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by Stephen Parezo

Curtis Cannedy

February 15, 2006—Curtis Cannedy has always looked up to his two older brothers so it was only natural that he followed in their footsteps. That meant earning an accounting degree from Midwestern State University.

His brothers advised him not to major in business because “you can do everything and more with an accounting degree,” said Cannedy, a Fiducial franchisee who has spent his entire life in Wichita Falls, TX.

Cannedy began his career in the mortgage department of a savings and loan company, working on loan payoffs and transferring loans. He later became an assistant controller for the company. Next on his resume came a 19-year stretch as a controller/CFO of a chemical distributor that had 20 locations. There he managed the inventory, accounts receivables and debt on a daily basis.

“It was a challenge to have extended terms from our suppliers and get financing from a bank,” he said.

Now a Certified Public Accountant, like his older brothers, Cannedy found near the end of nearly two decades working for the chemical distributor that he’d like nothing more than to be his own boss.

“You want to look at the challenge of working for yourself,” he said. Naturally, he bounced this plan off his brothers who “thought it was a good idea.”

Cannedy joined the franchise ranks in November 1999 and remembers it wasn’t easy in the early going.

“It was challenging but enjoyable seeing something start from nothing,” he said. “You have no clients and you’ve got to get some. It was the networking and cold calling that I didn’t enjoy but it was something I had to do.”

Always there for his clients

But Cannedy believed he was offering the right types of services that small business owners in Wichita Falls needed.

“It was enough of a niche to make it work,” he said. “I was trying to take the CFO/controller experience to the small business owner and that’s basically what I’m doing.”

He remembers when he acquired his first client who was one of his friends. Cannedy had just returned from a training session when he checked his voicemail on his home phone. His friend—a small business owner who owned a freight company—desperately needed his help.

So Cannedy combed thoroughly through his friend’s financial records to get them sorted out which took about a month.

“That eased his mind,” he said. “He’s been straightened out and flying ever since.”

Though Cannedy didn’t enjoy cold calling he knew it had to be done so he set out to improve his technique. He also helped form a networking group which proved invaluable in dealing with prospective clients.

Always there for his clients, Cannedy won’t hesitate to step in when his assistance is required.

One of the clients he does a lot of work for, a dentist, was thinking of delegating someone on staff to perform payroll, accounting and tax duties but Cannedy saved the dentist from having an in-house employee take over those various functions.

“That’s been a valuable benefit to them,” he said.

Knowing how to make it work

Among the services Cannedy offers to his clients are providing financial statements, full payroll services, tax planning and preparation and business counseling. He’s also a Certified QuickBooks ProAdvisor.

Many business owners ask him for help to improve their cash flow. On paper, it looks as if their operation is making money but in reality it often isn’t.

For example, a client owned a large company that from first glance appeared to be turning a profit but, their rent and equipment seemed to eat up most of their cash flow.

“They were paying a lot of principal payments that didn’t show up on the P&L [profit and loss statement],” Cannedy said. “They didn’t realize how it impacted cash flow.”

To resolve his client’s problems he suggested that the company restructure their loans which did the trick.

“They just know that I’m here for them when they have a question regarding anything running their business,” he said. “Whether it’s financing or leasing equipment or trying to make a decision on a type of loan or expansion we feel like we’re right there with them.”

After all, Cannedy says he knows how to run a small business and how to apply the numbers to make it work.

“I definitely feel like I’ve made a difference,” he said. “If you’re not making a difference you need to do something else.”

Stephen Parezo is the Media Manager for Fiducial.

Whatever your small business needs, your Fiducial tax and financial professional can analyze your situation and recommend an appropriate action plan. To locate a Fiducial office nearest you on fiducial.com, see the Zip Code Locator located in the upper right hand corner of the page. Do you have a particular topic that we should be writing about that can help your business? Please send your suggestions to: stephen.parezo@fiducial.com.

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