February 2011

Link Newsletter

Our monthly newsletter, Link Newsletter, is full of tips, reminders, and timely advice to help you stay well informed when it comes to your business and personal finances. If you have questions about any of the articles, feel free to email Damon Yudichak at Damon@yudichakcpa.com.

February 2011

Orange Star NewsletterFocused Information for the Small Business Owner
Volume 3, Issue 2

Damon Yudichak

Damon Yudichak

Portrait by Charles Gupton


There can be no happiness if the things we believe are different from the things we do.

Freya Madeline Stark
British Writer
(1893 – 1993)



In This Issue

My First Half Marathon

On Saturday, February 19, 2011, I completed my first half marathon in Myrtle Beach, SC. I started training for the race last December and it was amazing to me how fast the twelve weeks of training progressed.

It was a fun filled weekend. My wife, two daughters and I left Friday afternoon for the drive down to Myrtle Beach. We enjoyed dinner at an all-you-can eat pasta buffet. It was a lot of fun listening to my daughters chat away. Dinner that night was a big highlight of the evening. After dinner we walked over to the race expo so I could pick up my race bib and t-shirt.

Race day starts early. I got up at 4:30 am to eat some oatmeal and get ready for the race. My hotel wasn’t too far from the race start so I walked the 20 minutes to join all the other runners. It was a balmy 55 degrees that morning which was a wonderful change from the 20 degree weather I ran in during the winter. I walked by a bagel factory and the aroma was amazing.

About 15 minutes before the race I ran into the other four team members of Team Dykeman. We all had a good time bragging about how well we were going to run. Rusty however joked about how slow he would be running.

At 6:30 am the cannon blasted to sound the start of the race and I was off running. I’ve read in numerous books that the biggest mistake most runners make is that they start off too fast. I really didn’t understand why until this morning. At the beginning of the race I was feeling really good and had a lot of nervous energy.

The race went really well. I had a goal to finish the race in under two hours. That would mean I would need run each mile in at most 9 minutes and 10 seconds. I felt pretty confident I could accomplish this feat as I had run this well in many of my training runs.

At the 11.5 mile mark I saw a guy running strong and said I was going to stick with him. I blurted out “We’re going to break 2 hours.” To which he replied, “No we are going to break 1 hours 56 minutes.” I didn’t think it was possible but I surged ahead finishing the half marathon with a time of 1:55:46. It was a tremendous race.
Myrtle Beach
 - Half Marathon _ Damon Yudichak

Damon’s Big Lesson

I don’t think I’m alone in wanting to achieve great things. Achievement is a strong motivator for me. Accomplishing something difficult is often for me its own reward. Often when I look at a new challenge, I set an ambitious goal, partly to test my own limits and to see if I’m as good as I think I am. I think about how great it would be to accomplish that goal.

An example of this is my aspiration this year to qualify to run the Boston Marathon this fall. This is a pretty ambitious goal given that only about 10% of marathon runners qualify for the Boston Marathon each year. It is especially challenging given that I have not yet completed a marathon. In order to qualify for the Boston Marathon, I need to run a marathon, 26.2 miles, in under 3 hours and 15 minutes. This equates to running each mile at an average pace of 7 minutes and 26 seconds.

In order to prepare for this feat, prior to my first marathon, I am scheduled to run a total of five half marathons this year, one of which I completed last Saturday. If I am able to run a half marathon in under 1 hour and thirty minutes I should be fast enough to qualify for Boston.

There is an interesting power that emerges when I strive to accomplish a large objective. It gives me a lot of energy and excitement in my daily life. I often find that working on a large objective reduces stress in other areas of my life because I’m able to get a break from the regular day to day stresses of life.

One of the biggest benefits I’ve received from running is it is forcing me to place boundaries around work. Left to my own devices, I probably would say I’m a workaholic. Running has enabled me to realize that there is life outside of work. It has had a calming effect on my life and I have to believe this allows me to be a better person in all aspects of my life.

Ultimately, the achievement of this goal will depend on a lot of hard work and determination

Reader’s Corner

This month’s book is Ultimate High: My Solo Ascent of Everest by Goran Kropp. In the 1990’s there was a lot of controversy surrounding the proliferation of climbing expeditions to the world’s highest peak Mt. Everest. Several individuals started leading expeditions for those willing to spend tens of thousands of dollars to reach the top of the world.

One of the side effects of so many people attempting to summit Mt. Everest was lots of pollution on the mountain. As people lose their strength through the arduous climbing they would throw aside items including oxygen tanks, tents and other items. In order to summit, most people require the help of Sherpas, native Tibetans and Nepalese climbers, whose bodies are naturally acclimated to high altitude.

Goran had a novel idea. To prove a point he had a goal to climb Mount Everest with no help. In order to do this he would travel from his native Denmark at sea level to Nepal all on his own power. In order to do this, he rode a bike from Denmark to Katmandu, Nepal. He then packed all the items he would need to summit Mt. Everest in a backpack and hiked to base camp at Mt. Everest.

As if this was not enough, he sought to climb the mountain alone without the use of supplemental oxygen. This makes the challenge that much harder.

This book is captivatingly entertaining, To find out how Kropp’s adventure unfolds, check out this book.

Record Breaking Food Drive

On March 5, 2011, the NC School of Science and Math is striving to break the World Record for the most “pounds” of food collected and processed through a single site in ONE day.

All food will be donated to the Food Bank of Central NC.

My office will be a collection site for food for this food drive. All food will be taken to the NC School of Science and Math on March 5, 2011 for weighing and certification.

Here are the types of food we are looking for:

  • Non-perishable foods (canned foods preferred) – no glass
  • Check the expiration dates – no expired dates will be accepted

If you would like to donate food, please contact me or come by my office to drop off your donation. You can also help by having your business act as a donation site. I have all the supplies you will need to collect the donated food.

Please contact me by email if you are interested in helping. damon@strategicaccountant.com

What’s With the Moon?

I’ve had a couple people ask, What’s with you and the moon? About two years ago, I became fascinated with the Apollo Program. I began to study the program and interview people who helped make the monumental task of landing on the moon a reality.

The moon is a symbol of possibility for me. It is a source of inspiration. I like to be inspired.

About Me

My name is Damon Yudichak and I am a Certified Public Accountant. My father was an Army officer and we moved around a lot. We finally ended up in Fayetteville, NC. I’ve been a resident of Raleigh since 1999 when I moved here to go to North Carolina State University. I am fascinated with the moon and am still amazed that man has walked on the moon. I also am a big standup comedy fan.

The Orange Star Newsletter is prepared by Damon Yudichak. The Orange Star Newsletter carries no official authority, and its contents should not be acted upon without professional advice.

In accordance with IRS Circular 230, this newsletter is not to be considered a “covered opinion” or other written tax advice and should not be relied upon for IRS audit, tax dispute, or any other purpose.

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  • We started our residential real estate business and brought Damon on as our principal adviser for all matters relating to taxes & accounting. We have doubled our business each year and Damon is a critical partner that has allowed us to successfully focus on our business.

    – Dan and Rachel Kendall
    Owners, The Rachel Kendall Team, LLC - Raleigh, NC
  • Damon Yudichak is a diligent and consistent professional. I’ve worked with Damon since 2009 and I’ve felt like a valued customer since the beginning of our relationship. His firm is consistent, courteous, and knowledgeable. He and his firm are a vital link to my business.

    – Al Sullivan, President
    Inspirus Consulting, Inc. – Cary, NC
  • Owning a small business… to me, it’s worth millions! Bringing Damon on for accounting and tax purposes… just a reasonable monthly fee! Keeping our business legal and my business partner sane… PRICELESS!

    – Tonya Baskerville, Owner
    Art on the Fridge, LLC – Raleigh, NC