If you’ve had a child, you know how expensive time spent at the hospital can be. Needless to say, we were freaking out! I approached Lindsay with our concern, and he somehow managed to get us insurance retroactively. The guy knows how to make things happen, and he has helped several other clients of mine who own businesses. If you’re looking for an insurance broker you can trust, I assure you, Lindsay is your guy!
2. In a bowl, combine all ingredients for creole seasoning.
3. In a large bowl, combine the shrimp, zucchini pieces, and sausage pieces, and cover them with the olive oil.
4. Add creole seasoning and mix well until all ingredients are covered.
5. Load up skewers with alternating pieces of shrimp, sausage, and zucchini until they’re full.
6. Grill skewers until shrimp are well-cooked (6–8 minutes).
TAKE A BREAK
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The Power of ‘Mindset’ How Being Open to Growth Leads to Success
For decades, Dr. Carol S. Dweck studied the phenomena of success. How is it that some people are able to grow their business, stay fit, or achieve their personal goals while others in similar situations stall out? “Mindset” is Dr. Dweck’s answer to this question. Subtitled “The New Psychology of Success,” this book chronicles the Stanford psychologist’s findings, which suggest an inseparable link between belief and achievement. According to Dr. Dweck, people tend to think about the challenges in front of them in one of two ways. They either have a “fixed” mindset — believing that their talents and abilities are static, intrinsic properties of who they are — or a “growth” mindset — believing they can improve every aspect of themselves with practice and perseverance. Those who approach life's hurdles as an opportunity for growth are the ones who find long-term success. If you’ve ever said “I’m just not good at math” or “I’m not a natural leader,” you’ve fallen into the fixed mindset trap. If you believe there’s nothing you can do to change your circumstances, you’ll never strive to improve them. The same is true of positive fixed opinions of yourself. Dr. Dweck points out that those who believe
themselves to be “a great boss” or “an amazing athlete” are also doing themselves a disservice. Once you think your skills are tied to who you are as a person, you’ll avoid challenging them for fear they might be found wanting. This leads your talents to atrophy as you seek detours rather than facing challenges head-on.
Dr. Dweck argues that, instead of falling victim to the pessimism and self-delusion that defines fixed mindset thinking, we need to recognize that the path to success lies in open-minded perseverance. “A person’s true potential is unknown (and unknowable),” she says. “It’s impossible to foresee what can be accomplished with years of passion, toil, and training.” Not only does “Mindset” drive this point home with well-documented experiments and studies, but it also provides a workshop to help people break free of their fixed mindset and find success.
The Good Kind of Gossip
How to Cultivate Valuable Customer Reviews
When you’re thinking about buying a new product or service, what’s the first step you take? If you turn to the world wide web in search of reviews, then you’re in good company. According to a survey conducted by BrightLocal, 85 percent of consumers regard the customer review to be the single most credible and trustworthy source of advertising. That same survey found that 68 percent of customers surveyed were willing to provide feedback for the company. So, how do you get your customers to write the glowing reviews that help close deals? 1. DIVERSIFY YOUR PLATFORMS Don’t rely on customers to go to your website to leave reviews. There are numerous websites you can utilize that make leaving feedback more convenient for your clients. What’s more is that these other platforms are highly trafficked. BrightLocal found that Facebook and Yelp were consumers’ most trusted source of user reviews in the U.S., but you can also use Google My Business or the Better Business Bureau. Most importantly, be sure you are active on all the platforms you use.
2. OFFER INCENTIVES Give your clients a reason to write reviews. Consider offering incentives like a discount or coupon code, coffee gift card, or an entry to win a contest for an even bigger prize. 3. ASK THE RIGHT QUESTIONS Think of the review process as a conversation rather than a request to be met, and use open-ended questions to start. Before you even request a review, you can ask customers questions like “How was your recent experience with us?” or “How are you liking your product?” That way, you can gauge their satisfaction before they leave any feedback. 4. RESPOND, RESPOND, RESPOND The last thing you want to see is a scathing one-star review. But no matter how hard you work, they are still bound to happen. When you receive one, take the time to respond thoughtfully — without being defensive — and try to come up with a possible solution to the complaint. And be sure to respond to your positive reviews as well. When you show that you engage with all of your customers, prospective ones will be more likely to give you a shot.
6 • www.AdamLibman.com • Pay Less Taxes by Implementing Tax Reduction Strategies
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Does Your Accountant Have an Interesting Side Job? Hopefully Not the Same One as Chuck Lumley!
scheme. Inspired by Chuck’s neighbor Belinda, who works as a prostitute in the evenings, the pair decides to apply Chuck’s financial acumen and Blaze’s entrepreneurial spirit to make the morgue the center of a call-girl operation. Chuck’s timid demeanor vanishes behind his new self-confidence and swagger as a new pimp. But still, he doesn’t leave behind his accounting talents. He works closely with his employees to help them wisely and successfully invest their money, and he figures out a novel way to give them an excellent company health plan. Operations are going quite well until they run into issues with both competitors and policemen. Chuck and Blaze's success draws the ire of dangerous pimps who come to the morgue and threaten to kill Chuck. At the same time, Blaze inadvertently leads undercover cops to the morgue where Chuck is being assaulted by the pimps. A shootout ensues, but Chuck and Blaze are rescued, only to be arrested for promoting prostitution. Because their arrest would be a political embarrassment, the guys are offered their old jobs back and a dismissal of all charges. Chuck’s experience goes to show that while a talent crunching numbers can take you to interesting heights, it’s might not always work out. Luckily for all of our clients at Libman Tax Strategies, I’m not up for any night-shift side gigs!
Any accountant will tell you that working with other people’s money makes for a stressful existence — especially when the month of April rolls around. In some instances, the pressure associated with a financially based career can cause accountants to drop out of the rat race. This was certainly the case for Charles “Chuck” Lumley, the protagonist of Ron Howard’s 1982 film, “Night Shift.”
Chuck, a formerly successful stockbroker and number cruncher, found refuge from the ulcer-inducing world of Wall Street by taking up a job as an attendant
at the New York City morgue. Played by “Happy Days” star Henry Winkler, Chuck often lets himself get pushed around by the harsh realities of life. But that bullying mentality ceases the moment he meets his new coworker, Bill “Blaze” Blazejowski, played by Michael Keaton.
Blaze, a self-proclaimed “idea man” crashes into Chuck’s humdrum life at the morgue like a train, and the two draw up an unlikely
Here at Adam Libman Tax Strategies, our Diamond Club is invitation only and reserved for our top clients. If you have questions about the privileges that come with being a Diamond Client or want more information, make sure you give Adam a call! Diamond Clients Have You Heard About Our Diamond Club?
WORD SEARCH
Garden Blooming Day
Gemini Mother Memorial Nightingale Spring Cinco Mayo Emerald May Remember
• Randy Gleckman * • Jay & Laine Zuckerman * • Ken Ma & Juliana Tu • Max Keylor • Lynn Adkins * • Ms. X
*Founding Members of the Diamond Club
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Learning to Be Grateful
Some Ways to Help Children Appreciate Their Teachers
Teacher Appreciation Week runs from May 6–10 this year, and there are plenty of ways students of all ages can thank their educators for everything they do. Being a teacher isn’t an easy job, and the people who make it their profession are passionate about helping kids learn. Depending on how old your child is, they may need a parent’s help in showing their appreciation. Here are a few ways parents and children can appreciate teachers together. This gesture is simple and sweet and can be very thoughtful. Telling a teacher what makes them outstanding can often be just as valuable as a gift. Help your child write an appreciative note and then write one yourself. Teachers often have to maintain the happiness of students, administrators, and parents. Your card could relieve some of the stress of that balancing act and let them know that you acknowledge their efforts. THANK-YOU NOTES
Either way, encourage your child to help you with the process so that the meal is truly a gift from both of you.
DONATING SCHOOL SUPPLIES
Many teachers use their own money to buy school supplies for their classroom. This is just one of the ways teachers go above and beyond on a daily basis, and buying some extra school
supplies can help ease that cost. Take your child shopping with you and help them pick out supplies that you know their teacher will appreciate. Your children spend several hours a day with their teachers, so fostering relationships with them is vital. Use this day to help your children understand the importance of teachers, to teach them the power of gratitude, and to encourage them to show respect for everyone who helps them in life.
A HOMEMADE MEAL
Making a homemade meal (or dessert) shows teachers that you went the extra mile to appreciate their hard work. You could make a favorite dish of yours or try to find a new recipe online.
Maria's Corner
Now that Adam’s busy season is officially over, the kids and I are so grateful to have him back at home. Of course, just as he does every year around this time, Adam returned with a newfound energy to fix everything in the house. While he is a handyman of sorts, and I do appreciate his effort, we both always end up laughing at the inevitability that some part of our house will end up more broken as result of his diligent craftsmanship. This year, one of my primary goals is to tear up the carpet to put in wood flooring. I’m crossing my fingers that Adam decides to call in a professional! While the kids, Adam, and I have gotten used to the nature of his work schedule, the month of May serves as an adjustment period for all of us every year. Adam goes from spending 80 hours a week at the office back to his normal work schedule, seemingly at the snap of a finger. The kids and I go from relying primarily on each other to having their dad and my husband back in the house again. Don’t get me wrong; it’s wonderful to be able to spend all this time together. We just take a little time to get back into the swing of things. It’s Adjustment Season at the Libman Household
Now we are all trying to decide what we should do to celebrate the end of tax season. Adam and I keep vacillating between taking a relaxing vacation
to Cabo or a camping trip
through Utah to see the Natural
Bridges National Monument, Casa Grande Ruins, and the Pipe Spring National Monument. If you have any ideas about which trip would be better, be sure to let Adam know the next time you see him!
-Maria Libman
4 • www.AdamLibman.com • Pay Less Taxes by Implementing Tax Reduction Strategies
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My Best Business: Gisle Nordli An All-Around Awesome Engineer and Human
While he has been a client of mine for over 20 years, Gisle still manages to maintain a superbly friendly and upbeat demeanor every single time he walks through my office doors. In fact, he may just be one of the nicest guys I’ve met! Gisle’s kind and genuine disposition has certainly helped him in his career ventures, as well. He is responsible for ensuring that the construction planning and engineering for the buildings in the San Gabriel School district meet optimal standards. While Gisle is obviously subject to a lot of bidding processes and public review panels of work, through his company, he is accomplishing feats that are important for the whole city. Educational buildings need to foster a great learning atmosphere for kids and teens, and Gisle works hard to ensure that the community of San Gabriel has the best! As I’m on the back end of my busiest time of the year at work, I’m reminded of clients like Gisle — the ones who help make my job and life easier. Thanks for always brightening our office, Gisle! I hope you and your family have a wonderful time celebrating Mother’s Day!
With Mother’s Day coming up this month, everyone places a greater emphasis on the relationships they share with some of the most important people in their lives: family. I know my longtime client Gisle Nordli will spend ample time helping his kids prepare a celebratory day for their mother, demonstrating how appreciated she is and the value of close family dynamics. His dedication to and adoration for his family radiate through any conversation we share!
These prizes are absolutely real, and they are our FREE gifts to you. For more information about this program, please visit AdamLibman.com/prizes. Our Prize Giveaway Program Gift Cards, Tablets, andVacations!
Here at Libman Tax Strategies, our mutual relationship with you is what makes our business function at its highest level. I am honored that so many customers trust us enough to recommend our services to others. We can’t possibly express how much these referrals mean to us, but with our new referral PRIZE GIVEAWAY PROGRAM, we hope we are at least coming close! PRIZE NO. 1: If you like reading our newsletter and think someone you know might enjoy it, too, we’d love to add them to our mailing list. Send us their name and address, and we’ll send them a newsletter. To thank you for your referral, we’ll give you a $5 gift card to Starbucks! PRIZE NO. 2: If you get a friend, family member, colleague, or even a stranger in the grocery store to use our services, we will give you a FREE Amazon tablet! Easy as that! PRIZE NO. 3: After we give you the FREE Amazon tablet as a thank-you for your referral, we will enter your name in a quarterly drawing for a romantic weekend getaway to Palm Springs!
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150 N. Santa Anita Avenue, Suite 740 Arcadia, CA 91006 424.253.0200 www.AdamLibman.com
LIBMAN TAX STRATEGIES
INSIDE THIS ISSUE P1 It’s Time to Examine Metrics P2 Which Club Is Right forYou?
Client Spotlight: Meet Rick Hicks! P3 WhatWe Can Learn From ‘Night Shift’ Our Diamond Club P4 Teacher AppreciationWeek Is Here! Maria’s Corner! P5 My Best Business: Giselle Norgley Check Out Our Free Prizes! P6 Book Review: How Being Open to Growth Leads to Success TheValue of User Reviews and How to Cultivate Them P7 A Lesson in Organization and Planning: Lindsay Kan Insurance Shrimp Sausage Skewers P8 How to Travel Sustainably
Go Green
How to Travel Sustainably
Vacations can come with great expense, and not just for your bank account. According to a 2018 study published in Nature Climate Change, travel accounts for 8 percent of global greenhouse gas emissions. Cut through the greenwashing and do your part to lessen these emissions by traveling sustainably. TRAVEL GREEN When possible, trains, hybrid buses, and carpooling are great alternatives to larger, more environmentally intrusive travel methods. Large cruise liners are detrimental to oceans, and airplanes emit large amounts of toxins into the air. However, you can cruise and fly with the earth in mind. Some cruise lines are working to reduce their impact by installing more eco-friendly lighting and materials, and flight experts recommend using “green” airports, choosing fuel-efficient airlines, staying longer, and traveling less. If anything, it’s an excuse to extend your European vacation! STAY GREEN Where you stay impacts the environment as much as how you get there. Hotels use copious amounts of water for bathing and
laundry, and they struggle to reduce energy because guests leave their lights and televisions on. However, many luxury resorts, woodsy cabins, and even entire countries have opted to make eco-tourism easier. If you’re looking for a region of the world committed to preserving nature, look no further than Iceland, Finland, and Sweden, which are ranked the three most environmentally friendly places in the world. DO GREEN Man-made attractions like the Egyptian pyramids and Machu Picchu are some of the world’s greatest wonders, but Earth itself is pretty breathtaking. Check out natural attractions while hiking or camping in preserved forests, or soak up all the Caribbean has to offer by snorkeling, scuba diving, sailing, kayaking, canoeing, and paddleboarding. When you’re mindful of your surroundings and remain unobtrusive, there are endless outdoor activities you can explore. Some locations even partner with environmentally conscious organizations you can donate to or volunteer with.
Opt for a green vacation and know that while you relax, the earth is getting a little relief too.
8 • www.AdamLibman.com • Pay Less Taxes by Implementing Tax Reduction Strategies
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