Success Comes Before Succession in the Dictionary: Honoring the Family Business Leader

Posting by Geoffrey D. Brown, CPA, Principal

At the recent Family Firm Institute (FFI) conference in New York, the first session I attended did not quite live up to the hype in the title, so I decided to change my tactic and instead of attending sessions that sounded like they would be the most interesting, I decided to attend those focusing on being conducted by people with authority and credentials in the field of family business advising.

One of those sessions […]

October 28, 2009 Accounting, Family Owned Businesses Read more...

Armani and Dangerous: When the Family Business is Really About One Person

Posting by Joel C. Susco, CPA, Principal

When the product or service of a business is primarily the creativity itself, as in fashion design, the differentiator and the branding is that creative mind.  Such is the case with Giorgio Armani SpA, where anyone in the capitalist world knows what is meant when an Armani suit is worn.  Because up to this point, it’s been all about Giorgio, his designs, his presence, his business decisions.  Although this is a family business, […]

October 22, 2009 Accounting, Family Owned Businesses Read more...

Private Equity Giant Berkshire Partners Goes Shopping for Family Business Grocery Retailer

Posting by Joel C. Susco, CPA, Principal

It isn’t every family business owner’s dream to grow their company huge; sometimes the desire is to be successful, manageable by the family, and perhaps to consistently continue on for some generations, producing a great reputation from the family name.  But of course many family businesses aim high and get there, like Grocery Outlet, Inc., a third-generation “extreme value” grocery retailer.

Many family-owned supermarket chains stay relatively local, with a dozen or so locations, […]

October 16, 2009 Accounting, Family Owned Businesses Read more...

OFF WITH THEIR HEADS! Does White Collar Crime Warrant Execution?

Lawrence R. Beebe, CPA, Principal

Even though Al Capone was known to have perpetrated many heinous, violent crimes, in addition to what we today would consider white collar crimes, he was finally nabbed by a forensic accountant , and sent to prison (for years, but not for the rest of his life).  But in some parts of the world, those in power who bilk others out of their money may be incarcerated for life, or even executed.

Think Twice Before Any […]

October 9, 2009 Accounting, Forensic Accounting Read more...

To the Family Business Born: What are the Rights of Passage?

Posting by Joel C. Susco, CPA, Principal

Being born into a family business does not necessarily grant one all the rights and privileges of becoming an owner of that business at birth.  All too often young family members look upon themselves as heirs of entitlement without the thought of the management obligations that must go along with the rights of ownership.

It is important for families to invest a considerable amount of time and effort in educating these young potential shareholders, […]

October 2, 2009 Family Owned Businesses Read more...

No Rest for the Restaurant-Owning Family: The Type of Family Business that Really Tests Your “Chops”

Posting by Jacqueline M. Thompson, CPA

It’s pretty hard to think of restaurants that don’t have at least some family connection, be it passed on in the family over the years, brothers co-owning, a family member implied in the name (e.g., Dave Thomas’ daughter “Wendy”), or family everywhere from head chef to valet.  It’s nearly impossible to think of a diner or similar type of eatery without thinking of family members popping up in every staffing position imaginable, ranging from […]

September 24, 2009 Family Owned Businesses Read more...

Gotcha! How Forensic Accounting brought about the downfall of Al Capone

Lawrence R. Beebe, CPA, Principal

Elliot Ness.  J. Edgar Hoover.  Al Capone.  Frank Wilson.  Wait, Frank who?  Frank Wilson – likely the first and most famous forensic accountant ever known.

The 1920s mobster Alphonse “Scarface” Capone was an accountant’s nightmare; actually, he was a nightmare for many others as well.  It turns out when running nightclubs, speakeasies, dog tracks, brothels and distilleries, having comprehensive accounting “books” is a liability, at least when you’re a criminal.  So when multiple law agencies were trying to bring Al Capone up on […]

September 21, 2009 Accounting, Forensic Accounting, Tax Read more...

Training for the Big Win: How Athletes and Family Businesses Need to Train for Success

Posting by Joel C. Susco, CPA, Principal

I was at lunch recently and the topic came up on the similarities between business owners and athletes.  After some time on the topic, we were quite amazed at just how similar they truly are, especially when considering a family business.

Both commit countless hours over many years, striving for the ultimate goal, pushing their hearts, minds and bodies far beyond their comfort level.  Both have the inner desire to achieve excellence, sometimes facing […]

September 21, 2009 Family Owned Businesses, Uncategorized Read more...

From Luxury Rides to Wagons – How Car Company Cousins Porsche & Volkswagen are So Different

Posting by Geoffrey D. Brown, CPA

In our Greater Washington DC Family Business Alliance, we often discuss the trials and tribulations of working with family in your business.  Every now and then, however, these families start or join other companies who may have contact with their former employer.  In the case of Porsche versus VW, we witness the very intertwined relationship – note that Porsche has recently rejected VW’s offer to buy out 49% of their company in order to […]

September 9, 2009 Accounting, Family Owned Businesses Read more...

Financial Law and Order: Why we need Forensic Accounting witnesses

Michael D. Rockefeller, CPA, Principal

It’s hard to picture the dramatic closing court scene of Law & Order being centered around an accountant, but as their stories are ripped from the headlines, this is more likely to appear in an episode a la Bernie Madoff’sPonzi scheme or the like. The specialty area of forensic accounting has opened up the scope of accounting, and features more intriguing services and characteristics beyond accounting and auditing; requiring skills and tools utilizing quantitative methods, […]

September 2, 2009 Accounting, Forensic Accounting Read more...