Alright – so today we’ve got the honor of introducing you to Sonia Narvaez. We think you’ll enjoy our conversation, we’ve shared it below.

Sonia, appreciate you joining us today. Naming anything – including a business – is so hard. Right? What’s the story behind how you came up with the name of your brand?

When I first established my business, I chose Sonia Narvaez, CPA as my legal business name. However, as time passed, I realized that many people struggled with pronouncing my name. To address this, I decided to create a Doing Business As (DBA) name that would be more accessible.

I pondered what would make a good, approachable name that would also make it easy for prospects and clients to identify me. One day, during a conversation with my childhood friend Denise, she pointed out something fascinating. She noticed that the initials of my children’s names, in order of birth, spell out CPA – Christopher, Patrick, and Anthony. Her observation took me by surprise; I hadn’t even considered this connection.

It suddenly struck me that naming my business CPA Accounting & Tax Services would serve a dual purpose. Not only would it create a friendly and easily recognizable identity for my clients, but it would also hold a deeply personal significance, linking me to both my beloved family and my cherished business.

Awesome – so before we get into the rest of our questions, can you briefly introduce yourself to our readers.

I’ve been fortunate to have had exceptional teachers throughout my life, and I’m deeply grateful for that. At the age of 19, I was presented with an incredible opportunity to serve as the office manager for an engineer’s office in Miami. Financial constraints had prevented me from pursuing further education at the time. However, my proficiency with computers proved to be a valuable asset during that era, making me highly sought after in the job market.

This particular role, under the guidance of my boss John Knezevich, played a pivotal role in shaping my career trajectory. John required someone skilled in computerized accounting, a rare find at the time. Although I lacked direct accounting experience, my background in computer work, gained from my time at a software manufacturing company, equipped me to quickly grasp accounting concepts. For over two years, I efficiently managed his office’s accounting tasks.

Shortly after, I took on a temporary position at a cell phone manufacturing company in Miami, tasked with setting up a comprehensive computerized accounting system. This endeavor, unfamiliar to many at the time, highlighted my expertise, even leading me to temporarily provide them with my personal computer for the cause.

Seeking a permanent role, I secured the position of executive assistant to Vince Sanchez, the CFO of IVAX Industries, a Fortune 500 company headed by Dr. Phillip Frost. With Vince, I learned the importance of continuous learning and professional development. Despite already being a mother to my son Christopher, I recognized the need to invest further in my future. This led me back to school, where my dedication to academic excellence earned me nearly a full scholarship from the University of Miami, a crucial support that enabled me to complete my degree.

Today, I lead a thriving accounting firm offering a comprehensive range of services, from bookkeeping and tax planning to international tax consulting and CFO services. One of the most fulfilling aspects of my work is the opportunity to positively impact people’s lives. Take, for example, a client of ours who owned an RV park. In his mid-70s and struggling financially, we provided advisory services that transformed his business and his life. Through strategic planning, we not only doubled the value of his business upon its sale but also ensured he paid zero taxes on the transaction. Seeing him purchase a home, regain his health, and enjoy his retirement fills me with immense satisfaction.

Financial management isn’t just about numbers; it’s about making a tangible difference in people’s lives, as demonstrated by the transformative impact on our client’s life.

Can you open up about a time when you had a really close call with the business?

I’m constantly keeping an eye on technology, looking for ways to leverage it to our advantage. In 2018, I recognized the immense convenience of online business operations. Not only did it allow for the flexibility of working from home, but it also eliminated the need for a physical network, along with its associated inefficiencies and maintenance requirements to safeguard data.

By 2019, I had transitioned our entire office to online services. We were able to seamlessly handle tax returns, devise tax-saving strategies, and conduct Zoom meetings with clients worldwide—all done entirely online.

Then came 2020, a year nobody anticipated, when people were confined to their homes. Despite the challenges, we were prepared. We swiftly trained most of our clients to upload their documents electronically, enabling us to continue serving them remotely via Zoom for tax preparation and business advice. Despite a drop in sales, our advanced technological setup proved to be our saving grace, allowing us to weather the storm. The PPP loans provided additional support, contributing to our resilience during uncertain times.

Today, the majority of our business operations are conducted via Zoom and document uploads. Clients have embraced the convenience of virtual meetings and appreciate the time saved by avoiding unnecessary travel.

We’d appreciate any insights you can share with us about selling a business.

Selling a business requires careful planning and consideration. Firstly, it’s essential to understand the market value of your industry, assess the assets within your business, and acknowledge the often overlooked factor of goodwill that the owners have cultivated over time. Preparation for selling a business typically spans at least a year, if not longer, depending on the nature of the business. It’s crucial to thoroughly examine these aspects along with your personal goals and plans for the proceeds from the sale. Additionally, factors such as the age, financial standing, and health of the business owners must be taken into account.

I recently assisted a client in selling their business, where I focused on boosting revenue to showcase its potential to prospective buyers. However, I encountered challenges in increasing revenue as my client was hesitant to raise prices, fearing customer loss. This highlighted the tendency for small business owners to become complacent and overlook the necessity of updating their business practices and pricing strategies to remain competitive.

Furthermore, I learned the importance of understanding my client’s age and health status, as these factors can complicate the selling process for all parties involved. When initially undertaking the project, I conducted a thorough assessment of my client’s business site and discovered numerous valuable assets that were not properly documented. This common oversight among business owners underscores the significance of accurately recording assets, as it can significantly impact the sale of a business.

Contact Info:

• Website: www.cpaaccounting.biz
• Instagram: usacpa.biz
• Facebook: https://www.facebook.com/sonianarvaezcpa/
• Linkedin: https://www.linkedin.com/in/sonianarvaez/
• Twitter: https://www.twitter.com/CPAAcctingTax
• Youtube: https://www.youtube.com/@cpaaccountingtaxservices9992
• Yelp: https://www.yelp.com/biz/cpa-accounting-and-tax-services-orlando