Preparing the Next Generation of Leaders for the Family Business: Part 2 of 4

Posting by Geoffrey D. Brown, CPA, Principal

In my last blog I talked about identifying possible leaders in the family business. Ensuring proper education and establishing clear standards for educational achievements is another important part of preparing the next generation of leaders for the family business. Many family businesses that have survived to the 4th and 5th generation have minimum education requirements before any family member can begin a career in the family business, let alone be considered as a […]

February 19, 2014 Family Owned Businesses Read more...

ESTATE PLANNING AND THE BASICS OF PORTABILITY

Billy Thomas, CPA

The estate tax landscape has a ‘permanent’ playing field now; the current Federal legislation exists in such a way that the rules will remain consistent for the foreseeable future. Back in 2010, estate tax was in a period of uncertainty due to the expiration of the Bush-era tax rules. Then the American Taxpayer Relief Act of 2012 created permanent estate and gift transfer tax laws, thereby providing a standard, predictable set of rules for estate planning.

The American […]

February 12, 2014 Accounting, Tax Read more...

Starting a Business: What Business Entity Should I Choose?

Posting by Jacqueline Thompson, CPA

There are many decisions to be made when starting a business, not least of which is the business structure for your company. Your business structure will not only have legal implications, but also tax and operational consequences. To help you get started as you form your company, here is a list of common business structures, as well as the advantages and disadvantages of each type:
Sole Proprietorship
In this structure, you are the sole owner of the company. […]

February 11, 2014 Accounting, Valuation Read more...

Preparing the Next Generation of Leaders for the Family Business: Part 1 of 4

Posting by Geoffrey D. Brown, CPA, Principal

Preparing the next generation of leaders for the family business is a difficult task, one that many businesses begin after it is much too late. In reality, successful succession begins with developing tomorrow’s leaders today, and undergoing a thoughtful selection process to educate, engage, and grow a leader that will help your family business beat the odds and continue for generations to come.

To distill the basic principles of developing leaders in the next […]

February 3, 2014 Family Owned Businesses Read more...

Conducting a Health Claims Audit for Your Plan

Linh Crider, CPA, CFE

When do you need to have a health claims audit performed for your plan? Hint: the answer is not “never.” Audits can be one of several tools in Plan management’s arsenal to assist in analyzing cost and utilization anomalies. It is a very effective way to find out what has happened in a specific time period. All you need are reliable claims paid data and a knowledgeable audit team.

Here are some trends you may see in […]

January 28, 2014 Accounting, Audit Read more...

Common Misconceptions about Fraud in the Family Business

Jacqueline Thompson, CPA

No family-owned business likes to think that their trusted employees would steal from the business –certainly not their family members. Unfortunately, family businesses aren’t exempt from fraud, and assuming that your company is safe from embezzlement, malfeasance, or any other fraudulent act can put your business at grave risk.

In my years of accounting work, here are the most common misconceptions I’ve encountered regarding family business fraud:

Fraud Doesn’t Happen in Family Businesses. Any business is vulnerable to fraud. […]

January 28, 2014 Accounting, Family Owned Businesses, Forensic Accounting Read more...

Effective Succession Planning: Expecting the Unexpected in Your Family Business

Posting by Geoffrey D. Brown, CPA

Last week, I had the pleasure of speaking to the Exit Planning Exchange’s DC Metro chapter regarding the unexpected events that can complicate effective succession planning.  I had the opportunity to talk to several advisors about the issues they have seen family businesses face, and also heard some fascinating stories – both positive and negative.

I chose to speak on “Expecting the Unexpected” because I have seen so many family businesses fail to plan for […]

January 23, 2014 Family Owned Businesses Read more...

Exit Planning Exchange Hosts Alliance Founder Geoffrey Brown for Seminar

Brown discusses strategies for successful family business transitions

BETHESDA, Maryland (January 16, 2014) – Bond Beebe, a certified public accounting
and advisory firm with offices in Bethesda, Maryland and Alexandria, Virginia, announced that Principal Geoffrey Brown spoke at the DC Metro Exit Planning Exchange on January 16, 2014. Brown presented a seminar entitled “Creating Successful Transitions for Family Businesses,” discussing the unexpected events that often occur in family-owned entities. Through the presentation, Brown offered insights to help advisors guide family businesses to […]

January 16, 2014 Family Owned Businesses, Firm News & Events Read more...

Risk Management: Operational Controls for Your Business

Mark A. Buckberg, CPA, CFE, CFF, Principal

There are various definitions for what constitutes operational controls, but it really comes down to one common theme: the power of management over daily activities. In your business, operational controls regulate the day-to-day activities via the formulation of policies and execution of procedures. To put it in plain English, it is what you do and how you do it.
The Basics of Operational Controls
As management, you know best the ultimate goals for your business […]

January 16, 2014 Accounting, Forensic Accounting Read more...

New Year Checklist for Business Owners

Posting by Joel Susco, CPA

The beginning of the year is the perfect time to step back and get a 360-degree view of your company. Taking the time to plan ahead and think strategically will help you set the foundation for success in 2014. There are a number of essential tasks this time of year that can’t be overlooked – like preparing for your 2013 tax obligations – and quite a few strategic decisions and efforts you should consider undertaking, […]

January 15, 2014 Family Owned Businesses, Tax Read more...