David M. Daggett is a qualified accountant who is a partner at Lee, Cochran & Daggett, CPAs, LLP, which is a full-service firm specializing in tax preparation and tax planning. He’s been a partner since December 2011, and part of his work is handling about 400 clients who range from high-net-worth individuals to real estate professionals, service companies, and manufacturers. Over the years, he’s advised many clients on the importance of tax planning, thus, helping them file their taxes and avoid unnecessary penalties.
What tax planning means
Tax planning is the ‘process’ of getting your financial affairs in order so that you can meet your tax obligations properly and timely. By having effective strategies, you can ensure that you have more money to invest or save, all resulting from making maximum use of all the tax breaks available under the tax code.
Closely related to tax planning is financial planning, which speaks to the strategies that help you accomplish your financial goals, whether they are long-term or short-term. Financial planning and tax planning are related because taxes are a huge expense over a lifetime. If you want to be successful, you will have to figure out how to handle taxes. So having a plan in place is crucial to your long-term financial success.
Over the years, David M. Daggett, CPA has helped many clients understand fully the importance of tax planning. By doing so, many have avoided committing blunders that cost them time and financial resources.
Every year, venture capital and private equity firms go out in search of ambitious startups to invest in and help grow into solid businesses. David M. Daggett, an experienced accounting professional, who once served as the chief financial officer of a $250 million venture fund, knows all too well how private investment is helping shape the future of entrepreneurship. As a native of California, he’s also seen the impact venture capitalists have had in Silicon Valley and the plethora of game-changing ideas that have seen the light of day as a result.
Private investment by venture capitalists, angel investors, and private equity firms are medium to long term, often with the requirement that these investors get an equity stake in the business. Some private investors just want a stake in the business; others will want to take a more visible role in operations/management. Still, the underlying factor is that the business has to display growth potential and have solid management.
As an entrepreneur, you have to know what private investors are looking for. Getting a venture capital to finance your business idea is very different than approaching a lending institution for a loan. These institutions will charge interest on the loan, whether the business is successful or not. For private investors, a return on investment is their main goal.
With private investors, a business has to possess the potential to grow within five years for it to make business sense. Lack of such potential is likely to discourage them.
David M Daggett CPA is an experienced Certified Public Accountant with extensive knowledge on venture capital and entrepreneurship.
David M. Daggett, CPA has worked as a professional accountant for more than 30 years, during which he’s honed his skills and had much success in growing a business. Like many successful entrepreneurs, Mr. David Daggett has had to cultivate a culture of hard work and passion in order to steer the business towards lucrative rewards.
While your business could be based on a good idea, it’s good to know what makes it grow. Because many people are choosing to become entrepreneurs, there is a lot of competition that requires you to have an edge. Here’s how you grow the business.
You can pull away from the competition by being unique. Consider your strengths and how you can differentiate your approach from others. For example, if other businesses are more focused on attractive packaging, you can make yours focus on a better customer experience.
Be an Authority
People tend to work with entrepreneurs who have established themselves as authority figures in the industry. You can become one by publishing articles or whitepapers, or even writing a book. Drum up support for the book through marketing events to get more visibility.
Authority figures get more coverage than individuals who have not worked on establishing credibility.
Get to Networking
You would be surprised how fast your business can grow if you networked with others in the local community. Find out how your business can help the local businesses and organization, whether through partnerships or sponsorships.
David M Daggett CPA is a former CEO of Gator Hawk Armor, Inc., a body armor manufacturing company.