All posts by Carl Heintz

Carl Heintz earned his undergraduate degree in business Magna Cum Laude from the University of Southern California, and obtained his MBA degree from the USC's Marshall School of Business. He passed the CPA exam on the first try, and is licensed as a CPA in several states. He was a tax manager for “big four” CPA firm Ernst & Young where he served on the firm's regional management advisory services committee and was co-author of the firm's first internal operational auditing manual. Later, he served as a partner in a several local CPA firms and has started and grown several CPA firms. He's been a consultant to a variety of Fortune 100 corporations, such as BP and Cigna, and many smaller companies, ranging from one-person “solopreneurs” to emerging public companies. He's helped several companies in initial and secondary public offerings. He's provided “leading edge” engagements, including sophisticated financial plans, modeling and multivariate analyses, stochastic analyses, ROI, NPV, and ratio analyses, sensitivity analyses, strategic plan formulation and complex business plan models, in addition to the “bread and butter” accounting and tax services. He's helped dozens of small businesses set up systems and use financial information to achieve operational success. Carl has owned interests in many businesses, including publishing, personnel placement, software development, storage facilities and internet enterprises. He is the primary author of a financial accounting software system used by over 200 large businesses across the country, and he developed a rental property software system adopted by several large office buildings on both coasts. Mr. Heintz is a nationally recognized speaker and author for Thompson Reuter's "Gear Up" seminars. He has also been an instructor in taxation, accounting and data processing at the University of California, Los Angeles, University of Southern California and several community colleges. He is the author of dozens of published articles and three books, as well as serving on the editorial board for numerous tax, accounting and technology publications. He was the producer and presenter for National Public Radio's “tax tips” series.

11

Apr'19

Questions to Ask Before Doing A Start-Up

The twelve questions you must get answers to before doing any start up.

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08

Apr'19

What Should I Do Before Starting a Business?

What are the essential things to do before starting a business? We identify three important components.

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02

Apr'19

Business Plan or Idea?

Which is more important: a great business idea or a super business plan? The answer is clear: this isn't a chicken or egg question … the idea comes first. But it’s just an idea, imperfect, a shiny object, dimly perceived, not fully grasped.

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30

Mar'19

The Art of Making Money

By P.T. Barnam, 1880 Point 1. DON’T MISTAKE YOUR VOCATION 2. SELECT THE RIGHT LOCATION 3. AVOID DEBT 4. PERSEVERE 5. WHATEVER YOU DO, DO IT WITH ALL YOUR MIGHT 6. DEPEND UPON YOUR OWN PERSONAL EXERTIONS 7. USE THE BEST TOOLS 8. DON’T GET ABOVE YOUR BUSINESS 9. LEARN SOMETHING USEFUL 10. LET HOPE PREDOMINATE BUT BE NOT TOO VISIONARY 11. DO NOT SCATTER YOUR POWERS 12. BE SYSTEMATIC 13. READ THE NEWSPAPERS 14. BEWARE OF “OUTSIDE OPERATIONS” 15. DON’T INDORSE WITHOUT SECURITY 16. ADVERTISE YOUR BUSINESS 17. BE POLITE AND KIND TO YOUR CUSTOMERS 18. BE CHARITABLE 19. DON’T BLAB 20. PRESERVE YOUR INTEGRITY Click on each link to see an expanded discussion. Brilliant. True.

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09

Feb'19

When should a Startup Hire an Accountant?

The simple answer: the minute you need to do some accounting. That almost smart-ass answer is really pretty profound… because it focuses on something that many harried entrepreneurs fail to grasp: when you need to start looking at accounting data. Unfortunately, many entrepreneurs are not analytical types, and they don’t like to think about accounting or other backroom activities. As a result, they often crash and burn, because the “backroom” is just like the engine room in a boat: lots of critical stuff goes on there. Let’s put it this way: you start out on a journey to someplace you have never been. The first thing you do is consult a map. What’s the difference when you are starting a business? None. Successful business owners know that the roadmap of how they are doing is their accounting reports. They understand that looking at sales, expenses, assets, and liabilities is essential. It’s the measure of where they are and what they are doing. Sure, you can look at bits and pieces from here and there ( so called flash reports) but those have no proof of integrity. When you have an accounting system, the reports you get have a much greater …

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08

Feb'19

Priorities in Starting a Business

What are the three most important priorities in starting a business? Business planning, your business organization, and being prepared mentally, physically, emotionally and spiritually.

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01

Feb'19

The Love of Money

What an interesting question. I think the answer is probably no. Being successful requires ambition and aptitude and perseverance. One might easily be successful without loving money. One might like the idea of personal accomplishment, recognition, and for many, the pursuit of power. Whether you love money or not is only one motivator. Money might be adopted by some as the measure of how successful they were, but not the principal motivator. To be successful requires that you have good people skills, know how to network and have reasonable technical skills. I have known many marginally successful business people who were penurious and loved money far too much, to the point that it suffocated their chances for success. On the other hand, the other day I attended the funeral of a businessman who died suddenly. He had just retired. His funeral was packed out… by people who had known him and respected him mightily. Person after person stood up to describe his leadership skills, his mentoring abilities, his integrity and compassion, his honesty in difficult situations, and the way he had helped others. This guy never earned more than $ 80,000 in his life, but he was wildly successful, loved …

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31

Jan'19

Rules for Successful Entrepreneurship

Here is what I have learned over 40 years: Business ideas are often shiny objects — they can divert your attention, have little to offer and aren’t real. Practical business concepts are often pretty dull, but they always focus on meeting a need, fulfilling a customer need. Realistic business concepts provide something that customers will pay for, either for convenience, need, or desire. Nothing happens until something is sold. Sales and marketing are crucial to success. You must identify and know your target market. You should know more about them than they do. You must constantly research, evaluate and investigate. You must constantly look for new markets, ways to refresh old markets and you must perfect the art of the recurring sale. A one time sale is a loser. You must have repeat business to survive. Cash flow, cash flow, and cash flow. You can’t survive without it, but it must come from profitable operations. Cash flow which comes from increased leverage, or volume which comes from selling below cost is like cancer: it will eat you out from within until your business collapses. Your “solution” had better be relevant, time-effective and cost effective. It will stay that way only …

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03

Jan'19

The Ten Rules of Entrepreneurship

Want to be a successful entrepreneur? Ten essential things to do in your start up. Ten essential truths that make any business successful.

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27

Nov'18

How Do I Become A Successful Business Person?

That’s a wonderful question, because on one level, all you need to do is just study business in school, get the “trade school” education, get out there and do what your boss says. You will find a successful career if you have a half-wit sense of how to deal with people. You will never rise above a certain level, and you will be stuck in the trenches. You may rise to an assistant manager someplace. On the other hand, do you want to be very successful? Do you want to rise to the top of your profession? Then you better pay attention to a lot more than just B School topics. You must learn a lot about how businesses operate, how they rise and fall, how products are developed, produced and marketed. You must understand the legal environment, the social environment, and the political environment of business. You need to take every business course you can think of. You need to be an expert in communications, marketing, operations, human resources, accounting, finance and management. But with all this education, you will still only rise to a certain staff level. You are book smart, but not completely educated. Your excellent academic …

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