Caring for the dollars and cents of Mom and Pops They say the grass is greener on the other side. We say you deserve to take up permanent residence on that side. It all starts with CPAs who respect family-owned businesses as unique entities with special needs. When you go with Greenwalt, we help you get to the other side by being involved with your business dealings and banker meetings, so that we can better help you reach your goals in the most direct ways possible. Consider this: Less than 33% of today’s family businesses successfully make the transition from first generation to second and even less make it from second to third. One reason for this failure to survive is a lack of planning for the future. For family-owned businesses, operating efficiently, capital funding and cash flow management are only some of the concerns. You also have to weigh relationship management and transition of management, not to mention assuring customers and vendors of the competency of your successors.

Lawrence E. Brodnik, CPA Senior Tax Partner 317.240.4488

At Greenwalt, your business is surrounded by people passionate about protecting it. We will help you develop a strategic direction that aligns with your vision, so you can be confident that the business will not only survive, but thrive.

Specialty Services for Family Owned Businesses

Succession Planning

Planning for the futureensures continuity of the family-owned business. The following is an example of most family business succession plans. Dad and Mom start a business. After many years of hard work the business starts to make money. Fast-forward several years and as Dad and Mom get older, it becomes apparent that when they pass on, the estate is going to have a large tax bill. The only way to pay the bill is to sell the business and use the cash to pay the taxes. The end of the family business.

Our dedicated Family-Owned Business Team can assist you in transitioning your business safely into the hands of the next generation.

Estate and Personal Financial Planning

With the unlikelihood of the estate tax being repealed and more and more families having assets in excess of several million dollars, the need for estate planning is needed more than ever. Proper estate planning can reduce or eliminate federal estate tax and minimize state inheritance tax. This reduction in death taxes can be achieved through the use of specialized trusts and gifting strategies. We want to help you make sure your assets go where you want them to go in the event of your death. Through proper planning and a valid will, your heirs and designated charities should receive the assets you want them to receive with less going to the state and federal government.

To have an estate plan work, the assets must be properly invested. Many of the estate planning tools used today rely on the growth of the assets to maximize the benefit of the estate planning technique. With our assistance, we can design your personal financial plan to grow your assets and obtain your estate planning and other financial goals.

Facilitation of Strategic Family Meetings

Communication is a common roadblock to the continued success of the family-owned business. Who is going to run this place when I’m gone? Where do I stand? Why won’t they let me take control? As facilitators of strategic family meetings, Greenwalt provides an environment for communication between generations and family. This helps to balance personal aspects of the family with business aspects of the family business.

Planning for the future is another challenge. When do the future generations join the business? Who should get ownership or manage the business? These are questions most family businesses don’t address. The answers are not planned, they just happen. We use strategic family meetings to develop a plan for your family-owned business, so when the time comes, you are ready.

Balancing relationships is also a trying challenge unique to the family-owned business. How do I fire my son? Why does Dad treat her better than me? Why do they have a say, they don’t work here? Granted we can’t fix relationships, but we can provide the expert guidance in making business decisions. By having a plan and communicating the direction of that plan to family and employees, you can minimize relationship snags.

Family Office Services

Through relationships with various professional service providers (attorneys, financial planners and stockbrokers) we have found that there is a growing need in providing basic financial services to individuals and families. Due to a growing percentage of families that build wealth, the ability to outsource basic monthly financial responsibilities is real. Through our Family Office Services we can facilitate paying monthly bills, reconciling and summarizing monthly bank statements, and prepare monthly financial statements. This would relieve families of the stress or inconvenience these responsibilities can cause.

Other areas that this service can facilitate are insurance needs. We can assist you and your family in choosing adequate insurance coverage and help administer them. Regular financial planning meetings would be another way the burden and uncertainty of your family’s financial position can be relieved.