Host Charles Musgrove discusses the topics that matter to your business. Charles interviews the experts that always deliver the nuggets of knowledge to give your business the edge it needs for success. He covers the hot topics from investments, $15/hour minimum wage, bitcoin, employment law, taxes and current events impacting the economy and your business. It's a can't miss show for the entrepreneur and those that are striving to get there.
Chairman Powell and Economic Update!
#chairmanpowell #economics #inflation #fedrate
In this episode, Professor Joe Calhoun discusses the current state of the economy. He describes the role of the Fed Chairman and how Chairman Powell has to speak with caution, which sometimes seems like he is speaking in code. What if inflation gets to hot? What will happen to the consumer of the Fed raises rates? How will the Federal Government service the national debt if rates rise? Will a rise in rates effect pressure to raise tax rates? Check out this episode as we talk about these topics and more!
Higher Pay Beyond Minimum Wage Coming For Servers
In this episode, we have Tim Ligon, Partner with SeatonHill, a national outsourced CFO company. Tim has vast experience as CFO for national restaurant franchise brands. Tim's experience is the backdrop for his recommendations on how to prepare for the rising wages and costs in the industry. Tune in for tips about restaurant management.
Tim Ligon of SeatonHill on Answers That Count with Charles Musgrove. Covering the commission model that is proving valuable to restaurants and servers.
C: Hello! I am Charles Musgrove, host of the Answers That Count podcast. Thank you for joining us for another exciting show. Do me a favor before we get started, hit the subscribe button. Hit the like button because you know you’re going to love this podcast. It’s going to be a great podcast! We have some great content coming to you today. We have Tim LIgon with Seaton Hill. Tim, welcome to the show today. T: Good afternoon, how are you? C: I’m doing great. This is going to be a good show today. We’re going to talk about accounting, financial statements, and really we’re going to bring this to real life, real world current economic conditions. We’re going to talk about the minimum wage increase that we’re seeing across many of the states in the United States. We’re going to talk about inflationary costs that these restaurants are going through and really what the options are that the restaurant owner has to manage these costs increases over the long term. So, Tim this is going to be a great show, buckle up. Before we get started, I wanted to give a special shout out to Seaton Hill. So I know that is the company you’ve partnered with and John if you could put up that I want to read just a little bit of information about Seaton Hill to give them special props for today. Seaton Hill Partners, they are the fastest growing strategic CFO service firm in the nation. Can you believe that? Tim, you joined a big firm there. For more than a decade our client’s success is our mission at Seaton Hill. Seaton Hill Partners deliver the finance and operations expertise only a team of veteran business finance executives can bring. We position our clients for sustained long term growth and success in today’s complex business environment, experience matters. You want to call them for a no cost consultation (850) 524-0211 or check them out on seatonhil.com. So, Tim, you’ve joined up with a great company there at Seaton Hill. You bring with you a great amount of restaurant experience. Now I know you weren’t in the back kitchen flipping hamburgers and making salads and doing all that stuff. You were the financial guy so you were shoulder to shoulder with the owners of these large restaurant groups so you weren’t just the accountant or bean counter for one restaurant, you were part of a large organization. So tell us a little bit about the positions and experience you’ve had working with restaurants.
Is it the End of the Tipping Model for Restaurants? Commission Model the Future?
#frla #answersthatcount #foodtech
The topic of how to manage the $15 minimum wage increase was the headliner at the June Board Meeting of the FRLA. Carol Dover, CEO of FRLA, kicks off the session with a reminder of the narrow margin that Amendment 2 was passed in November 2020. Now is the time for action to stop the slide down the slippery slope of regulations and cost increases.
In this session, the experts are employment attorney, Kevin Johnson, Mike Vinik with BJ's Restaurants and Chad Mackay, CEO of Fire & Vine Hospitality. Chad's group of restaurants are located in the Washington and Oregon where the push for $15 minimum wage began over 5 years ago. At that time, he implemented a commission base compensation plan for servers and bartenders while charging customers a service charge. Chad discusses the success of the plan along with the pros and cons of it.
Kevin Johnson provides an outline of the legal hurdles to classify employees as commissioned employees and the exclusion for paying overtime premium.
Mike Vinik discusses how BJ's is managing the wage increases in over 25 States. They are using a variety of tools, including technology, menu changes and product usage.
Manage the Change that is Coming in the Restaurant Industry!
#restaurants #minimumwage #answersthatcount #capserv360
In this episode, we highlight sections of previous podcasts featuring restaurant industry leaders. This podcast covers topics that are relevant today for owners and operators to consider and suggestions made from owners of restaurants in Florida, Washington and Oregon. Comments about the focus of technology is also included in this highlight podcast.
What does Inflation Really Mean?
#inflation #nfp #economy #indicators #answersthatcount
Answers that Count with Professor Joe Calhoun In this video Professor Joe describes what the latest economic news on inflation means to your wallet. Highest indicators in 13 years sounds like we are in the middle of high inflation and economic problems. Is this true? Professor describes the fundamentals of economics and what that means today in light of the inflation indicators. Check out the video for information that will help you understand the flood of economic data that you see in the news.
How are Unemployment Figures Compiled?
#unemployment #employment #answers #answersthatcount
Join Professor Joe Calhoun and Charles on Answers That Count
Joe Calhoun: Hey, great to be with you! Always a pleasure, Charles. Awesome. Not only are you a professor, you’re an economics professor, so - and we’re going to talk about one of our favorite subjects. We’re going to talk about economics. And what - what are we looking at in the news today? So, there’s a couple of points that we’re reading about, we’re seeing, and we’re actually feeling it in our pocket books. So, let’s talk. Let’s start with the unemployment numbers. You know, there’s a lot of chatter right now every time we turn on the TV, watch the news or we read the newspaper, social media, we see where...heck, if we just go out shopping, we see where employers, retail shops, restaurants, they’re looking for employees. They’ve got ‘help wanted’ stickers posted everywhere, but yet when we look at the unemployment records that are posted by the federal government, their unemployment is still high. So, it looks like - I mean, this is kind of a contrast - we have high unemployment, but yet the demand for employees to work is high also. So, help us out with understanding that.
Charles is a phenomenal host that really gets the best out of his guests. A must listen...