Change

4 Takes On Succession Planning-Part 1

By |2019-06-18T12:48:06-05:00March 27th, 2019|Advisory, Change, Internal Control, Morale, Preparation, Succession Planning|

You’ve worked hard to build your business, and it’s a big part of who you are. No matter how great the selling price, how capable your successor, or how excited you are for the next phase of your life, change is hard. Our friend, Rena Striegel, owner of Transition Point Business Advisors, is focused on [...]

The Time is Now… Financial Statement Presentation Changes are Here!

By |2019-05-22T10:02:27-05:00February 27th, 2019|Accounting, Board, Change, Compliance, Internal Control, Nonprofit|

Previously in “Changes to Financial Statements for Not-for-Profit Entities, Are You Ready?”, we provided an overview of the changes for nonprofit financial statements. Now we will take a closer look at the new net asset presentation and disclosures your organization will face, beginning with your December 31, 2018 financial statements. If you missed our previous [...]

How to Prepare Your Employees for Change

By |2019-03-29T13:10:28-05:00February 20th, 2019|Advisory, Change, Leader, Morale, Preparation, Tips|

There is a famous quote stating that only two things are certain in this world: death and taxes. However, it’s obvious there are actually three certain things; the third one is ‘change.’ Everyone has experienced a change in their personal or professional life at some point. Sometimes change is by choice and other times it [...]

Business Brokers vs. Business Appraisers – 3 Key Differences

By |2019-04-17T15:36:39-05:00February 13th, 2019|Advisory, Business Valuation, Change, Sell, Tips|

For full disclosure, I want to start off this article by leveling the playing field on perspective by saying I am an accredited business appraiser and have no experience as a business broker. The purpose of this article is to provide insight into key differences between costs associated with the services of a business broker [...]

S Corporation or C Corporation – What is Right for My Business?

By |2019-01-16T09:52:18-05:00January 2nd, 2019|Advisory, Change, Deductions, Shareholder, Tax, Tax Reform, Tips|

The Tax Cuts and Jobs Act has many business owners evaluating whether or not they have the right entity structure.  The S corporation business structure offers many benefits, including limited liability for owners and no double taxation. But not all businesses are eligible - and, with the new 21% flat income tax rate that now [...]

Dissipation Claims in Marital Disputes – They Can Be Costly

By |2019-04-17T15:36:55-05:00December 28th, 2018|Change, Damages, Forensic Accounting, Home, Investigation, Litigation Support, Saving|

Studies say that more than 50% of all marriages will end in divorce and one of the major breaking points are disagreements around finances. It’s not surprising that many divorces end up in legal battles over some financial matter. One common type of these disputes is known as a dissipation claim. Generally, a dissipation claim [...]

Filing Date Options for Farm Returns

By |2019-01-25T11:28:34-05:00December 23rd, 2018|Accounting, Agriculture, Change, Compliance, IRS, Preparation, Tax, Tax Reform|

It’s a  mystery to many farmers why their tax return filing deadline is March 1, while the filing date for most taxpayers is in April. There are multiple date options when filing your farm returns. Susan K. Voss, CPA will explain the options, the benefits of each and will  explain why filing by March 1, [...]

Are Rules of Thumb an Adequate Way to Value a Business?

By |2019-04-17T15:37:06-05:00December 21st, 2018|Advisory, Business Valuation, Change, Preparation, Sell, Tips|

Let me begin by answering that question. No! Now it is my responsibility to explain why. While “Rules of Thumb” typically derive from industry trends and comparable company research, they miss out on vital factors that must be considered when determining a reasonable value for a business or ownership share. First, let’s start with an [...]

Here They Are…More Changes to Financial Statements!

By |2019-05-22T10:02:36-05:00December 11th, 2018|Accounting, Board, Budget, Cash Flow, Change, Compliance, Investment, Nonprofit, Preparation|

Previously in “Changes to Financial Statements for Not-for-Profit Entities, Are You Ready?” we provided information on the changes to net asset presentation and underwater endowments under the new financial statement presentation standard. Now we will address the new presentation and disclosure items related to liquidity and availability disclosures, functional expenses, investment expenses, and the statement [...]

Goal Setting – The First Step in Succession Planning

By |2019-04-17T15:37:19-05:00December 6th, 2018|Advisory, Change, Internal Control, Leader, Preparation, Shareholder, Succession Planning|

Many of us can relate to trying a new diet or exercise program at some point in our lives. What was the key component to success or failure in the program? For me, the answer is easy—my success depended on a few things: Did I fully “buy in” to the program? Did I completely let [...]