Family Business
Since 1935, our accounting firm has enjoyed working with multiple generations of family-owned businesses. With the understanding that family dynamics can often drive financial decisions, Capaldi Reynolds & Pelosi can serve as an unbiased, trusted third party to help resolve the complex issues that family businesses face.
In addition to traditional accounting, audit and tax services, we also provide the following. Contact our office to learn more about Capaldi Reynolds & Pelosi can help your business thrive.
Succession planning is a process for identifying and developing new leaders who can replace old leaders when they leave, retire or die. Succession planning increases the availability of experienced and capable employees that are prepared to assume these roles as they become available. Taken narrowly, “replacement planning” for key roles is the heart of succession planning.
In business, succession planning entails developing internal people with the potential to fill key business leadership positions in the company.
Effective succession or talent-pool management concerns itself with building a series of feeder groups up and down the entire leadership pipeline or progression. In contrast, replacement planning is focused narrowly on identifying specific back-up candidates for given senior management positions. Thought should be given to the retention of key employees, and the consequences that the departure of key employees may have on the business.
Fundamental to the succession-management process is an underlying philosophy that argues that top talent in the corporation must be managed for the greater good of the enterprise.
(“Succession planning,” Wikipedia: The Free Encyclopedia)
Business valuation is a process and a set of procedures used to estimate the economic value of an owner’s interest in a business. Valuation is used by financial market participants to determine the price they are willing to pay or receive to effect a sale of a business. In addition to estimating the selling price of a business, the same valuation tools are often used by business appraisers to resolve disputes related to estate and gift taxation, divorce litigation, allocate business purchase price among business assets, establish a formula for estimating the value of partners’ ownership interest for buy-sell agreements, and many other business and legal purposes such as in shareholders deadlock, divorce litigation and estate contest. In some cases, the court would appoint a forensic accountant as the joint expert doing the business valuation.
(“Business valuation,” Wikipedia: The Free Encyclopedia)
Financial planning is the task of determining how a business will afford to achieve its strategic goals and objectives. Usually, a company creates a Financial Plan immediately after the vision and objectives have been set. The Financial Plan describes each of the activities, resources, equipment and materials that are needed to achieve these objectives, as well as the timeframes involved.
The Financial Planning activity involves the following tasks:
- Assess the business environment
- Confirm the business vision and objectives
- Identify the types of resources needed to achieve these objectives
- Quantify the amount of resource (labor, equipment, materials)
- Calculate the total cost of each type of resource
- Summarize the costs to create a budget
- Identify any risks and issues with the budget set.
(“Financial planning (business),” Wikipedia: The Free Encyclopedia)
Industry Insights
Have you thought about Exit Planning?
Author: Michael J. Reynolds, CPA, CEPA If you’re a business owner, one of your most valuable assets is your business. It is also probably true that you devote a lot of time and thought to managing and growing your company and much less time imagining your company if...
Charitable Contributions – A Sound Strategy for Tax Reduction
Author: Frank Pelosi, CPA, CVA One of the strategies to reduce your taxable income is to make a charitable contribution to a qualified organization before the calendar year ends. Common examples of qualified organizations include churches, religious organizations,...
Doctors’ and Dentists’ Corner- Employee Dishonesty
Who owns that nice new car in your parking lot? Do you have an employee who seems to be living at a standard higher than his salary would permit? Hmmm, he (or she) tells you his Uncle Joe died and left him a huge inheritance, or maybe he won the lottery. You’re happy...
New Jersey Adopts Market-Based Sourcing For Corporate Taxpayers
One of the latest trends in state and local corporate income tax has been the adoption of market-based sourcing for the sales of services. In 2018, new state legislation made significant changes to the New Jersey Corporation Business Tax Act, including the...
Doctor and Dentist Corner: An Ounce of Prevention
Long-term, well trusted employees are an employer’s dream. In the event that an employee is dishonest, good internal controls can keep that dream from becoming a nightmare. For medical offices, there is a significant risk that employee dishonesty will lead to the...
Nondeductible Employee Parking Expenses
Employee parking expenses – how much can your business deduct? The Tax Cuts and Jobs Act (TCJA) resulted in many tax law changes. One of them was the new rule for determining the deductible portion of employee parking expenses. Under the new Section 274(a)(4),...