“Healthy Growth is challenging the status quo. How can we do things differently to achieve growth and profitability? Get away from the same-old, same-old. Watch costs/expenses. Know how to apply tax-saving opportunities for maximum benefit.”
From simply preparing a tax return that meets the reporting standards of the various taxing authorities to implementing a tax planning idea that will save money well into the future, completing a project that provides value to my client is the most gratifying part about my job.
MY GROWTH STRATEGY: I care about my clients. Anyone can hire a technician, including a CPA, to perform a task such as preparing a financial statement or a tax return. Knowing my client and applying my knowledge to his particular situation is where I can really add value. My clients really don’t care how much I know; rather, they want to know how much I care. I believe I can deliver top-notch service at a fair price. I want to bring value so that I am never viewed as a cost but rather as a benefit.
NOTABLE CLIENT SUCCESSES: 1) We assisted a client in determining the value of his business and achieving a selling price that was more than twice the original offer. 2) We identified tax credits not previously claimed by the client which resulted in more than $600,000 in tax savings. 3) We introduced a human resources professional who implemented a new compensation structure saving the client more than $300,000 annually in salaries and benefits. 4) We assisted with creating a cash flow projection to secure bank financing in excess of $20 million. 5) We assisted in preparing a financial model for a strategic plan to quantify the plan for growth and enhance company value. 6) We advised a client to establish an IC-DISC for foreign shipments saving the client more than $400,000 in taxes annually. 7) We identified a client service/activity that qualifies for the Domestic Production Activities Deduction, saving the client more than $18,000 annually.
OUT OF THE OFFICE: I enjoy golf, tennis and playing the piano. You can find me on the golf course at Columbia Hills Country Club in Columbia Township or just about any other course in northeast Ohio – even Naples, Fla., once in a while. I play men’s doubles at Paramount Tennis Club in Westlake on Tuesday nights. Thirty years ago we were a bunch of 30 year olds playing tennis. We’re a little slower on the courts these days but it’s just as much fun and great exercise.
ON MY BUCKET LIST: Travel is big on my bucket list and I have my “A” list for travel: Alaska, Aruba, Australia, Africa, Austria, Athens, etc. I’ve knocked a few of them off and still have a few to go.
LITTLE KNOWN FACT: I have more holes-in-one than Ben Hogan. (That would be ONE.)
What are some issues within your specialty that are commonly overlooked or not addressed by clients? Few CPA’s are also attorneys. I bring a legal perspective that can help with structuring a transaction for maximum tax and financial benefit. I do not practice law. But my law background helps with my financial and tax consulting.
What are some of the most pressing issues facing your clients today and how do you add value in helping them tackle them? Many clients in today’s economic environment are trying to figure out how to do more with less. They need to identify areas of cost and tax saving because the top line may not be where it has been historically. Identifying these cost savings and tax savings will help the business be more profitable.
MORE ABOUT JIM GORNIK
Honest + Fair + Intelligent + Good communicator + Loyal
- Bachelor of Science in Business Administration, with a major in Accounting – John Carroll University
- Juris doctor – Case Western Reserve University
- St. Ignatius High School – Cleveland
- Ohio Society of Certified Public Accountants
- American Institute of Certified Public Accountants
- American Bar Association
- Society of Financial Service Professionals
- Have presented various tax and financial topics to local bar associations, CPA organizations, civic groups and client forums
- Apple Growth Partners Community Outreach Charitable Giving Fund – Committee Member
- Youth Challenge Sports – Board Member
- Prestwick Homeowners’ Association – Trustee
- Columbia Hills Country Club – Former Board Member
- Playhouse Square Foundation – Member, Inner Circle
- Westlake City School District – Former member, Finance Advisory Committee