By Alan L. Olsen, CPA, MBA (Tax)
Managing Partner
Greenstein, Rogoff, Olsen & Co., LLP

Change is constant in a leader’s life. Leaders continually develop new ways in which to improve, accomplish tasks, and progress. These Leadership skills are essential for success. If you desire to become a leader and improve your skills, the following tips will guide you in your efforts:

1. Think differently. In order to improve, you must be willing to change. Progress won’t come by turning to the past. Develop new ideas and be innovative. Success often comes through change.

2. Focus on relationships. It is important to remember that you are selling your ideas. In order to do this successfully, you must have good relationships with others. People around you must 1- know you, 2- like you and 3- trust you.

3. Learn to work smarter instead of harder. At times, changing how you work may become necessary. It is possible to accomplish the same amount of work in less time when staying focused. Being focused on your goals will create a habit of working smarter.

4. Communicate, listen, and persist. Others will see and observe your communication skills. Their judgment will determine if they want to work with you. It is important to become an excellent communicator, a better listener, and develop persistence. Success starts with you.

5. Focus on success. Remember to be positive. Positive thinking often precedes success. You can accomplish your greatest desires if you focus on success.

If you desire success, look for opportunities where you can apply innovation in your life. In the ever-changing world that we live in, individuals make choices to either adapt or stay stagnant. True leaders understand and make the changes necessary to become successful.

____________________________________________________________________________________________________________________________________________
Alan L. Olsen is Managing Partner at Greenstein, Rogoff, Olsen & Co., LLP, a leading CPA firm in the San Francisco Bay Area. With more than 25 years of experience in public accounting, Alan works with some of the most successful venture capitalists in the world, developing innovative financial strategies for individuals and businesses. Olsen is also host of KDOW’s American Dreams: Keys to Life’s Success Radio Show.

By Alan L. Olsen, MBA, CPA (tax)
Managing Partner
Greenstein, Rogoff, Olsen and Co., LLP

When one of my friends was young, he would go to visit his grandparent’s farm. He loved to ride horses and tractors and play in their barn.

On one visit to their house, when he was nine years old, he was out in the barn and saw an old pitchfork lying against several bales of hay. He had watched his grandfather jam it into the hay in the past. It was great fun to play with, but he wanted to get more leverage. He placed his foot onto the bale which he was stabbing with the pitchfork, raised it up, and forgetting that his foot was there, thrust it down as hard as he could. The pitchfork when through the hay and his shoe, right into his foot.

Feeling embarrassed about what had happened, he didn’t say anything to his parents or grandparents. When he would look at his foot all he saw was a puncture wound, but what he didn’t realize was how much bacteria had been on that rusty pitchfork.

After one day, his leg began hurting. On the second day when he tried to go swimming with his friends a sharp pain shot through his leg when he dipped it into the water. He was miserable, but did his best to hide the pain.

His father noticed him limping around and when he found out what had happened, he rushed him off to the hospital. The doctor informed them that he had tetanus. Quickly, he was given an injection and the penicillin began fighting off the disease.

When my friend had entered the hospital he had poison in his leg. Poisons cause pain, illnesses and even death. Just as my friend had a poison in his life, we too can have poisons that affect our lives. Discouragement is a poison that is common in our society today.

When we find ourselves discouraged, we are giving up on our potential. We no longer believe in our abilities, what we can become, the change and impact that we can have on others. Once we realize that we are in control of our life, discouragement cannot persuade us to give up on our dreams.

Reflecting on the confidence that we have in our own abilities and relating them to our current circumstances is a sure way to ward off discouragement when we come across challenges in life.
________________________________________________________________________
Alan L. Olsen is Managing Partner at Greenstein, Rogoff, Olsen & Co., LLP, a leading CPA firm in the San Francisco Bay Area. With more than 25 years of experience in public accounting, Alan works with some of the most successful venture capitalists in the world, developing innovative financial strategies for individuals and businesses. Olsen is also host of KDOW’s American Dreams: Keys to Life’s Success Radio Show.

By Alan L. Olsen, CPA, MBA(tax)
Managing Partner
Greenstein, Rogoff, Olsen and Co., LLP

Every Year in Australia, an endurance race is held. It stretches from Sydney to Melbourne totaling 543.7 miles. For a world class athlete it takes five days to run. These athletes are young, professionally trained, and receive huge sponsorships

Cliff Young was a very unlikely competitor in the race. At the age of 61, he showed up wearing overalls and work boots. Some of the officials thought that he was a lost spectator, but when he picked up his number, everyone was shocked. They said that he would never finish the race. To that cliff replied:

“Yes I can. See, I grew up on a farm where we couldn’t afford horses or tractors, and the whole time I was growing up, whenever the storms would roll in, I’d have to go out and round up the sheep. We had 2,000 sheep on 2,000 acres. Sometimes I would have to run those sheep for two or three days. It took a long time, but I’d always catch them. I believe I can run this race.”9

The professional athletes running the race calculated that in order to finish they needed to run straight for 18 hours each day and sleep for 6. Everyone knew this- except for Cliff Young.

When the race began all of the runners took off and Cliff was left in the dust. He didn’t even run properly, he shuffled his feet. On the second day of the race everyone had forgotten about Cliff, but to everyone’s surprise he had jogged all night long and was determined to run for the next five days straight without sleeping. No one believed it was possible- except for Cliff.

Cliff kept on going and going. Each night he came a little close to leading the pack and by the final day he had surpassed all of the world class athletes. He was the first to cross the finish line and in the process set a new course record.

Cliff’s shuffle- was named after him and became known as the ‘Young Shuffle’. After Cliff won the race he was approached with prize money- $10,000. He hadn’t realized that there was a cash reward involved. He had just wanted to run in the race. There had been ten other runners to finish the race and Cliff figured that they worked hard as well so he gave them each $1000 and walked away taking none for himself.

From Cliff’s story we learn that we can change the world. We don’t have to do things the same way as everybody else. Find what works for you, then do it. Believe in yourself- move out of your comfort zone. So what if others don’t think what you’re trying to do is possible. If you know it will work for you- then do it- know your limits and be sure to push yourself beyond them.
___________________________________________________________________________
Alan L. Olsen is Managing Partner at Greenstein, Rogoff, Olsen & Co., LLP, a leading CPA firm in the San Francisco Bay Area. With more than 25 years of experience in public accounting, Alan works with some of the most successful venture capitalists in the world, developing innovative financial strategies for individuals and businesses. Olsen is also host of KDOW’s Radio Show Alan Olsen’s American Dreams: Keys to Life’s Success.

Listen to Alan L. Olsen, CPA, MBA(tax) and Liz Wiseman, President of The Wiseman Group and Author of the Wall Street Journal Best-Seller, Multipliers, as they discuss how to become an influential leader.

By Greenstein, Rogoff, Olsen and Co., LLP

In life we encounter many different people. Some leave lasting impressions on us that make us want to be better, to improve. These mentors teach us through their example. They lead not for fame and glory, but because they want to make a difference in the lives of those whom they come into contact with.

True leaders live the principles that they teach and thus teach those around them through example.

In a business setting, the same is true. Those whom we tend to follow teach us to be diligent in our work habits. Leadership abilities are exercised through quiet examples at times. These individuals accept accountability for their actions and are problem solvers, not problem starters. They are dependent and trusted in the tasks that they are given. Co-workers respect their positive attitudes and look to them for stability.

The true leader’s motives are not for “lights, camera and action”, but rather to improve a business as a whole. They work hard, not for their own fame, but for others.
These true leaders are also truly teachers.

Greenstein, Rogoff, Olsen & Co. (GROCO®) is the trusted financial advisor to the venture capitalists who helped build companies such as Google, Skype, America Online, Oracle, Sun Microsystems, Compaq, Macromedia, eBay, and Genentech. Consistently ranked as one of the top accounting firms in the Bay Area, our firm provides consulting services and accounting services to high net-worth individuals and closely-held businesses. www.groco.com

By Alan L. Olsen, CPA, MBA(tax)
Managing Partner
Greenstein, Rogoff, Olsen and Co., LLP

Who are the most influential business leaders the world has known? Would it be a CEO of a multimillion dollar corporation? Maybe it is someone that is not as well known; someone within your community who has set an exemplary example of leadership. Some individuals have innate qualities that make them born leaders, while others have to work hard to develop these qualities and attributes. If you want to be a successful leader, you can start by developing your own leadership skills. The following qualities and attributes may be ones that you can begin with:

1. Listen Intently – In order to be a successful leader, you must care about the individuals who are under your direction. How do you do that? You listen to them. Sincere listening can be difficult at times. When frustrations are surfaced by others and different opinions you are expressed, it may be easy to ignore the speaker or quickly change the topic. However, when you do listen sincerely, the individual who is speaking will feel that you value their opinion.

2. Carry yourself with confidence – When you look in the mirror, it is important that you see a friend, someone you trust, someone you believe in, and someone who you know will make a difference in the world. Take advantage of opportunities to increase your confidence. Presenting at firm retreats, training new employees, or simply going to lunch with a co-worker can help stretch yourself and become more confident around others.

3. Develop integrity – A leader with integrity attracts others to them; they are well-liked and trusted by those whom they do and don’t know. They inspire others to live lives similar to their own.

4. Be willing to work alongside those whom you lead – How many of us possess the innate quality of work within us, but fail to exercise it? Society at times tricks its citizens into the fallacy that you do not have to work for what you earn. A true leader will not only delegate tasks and watch others work, but they will work alongside them.

5. Be committed to goals that you set – For a committed leader, there is no gray area between the black and white. An individual who is committed will not give up until a job is done; they will not walk away when a task becomes too hard; they will stick to the cause until it is finished. As a leader is committed to a project or goal, they will grow in levels of respect and trust for those whom they have influence over. In turn, those individuals will desire to strengthen their own commitments.

6. Be accountable for what you say you will do – A true leader establishes a system of accountability for their actions. They do not blame others for their mistakes, but demonstrate that they are responsible for the consequences of their actions.

7. Be Positive – Individuals who are positive will attract others to them. Look at the glass as half full instead of half empty.

8. Communicate Effectively – Your communication skills are always on display Others will judge and determine if they desire to work with you. Become an excellent communicator, a better listener, and develop persistence.

As you work to develop leadership skills, you will become a better leader in your work environment and in your community. Seek for opportunities to develop your leadership skills.
_________________________________________________________________________

Alan L. Olsen is Managing Partner at Greenstein, Rogoff, Olsen & Co., LLP, a leading CPA firm in the San Francisco Bay Area. With more than 25 years of experience in public accounting, Alan works with some of the most successful venture capitalists in the world, developing innovative financial strategies for individuals and businesses. Olsen is also host of KDOW’s American Dreams: Keys to Life’s Success Radio Show.

Are you struggling to find work? Although the job market may be rough, there are several things that you can do to prepare for employment. The following tips may help:

1. Network, Network, Network. The phrase, “It’s not what you know, it’s who you know” is often heard when networking. Network to find connections that may lead to career opportunities. Become involved with organizations in your industry, continuing education conferences and workshops, college alumni associations and social media. The more you get your name out there, the better your chance of finding work.

2. Before they see you in person, they see you on paper. Do your best to have a perfect resume. Make sure that you use appropriate grammar and that you put relative experiences on it. Use active verbs that draw your potential employer in and keep them on their toes. You do not want a resume that is too wordy. Before submitting your resume to companies have a professional or friend in your field critique it.

3. Look the Part. When being interviewed, be confident. Dress appropriately. A suit is okay; impress your potential employer.

4. Know the Facts. When you go into a job interview, prepare well. Do your homework. Know who is on the Management Team of this company. When was the company founded? What services does this company offer? Who is there target market? What can you contribute to the company to make it a better place?

5. Follow-up. After you are interviewed, follow-up with the company to see if they are considering you. Send a thank-you card for the time that they took to interview you.

Employment is not always easy to come by in a tough economy. Make sure to prepare well if you are searching for work.
_____________________________________________________________________
Greenstein, Rogoff, Olsen & Co. (GROCO®) is the trusted financial advisor to the venture capitalists who helped build companies such as Google, Skype, America Online, Oracle, Sun Microsystems, Compaq, Macromedia, eBay, and Genentech. Consistently ranked as one of the top accounting firms in the Bay Area, our firm provides consulting services and accounting services to high net-worth individuals and closely-held businesses. www.groco.com

by Alan L. Olsen, CPA, MBA (tax)
Managing Partner
Greenstein Rogoff Olsen & Co. LLP

What makes a good leader? Is it self-discipline, intelligence, the ability to inspire others, or is it something else? Perhaps a better question might be; what makes me a leader? Far too often we seek leadership qualities in others, only to be disappointed. Each morning, the mirror reminds us of at least one person whose motives should meet all of our expectations. There is no limit to what an army of these individuals can accomplish; they simply need to take that first step. Before they know it they’ll be making the world a better place, leading by example and developing within themselves the very qualities they once sought in others.

During difficult economic times, community service and civic involvement provide outstanding leadership opportunities. One person transcending his own circumstances to help another is the most effective solution for many of our social and community problems. In most cases, the infrastructure for service is already in place. It costs cities and communities nothing, and volunteers can target the highest priority needs or individuals who require immediate attention. Whether you have highly valued skills, or just a willingness to help, chances are there is a local organization that desperately needs your help.

As far as training to become a leader is concerned, two distinct avenues come to mind. First, you simply roll up your sleeves and get to work. Second, no institution better trains young people to become the community leaders this country so desperately needs than the Boy Scouts of America. At a young age, my parents taught me the importance of helping others and being involved. But this concept did not really become part of who I am until I earned my Eagle Scout Award; it’s been a habit ever since. Best of all, service is infectious; now, at my place of work, most of my colleagues are heavily involved in their communities.

Leading by example is rarely easy or convenient. As you would expect, our accounting firm is extremely busy in the spring; yet in March and April our employees were heavily involved in multiple community activities. The administrative staff took time out of assembling tax returns to hand out “Book Buck$” prizes to school children. We had tax accountants filling out five dollar sponsorship forms for the Tri-Cities “Ducks for Bucks Benefit Race.” One particular employee threw himself energetically into the Fremont Chamber of Commerce’s Leadership Fremont program. Other members of the firm participated in the “Stamp Out Hunger” Food Drive. Though difficult, individually and collectively, all of us have benefited and grown tremendously through these efforts and experiences.

Through volunteer service, one begins to develop true leadership qualities that help the community become a better place for us all. Some people are natural leaders while others have to work at it. But the crucial lesson is that anyone can lead by example. And service is the best way I know of to achieve leadership development for a strong business and community.
___________________________________________________________________________
Alan L. Olsen is Managing Partner at Greenstein, Rogoff, Olsen & Co., LLP, a leading CPA firm in the San Francisco Bay Area. With more than 25 years of experience in public accounting, Alan works with some of the most successful venture capitalists in the world, developing innovative financial strategies for individuals and businesses. Olsen is also host of KDOW’s American Dreams: Keys to Life’s Success Radio Show.

By Alan L. Olsen, CPA, MBA (tax)
Managing Partner
Greenstein, Rogoff, Olsen and Co., LLP

Have you decided to venture out on an entrepreneurial limb? If yes, there is an array of business structures that you can choose from. There are different tax liabilities dependent upon which business structure that you choose. Below, we briefly explore the different entity options that you can choose from.

1. Sole Proprietorship-This type of business is owned by a single individual and is not incorporated. You must file an income tax return with this business [1]. The business owner is liable for the finances of the business. The business can be full time or part time and can include any type of business that the owner wants to start. However, the business cannot be a hobby or investment. An individual must keep adequate records for tax purposes. Individuals will file a form 1040 as their business income will be combined with other income. Sole proprietors are required to pay self-employment tax (Social Security and Medicare) in addition to income tax [1].

2. Partnership-This type of business is one which is owned by two or more individuals who have invested money, time and skills into the business. Partnerships do not have to pay income tax for the partnership, but they do have to file a tax return. They also take responsibility for all profits and losses. A tax return must be files, but the income tax is not paid with this return. . It is a pass through entity where profits and losses are reported on individual partner’s income tax returns. They are not employees and so should not receive a W-2; however, they must furnish copies of a Schedule K-1 by the time Form 1065 needs to be filed. “General Partners must pay self-employments tax on their net earnings from self-employment assigned to them from their partnership. Limited Partners are subject to self-employment tax only on guaranteed payments, such as professional fees for services rendered [2].”

3. Limited Liability Company (LLC)-This type of business structure is similar to a corporation and partnership. It is allowed by state statute. LLC owners are called members. Most states allow single member LLCs. There is no limit to the number of members. For tax purposes, the federal government does not recognize LLCs. The LLC must file taxes as a corporation, partnership or sole proprietorship. If your LLC has 2 or more members, you can choose to be taxed as a corporation or a partnership. If your corporation has one member, it can be taxed as a corporation or a “disregarded entity.”

4. S Corporation-This type of corporation passes income losses deduction and credit all to shareholders for tax purposes. Shareholders report flow through income and losses on their personal tax returns and are taxed at individual rates. This allows S corporations to avoid double taxation on corporate income. They are taxed for some built in gains and passive income. In order to establish an S corporation, there are several qualifications. The Internal Revenue Website states the necessary qualifications below:

• “Be a domestic corporation
• Have only allowable shareholders
• including individuals, certain trust, and estates and
• may not include partnerships, corporations or non-resident alien shareholders
• Have no more than 100 shareholders
• Have one class of stock
• Not be an ineligible corporation i.e. certain financial institutions, insurance companies, and domestic international sales corporations.[3]”

5. C Corporation-This type of business structure is funded by shareholders who exchange money or property for capital stock. Consequently, business profits are not distributed to the shareholders. Shareholders are generally not personally liable for the debts of the corporation. The profit of a corporation is taxed when earned and then taxed to shareholders when distributed as dividends. This means that it is double taxed. Corporation losses are not deductible [4].

If you are planning on starting your own business, consult with your tax advisor to make sure that the business structure that you choose is best for your needs.

Sources: Business Structures. http://www.irs.gov/businesses/small/article/0,,id=98359,00.html
[1] Choosing a Business Structure. Sole Proprietorship. IRS. June 2008. Web. Aug. 2011.http://www.irs.gov/newsroom/article/0,,id=183918,00.html
[2] Choosing a Business Structure. Partnership. IRS June 2008. Web. Aug. 2011. http://www.irs.gov/newsroom/article/0,,id=183918,00.html
[3] S Corporations. IRS. Dec. 2010 Web. Aug. 2011. http://www.irs.gov/businesses/small/article/0,,id=98263,00.html
[4] Corporations. IRS. June 2008 Web. Aug. 2011. http://www.irs.gov/newsroom/article/0,,id=183918,00.html