We appreciate the personal approach Gross Collins takes with our tax planning and preparation needs.
John Sudduth, Controller
Pioneer Concrete Pumping Service, Inc.
Business owners should have an exit strategy: a plan for the time when they're either unwilling or unable to keep running their company. Often, that planning can include a current disaster plan for relatively young business owners and a future long-term succession plan for a smooth path to retirement. At HLB Gross Collins, P.C. we work with owners as to the best exit plan for their business. Whether you are passing your business to the next generation, selling all or part of the business to a third party or exiting through an employee stock ownership plan (ESOP), HLB Gross Collins, P.C. can assist you through each step of the process. Our consulting experts can help you with the following:
- Maximize business value
- Develop a succession plan
- Determine strategic options
- Minimize taxes
Buy-sell benefits
Business owners and co-owners of all ages should have a buy-sell agreement in place. Such an agreement should identify the buyer, in case a sale becomes necessary, and specified events that will trigger the buyout. The agreement also should spell out how the price will be determined-it could be a multiple of cash flow or revenue, for instance.
If a company has two or more co-owners, a mutual buy-sell can be effective. For sole shareholders finding a buyer may require some creativity. A key employee might be named, or even a competitor. Funding for a possible buyout might be provided through life and disability insurance.
A long-term exit plan also should cover taxes because certain deal structures can be more or less favorable to the seller. HLB Gross Collins, P.C. can help you work out the terms of an exit strategy and a plan that will make the most sense for current and future business owners.
As a former principal at HLB Gross Collins, I am pleased to continue to be able to work with the firm’s professionals as the Chief Financial Officer of a long-time client of the firm. Serving a complex operation such as Mirasco’s is challenging, and Michael Bohling and Iliana Malinov meet that challenge by constantly thinking about our business and being in regular contact with me. Along with the managers, Adil Amou and Michelle Jenkins, they keep us current on reporting and tax developments. Our international scope requires advisors who are constantly thinking about all the implications of our transactions, and the HLB team does a great job bringing us ideas and responding to our questions.
Rick Hamilton EVP & CFO
MIRASCO Inc.
Brock Built Homes has been pleased to work with Gross Collins since 2006. Gross Collins is so much more than what we were used to getting from our former accounting firm. Gross Collins has provided excellent advice, recommendations, business strategies, industry standards, and accounting. Our business would not be where it is today without the work that Gross Collins has provided. Brock Built Homes gives an excellent recommendation to anyone who is considering working with Gross Collins.
Steve Brock, President
Brock Built Homes