Bottom Line Concepts is helping companies save jobs and protect employee benefits. How do they do this? They partner with their clients – from manufacturers to retailers to professional sports organizations – to reduce their costs by auditing for refunds and negotiating for future savings.
CEO Josh Fox jumps on the show today to share his story and walk us through Bottom Line’s performance-based business model. Josh shares some great examples from inside and outside of the manufacturing industry, as well as ways for both companies big and small to partner with Bottom Line. We’ll also get to know Josh a bit more as he shares why he’s been driven to keep at this business for over a decade.
We traveled down to Beverly Hills for this conversation, and it was actually the last in-person interview we did before shelter-in-place took effect in March 2020. Given those circumstances, when it comes to identifying cost savings to protect jobs and benefits, the timing couldn’t be better.
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3 Quick Things from this Episode
- Bottom Line Concepts works with companies doing over $100 million in revenue and only looks at the indirect costs impacting a business (i.e. not COGS, raw materials, etc.).
- Utilities and understanding the Work Opportunity Tax Credit are just a couple of the key areas where Bottom Line Concepts have helped manufacturers recognize savings and credits.
- The majority of Bottom Line’s business comes through referrals, and they have a broad network of individual Referral Partners and Corporate Partners.
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- “I don’t care what kind of operations you’re running. If you don’t have a good team, you’re finished.” –Josh Fox
- “The people I love the most…were the people [that] no matter how successful they were, no matter how experienced they were, they were always willing to learn something new.” –Josh Fox
- “TGIM: Thank God It’s Monday” –Josh Fox
Learn How the Employee Retention Credit Works in This BONUS Episode
In this bonus episode, Josh returns to Manufacturing Happy Hour in March 2022 to walk us through the Employee Retention Credit, who qualifies, how it works, and how it can result in saving of 6 to 7 figures for small- to mid-sized manufacturers.
Please Scroll Down for Full Show Notes and Recommended Resources from this Episode
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What We Discuss with Josh
- Josh kicks off our conversation by sharing his story. From earning his Economics degree at the University of Michigan to his family’s history working on Wall Street, Josh shares how his role as president of his condo board in New York City inspired the idea for Bottom Line Concepts.
- We discuss how the 2008 recession kickstarted the company and how Josh decided that focusing on big brands and large organizations would be his niche from the get-go.
- Bottom Line Concepts only looks at the indirect costs impacting a business (freight/parcel, payroll, telecom, etc.); Josh takes us through their engagement process and their performance-based business model that allows them to truly partner with the companies they work with.
- Josh talks about how companies typically repurpose their savings and what motivates him to continue doing this work.
- We review specific areas for cost savings at manufacturers, including utilities, taking advantage of the Work Opportunity Tax Credit, and shipping insurance.
- An ideal client for Bottom Line Concepts is one that does at least $100 million in revenue. We also discuss Bottom Line’s Referral Partner and Corporate Partner programs for those that know companies that fit their ideal client profile.
- Josh highlights the individuals within a company that they typically work with, from the CEO and CTO for a full-company assessment, to individuals within IT, payroll, HR, logistics, etc. that focus on the specific cost savings categories they serve.
- Bottom Line Concepts official website
- Avra, a high-end seafood restaurant in Beverly Hills
- Peter Luger Steakhouse, cash-only steak icon in New York City where old-school waiters serve aged beef in a German beer hall setting