Consulting Services

Business Consulting

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As certified public accountants, one thing we’ve noticed when working with family-owned businesses is that the owners often work so hard in their business, that they don’t take time to work on their business. (Author Michael Gerber also noted that in his book, The E-Myth). Consequently, their company doesn’t operate as efficiently, or create the kind of wealth they had hoped it would.

While we offer many of the traditional compliance services that most public accounting firms provide, we realized our business clients needed more.  They needed a trusted advisor that they could discuss ideas and issues with on a more regular basis.

At Dickinson & Clark CPAs, PC, we are working with many of our business clients to find ways and put processes in place to create wealth through strategically planning, managing, and improving these five areas of their business: Leadership, Employees, Operations, Customers, and Finances

Some of those ways include:

• Helping you to understand your financial statements and how to use them
• Measuring your business’ financial and non-financial information
• Developing performance measurements and strategies in the areas that matter most
• Building your business’ value on a proactive basis
• Giving you better tools to make informed decisions

Entity Planning

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Deciding the best structure for your company requires several tax and legal considerations.  While your attorney will provide the legal advice, we provide advice in areas such as:

• How to choose between Corporations, Partnerships and Limited Liability Companies and the related filings and tax elections
• Which type of entity has the lowest tax burden
• How different entity types can allocate profit and loss between business owners
• How to structure owner compensation
• How to maximize company-paid benefits to business owners
• Income tax and accounting considerations related to buying and selling a business entity
• The tax impact of transferring assets and liabilities into newly formed entities

Succession

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One of the hardest decisions business owners face is what to do with their farm or business when they are ready to retire or step into another venture.  Do you sell it or give it to your children?  Do you groom current employees to take over the business?  Or do you look for an outside investor? 

Sometimes life circumstances force business owners to transition their business before they are ready.  But the best transitions are those that are well thought out in advance. 

Dickinson & Clark can help you with the succession process.  We can help you think through many of the considerations and potential options you have in the structuring the transition.  We also work with attorneys, insurance and banking professionals to help bring a team together to help you get everything in place.