010: How The Payroll Industry is Navigating the Coronavirus Crisis with Rob Basso
By Aline Wealth Management on April 20, 2020
In this trying time, Find Your Exit is shifting its focus to tell stories of business leaders and the challenges, trials, and tribulations they are facing right now.
Today, I’m joined by Rob Basso. Rob is the founder of Long Island Advantage Payroll Services, which was the area’s largest independent payroll provider until Rob sold the company in 2018. The business was named to the Inc. 5000 in 2016 and Rob has been recognized as a top CEO by Long Island Business News and SmartCEO’s Future 50 list. He’s also made countless appearances on Fox News and CNBC and been featured in Entrepreneur, Time, Newsweek, and the New York Times.
In his new book, The Everyday Entrepreneur, Rob shares a primer for pursuing entrepreneurial success through strategies and powerful anecdotes about defining and setting goals. He shares tangible strategies for wealth building and achieving financial freedom at any age, and inspires those who think they may not have what it takes to get out and put a plan into action.
Today, Rob joins the podcast to dive deep into how the COVID-19 pandemic has affected his new business, Associated Human Capital Management. We discuss the strategies the company is using to keep moving by working from home, the nuances of the Payroll Protection Program and how the country’s massive unemployment numbers are impacting his industry, and the unique challenges – financial and otherwise – that this crisis poses to business owners and families.
KEY TAKEAWAYS
- How a lack of entrepreneurial spirit in his family inspired Rob to pursue his first business opportunities – and the novel strategy Rob used to get five job offers while working at a deli after finishing college.
- Why Rob’s entire management team followed him after the sale of his previous company to Associated Human Capital Management – and what he’s doing at this time to ensure that their client services aren’t disrupted.
- How Rob is talking his clients through their anxieties concerning their business – and what he’s doing to help his and his staff’s mindset right now.
- Why Rob is cautioning business owners taking PPP loans who think they’re simply taking free money to plan for worst case scenarios, rather than full forgiveness.
- What Rob learned from making dozens of in-person sales pitches every day – and what makes this trial by fire so valuable for any entrepreneur.
- Why every new client gets a copy of Rob’s book – and how Rob got his book deal with a major publisher.
INSPIRING QUOTE
- “Hope is not going to save your business. Your ability to plan is.” – Rob Basso
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Aline Wealth Management is a group comprised of investment professionals registered with Hightower Advisors, LLC, an SEC registered investment adviser. Some investment professionals may also be registered with Hightower Securities, LLC (member FINRA and SIPC). Advisory services are offered through Hightower Advisors, LLC. Securities are offered through Hightower Securities, LLC.
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