Roger Staubach, former Dallas Cowboy quarterback, was once quoted, “Spectacular achievements come from unspectacular preparation.” As I was searching for quotes on preparedness, this one really stuck out and stopped me at my desk. I will never forget when my wife blessed me with the news that we were expecting our first child. While we were overjoyed and trying to decide when we were going to tell close friends and family, we knew that life was never going to be the same from this point forward.

As the initial surprise faded, we realized that our home would soon feel much smaller, my wife’s car was not designed for a bulky car seat, many doctor visits and a hospital stay were forthcoming, and that we had a lot of work to do. We began to plan how we would prepare my daughter’s nursery, what kind of vehicle we would need, and how much we would be spending on medical bills. Fortunately, we had been preparing and saving for these expenses for some time in hopeful anticipation that they would arrive one day.

Larger than usual and necessary expenditures in life will come and go, but the ability to endure them with confidence does come at a (reasonable) price. It cannot be stressed enough that having a financial plan is a must. Whether it is tax planning, charitable planning, insurance needs, retirement plans, education plans, or budgeting/saving techniques, no one plan for an individual, couple, or group is the same. Knowing your goals and what is most important to you in life is the first step in becoming financially prepared for them. Once they are known, aligning your finances, and improving the avenues necessary to accomplish them is the next.

The ending of the holiday season and the beginning of a new year is always a great time to reflect on the more important areas of our lives and often to re-evaluate how we approach and prepare for them. I know for myself being the best husband and father I can be is going to be at the top of my list. Preparing and planning for life’s expected or unexpected events, can be hard and stressful enough on their own. Don’t let being financially ill-prepared make them even more challenging. If you feel you may need to tighten up your plan in preparation for any of the areas mentioned or not mentioned above, contact your trusted CPA or CERTIFIED FINANCIAL PLANNER™ professionals for any advice or questions you may have. Your spectacular achievement may just be a little bit of preparation away from being accomplished!

Published in the Victoria Advocate

Hayden Schilling, CPA is a staff accountant for Keller & Associates CPAs, PLLC.

Sometimes we need to just slow down and think about all the things in life we have to be thankful for. It seems that we are bombarded every minute of every day with news that can be unpleasant. The things we as humans can do to hurt each other in thought, word and deed is endless. We can’t stop the newsfeeds or the posts, but during this holiday season and beyond, we can be more thoughtful about the ways we react and interact with one another on a personal level.

Veterans Day has just passed, Thanksgiving is upon us, Christmas is right around the corner and then it is New Year’s Day plus all the other holidays celebrated this time of year by our diverse nation!

I am thankful for all of our veterans who have served and sacrificed including all service members currently enlisted in our armed services to protect the rest of us and our allies. Our family has been in this country since before the American Revolution starting with the original Jacob Keller emigrating from Germany through Switzerland to North Carolina. It is amazing to me the number that have served throughout our nation’s history. Now our own Aggie son Jacob Keller serves as a Captain in U.S. Army Reserves. I expect that almost all families in this nation have long histories of family members that have served and it builds a bond between us as Americans that we should all be proud of.

As we come together for Thanksgiving this year be thankful for the blessings we have both great and small. Think of others and how we might be able to help, give or share. Reach out and include someone who may be alone this year. The more the merrier and I expect there will be plenty of turkey to go around!

When the Christmas holidays come, hold your family and friends close. Spend as much time together as you can. As I get older, time is becoming more precious. From a professional perspective, I seem to have more demands on my time even though I am supposed to be slowing down. We simply have to prioritize to make time for what is most important, our family and friends.

Well, all this and I have not said anything about income taxes, estate planning, financial planning or asset allocation. This article was about the allocation of your most important and limited asset, the time we spend with family and friends.

With the New Year let’s work together to move forward to build a better future for our families and unity for our nation. Here’s wishing you all a very happy holiday season from start to finish and a prosperous 2024!

Published in the Victoria Advocate

Lane Keller CPA/CFP® is a managing member of Keller & Associates CPAs, PLLC and KMH Wealth Management, LLC.

For as long as I can remember, I have taken an interest in the sport of track & field. I vividly recall spending two weeks of my summer break from elementary school, glued to the television watching the Olympics Games that were held in Beijing, China in 2008. At this particular Olympic Games, Usain Bolt became the fastest man on Earth. With an untied shoelace, Bolt broke the world record for the fastest 100 meter dash and 200 meter dash!

Recently, the World Track & Field Championships were held in Budapest, Hungary. The best athletes from across the globe gathered to compete over the course of several days. The running events, particularly the relay races, prompted me to think about the elite business professionals and individuals that I would recommend small business owners recruit to their business “relay team.” A relay team is made up of four “legs.” Each leg runs a set distance, as the baton is passed around the track from runner to runner. A successful relay team requires synchronization, communication and teamwork to yield the fastest and most efficient run. So, runners take your mark, get set… GO!

First leg: You are certain you have a winning business idea, but you have no idea where to start. One of the first decisions to be made is which form of legal identity your business will take on. Liability, ownership, flexibility, and most importantly, taxes will be affected by the organization of your business, so it is imperative you recruit a Certified Public Accountant (CPA) to your business team to help you navigate both the short-term and long-term impacts of your decision making.

Once your business is booming, the CPA on your team can aide in maintaining accurate books to produce meaningful financial reports and statements. Maintaining accurate books is vital in preparing required reports related to payroll, sales tax and state and local tax returns. Accurate books will also help in keeping your tax preparation fee low. A proactive CPA on your team will stay abreast of current tax laws, while planning for the future so there are no surprise tax bills at year-end or years to come.

Second leg: You have formulated a business plan with your CPA, now it is time to add an attorney to your lineup. Upon business formation, we advise our clients to consult with an attorney. Attorneys and CPAs consult one another and communicate, making your team robust. An attorney can review your business plan and make recommendations to ensure your business has a solid foundation. Having a knowledgeable expert, like a business attorney on your side will bring you peace of mind, as they are a trusted advisor and a powerful advocate. If the going gets tough, an attorney will be your MVP.

Third leg: Your business has taken off, and it’s profitable! What’s next? Engage a CERTIFIED FINANCIAL PLANNER™ or CFP® Professional to join your squad of business professionals. Your CFP® professional will take a comprehensive look at your investments, business planning, and tax planning to help you achieve your financials goals. The CFP® practitioner on your team is complimentary to the CPA position. A proactive approach from both team members can help you optimize your tax planning strategies. You have dedicated countless hours and your energy into growing your business, you deserve a stress free retirement, and a CFP® professional can help you achieve just that.

Fourth leg: As a small business owner, you may need operational or emotional support from family members, friends, and the local community to thrive. In track lingo, they call this the “anchor leg.” The anchor leg is typically the fastest on the team and is responsible for the making up ground or securing the lead. Personally, I have many friends with an entrepreneurial spirit, and for them, emotional support is just as valuable as financial support. Furthermore, support from the local community is imperative. A “like” or share on social media can go a long way. A small business’ community ties and a strong support system is the “anchor” and vital for a prosperous business.

Don’t jump the gun, carefully craft your team of business professionals. If you are thinking about opening a business, or if you have already established a business, it is not too late, consider contacting a CPA or a CFP® professional to begin building a team to lead your business towards the finish line!

Published in the Victoria Advocate

Carlee H. Gibbs, CPA is a staff accountant for Keller & Associates CPAs, PLLC.

Somehow we’ve entered the month of August. For many this means the end of summer vacations, the beginning of school, and the kickoff of fall sports. This rings true to me and my family, and additionally brings the planting of our fall garden. Last summer, I began my garden ‘experiment’ as I’ve come to refer it as. I grew up gardening with my dad and remembered it being a ‘fun and easy’ thing that we did together. I thought this would be a great hobby to start with my kids…and maybe talk them into eating a few extra vegetables if they grew them. To my surprise, I’ve realized just how much raising a garden and raising financially savvy kids are alike.

Our summer garden has had a bumper crop of cucumber…as in taking over and trying to suffocate every other plant. We’ve had to rip out the excess more than once this season to let the other plants grow. Just like pruning back in the garden, I prioritize talking to my kids about pruning the excess in our lives and living within our means. Considering they’re still young, this looks like discussing how different choices can affect their ability to do other things. For example, choosing to regularly eat out or buy a small toy adds up which could result in not getting to participate in a fun activity or camp.

We have had our fair share of visitors to the garden over the past year and a half. The deer and birds that we once loved seeing in our backyard have now become an enemy of our bell pepper and tomato plants. Luckily, we’ve installed a fence to keep the larger animals out as a safeguard. Similar to the layer of protection the fence adds to our plants, we’ve already begun to discuss the importance of saving money. Eventually this will develop into conversations of having an emergency fund saved should they ever lose a job or have an unexpected expense come up in adulthood.

As we approach the changing of seasons, we have already begun discussing the preparations needing to be made to the soil to accommodate a new garden and the reasons why. Just like creating a good foundation for a fruitful garden, creating a good financial base for your child takes hard work and lots of dedication. I began discussing money with our children young. This can be as simple as comparing how similar items cost different amounts at the grocery store or allowing them to make money doing chores to work towards a small purchase. As they get older, we’ll discuss different kinds of investment accounts and how compound interest works.

Soon my little gardeners and I will begin planning exactly what want to plant for the fall. I’ll try my best to explain that while H-E-B may have all produce year round, that doesn’t mean we’ll be able to grow it in South Texas. We’ll discuss what items we’d like to grow and approximately how long until harvesting. Then we’ll wait (im)patiently each day as we watch seeds turn into sprouts, sprouts into plants, then finally something we can actually eat. Any good CERTIFIED FINANCIAL PLANNER™ Professional turned gardening enthusiast knows, patience and planning for your goals is key not only in gardening, but for your finances as well. In a world full of instant gratification, I use the opportunity to teach my kids that just as it takes time for our garden to grow, so does your money. We’ll continue to have conversations that different financial goals require different amounts of hard work and focus. For now, it’s a new Hot Wheels track, but I know that today’s discussions will shape their dedication for saving for things like homes and retirement in the future.

Whether your new found hobby is gardening like mine, or it’s something else, I encourage you to look for opportunities in your day-to-day life to relate to your children about finances. Preparation is key to growing good roots. As always, reach out to a CFP® professional if you need more guidance along the way.

Sara Potts is a CFP® Professional and Lead Advisor with KMH Wealth Management, LLC.