Balancing the Books for Business Brilliance feat. Theo Kagado
From Basketball Dreams to Financial Mastery: Theo Kagado's Unique Path
In an inspiring episode of the LearnLikeaCPA podcast, host Ryan Bakke sits down with Theo Kagado, an accomplished entrepreneur and finance expert. Kagado's journey from aspiring basketball player to a leading figure in accounting and tax consulting offers a wealth of insights into the world of business and personal finance.
The Intersection of Sports Discipline and Business Acumen
Kagado's early experiences in basketball instilled in him a discipline and focus that he later applied to his entrepreneurial endeavors. His transition from sports to accounting wasn't just a career shift but a strategic move to leverage his innate skills and family background in accounting to carve out a successful path in the business world.
Entrepreneurship as a Natural Progression
Reflecting on his college days, Kagado shares his initial business ventures, from selling snapbacks to dabbling in various small-scale entrepreneurial activities. These experiences laid the foundation for his deeper dive into the business world, eventually leading him to establish his own accounting and tax consulting firm.
The Crucial Role of Accounting in Business Success
Kagado emphasizes the fundamental role of accounting in business. He argues that without a solid accounting system and a keen understanding of numbers, business growth is significantly hindered. His approach to accounting goes beyond mere number crunching; it involves strategic planning and deep financial insights.
Breaking into the World of Accounting and Tax Consulting
The transition to his own firm was a bold leap for Kagado. He shares how he strategically used a job offer to transition from a W-2 employee to a 1099 consultant, eventually establishing his own company. This move not only provided him with more control over his career but also opened the door to entrepreneurship.
Leveraging Tax Strategies for Business Growth
Kagado’s expertise in tax strategies is evident as he discusses various aspects like write-offs, the importance of keeping track of books, and knowing when to transition to an S Corp. His emphasis on understanding the intricacies of business expenses and their impact on revenue and taxes is a key takeaway for entrepreneurs.
The Importance of Investing in One's Business
One of the most profound pieces of advice Kagado offers is the importance of investing in one's own business. He challenges the common rush towards external investments like real estate and stocks, urging business owners to first understand and maximize the potential of their own ventures.