What You Need To Know With Joe: A Father & Son Chat About Business

In the latest series of What You Need To Know With Joe, Coveted Financial CEO, Joe Priola, sits down with his son Brent Priola, founder and owner of The Recy Group, to discuss his growing business and how Coveted Financial has helped. Check out the video interview here!

Joe Priola: Hi! It's Joe Priola with Coveted Financial Services and we're here today to visit with Brent Priola, President and CEO of The Recy Group.

Joe: Hey Brent! Thanks for being here today, can you tell us your experiences with Coveted and how it's affected you and your business and what you think about the services that we provide?

Brent Priola: Once my business started gaining some traction and we were growing I knew that I needed some outside help to help my business flourish as much as I wanted it to, I know what I know and I know what I don't know and the stuff that I don't know I rely on reputable companies such as Coveted Financial Services to help me get to where I need to be.

Joe: I didn't really understand what you did but I think everyone needs to use.

Brent: Yes, so at first when my dad left banking that's all I knew growing up he was in banking and then uh…when he started his own company coveted financial services, a lot of people would ask me so what is your dad doing these days and I would say well he's a fractional CFO and they would ask me what does that entail and to be honest, I didn't know I figured you went into companies helped them with their books once or twice a month and then you were out of there and came back and did it again when they needed you. However, once I started working with coveted Financial Services there's a lot more that you guys do in addition to just the fractional CFO type services, you've got an entire team of experts that help you and help your customers get to their end goals.

Joe: So I want you to share on a monthly basis how it flows, what happens with our meetings, how does it all go?

Brent: So we have our once a month meetings face to face however throughout the month I'm dealing with your team on a day-to-day basis, we have the monthly meetings where we go over our P&L statement, go over our balance sheet and you guys just ask questions you know what's going on with your company, what's going on with the industry, what can we help you with, where do you need help. We all as business owners we all have ideas where we want our companies to go and we all have things we want the company to do, but we don't always know how to get to those goals and…and you got to be honest with yourself if you don't know what you don't know you've got to have people to rely on and coveted has been a godsend to be honest with you but you have a team of marketing people, you have a team of accountants, you have a team of bookkeepers, stuff that many business owners especially small business owners like myself we need that type of stuff you've got to be honest with yourself and if you really want to get to where you want to go, you need that help and Coveted Financial Services has been a great help in addition to our team.

Joe: You're trying to grow your company, you've got some plans, we're trying to make sure that you apply your capital to the things that make you the most money.

Brent: Right!

Joe: So our job is to help you do that, allow you to grow faster than you can do and not tie up your money in things that don't create revenues for you because that's where your best use of your funding goes.

Brent: Right!

Joe: I've told you you're having success here, we have to we have to grow, we have to do more things - either you reinvest in your business or you pay a lot of taxes that's how it works.

Brent: Right! And that's one of the biggest benefits I have noticed from Coveted Financial Services is the tax planning. You and your team know the ins and the outs of the planning for taxes so if that many business owners probably do not know that they should know which in turn will help them save on their taxes.

Joe: So that's the big difference between an accountant and a financial officer…right?

Brent: Right!

Joe: They have a job of putting statements in a GAAP level, they're paid to put your tax return and send it to the IRS…right?

Brent: Right!

Joe: But there's so much strategy, I've always said this there's a mathematical answer to how much profit we have to make.

Brent: Right!

Joe: Because we have a bank loan and we're trying to access capital we need to show the bank that we can borrow the money we need to borrow and then we need to pay taxes.

Brent: Right!

Joe: The money for that, but then we also have to strategize for equipment and people that we need - and that all comes together in a plan.

Brent: Right!

Joe: You probably don't like doing that part.

 Brent: Correct!

Joe: So that's where I think we add a lot of value.

Brent: Right! Yeah, I know how to sell recycling, I know how to sell garbage but I don't know how to make myself a good company in the eyes of a bank, eye of investors and you guys help me do that.