Episodes

  • Ep075: Running Toward the Minefield with Scott Abels

    Ep075: Running Toward the Minefield with Scott Abels
    Jun 18 2026
    The biggest opportunities often sit in the work everyone else is afraid to touch. In this episode of the IC-DISC Show, I sit down with Scott Abels, a CPA and business valuation specialist in Austin, to talk about why he built his practice around estate, trust, and gift valuations, the one area most professionals avoid. Scott spent 25 years in corporate finance at Dell and Motorola before launching his own firm. He moved from CFO consulting into valuation, then narrowed further into estate and trust work, an area with its own IRS code sections, examination rates above 20% on large estates, and the highest error rate he's seen. He walked through the landmines, retained rights and marketability discounts among them, where a single mistake can wipe out a client's discounts entirely. What struck me was his case for getting the valuation expert in during planning, not after, when it's often too late to fix anything. The same logic shows up in his turnaround standard of 30 to 45 days and the dozen questions he tells attorneys to ask before hiring anyone. Scott also revealed a project he'd been quietly working on, a plain-English book for Texas attorneys, and his answer for how the busiest professionals actually want to be helped. SHOW HIGHLIGHTS * The riches really are in the niches: narrowing from CFO work to a field with fewer than 10 true specialists turned a commodity service into a moat.* The IRS examines large estates more than 20% of the time, because it knows that's where taxpayers try to avoid taxes, so the valuation has to hold up.* Get your valuation expert involved during estate planning, not after; retained rights and other landmines often can't be fixed once the structure is set. * A buy-sell agreement signed and executed perfectly still won't bind the IRS, which weighs economic reality over legal form every time.* Overstep on discounts and the penalty isn't just losing them; the IRS can throw out your whole valuation and re-value with no discounts at all.* Before hiring a valuation pro, ask their guaranteed turnaround time and whether they offer audit defense; vague answers signal it's a side service, not their focus. Contact Details LinkedIn - Scott Abels LINKS Show NotesBe a Guest About IC-DISC AllianceAbout ETG Valuations TRANSCRIPT (AI transcript provided as supporting material and may contain errors) Dave: Good morning, Scott. Welcome to the podcast. Scott: Thanks, Dave. Thanks for having me. I'm looking forward to visiting with you. Dave: Sure. So where are you located today? What part of the world are you calling into from today? Scott: I'm in Austin, Texas. Cloudy, Austin, Texas this morning and just up the road from you a bit. Dave: Okay, well, that sounds good. So I've been really excited to have you on here. You were a guest a while back. You've kind of had some updates that I want to talk about. So why don't we just talk out. Scott: Talk. Dave: Give me a little bit of your background, you know, where are you from, what you're, you know, how'd you get to this point in your career? Scott: Sure. So I'm a Texas boy, born and raised. Went off to college, majored in accounting, got my accounting degree at the University of Houston and went, went straight into industry. Got my CPA shortly after. After I graduated and went into industry. And I spent about 25 years in what I call corporate America. Dell, Motorola, in corporate finance. And you know, most of my background is running a business division of a larger business. So it's really understanding how businesses work, how the day to day operation works, how's. How does the business model work from a financial perspective? Because I did that for about 25 years. Started my own consulting business about 15 years ago now. Dave: Okay. Scott: Initially, I started out as a CFO consultant, just kind of using the things that I learned in corporate America for smaller businesses in the. Mainly in the Austin area. And really quickly I, I had a client early on who needed help with business valuation, wanted to buy out a minority partner, and so I went away and got the valuation credential, the cva. It's essentially a CPA for business valuation. Dave: Okay. Scott: And I did a couple of these business valuations and I realized several things really quickly, Dave. I realized that these are like business valuation is like a puzzle. It's like a little business puzzle. And it's just perfectly suited to my background in understanding how businesses work. So I really, I like the work and it's well suited to my background. Other things I realized is as a CFO in Austin, I'm probably one of a thousand. Lots of competition, really. A commoditized service at the time that I started out, probably still is. As a business valuation professional, though, I'm probably one of 15 or 20. Okay. And there's probably only, you know, there's probably fewer than 10 of those that specialize and do nothing but business valuation. It's much more of a niche and you know...
    Show More Show Less
    47 mins
  • Ep074: Fifty Years of Precious Metals with Larry Drummond

    Ep074: Fifty Years of Precious Metals with Larry Drummond
    May 18 2026
    The strongest industries are built on relationships that outlast individual transactions. In this episode of the IC-DISC Show, I sit down with Larry Drummond, Executive Director of the International Precious Metals Institute (IPMI), to talk about what fifty years of industry collaboration has taught him about trust, transparency, and building lasting business connections. Larry shared how IPMI started in 1976 when a group of New York-area scientists came together to share data across competing precious metals companies. After 25 years at Engelhard and a leadership role at Metalor, he came out of retirement in 2018 to lead the organization he had served as a volunteer board member and past president. What struck me most was Larry's description of an industry where someone can be your customer, vendor, and competitor at the same time. He shared examples of refiners picking up the phone to ask competitors for help during operational setbacks, knowing the favor would be returned without losing customers in the process. The conversation reminded me that even in commodity-driven businesses, transparency and verified trust create the foundation for everything else. With IPMI's 50th annual conference coming up in Orlando, Larry's perspective is a great preview of what makes this industry tick. SHOW HIGHLIGHTS * In precious metals, the same company can be your customer, vendor, and competitor at the same exact time.* IPMI was founded in 1976 by New York-area scientists who recognized the value of sharing data across competing companies.* When operations go down, refiners call competitors for a week of help, knowing the favor will be returned without customer poaching.* Record-high gold prices flooded refiners with material, but financing costs and capacity limits turned some lots into losers.* IPMI memberships pay for themselves through the price discount on a single annual conference registration.* Portable x-ray guns have transformed the industry, letting even small operators verify what they have before shipping it up the chain. Contact Details LinkedIn - Larry Drummond LINKS Show NotesBe a Guest About IC-DISC AllianceAbout IPMI TRANSCRIPT (AI transcript provided as supporting material and may contain errors) Larry Drummond: Unique things about this industry is that someone can be your customer, vendor, and competitor at the same exact time. Those relationships, even with your competitors, I can't say there's any kind of big precious metal company that something hasn't gone wrong in your operation at some point in time. I've personally been involved in situations where you could pick up the phone and call your competitor and say, "Listen, I need help for about a week." And they will handle some of your materials and not steal your customer because they know one day they may pick up the phone and call you. David Spray: Good morning, Larry. How are you this morning? Larry Drummond: Very good, David. Good morning. How are you? David Spray: I am great, thank you. So you are, I believe, the executive director of the International Precious Metals Institute, is that correct? Larry Drummond: That's correct. David Spray: And I guess the organization goes by the initials, right? IPMI? Larry Drummond: Yes. Everyone refers to it as IPMI. When we do legal documents, we use the full name, but for the most part we just use IPMI. David Spray: Okay. So can you just tell me a bit of the history of IPMI? Has it been around very long? Larry Drummond: Yeah. Well, we've been around very long and it's very appropriate we're doing this podcast today because we're celebrating our Jubilee year this year. So we were formed in July of 1976 and the history is that a group of scientists in the greater New York area where there was many major precious metal companies had formed, got together because they saw the need to share scientific data. And what's important about this is the pathway that they set still lives on today where people, member companies openly share a lot of information. Now again, they don't share their total trade secrets, but they share information where collectively the industry gets to benefit from that. David Spray: Okay. So Larry Drummond: It was started by a group of scientists and we've grown from there and we'll talk more about that during the course of the podcast here. David Spray: Okay. Well, that is great. And so when did you join the organization? Larry Drummond: So I joined in the late '90s, around 1997 I think was my first PMI. And the IPMI is really founded on volunteerism. There's actually only two of us that are employees and the rest are volunteers. So I was one of those volunteers and very early on got involved with the board of directors. I worked for Englehart Corporation for over 25 years and Englehart was one of the cornerstone founding members. Now it's owned by BASF. So in 2002, I joined the board and the executive committee and before we had term limits, I served on that for over 13 ...
    Show More Show Less
    33 mins
  • Ep073: From One-Room to 40,000 Pounds a Day

    Ep073: From One-Room to 40,000 Pounds a Day
    Apr 27 2026
    Today on the IC-DISC Show we're talking with John, Clive, and Kelly Hess from CompuCycle in Houston. John started in the metals business in South Africa back in 1966, came to the US in 1986 to run a brass and copper distribution company, and spun off a small scrap division that eventually became CompuCycle. Clive joined in 1996 fresh out of U of H. Kelly came aboard in 2013 from the nonprofit world and now runs the company as CEO. Three decades later they're processing 40,000 pounds a day and hold more certifications than any other electronics recycler in Texas. In this conversation, the Hess family talks about the moment the Basel Accord shut down their entire plastics market overnight, why they think scrap metal companies handling electronics is now a liability risk for corporate customers, and how they built their own plastic washing line to solve a problem the rest of the industry was still struggling with. Kelly also shares a partnership they've built with Pearland ISD that turns scrap dismantling into job training for autistic students ages 18 to 22. Whether you're in recycling or not, the Hess family's thinking on running a multigenerational business, earning certifications most competitors won't bother with, and treating customer problems as a moat instead of a cost is worth your time. SHOW HIGHLIGHTS How John Hess went from manufacturing copper ingot in South Africa in 1966 to building Houston's largest electronics recyclerWhy being R2 certified isn't enough, and what Compu-Cycle did after watching certified downstreams still send material to landfillsThe day the Basel Accord shut down their entire plastics market overnight, and how they engineered their way outWhy scrap metal companies handling electronics has become a liability risk for their corporate customersThe partnership with Pearland ISD that turns scrap dismantling into job training for autistic studentsWhat changed when Kelly came in from the nonprofit world and the family started hiring people smarter than themselves Contact Details LinkedIn - Gordon Driscoll LINKS Show NotesBe a Guest About IC-DISC AllianceAbout CompuCycle John HessAbout JohnKelly HessAbout KellyClive HessAbout Clive TRANSCRIPT (AI transcript provided as supporting material and may contain errors) Dave: Well good morning. So this is my first time. I've had three guests on the podcast at one time. We have John Hess, we have Kelly Hess, and we have Clive Hess. So where are you all, calling into from today? what part of the world are you all in? Where now? John: We, I'm a responder. We're in Houston, Texas. Dave: Okay. And so am I. So that's, that is good. what I wanna talk about, and the reason we're doing the three person interview is the company Compus Cycle has been in business a little over 30 years, is that right? Kelly: 30 years to this? 2026 is our 30th anniversary, so we're really excited. Dave: That is awesome. and so what I wanna do, I want to go to the far origin of comp cycle, which really starts with John. So what I'd like to do is just start off with a little background on John and his entrance and experience in the scrap metal industry. So John, where are you? What part of the world do you hail from? John: Originally South Africa and have been in the metal business all my life. started in, at the age of 23 in 1966. Go back a long way. Dave: Okay. And, and then you're in the metals business, Ferris, non Ferris, John: right? we, I was, we were ingot manufacturers. We manufactured copper and aluminum based ingot for the foundry industry. And, got into the. Computer business, way back in about 1975 when we imported a, a machine for stripping cables and Okay. This machine also had the capability of shredding,computers of the old mainframe computers. Of course, there were no PCs at that time. Yes, of course. So that was my introduction to computers. Dave: Okay. So you're,you're getting into the computer, so we're talking if I'm doing my math right, that was about 50 years ago that you're involved in the shredding, chopping cable, shredding mainframe computer components. Is that about right? John: That's about right. Yep. Dave: Okay. And then how did we get from there to Compu cycle? John: Well, in 19. In 1966, I was offered an opportunity to come to, sorry, I'm getting myself messed up. It was 1986 that I had an opportunity to come to the United States to manage a company that distributed bras and copper bars and rods. Dave: okay. John: And we, while whilst there, I started a scrap division and that scrap division eventually became Compus Cycle. Okay. Right. Dave: Okay. So did, so was Compus Cycle like a literal spinoff from that company or was, did the idea come to you while you were there and you started a completely separate company? John: Well, we started it as a spinoff of that original company and, after a few years of running that business, I decided to leave the parent business and, get comp cycle going on its own. comp cycle...
    Show More Show Less
    54 mins
  • Ep072: Software as a Competitive Advantage with Gordon Driscoll

    Ep072: Software as a Competitive Advantage with Gordon Driscoll
    Mar 17 2026
    Today on the IC-DISC Show we're talking with Gordon Driscoll. Having spent his early career at Goldman Sachs investing tens of millions into metals companies, he kept noticing they were running their operations on Excel spreadsheets and software from the 1980s. That gap became Green Spark, a cloud-based platform now in over 900 scrap metal recycling locations. In this conversation, Gordon talks about what it took to break into an industry where relationships go back generations, why he thinks most business owners are thinking about software wrong, and how his team earned credibility by acting more like a partner than a vendor. He also shares a customer story that stuck with me about a scale operator who got his first lunch break in six years. Whether you're in scrap or not, Gordon's thinking on sustainable growth, earning the right to disrupt, and treating technology as a competitive advantage rather than a cost center is worth your time. SHOW HIGHLIGHTS Why a Goldman Sachs investment banker left finance to build software for scrap yardsThe massive technology gap Gordon kept seeing in companies handling tens of millions in materialsHow Green Spark grew to 900+ locations by acting like a partner, not just a vendorThe customer story about a scale operator getting his first lunch break in six yearsWhy Gordon believes you have to earn the right to disrupt an industry, and what that looks like in practiceThe mindset shift from treating software as a cost center to using it as a competitive advantage Contact Details LinkedIn - Gordon Driscoll LINKS Show NotesBe a Guest About IC-DISC AllianceAbout Green Spark Software Gordon DriscollAbout Gordon TRANSCRIPT (AI transcript provided as supporting material and may contain errors) Gordon: And I think that a lot of folks, candidly, just because they're not used to either our model or what technology can do today, they don't realize, which is changing, they still view software as a cost center. And ultimately the tools that we're seeing and the applications that we are pushing to the industry, a lot of our customers view as a competitive advantage. Dave: Good morning, Gordon. So where are you calling in from today? Gordon: Hey, Dave. Appreciate you having me on. I'm in Brooklyn, New York today. Dave: Oh, okay. That is great. So I must say, I know a lot of folks in the scrap metal industry, service providers, yard operators, brokers, but you seem to have a particularly unique background. So why don't you tell the story from the time you graduated college? Sounds like you spent some time in investment banking in New York. And what caused you to have this epiphany that you wanted to go provide software in the scrap metal industry? Gordon: Yeah, no, of course. It's worth an explanation because looking at my background on paper from finance to scrap software, it doesn't make much sense. So yeah, started my career in financial services, spent a few years in investment banking at Goldman Sachs and then moved into private equity investing, but all of that centered on natural resources, broadly speaking, but specifically the metals industry. So spent a lot of time up and down the value chain, anything from box site refineries in Australia to working with the biggest mills in the country like Cliffs or JW Aluminum or things of that nature. And then in the investing side, spent really just as much time on what I'll call the kind of conventional resource as I did the technology. And I quickly realized the businesses that we were at times giving tens of millions or hundreds of millions of dollars were either using Excel spreadsheets to run their business or platforms that were based in or founded in the '80s, '90s and 2000s, and ultimately saw similar patterns in the recycling industry. And by no means is using a system like that wrong by definition or inherent, but ultimately saw a massive opportunity to bring an industry that is deceptively huge that no one really pays attention to outside of the folk in the industry and folks who we saw it when we started in 2020 who are quite literally essential workers, bringing that technology to them. And it's been an awesome six years. It's been very exciting. I think that what we wanted to do, clearly the market has responded well, which I'm sure we will get into. And what's really exciting for me is not only working with the folks in this industry on a day in and day out basis, and I can talk to my relationship to the industry and general thoughts, but also specifically as technology has not really progressed linearly over the last couple years, but obviously I had some step changes with AI, being able to innovate alongside this industry and partner with our customers to bring those step changes to an industry like this. It's been super exciting. Dave: Now, well, thank you for that background recap. So let's talk about the founding of the company. So where did the name come from, Green Spark? Gordon: Yeah, great question. I...
    Show More Show Less
    43 mins
  • Ep071: IC-DISC from Start to Finish: The Complete Setup and Compliance Guide

    Ep071: IC-DISC from Start to Finish: The Complete Setup and Compliance Guide
    Jan 29 2026
    Setting up an IC-DISC the right way can mean the difference between maximizing tax savings and having issues down the road. In this episode of The IC-DISC Show, I sit down with Brian Schwam, IC-DISC specialist and tax attorney, to walk through the complete IC-DISC setup and compliance process from start to finish. This conversation was inspired by a CPA request for a comprehensive guide covering every step of the IC-DISC journey. Brian breaks down the entire process chronologically, from the initial consultation to determine if a business qualifies, through the critical formation steps that can make or break your IC-DISC. We cover proper capitalization requirements, the infamous 90-day election window, why non-interest bearing bank accounts matter, and the draconian 60-day payment rule that catches many businesses off guard. He explains the difference between simple and transaction-by-transaction calculations, sharing an example where detailed analysis increased a client's commission from $4 million to $17 million on $100 million in export sales. Whether you're a CPA learning about IC-DISC for the first time or a business owner considering this strategy, Brian's systematic approach demonstrates why working with a true specialist matters when navigating these complex regulations. SHOW HIGHLIGHTS A detailed transaction-by-transaction calculation increased one client's IC-DISC commission from $4 million to $17 million on the same $100 million in export sales.Missing the 90-day election filing window requires a private letter ruling costing $35,000-$40,000 to fix, making it cheaper to just set up a new IC-DISC.The 60-day payment rule requires paying at least 50% of your estimated commission in cash or promissory note within 60 days of year-end to avoid disqualification.Setting up an IC-DISC with no par value stock is a fatal error that will cause the IRS to reject your election, regardless of everything else done correctly.A non-interest bearing bank account is essential because even $1.50 of interest income can disqualify your IC-DISC if no commission is paid that year.Export sales typically need to reach $3-5 million before an IC-DISC makes economic sense, though exceptions exist for businesses with exceptionally high profit margins. Contact Details LinkedIn - Brian Schwam LINKSShow Notes Be a Guest About IC-DISC Alliance Brian SchwamAbout Brian TRANSCRIPT (AI transcript provided as supporting material and may contain errors) Dave: Good morning, Brian. Welcome to the podcast. Brian Hey, good morning David. Good to be here. Dave: So I, I now refer to you as the Bob Hope of the podcast because I believe that Bob Hope holds the record for the most appearances on the Johnny Carson Show. So that's why you're like the Bob Hope of the podcast. You have more appearances than anyone else with today's appearance. Brian That's good company to be in if you're of a certain, if you're of a certain age. Dave: Yeah. And I'm not even sure you and I are quite old enough to even be of that certain age. Brian I probably never saw him on Johnny Carson. Dave: Yeah, me too. So this is an episode that was requested by a CPA of one of our clients who was retiring and he had a new. Partner taken over and he said, Hey Dave, can you send over a link to the episode that just goes through all the details of the IC disc from start to finish? And I'm like, well, we don't have that episode, but it's a great idea. So that's what's behind this. So let's start at the very beginning. Somebody calls you up and says, Hey Brian, I need an IC disc, or I want an IC disc. What's the very first step? Brian Very first step for me is to say why. Dave: Okay, Brian tell me about your business. Dave: Okay. Brian You know, do you have qualified export receipts? Do you have qualified export property? That those are very complex areas. And some people might think they do when they don't, and others might think they don't when they do. Dave: Okay. Brian And more likely than not, they heard about IC disc from. Somebody they met at a, you know, business leader meeting or something and somebody said, oh, hey, I have an IC disc. You should have one. Dave: Okay. Brian And not everybody can utilize one, but there's many out there that can utilize 'em that do not. Dave: Okay. And do you charge anything for that consultation? Brian No, because to me it's just a fact finding. Dave: Okay. So step one, figure out if their fact pattern warrants having an IC disc. Brian Right? Right. Well, it's, it's actually, that's one step. If you deter, if we determine that yes, an IC disc makes sense because they do have qualified export property, they do have qualified export receipts, then we have to talk about volumes. Because, you know, if you have 500,000 of export sales, most like more likely than not. Disc isn't gonna make sense. Dave: Economic sense when Brian you factor Right. Economic, the Dave: costs Brian not right. There's not enough ...
    Show More Show Less
    1 hr and 1 min
  • Ep070: IC-DISC Myths, Mistakes, and Opportunities with Brian Schwam

    Ep070: IC-DISC Myths, Mistakes, and Opportunities with Brian Schwam
    Dec 12 2025
    Avoiding simple mistakes with the IC-DISC can mean the difference between maximizing tax benefits and leaving money on the table. In this episode of The IC-DISC Show, I sit down with Brian Schwam, National Managing Director of International Tax Services at WTP Advisors, to talk about the most common IC-DISC misconceptions that trip up practitioners and the underutilized opportunities many businesses are missing. Brian walks through the critical timing rules that confuse even experienced CPAs, including the 60-day and 90-day payment requirements that many practitioners misapply. He explains how the reasonable estimate safe harbor actually works and why paying the minimum amount can accidentally cap your commission at twice that figure. We cover the ordering rules for distributions, the often-misunderstood $10 million threshold, and why the transactional calculation method isn't nearly as impossible as people think. Brian also clarifies that IC-DISC dividends are subject to the net investment income tax, despite what some practitioners might believe. The conversation shifts to creative structures most companies never consider. Brian explains how multiple DISCs can fund executive bonuses at qualified dividend rates instead of ordinary income rates, saving both employment taxes and up to 17% in federal tax for recipients. He describes evergreen dividend resolutions that eliminate the stress of year-end cash movements and shared-DISC structures that make the strategy economical for smaller exporters with under $3 million in sales. These approaches work for both flow-through entities and C corporations looking to avoid double taxation. After more than three decades in international tax, Brian brings clarity to a strategy that looks deceptively simple on paper but contains hidden complexity at every turn. This episode delivers practical guidance you can use immediately, whether you're a practitioner helping clients or a business owner evaluating your own structure. SHOW HIGHLIGHTS Paying the minimum 50% under the 60-day rule accidentally caps your total IC-DISC commission at twice that amount, limiting flexibility.Companies with export sales over $10 million can still use an IC-DISC—the cap only limits income deferral, not eligibility.Multiple DISCs can fund executive bonuses at qualified dividend rates, saving up to 17% in federal tax versus ordinary income.The transactional calculation method isn't impossible—most companies in 2025 can pull the data needed to maximize their IC-DISC benefit.Evergreen dividend resolutions eliminate 60-day and 90-day payment stress by automatically distributing commission rights on December 31st each year.Shared DISC structures let exporters with under $3 million in sales split compliance costs while each partner keeps their full tax benefit. Contact Details LinkedIn - Brian Schwam LINKSShow Notes Be a Guest About IC-DISC Alliance Brian SchwamAbout Brian TRANSCRIPT (AI transcript provided as supporting material and may contain errors) Dave: Hi Brian Welcome to the podcast. Brian: Hi Dave. Thanks for having me. Excited to be here. Dave: Yeah, my pleasure. So quick intro, Brian is, what's your title with WTP? Brian: National Director of National Managing Director of International Tax Services, which encompasses export incentives as well as more general international tax consulting. Okay, Dave: And that's at WTP advisors? Brian: Correct. Dave: And you and WTP advisors are founding members of the IC-DISC Alliance along with my firm and myself. Brian: That is correct. Dave: And so are you brand new to this international tax business? Did you pick it up last year or something? Brian: That's funny. I don't think I look like I picked it up last year. I've been been full-time international tax since 1992IC, and prior to that I spent a few years as a generalist, which I think makes me a better international tax person, but it's been a few years, been around the block a few times. Dave: Well, I think it makes you better. I always introduce you as the IC-DISC guru. Now that Neil Block has retired, I think you can now take over the mantle of godfather of the IC-DISC, Brian: Right? Or the step godfather. I don't know if anyone can ever replace Neil. He had a lot of knowledge, has a lot of knowledge in this area and a lot of experience, and I'm just kind of flattered to be compared to him. Dave: Well, Neil was, I think my inaugural or second guest, and I think he's only been on the podcast once. So I think you're trumping Neil with this either your second or third visit. Brian: I think it's the third visit. And Neil's retired and joined the Good Life and I'm not, so that's probably why I've beaten them as far as number of appearances. Dave: There you go. Well, today I want to talk about IC-DISC. I want to talk about misconceptions and maybe underutilized opportunities. So the IC-DISC is straightforward as can be cut and dried. Anybody can prepare the return, anybody can do the ...
    Show More Show Less
    52 mins
  • Ep069: Subscription Pricing Success with Raffi Yousefian

    Ep069: Subscription Pricing Success with Raffi Yousefian
    Nov 21 2025
    Success in professional services isn't about doing more—it's about doing less, but doing it exceptionally well. In this episode of The IC-DISC Show, I sit down with Raffi Yousefian, CEO of The Fork CPAs, to talk about how extreme specialization transformed his accounting firm from a general practice into the leading restaurant and bar controllership service in the country. Raffi shares the counterintuitive journey of deliberately shrinking his client base to accelerate growth, ultimately tripling revenue within 18 months of selling off 30% of his practice. We explore how Raffi evolved from serving three industries to exclusively focusing on restaurants and bars, and why weekly financial reporting creates competitive advantages that monthly statements simply can't provide. He breaks down the economics of restaurant operations, explaining why 2% savings in food costs can represent an entire profit margin when you're working with businesses that operate on 5-7% net profits. The conversation reveals how subscription pricing combined with deep industry expertise solves the profession's labor shortage by making firms more profitable and attractive to talent. What strikes me most is how Raffi's specialization philosophy mirrors successful models in other industries, from medical concierge services to dating apps. If you've ever wondered whether narrowing your focus could actually expand your opportunities, this conversation provides a compelling roadmap. SHOW HIGHLIGHTS Raffi sold off 30% of his accounting practice to focus solely on restaurants and bars, then tripled the remaining 70% within just 18 months.Weekly financial reporting in restaurants isn't a luxury—it's survival, since a 2% swing in food costs can represent your entire profit margin.The Fork CPAs moved from "insecure niching" with three industries to hyper-specialization, proving that doing less actually accelerates growth when done with expertise.Restaurant operators typically process 300-400 invoices monthly for a $3-4 million location, making specialized systems and processes non-negotiable for profitability.Subscription pricing in accounting solves the labor shortage by making firms more profitable, allowing them to pay better and attract talent to the profession.Specialization creates resonance with ideal clients who say "you sound like my soulmate" rather than casting a wide net and hoping something sticks. Contact Details LinkedIn - Raffi Yousefian LINKSShow Notes Be a Guest About IC-DISC Alliance About The Fork CPAs Raffi YousefianAbout Raffi TRANSCRIPT (AI transcript provided as supporting material and may contain errors) Dave: Good morning, Raffi How are you today? Raffi:: Good morning, David. I'm doing well. And yourself? Dave: I am doing great. I appreciate you coming on the podcast. Just a formal introduction, you are Raffi Yousefian, and you're the CEO of the Fork CPAs. Is that correct? Raffi:: That's correct. And I appreciate you having me. I'm excited to have a conversation with a like-minded individual in the accounting industry. Dave: Yes. I've been looking forward to this for some time. So what part of the world are you calling into from today? Raffi:: I am in Brooklyn, New York City. Dave: Okay. Raffi:: Specifically Williamsburg Greenpoint, which is meant to be the hipster capital of the world in case you're interested. Dave: Yeah, I have heard that name. For that reason, I don't think I've ever been there. I haven't been to New York in about 15 years, and I think I rarely have ever been anywhere but Manhattan. So I'll have to be sure to check that out the next time I'm in town. Raffi:: We would love to have you. We're right across the East River. Dave: Okay, Raffi:: Great. Great nightlife scene, great food scene. A lot of sighting. New concepts are popping up every day, bars, restaurants, so it's a great place to be. Dave: That sounds awesome. Well, first of all, let's get to the name. What the heck does The Fork CPA's name mean? Usually the CPA firm is named after the founder or the partners. So what's the fork? What's the meaning of the fork? Was one of your partners named Fork or talk? Raffi:: No. So the fork, I have a 15 slide presentation on it. Maybe I can walk you through it one day. But the fork represents a tool that is highly agile with very sharp and fine edges, and it also relates to the restaurant industry and represents us and our values as a firm. So that's where the four comes from. That's the, in a nutshell description. And then the CPAs, you add that to clarify that we're doing accounting and tax, so that's where work branding comes from. Actually, we launched the brand in 2022, so it hasn't always been our name. Dave: Okay. Well, I really like it. So are you a New York native? Raffi:: I'm not. I'm actually from dc so lived in DC for about 10 years. That's where I started the firm, and I moved up to New York in 2021. Dave: And you went to college in Maryland? Raffi:: Yes, ...
    Show More Show Less
    54 mins
  • Ep068: Beyond Banking Silos with Randy Gartz

    Ep068: Beyond Banking Silos with Randy Gartz
    Oct 22 2025
    In this episode of the IC-DISC Show, I sit down with Randy from Trinity Bay Capital to talk about how specialized capital advisory bridges the gap between growing companies and the financing they actually need. Randy spent 17 years in traditional banking at First City and other institutions before moving into capital finance in the mid-1990s. His transition came from frustration with banking silos that prevented common-sense solutions for growing companies. After traveling extensively as a capital finance professional and later serving as president of a bank, he launched Trinity Bay Capital to help companies access everything from asset-based lending to purchase order financing. His approach differs from typical brokers because he pre-qualifies deals using his banking expertise, then targets just three carefully selected lenders rather than shotgunning dozens of institutions. What makes Randy's work compelling is how often he solves problems without charging fees. One client I referred received three competitive term sheets that gave him leverage to renegotiate with his existing bank, getting everything he wanted at no cost. Randy's focus on matching companies with conventional banks whenever possible, even when capital finance would pay higher fees, demonstrates how his business model prioritizes client outcomes over transaction volume. His internal 48-page reference guide of specialized lenders reflects decades of relationship-building across oil and gas, maritime, manufacturing, and distribution sectors. Randy's philosophy that "I don't need to work, I do this because I enjoy it" explains why 75% of his pipeline comes from Texas energy companies that conventional banks won't touch, and why he celebrates when clients find better deals elsewhere. SHOW HIGHLIGHTS Randy turns down fund management opportunities that would pay more because accepting them would recreate the banking silos he left to escape.Trinity Bay Capital targets just three carefully selected lenders per deal instead of shotgunning 12-20 institutions, achieving 95% term sheet success rates.A construction mat company couldn't get financing because their primary assets wear out quickly, until Randy found lenders who advance directly on depreciating equipment.Randy helped a frack pipe manufacturer secure $30 million after eight conventional banks declined, simply by knowing which bank was allowed to do oil and gas deals.One client found a better deal independently, and Randy celebrated it instead of pushing his commission, telling him "as long as I can work with you, that's awesome."Randy's success fee from conventional banks is often reduced compared to capital finance companies, but he always takes clients there first because it's what they deserve. Contact Details LinkedIn - Randy Gartz LINKSShow Notes Be a Guest About IC-DISC Alliance Randy GartzAbout Randy TRANSCRIPT (AI transcript provided as supporting material and may contain errors) Dave: Good morning, Randy. How are we today? Randy: We're doing great. How are you? Dave: I am doing great. Thank you. Where are you calling in from today? What part of the world are you in? Randy: Houston, Texas. Dave: Okay. Me as well. So I was just trying to think, how long have I known you? I think it's been over 20 years. Randy: It's been since the mid nineties. Dave: Has it been that long? Wow. So more like 30 years. Randy: Yes. Dave: We're getting old, my friend. Hey, I look a lot older than you did. That's subjective. So I've got some questions for you. Some I think I know the answer to, some I don't. Why don't we start? I'm a sequential learner. Let's start at the beginning. Where are you from originally? Are you from Southeast Texas? Originally? Randy: I'm an Air Force brat and I was born in El Paso, Texas. Dave: Okay. Randy: And we moved about every two years after that until I was in high school. Well, actually in high school I was at three different locations. And then starting from college on Texas a and an, I've been in Houston ever since. Dave: Why did I forget that you're in Aggie? Because where I went to school and I guess we've been able to get past that. Randy: I don't talk about that much. It's probably one of the main reasons a and m was good to me, but in my past. Dave: Yeah, no, I hear you. I'm just having fun with you. So I suppose moving every two years, that will help you learn rapport, building interpersonal skills, I suppose. Randy: Absolutely. That helped me go to city to city when I was traveling for capital finance companies and just introduce myself about a problem and just, hi, how are you? Who are you? What do you do? So yes, absolutely. Dave: So your degree from Texas a and m? Finance. Randy: Finance. And then I went to U of H and worked on an accounting degree. Dave: Okay. So what was your first job out of college? Randy: Oh, it was at credit training program for First City and Texas. Dave: Oh wow. They really had a great training ...
    Show More Show Less
    34 mins