Fiducial Franchise Owner Michael Vovakes, Montclair, NJFiducial | We help your business grow and be profitable. | Accounting Services, Tax Services, Small Business Information
Provides a Guiding Hand for Small Business Clients
July 6, 2005 ,Sometimes life's adverse events have a way of ultimately turning situations around.Just like it did for Michael Vovakes
who lost his
father at a time when he
needed him the most.He
was 16 and in high school, full of questions and wondering what to do about his
future.His father's death was a "shock to the system" that left him confused but by his senior year he went from being an average student to an "A" student.
"I woke up one morning and said I better get with the program," said Vovakes
who has gone on to build a very successful Fiducial franchise in Montclair, NJ.
Solving clients' problems
With 41 years of accounting industry experience, Vovakes
has helped many entrepreneurs grow their business and some even escape the throes of going under.Maybe it's because there was no one there to provide a guiding hand for him when he
was deciding on a career that's made him more determined to solve his
clients' problems. One new client desperate for help just walked into his office saying he wanted him to be his accountant.
It seems the client, an executive recruiter, had been a victim of some very shoddy work at the hands of his
former accountants and owed $70,000 in taxes.
"In order to have to do that he
would have had to pay tax on income that really wasn't there," Vovakes
was able to offset income with prior year losses to help reduce the client's tax liability which will help him save money on taxes for the next year and a half.
Another client was someone Vovakes
knew from church that owned a company that had been closed down with $60,000 in losses.Under Section 1244 of the Tax Code, the client was able to take that loss on his
personal return which led to a refund check of $16,000.But Vovakes
had to work three months with a special unit of the Internal Revenue Service
to get the matter straightened out.It was far from a slam dunk by any means.
"I would get responses back from the IRS
saying they needed one more piece of information then another piece of information and ultimately it was rejected," he
Perhaps it's his
attention to detail that separates Vovakes
from the competition.
"I look at every financial statement," he
said."I write them a note and give them a financial analysis.Everybody gets a comparison with prior years and comments on how they are doing so far this year.Occasionally I'll give them an in-depth analysis every couple of months on how they're doing compared against the rest of their industry."Vovakes received a BS in business administration from Penn State University then added an MBA from Rutgers University and later became a CPA.
reached a point where he
decided to buy a franchise and open his
"I was 39 at the time and not really going anywhere," he
recalled."I wanted to open my own office but I just didn't know how to go about doing it."
After some stalls here and there, he
finally got the business on firm footing and it's been doing well ever since.Next May he
will celebrate his
25 th anniversary in business.That's quite a milestone considering that about 20% of all small businesses fail each year.
The biggest plus for being your own boss, Vovakes
says, is "the day never comes when you hear about your job being eliminated."