Archive for the ‘General’ Category
Greenwalt CPAs would like to extend an invitation to you to join us for a seminar discussing the transiting process. The seminar will discuss the following topics:
· Why it’s difficult for businesses to transfer to the next generation
· Family business dynamics
· What you should do to be personally and financially prepared to make a good transition
· Developing a transition plan
· What to do to make sure your business is ready for a sale or transition of ownership
· How to minimize taxes on business transitions
February 6, 2013 – Will be held at the Greenwalt CPAs Education Seminar
8:00 – 8:15 a.m. | Registration | Light Breakfast | Networking
8:15 – 1:30 a.m. | Seminar
For more information and/or register please RSVP to Suzanne Haskamp at 317.260.4476 or via email at shaskamp@greenwaltcpas.com.
CPE Credit is available.
Indianapolis Monthly recently released their 2012 survey of the Five Star Wealth Managers. For the fourth year in a row, Greenwalt CPAs has been included within the designation. Managing Partner, Anita Sherman, CPA was named a Five Star Wealth Manager under the category of Business Planning and Senior Tax Partner, Larry Brodnik, CPA was named a Taxation Five Star Wealth Manager.
Greenwalt CPAs is a strong believer in giving back to our community, but it is also a fun time for our employees to work together. Each year we participate in the United Way Day of Caring, the Indiana CPA Society Day of Service, and throughout the year at various volunteer activities with local not-for-profit organizations.
by Jim Wagoner, CPA, Partner, Director of Tax Services Group
and Larry K. Greenwalt, CPA, Chairman of the Board
For more than 10 years, we have engaged our staff in book discussion groups each year to read and discuss business and professional related books with a goal of broadening our business knowledge and applying what we learn to improving the Firm for the benefit of clients and employees. You might be interested in what we have read and discussed. 
By Jim Wagoner, CPA | Partner, Director of Tax Services Group and Larry Greenwalt, CPA | Chairman of the Board
Of course you should also be taking good care of your physical self also! These two areas are in fact inter-related. You have heard many times about the importance of regular physical exams, good choices in food selection (and moderation), exercise, even if it’s just walking, and moderate alcohol consumption. So, just do it! Now let’s talk about your financial self.
by Larry K. Greenwalt, CPA | Chairman of the Board and
Anita Sherman, CPA | Managing Partner
During the past two months we have been discussing the ownership transition process, particularly as it relates to family owned businesses. As previously discussed, transition is a process that should occur over time in accordance with a well thought out, coordinated plan. But what about children who are not involved in the business? This often presents a dilemma that results in inaction-but it needn’t be that way!
by Anita Sherman, CPA | Managing Partner
In the last couple of weeks, I have been focusing on several of the important elements that are essential in order to successfully transfer your business to the next generation of leaders. In our March 22, 2012 enewsletter, I discussed the importance of having a process to assist in developing all the skills that will be needed by the Next Generation Leader in order to not only carry on, but to take the business to the next level. I also identified four reasons why it is in your best interest to make the additional effort to ensure success.
Statistically only about one-third of family owned businesses are passed on to the second generation successfully. The odds are even smaller for a successful hand off to the third generation. According to research by the Boston-based Family Firm Institute, only 13% are successful. Why is that?
by Anita Sherman, CPA | Managing Partner
“Developing” successors is an important matter that often does not get addressed until it is over ripe, because, while it is important, it is not urgent. Very few businesses have successfully transitioned in the past from one leader to another, so many CEOs don’t have a road map to follow. This process often isn’t well thought out, if it is viewed as a process at all. “Hey, nobody taught me how to be the President. I learned it all by myself”, we frequently hear. There are a number of reasons why approaching your transition early and on a proactive and deliberate basis might be a better idea than leaving the process to chance: a) the complexity of business today requires strong skill sets, b) you want to leverage your knowledge and talent, c) you want to ensure that your financial future is more secure (assuming that the value of your business, or a future income stream from it, is important to you), d) to identify the skills needed and work on development of those in your identified next leader. Even if your exit strategy is to sell to an outside buyer rather than internal one (i.e. children, other family members or existing key personnel), having a strong management team in place is a real plus. Continual assessment, promotion, and development and retention of your key performer’s are critical to a successful plan.
I recently received a communication from Jo Young-Switzer, President of Manchester College (and my alma mater), that is worth sharing. It is entitled
Notes from the President.
“Reflections. My reflections are usually fairly upbeat about higher education, but my January time away led me to think about young adults. I worry about them. I worry that some of them rely too much on their parents to solve their problems, from roommate issues to financial predicaments. I worry that too many of them have not developed the ability to delay gratification. I worry that some of them have no clue that loans will need to be repaid because loan dollars that seem so easily available now will soon become painful monthly repayments after graduation.