The Exuberant Accountant - Scott Heintzelman

ESOP (Employee Stock Ownership Plan) Webinar

Have concerns about how to sell your business?  Not sure how to maximize the business value when you sell your company?  Looking for a way to minimize your tax on a transaction?  Want to put a succession plan in place?  If you answered yes to any of these questions, you will want to join me for a Webinar training session with Attorney Steve Greenapple of Steiker, Fischer, Edwards & Greenapple, P.C.

 

Steve and his firm are one of the premier authorities on ESOP’s and during our one hour presentation, we will share the many benefits.  The Webinar will be held on Wednesday, March 24th at 12:00 noon EST.  During the Webinar, Steve will share insights and he will also field questions.  

 

To read more about ESOP’s check out this link or check out SFE&G’s website.

 

This webinar will be live and all participants can join in by simply dialing into the session and, if they desire, to follow along online.  To register for the Webinar, click here: https://www1.gotomeeting.com/register/948155576

 

When you join the Webinar on March 24, you can choose whether you would like to view the presentation, or you have an option to just select “Use Telephone” after joining the Webinar. For those of you who would like to get CPE credits from this Webinar, you will have to log in to view the presentation.

 

If you would like any further information, please contact me.

Finance for Non-Financial Managers Workshop

In partnership with the S. Dale High Center for Family Business, McKonly & Asbury will be presenting a four-phase course titled, “Finance for Non-Financial Managers.”  The training will be two separate days: Friday, May 7^th and Friday, May 28^th and will include such topics as:

 

1.   Differentiating profit and cash flow

2.   Understanding transactions

3.   Using financials to measure performance

4.   Developing performance measurements

5.   Creating value through financial management

6.   Valuation of your business

7.   Cost of Capital

8.   Debt/Equity mix

9.   Budgeting/forecasting

10. Reading financial statements

 

This course will be lead by Kurt Trimarchi and me, partners at McKonly & Asbury. This will be a great workshop for all business leaders, but especially for next generation leaders, non-active shareholders, and business & family members in non-finance roles. 

 

If you would like more information please click here for specific details or feel free to contact me.

Save the Date for an ESOP (Employee Stock Ownership Plan) Webinar

Have concerns about how to sell your business?  Not sure how to maximize the business value when you sell your company?  Looking for a way to minimize your tax on a transaction?  Want to put a succession plan in place?  If you answered yes to any of these questions, you will want to join me for a Webinar training session with Attorney Steve Greenapple of Steiker, Fischer, Edwards & Greenapple, P.C.

 

Steve and his firm are one of the premier authorities on ESOP’s and during our one hour presentation we will share the many benefits.  The seminar will be held on Wednesday, March 24th at 12:00 noon EST.  During the webinar, Steve will share insights and he will also field questions. 

 

To read more about ESOP’s check out this link or check out SFE&G’s website.

 

This webinar will be live and all participants can join in by simply dialing into the session and, if they desire, to follow along online.  If you are interested, please contact me for more details.

Family Firms Vital to Sustainable Economy

What's so special about family business? Business is business is business, right? Isn't any business better than no business -- no matter the size, family-held or not? Do family businesses impact a local economy?  

In every measure that's significant -- from return on assets to profitability and from sales growth to return on equity -- family firms outperform non-family firms in the long run. Communities interested in preserving and growing their economies need to know that the engine of job creation and prosperity begins with family-owned firms. They play a vital part in any sustainable economy. 

Family Business Challenge: Attitude of Entitlement (Follow-Up)

On a recent post titled Family Business Challenge: Attitude of Entitlement, I asked people to share what they do in their family to avoid an attitude of entitlement and also what and how they are teaching the next generation to “Prepare” and to “Protect.”  The response was great and some wonderful tips and best practices were shared.

 

One of those responses came from Phil Clemens, CEO of Clemens Family Corporation (i.e. Hatfield Quality Meats) and a regular reader of The Exuberant Accountant.  I did a feature post on Phil last April which you can read by clicking this link.  Phil often speaks and coaches on family business issues and he is someone I respect tremendously.  With his permission, I share some wonderful insights from him and the Clemens Family.

  

Some of the things we do are:

Family Business Challenge: Attitude of Entitlement

"Someday this company will be yours." This statement may sound like an innocent promise from a well-meaning parent, but it can wreak havoc within a family business. When children grow up believing that no matter how they act, the business will be theirs to run, an entitlement attitude often flourishes. Furthermore, once that seed is planted, it's very difficult to stop it.  As I have written before, it is difficult to escape a culture of entitlement and that entitlement is very effective at strangling the growth of an otherwise vibrant family business.

Help, I Want to Fire a Family Member from the Business

I get this question from time to time and my response is always the same.  There are two good reasons for firing family members:  Reason number 1—they have failed to fulfill their roles and responsibilities to the business.  Reason number 2—see Reason number 1.  It is no surprise the response I always get back is, “I just can’t do that.” 

 

Business advisor:  "The problem with your business is your son — he's incompetent and destructive. You need to fire him right away."

 

Business owner:  "I know it, but there is just one problem. I have to sleep with his mother."

Family Business: The Power of Participatory Leadership

Statistics reveal that only 12% of family businesses make it to the third generation and even less to the next.  Why?  Is it because of poor service or bad products?  Ineffective operations?  Probably not.  It is more likely the result of poor family relationships and a lack of participatory leadership.  This is according to Dr. Stephen R. Treat of the Council for Relationships during his recent presentation at the S. Dale High Center for Family Business.

 

His focus was on unique challenges that family relations play in family businesses. These family relationships (both healthy and unhealthy) are the single biggest reason why a family business survives or fails.

Shareholder Agreements: Essential Succession Management Tool

What happens to your company if you or your business partner unexpectedly dies, becomes incapacitated, or goes through a divorce? At death, shares of a business form part of an estate and may be left to one's spouse, children, or other heirs through the owner's last will and testament. With divorce, shares form marital property that could be divided such that an ex-spouse might become a shareholder.

Other types of disruptions such as medical incapacity or financial circumstances may force a shareholder to transfer shares to third parties. In addition, general disagreements between business partners may cause one or more of the owners to separate from the business and transfer or sell their ownership interests.

Family Business: Escaping a Culture of Entitlement

One of the biggest challenges of a family business is the issue of entitlement. We have seen it many times.  Junior is given the title of vice president without ever paying his dues.  Members of the cousin generation (third generation) have only known the business as successful and expect it to continue and for the business to just be handed over to them.  During a recent session at the S. Dale High Center for Family Business, a great presentation was made about escaping a culture of entitlement.

 

Tom Wolf, Chairman and CEO of the Wolf Organization, a six generation family-owned building materials business based in York, PA, presented how you avoid this entitlement problem.