Small Business Breakthroughs with Bruce Walters, SBDC Certified Business Advisor

Join the Ohio Small Business Development Center at Columbus State Community College in partnership with the Dublin Entrepreneurial Center for a podcast-style discussion designed to dig into the topics that are impacting your business and keeping you up at night.

This edition of “Small Business Breakthroughs” will feature Bruce Walters, MS, CBA - Business Advisor, Ohio Small Business Development Center at Columbus State Community College. We'll discuss the Corporate Transparent Act (CTA) and the new Beneficial Owner Information Reporting (BOI) requirement, which went into affect on January 1, 2024. Under the CTA, businesses are now required to file a report with the Financial Crimes Enforcement Network (FinCEN), detailing business ownership and owner compensation. The CTA provides that willfully reporting or attempting to report false or fraudulent beneficial ownership, or willfully failing to report or make updates to the reported data shall be punished with a civil penalty of up to $500 for each day that the violation continues, or criminal penalties, including imprisonment for up to two years and/or a fine of up to $10,000. This episode is highly recommended to help small businesses comply with this requirement and avoid potential penalties.

What we will be talking about:

• What is the new U.S. Treasury's BOI reporting requirement?
• Does this apply to my business?
• How do I complete my BOI report?
• How often do I need to update my BOI report?
• What is the penalty for not filing a BOI report?
• Where can I go to get help with my BOI report?
• I've heard a lot about grants over the past few years. Are those funds still available?
• I'm thinking of starting a business. What should I do first?
• I started a business, but it's not doing so well. Why is this?
• I'm considering applying for a loan for my business. What do I need to know about this process?
• I believe my business qualifies for a small business certification. Should I apply for those that apply?
• How can my business benefit from a small business certification?
• I'm interested in pursuing government contracts. How can I start bidding on those?
• And of course we will answer your questions.

Guest: Bruce Walters, MS, CBA - Business Advisor, Ohio Small Business Development Center at Columbus State Community College

Bruce is a Certified Business Advisor for the Ohio Small Business Development Center at Columbus State Community College, where he manages the intake process for new clients, and provides marketing, operations, and general advising services for established businesses. Bruce’s experience is predominately in insurance, human resources, entertainment, and non-profit administration. Bruce holds an Associate Degree in Art from City College of San Francisco, a Bachelor’s Degree in Art History from the University of California Berkeley, and a Master’s Degree in Marketing and Communications from Franklin University.

Moderator: Michael Bowers, MA, CBA - Director, Ohio Small Business Development Center at Columbus State Community College

Michael Bowers is a Business Advisor and Director for the Ohio Small Business Development Center (SBDC) at Columbus State Community College. The primary focus of the SBDC is to support prospective and existing entrepreneurs as they seek to start and grow businesses in Central Ohio.

Michael holds a Bachelor’s Degree in Economics and Finance from the University of North Alabama and a Master’s in Public Administration from The Ohio State University. Michael is currently pursuing a Doctoral degree in Public Administration from Liberty University.

Michael has worked with entrepreneurs and small business owners for over 30 years, 20 of which have been in Columbus leading the SBDC. He has a diverse business skill set with experience in banking, private equity, strategic planning, leadership, and public sector management.

Michael is the lead instructor for the Basis of A Successful Enterprise (B.A.S.E) business startup training, as well as the host of the Small Business Breakthroughs YouTube series.