Management Advisory Services
LFL Veritas is more than an accounting firm. We are trusted business advisors. We are experts in helping and coaching closely held businesses. We are specially trained in these areas and pride ourselves in our ability to produce results. Whether your goal is to improve efficiency, increase cash flow, or simply develop a business plan we understand this is a key area to the longevity of your business and can help you achieve results. Our services include:

• Mergers and Acquisitions
• Succession Planning
• Operational Systems Analysis
• Human Resources
• Software Selection and Implementation
• Insurance and Risk Management
• Key Performance Indicator Monitoring & Design
• Cash Flow Analysis & Budgeting

Our services in these areas include, but are not limited to:

• Evaluation and analysis of all strategic options
• Preparation of financial presentations
• Assessment of the true worth of your company
• Negotiating the terms and closing the transaction
• Achieving the most tax effective results
• Due diligence
• Business structure analysis
• Coordination with legal representation

Succession Planning
Handing down your business to family members is not an easy decision. It can mean the difference between being financially sound for life or losing the value of many years of hard work and effort. More than 70 percent of family-owned businesses do not survive the transition from founder to second generation. Whether you are handing your business over to a family member or outside buyer, we can smooth the transition.

For your business to create bona fide value, you need to continuously ask yourself, “Why would I want to buy this business”. Keeping that frame of mind, you will always be in a position to realize, assess and quantify its true value. You will have the upper hand in any situation.

People want to buy businesses that operate effectively, efficiently and profitably. The need to systemize your business and make it less dependent on you is key. You must ask yourself today, “If I were to leave tomorrow, would my business survive?” Succession planning is an ongoing, fundamental process focused on getting the right people in the right position to maximize organizational performance.

Operational Systems Analysis
We like to look at a business as a group of people performing a wide range of activities or ‘processes'. How well these are completed ALWAYS determines the results your business achieves. We find most businesses have not truly systemized their processes. This means that results are often random and many business owners are left feeling a lack of real control.

We analyze your business processes and identify, with you and your team, which ones need to be re-designed to create a more effective work environment. This documented system gives you greater control over your results by defining exactly how each process is to be completed. You get better control AND consistent outcomes. In addition, the value of your business increases as it moves more and more towards being a turn-key ‘system’ – a system that produces expected results every time.

Human Resources
Our human resource support services help you link your people strategies with your business strategies in order to maximize human performance and improve your bottom line. We have the capabilities to address a variety of employee issues for the closely held business. While the scope of service varies depending on the situation, our team provides innovative solutions to help clients in the following areas:

• Employee Benefits. Building benefit plans that balance employer and employee needs.
• Compensation. Developing appropriate and reasonable compensation and reward programs.
• Management Consulting. Outline of job descriptions and performance criteria, process improvement, leadership development, employee selection and assessment systems, performance measurement tools, and change management.
• Facilitator. As an objective third party, we can effectively bring different groups together within your organization and maintain project momentum.
• Behavior. Aptitude. Quantify the behavioral characteristics of future and existing employees. Assisting you to identify new leaders, communicate better, and employ high-quality people.

Software Selection and Implementation
QuickBooks is the leading small-business accounting software program available on the market today. More than just an accounting software application, it is a comprehensive business management solution that integrates with Microsoft Word and Microsoft Excel allowing users to create flexible and customized reporting.

We are a Member of the QuickBooks Professional Advisors Program, and offer on-site support and training to help you set up and customize your QuickBooks system. We can perform any of these services individually, or help you create a package that addresses your unique needs:

• Set up and customize QuickBooks to function the way you do business
• Address and troubleshoot your concerns and problems
• Offer one-on-one training for you and/or your team in any or all of these areas:
  • Invoicing
  • Customer and/or Job tracking
  • Check writing and printing
  • Entering and paying bills
  • Financial reporting
  • Time and cost tracking
  • Inventory
  • Payroll
  • Budgeting
  • Estimating
• Perform periodic maintenance and ‘tune-ups’

In addition, we can assist in the due diligence, selection and implementation of many other financial and business software solutions.

Insurance and Risk Management
An often overlooked resource is insurance. Do you have the proper amount of insurance to take care of your family? Is it structured properly? Let our team of professionals review your current policies and determine whether the coverage is adequate for your financial situation.  Some insurance areas include:

• Life insurance planning
• Disability insurance planning
• Long Term Care insurance
• Benefits planning

Key Performance Indicator Monitoring & Design
Every successful company has those few items that are absolutely crucial to its success. We call these Critical Success Factors (CSF). These are unique to each company and are what sets it apart from its competitors. We will help develop key performance indicators (KPIs) to monitor these critical areas. You will get timely pertinent information to manage your business. We will help you look forward to the future rather than living in the past.

Cash Flow Analysis & Budgeting
Cash is key! It is the lifeblood of any business. Without it a company can not exist. We work with you to monitor and improve your cash flow to make sure your company grows and prospers. Controlling and monitoring revenues and costs are both key to success. We can help you develop and monitor your budgets, and help implement the ideas that come from these activities.