Growing Business Means Growing Tax Bills

Business Planning Case Study: Goeins Williams Associates, Inc.

SCORE and MassMutual know how important it is to get good advice. That is why, for SCORE’s 50th anniversary, we are sharing helpful, relevant, and succinct tips for your business success. The tips are based on real-life experiences and successes from people like you.

These case studies are real-life business owners that used the advice from SCORE mentors, applied it to their business, and achieved real, measurable results. 

CRN201601-179497

Why go it alone? Meme

 

Goeins Williams Associates, Inc. 

Owner
Dr. Devona E.G. Williams​
Location
Wilmington DE​
Website
www.goeinswilliams.com
SCORE Mentors 
Dave Milling

 

 

 

The Client:

Since 1986, Dr. Devona E.G. Williams’ company, Goeins Williams Associates, Inc., has helped over 40,000 people by providing management consulting and training services to corporations, government agencies and nonprofit organizations. 

The Challenge:

In 1995, Williams’ business was rapidly expanding. When she discovered her rapid growth had also led to a growing tax bill, Williams visited SCORE to get advice on how she could pay less in taxes and keep more of her profits. 

The Solution:

SCORE mentor Dave Milling referred Williams to a financial management company that helped her assess her income and revenues and create a budget forecast. She discovered that purchasing an office building would increase her earnings and decrease her tax liability—not to mention creating an asset that would appreciate in value. Milling also suggested she form a business advisory council, and became a member of the council himself.

“The council was made up of customers and mentors, representing each main revenue stream of my business, whose opinion I valued and who were seasoned professionals,” Williams recalls. “It met quarterly for about four or five years and was so helpful in stabilizing my company’s growth.” The council advised Williams on issues including new product development, human resources and creating a succession plan. 

The Results:

Although Milling has since passed away, Williams continues to benefit from the advice he and the advisory council provided. She has written a book, The Intentional Consultant; developed a product line, Spice of Life Diversity Training Cards, which is sold internationally; and been honored as an outstanding business owner by organizations such as NAWBO, the Minority Business Opportunity Council and the Denver Business Journal.

In 2012 Williams was selected to attend a two-day educational seminar sponsored by SCORE. As a result of that event, she redid her strategic plan, signed up for the National Speaker’s Association’s Speakers Academy and more than doubled her income in 2013. Future goals include expanding into international consulting, writing a second book and doing more public speaking.

“I’ve referred so many people to SCORE,” Williams says. “It’s a great way to develop and grow your business, especially when you’re at a crossroads.” ​

 

Mass Mutual is not associated with, and does not endorse, the business featured.​