Most business owners don’t have someone they can call to share ideas or discuss business strategy. They don’t have someone who can explain the numbers from a business perspective, not just an accounting perspective.
We take a business-first approach to consulting. Of course, there’s a financial component. We help you understand where every dollar is going, which parts of your business are profitable, and which parts are not. More importantly, we help you use those numbers to make better business decisions.
But we spend just as much time speaking with our clients about non-financial issues. Are your operations aligned with your business goals? Is it time to revisit your business plan? Are you thinking about expanding or hiring new people? How does your personal life tie into your business? How much longer do you want to be actively involved in the business?
More than helping you understand your bottom line, we show you how you got where you are – and help get where you want to be.
Our consulting and advisory services include:
- Goal and strategy development
- Strategic, practical business advice
- Development of key financial/business indicators
- Interpretation/education of your financial information
It’s not uncommon for us to meet with business owners who have incorrect, disorganized or outdated financial information, and make poor decisions as a result – but have no idea that they’ve done so. They run their business based on assumptions and guesswork, not hard data and sound business strategy.
Accounting is more than number crunching, though. Accounting is about using accurate, timely data to run your business more effectively.
This involves getting the financial side of your business in order so it supports the operational side. We analyze past performance, identify and address problems, look for new opportunities, and show you how to use financial data to make smart business decisions. We help you leverage the latest technology to become self-sufficient, or we can take accounting tasks off of your plate completely.
More than traditional accounting, we serve as a sounding board and strategic business resource for our clients. We go beyond the numbers to learn about your company’s operations and goals, so you overcome challenges to improve efficiency, productivity, and profitability.
Our accounting services include:
- Financial statements (audits, reviews, compilations)
- Outsourced CFO services
- Financial system development
- Detailed analysis of financial operating results
Many business owners make the mistake of separating business tax planning from personal tax planning. The idea is to make things less complicated. In reality, the two are intertwined. The tax decisions you make as a business owner affect your life outside the office.
Yes, there is an additional layer of tax implications to consider as a business owner, but that’s why you need the expertise of an accounting firm that takes a holistic approach to tax planning and preparation.
We break down the silos between business and personal tax planning so you can make the best possible tax decisions for the good of the company and your family. However, our overall approach to tax planning is the same.
We learn about your financial situation, risk tolerance, and personal and professional goals. Then we develop a proactive plan that minimizes tax liability and provides you with tax certainty instead of a surprise tax bill.
Our tax planning and preparation services for business owners include:
- Ongoing planning discussions throughout the year
- Integration of business and personal tax situations
- Detailed tax projections
- Preparation and review of tax returns
- Goal-oriented tax strategies
If you’re a business owner, your company is probably your most valuable asset. Most of your wealth is probably tied up in the business. You may not consider the risk of this because you own and love your business. However, the risk is significant if all of your eggs are in one company basket.
Without proper planning, you’ll lose money on the back end and pay too much in taxes. Our goal is to move as much wealth as possible outside of the business and diversify, so you don’t have too much money tied up in one large asset.
Rather than focusing exclusively on numbers, we look at your business through a much wider lens. Ensuring that you have correct numbers is just the first domino to fall. Correct numbers lead to better business decisions, which lead to effective growth strategies, which lead to a higher business value, which enables you to turn your business into cash and gain financial security.
Our financial planning services for business owners include:
- Forecasting living expenses
- Understanding your risk tolerance
- Planning for retirement
- Life event budget planning
Set your business up for financial success. Connect with us at LFL Veritas to learn more.
Few business owners know how to profitably exit their businesses; whether that means transitioning out of day-to-day operations or selling the company. As a result, some business owners are forced to delay their retirement – or they never retire at all.
Ideally, you’d have started thinking about succession planning when you began your business. This is rarely the case; but you can’t wait to plan until you’re tired and frustrated, and you’ve just had enough. It takes three to five years to create a succession plan. You need to put systems in place that allow the business to function without you being involved in every decision.
Tell us your exit strategy, your goals and timelines; we’ll tell you if that plan is realistic. We’ll educate you about various issues that may arise, such as gift tax obligations when passing the business to a family member, or the ownership complications of turning over the business to an outside party. We’ll help you implement a strategy that allows you to successfully exit the business.
More than 70 percent of family-owned businesses do not survive the transition from founder to second generation. We improve those odds for your business with smart, forward-thinking succession planning.
Our financial planning services for business owners include:
- Assistance with goal development
- Financial modeling
- Strategic tax planning
- Assistance with plan implementation
Suppose the purchase of a competitor or a complementary business would create a competitive advantage for your company. Suppose someone expresses interest in buying your business. But you’ve never bought or sold a business before. How do you avoid missing out on these opportunities?
If you’re thinking about buying, we examine the seller’s books to validate claims and ensure numbers are accurate. We look beneath the surface, determine if this is a wise investment, evaluate your options, and make sure you don’t overpay.
If you’re thinking about selling, we can help you maximize the value of your business by positioning it in the most financially advantageous way. We assess your company’s true worth, educate you about the tax implications, conduct the business structure analysis, review contracts in collaboration with your legal team, and manage negotiations.
Without due diligence and planning, emotions may cloud your judgment. You could agree to a bad deal, or you could spend a lot of money, only to see the deal die. We help you stay focused on the business aspect of a merger or acquisition, so you make the best possible decision.
Our Mergers & Acquisitions services for business owners include:
- Detailed analysis of pros and cons
- Performance/assistance with due diligence
- Assistance with negotiations/review of documents
- Strategic tax analysis to maximize deal benefits
Unfortunately, not all business relationships go smoothly. We’re sometimes called upon to dig into numbers and provide business owners with the financial information they need to deal with a lawsuit. At LFL Veritas, we assist with complex litigation, mediations, alternative dispute resolution (ADR), valuations, breach of contract, corporate investigations, ownership change issues, and other legal matters. We can also use our business expertise to help you determine if you have a good case, don’t have a case, or if you should look to settle.
Nobody likes to be embroiled in litigation. But if you’re involved in any kind of dispute that requires analysis of financial data, we make sure you’re armed with all of the information necessary to support your case.
Our Litigation Support services for business owners include:
- Financial analysis of the case
- Forensic accounting services
- Settlement negotiation assistance
- Analysis of potential tax implications