CFD 463 – Cost Recovery Secrets

August 9th, 2018

Neil Evans has the unique profession of Cost Recovery Consultant, finding hidden money for U.S. Businesses in the form of specialized tax incentives and cost-recovery programs. He and his company work on a contingency basis, meaning that if his firm does not uncover financial benefit, the client owes them

nothing. He is passionate about helping businesses survive and grow. To date, his company has found more than half a billion dollars for its clients.

Podcast Highlights

  • Who is Neil Evans?

Neil’s dad was an entrepreneur who owned a restaurant during Neil’s childhood. Watching his father work and helped him understand the fundamentals of business and stoke his creativity. Neil, later on, went to work at BeachBody and fell into the role of optimizing the money that was spent in the company.

After leaving the corporate world in 2010, Neil got into the Cost Recovery space because he found he really enjoyed helping businesses save money.

  • Good, Fast, and Cheap

You have to set boundaries in your minimum level of quality. Most businesses have so much waste in their processes that there is a huge opportunity for saving money.

  • Cost Recovery And Optimizing Your Expenses

Money always represents time, saving money means unlocking someone’s time.

Waste is an expensive proposition, most businesses don’t have the wherewithal to know if their vendor is treating them fairly. This is one of the areas that Neil’s team has an expertise in.

You can’t be an expert in everything there is to know in the world, and you shouldn’t try. It makes more sense to work with someone who specializes in the areas that you don’t, like cost recovery. There a number of areas in a business that can be optimized by someone with the proper expertise. The day to day operational expenses are prime areas to optimize.

Building owners need to take advantage of cost segregation studies. It allows building owners to realize the appreciation of their property earlier on in the life of the building and can open up a number of opportunities. When you first purchase the building is when you should start the study.

There are a number of different tax credits that businesses can take advantage of but they really require a specialist to help them navigate the red tape involved. In a lot of ways, businesses are leaving free money on the table but not applying for these credits.

If you are in business, there is an opportunity for you to optimize cash flow and cost recovery. Neil refers to class action lawsuits as Vegas money, you never know when the money is going to come but they can be extremely lucrative to look into.

  • Neil’s Takeaway

Rumination is your ruination. You never really get to find yourself unless you get out there and see what you’ve got personally. You don’t know what you’re capable of unless you try, don’t miss an opportunity like this.

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