The Due Diligence Project™ Podcast: Recent Episodes
The Due Diligence Project™ Podcast
The Due Diligence Project™ is a unique, global community of 175 elite, independent CPA Firms and Family Offices with access to a one of a kind open-source network of Best-In-Class Peer-Reviewed Resources organized by Virtual Family Office (VFO) Hub.
The CPA community has thrived throughout this time due to their diversified portfolio and ability to bring value to businesses in all sectors of the economy. At Virtual Family Office Hub, we are proud to have supported hundreds of CPA firms and family offices around the country. We have helped them mitigate complex income tax situations involving high net worth individuals and CPAs.
We are continuing to grow our CPA community by introducing resources such as experienced CPA firms, law firms and unique leaders with plenty of experience in tax audits and court cases. In addition, our network has been able to vet out strategies from the last 10-15 years which give us an edge when it comes to delivering a value proposition and ROI that other companies may not be able to offer.
Overall, 2022 has proven itself to be a successful year for our network as we have worked with billionaire clients, millionaires, celebrities, NBA players and more – even though we may never speak directly with these clients. The CPAs in our community can further benefit from these relationships knowing that they are providing their clients with some of the highest quality services available on the market today. As we continue into 2023, we look forward to refining existing strategies while introducing new ones that promise even greater returns without compromising risk or cost efficiency!
Alex Sonkin founded the Due Diligence Project, the Virtual Family Office Hub, and originated the idea that sparked GoMacro. The Due Diligence Project is an open-source, global community of 500+ peer-selected CPA Firms, Law Firms, Family Offices, and Specialists who participate in a revolutionary vetting system to independently analyze, rate, rank, and make ongoing improvements to sophisticated tax strategies and world-class resources designed for the most discerning Tax Advisors and CPAs on the planet.
What you will learn from this episode:
- What were some of the highlights and topics he was most excited about for the Due Diligence Project Summit 2021.
- What each of the four sessions was about and what the participants learned in each one.
- What are the processes for someone that wants to become a resource for the Due Diligence Project.
- How he created the ‘Amazon for Sophisticated Tax Planning’ and what got him there.
- What opportunities he sees for the future due to this new virtual model.
- What were some of the highlights of the roundtable discussion and what he was looking to accomplish.
- How winning is important to him both professionally as well as on a personal level.
- When the next DDP Summit is scheduled to take place.
Connect with Alex Sonkin
Learn more about The Due Diligence Project™ at:
https://duediligenceproject.com/
Alex Sonkin founded the Due Diligence Project, the Virtual Family Office Hub, and originated the idea that sparked GoMacro. The Due Diligence Project is an open-source, global community of 500+ peer-selected CPA Firms, Law Firms, Family Offices, and Specialists who participate in a revolutionary vetting system to independently analyze, rate, rank, and make ongoing improvements to sophisticated tax strategies and world-class resources designed for the most discerning Tax Advisors and CPAs on the planet.
What you will learn from this episode:
- What the future holds in terms of how successful business owners and families truly want to engage with their CPAs and their supporting team of specialists
- Some of DDP’s biggest success stories from this past year - a newly minted BILLIONAIRE featured on the cover of Forbes magazine
- When the next Due Diligence Project Summit will take place and what to expect
- What unique value a VFO (Virtual Family Office) provides and understanding the difference between a virtual CFO, your local CPA, and a VFO.
- What the entry-level is for someone who’s interested in working with the Due Diligence Project.
Connect with Alex Sonkin
Learn more about The Due Diligence Project™ at:
https://duediligenceproject.com/
Richard Wilson is the founder and head of the Family Office Club, the largest membership-based family office association with over 1,750 registered family office members and 25 live events per year. He helps implement performance-based family office solutions for $100M+ net worth families through his company Centimillionaire Advisors.
What you will learn from this episode:
- How he got started with family offices and what led him to success
- What he enjoys most in terms of building his network
- What three things he came up with that weren’t planned from the start
- How he has created a community that eliminates the challenges when it comes to due diligence
- How his organization is always coming up with new ideas and has specialists to back them up
- How he has created a Best-in-class peer review investment network
Connect with Richard Wilson
LinkedIn
Website
Learn more about The Due Diligence Project™ at:
https://duediligenceproject.com/
Matthew Fargo is an elite virtual family office, elite CPA firm out of Boulder, Colorado. They serve ultra-high net worth business owners. He specializes in providing assurance, tax and business advisory services to emerging growth, small and mid-sized businesses.
What you will learn from this episode:
- How Matthew got started and how he became an elite CPA
- How he gets clarity and confidence to complete his due diligence before bringing it to his biggest clients
- How he helps his business owner clients or affluent families make key decisions
- What are some of the wins he has helped his clients create
- How there’s a huge advantage in being part of the Due Diligence Project community
- How less than 1 out of 5 of the 500 most profitable companies in the world can produce a beautiful tax return like his firm and other members of the due diligence project can
Connect with Matt Fargo:
LinkedIn
Website
Learn more about The Due Diligence Project™ at:
https://duediligenceproject.com/
Brian Kerrigan is an elite virtual family office professional, elite CPA with a tax focus serving ultra-high net worth business owners. He's also a specialist as part of The Due Diligence Project, Virtual Family Office hub. He has provided tax compliance and consulting services for large public and privately held companies throughout New England for more than 17 years.
What you will learn from this episode:
- How Brian reminds his clients that there are great opportunities in a time of crisis
- How he got started and why he chose this business
- How one of the key components to the due diligence process is really forensic analysis
- How curiosity is another pillar that is looked at for revolutionary due diligence
- What innovative approach Brian has for being proactive and bringing ideas to his business owner clients
- What advice Brian has for different types of segments and business owners
- How important his role is right now to business owners in terms of what's going to happen to their livelihoods over the next five years
Connect with Brian Kerrigan:
LinkedIn
Website
Learn more about The Due Diligence Project™ at:
https://duediligenceproject.com/
Herman Cardenas is an elite real estate developer and a very successful technology business owner that has sold companies to GE, Microsoft, and Clear One. Herman is investing in and applying his expertise to the development of real estate projects in and around Austin, Texas. His latest companies, IMPACT Developers and M Builders, specialize in the development and construction of mid-to-large multifamily and mixed-use projects and communities.
What you will learn from this episode:
- How Herman went from being a leader in technology to being a leader in real estate development
- How he got started and how having the right mindset is fundamental
- How his company survives even in the worst of economies
- What the best type of real estate investment is during an economic downturn
- How he chooses locations and why he is focused on Texas
- How they are one of the five developers that survived out of 500 that were previously in Austin
- What differentiates his company from other developers
Connect with Herman:
LinkedIn
Website
Learn more about The Due Diligence Project™ at:
https://duediligenceproject.com/
Elliott Holland is a graduate from Harvard Business School. He is an elite professional that founded Guardian Due Diligence, a boutique firm that leads due diligence processes for family offices, investors and private equity firms.
What you will learn from this episode:
- Why due diligence is even more important now during the Coronavirus crisis
- How family offices handle due diligence and why they need someone like Elliott
- How to navigate through this challenging time and get to a great spot
- How it’s important to consider what the company has done during the last downturn in order to think ahead
- How there still are ways to turn uncertainty into opportunity
- How investors should have a process in place to eliminate emotions when investing and bring more value to their clients
Connect with Elliott Holland:
LinkedIn
Website
Learn more about The Due Diligence Project™ at:
https://duediligenceproject.com/
Mr. Roy farmer, is the top ESOP specialist in the country, part of the virtual family office hub and part of the due diligence project. He serves elite, ultra-high net worth business owners and differentiates himself from his competition. Roy Farmer is also a Managing Director of BTA Inc. and has been actively involved in the financial industry since the mid ’70′s.
What you will learn from this episode:
- Strength at the Starting Line: How being selective of your ESOP provider will maximize savings
- An Insider look at Utilizing TAX code Section 1042
- Discover the 3 most important steps to Estate planning
- How to reduce the value of a taxable gift and estate tax
- Secrets to structuring niche transactions by working with loopholes
- What are the best strategies to valuate your company
- The other side of ESOPs- Tap into ESOPs creative and flexible capabilities
- How the impact of adding an ESOP to a 401K and other retirement plans attract employees to owning their financial destiny
Connect with Roy Farmer:
LinkedIn: https://www.linkedin.com/in/rofarmer/
Website: https://businesstransitionadvisors.com/about/
Learn more about The Due Diligence Project™ at:
https://duediligenceproject.com/
Valerie Colin is a senior tax shareholder with Gumbiner Savett Inc. in Santa Monica. She has over 30 years of experience in tax, accounting and business consulting. A former auditor turned tax practitioner, she helps her clients optimize their tax situations with an emphasis on recognizing income and deductions for tax purposes, maximizing available employment credits and other incentives. She mostly serves high net worth individuals as well as privately held companies and helps them with all their tax work, planning, and compliance.
What you will learn from this episode:
- What experience Valerie had early on that still influences how she does business today
- Why Valerie was named the most influential woman in accounting in 2019
- How Valerie effectively handles her client’s fears of approaching a CPA
- What kind of CPA Valerie is and what she is really passionate about
- How Valerie does due diligence differently from some of the bigger firms
- What are the benefits of being part of a community of other independent elite CPA firms and virtual family office leaders
- What are the main strategies virtual family office professionals use to save clients six-figures off their taxes
- How Valerie really feels about working as a trusted advisor for her long term clients
Connect with Valerie Colin:
LinkedIn: https://www.linkedin.com/in/valcolin/
Learn more about The Due Diligence Project™ at:
https://duediligenceproject.com/
Sherry Tolbert, President at The Tolbert VFO, is a Certified Virtual Family Office (VFO) Professional and CPA with 27+years of hands-on-experience helping business owners, entrepreneurs, and real estate investors rescue millions of dollars in unnecessary taxes. She helps affluent business owners significantly reduce their tax bill using the same strategies that Jeff Bezos and Mark Zuckerberg have access to via their Private Family Offices.
What you will learn from this episode:
- What Sherry does, the people she serves and what situations they find themselves in when they come to her
- How she helps people maximize the results of their work
- How things changed since she got started in the business
- How she delivers results very differently from her competitors
- How the best strategies are found through the VFO hub and the Due Diligence Project
- How curiosity is important to being an elite VFO
- How Sherry truly cares about her clients and how she contributes to the community
Connect with Sherry Tolbert:
LinkedIn
Website
Email: sherry@tolbertcpa.com
Learn more about The Due Diligence Project™ at:
Website
Mike Jesowshek heads an elite virtual family office and is an elite CPA. He serves high net worth individuals and business owners around the country. Mike is a managing partner of JETRO and Associates. He works to help small business owners with accounting methods and taxes tailored to their businesses. Mike specializes in helping law firms, fitness studios, and general professional services such as marking companies, digital agencies, etc. His approach is fresh, innovative, and up-to-date.
What you will learn from this episode:
- How Mike looks for a modern way to do taxes and grow business
- How his experience in business taught him to rely on multiple people with deep knowledge in different areas
- How to focus on tax savings during the entire year
- How to focus on the uniqueness of one’s business regarding growth and taxes
- Why it’s important to work with a financial advisor, lawyer, and accountant together to get the best results
- How due diligence is understanding the client’s unique needs, current, and future
- How Mike puts in the time to learn, resulting in outstanding savings and progress for business growth
Connect with Mike Jesowshek:
Website: www.mikejesowshek.com/home-page31543172
LinkedIn: www.linkedin.com/in/mikejesowshek/
Facebook: www.facebook.com/groups/jetroinc/
Twitter: twitter.com/mjesowshek
Learn more about The Due Diligence Project™ at:
https://duediligenceproject.com/
Dale Spradling Ph.D., CPA, provides elite, virtual family office services. He worked in the IRS for 10 years, then in private practice and as a college professor. Dale currently works with ultra-wealthy business owners and families. He offers unique value to the Due Diligence Project.
What you will learn from this episode:
- How Dale aims to zero out taxes if the client provides adequate information
- How going deep into tax regulations brings good results
- Why clients with great wealth should assume they may be audited and avoid worrying about it
- Why Dale likes working as a CPA firm of one
- How he appreciates the VFO (Virtual Family Office) as a completely open-source
- How empathy in discussions can reveal a real need which may not have been expressed
- How Dale is upfront if he decides he can’t help someone
Connect with Dale Spradling:
LinkedIn: linkedin.com/in/dale-spradling-550abb3/
Email: dale.spradling@gmail.com
Learn more about The Due Diligence Project™ at:
https://duediligenceproject.com/
John Power is a CPA, Certified Tax Strategist, and President of Power Virtual Family Office. John serves ultra-high-net-worth clients around the country, delivering amazing benefits to them. He works mainly with the owners of closely held businesses.
What you will learn from this episode:
- How John’s firm was able to increase a client’s tax savings to $800,000 by using due diligence in research about IC-DISC
- How John’s focus on tax planning, versus just compliance, brings big benefits to his clients
- How John’s over 35 years of experience adds great value because of his increased understanding about how to mitigate taxes
- How by narrowing the focus of some services it allows John adequate time to be more proactive with his top clients
- How important it is to give clients a realistic idea of the pros and cons of any plan
Connect with John Powers at:
LinkedIn
Website
Learn more about The Due Diligence Project™ at:
Website
Bill Shenkin is a CPAand CEO and President of CeFO, Inc, providing family office services for high net worth individuals. His office is located near Denver, CO. CeFO provides chief financial officer services including strategic business review and planning, regular financial review, equity and debt financing, buy/sell negotiations, and tax services. CeFO stands for Consulting Excellence for Organizations and Family Office.
He is also the founder and chairman of Fit for Life, Inc., which helps those with brain dysfunctions.
Bill’s business has specialized in health clubs, real estate, professional sports, political accounting, oil and gas, multi-family office practice, music industry, and many others.
What you will learn from this episode:
- How Bill took what was normally a service for billionaires, and customized it to work for those with 50 million and more
- How one of the key benefits of a family office for a wealthy family or business owner is to only have to contact 1 person for their financial needs
- How his firm provides due diligence for clients about financial needs as well as investments to assure viability
- How being a part of the VFO Hub (Virtual Family Office) network is a big benefit to his firm
- How he founded Fit for Life, Inc., which is involved with helping those with mental health disorders
- What an opportunity zone fund is
Connect with Bill Shenkin at:LinkedIn
Website
Wesley Sierk is the President and Lead Strategist for Risk Management Advisors, Inc, and a Board Member of The Due Diligence Project™.
Wesley is an expert in captive insurance design, implementation and management. He is a frequent speaker to industry associations as well as law and CPA firms on asset protection and how ordinary businesses can escape the hard/soft market of insurance by creating their own closely-held insurance companies.
He is the author of Taken Captive: The secret to capturing your piece of America’s multi-million dollar insurance industry.
In this interview we discuss:
- What is a captive insurance company?
- Why form a captive?
- What are the risks associated with forming and operating a captive?
- How Warren Buffet rates owning insurance companies amongst his other investments
- How Wesley’s clients’ range from boat builders, to energy drink companies, to a collection of 14 high end plastic surgeons, to a variety of manufacturing companies.
- How all of his captive clients are doing a minimum of $10 million dollars of revenue, an average of $50 million, and even a couple of clients in excess of $1billion in revenue
- The reason why traditional health insurance companies are not run as efficiently as the could be, and how setting up a captive insurance company can change this
Connect with Wesley Sierk at:
LinkedIn
Website
Richard Muscio is a CPA thought leader, bestselling author, motivational speaker, collaboration expert, community leader, radio talk show host and filmmaker.
Known as “the mayor of San Diego,” Richard runs a Virtual Family Office and MultiFamily Office serving ultra high net worth and billionaire families in San Diego.
In his over 30 years experience as a CPA, Richard has developed a specialty in estate/gift/trust matters and helping wealthy families understand their complex finances. He also consults CPA firms desiring to improve the value of services offered to wealthy clients and successful businesses.
In his role as The Family Office Guy, Richard serves as “of counsel” to six Family Offices. He blogs as The Family Office Guy at www.iymoney.com, and hosts an award-winning weekly radio show on 760 AM KFMB in San Diego from 7-8 PM Saturday evening which broadcasts from the historic La Valencia Hotel.
Key Questions We Asked:
- Tell us about what you do inside your family office and how you got started.
- What is the biggest challenge your ultra high net worth clients typically face?
- What is the biggest fear for extremely wealthy families?
- What is your role in helping your clients achieve significance?
- What is the value of the resources in The Due Diligence Project™ and Virtual Family Office Hub™?
- How does a CPA transition from a model with over 1000 clients to one that focuses on their very best clients?