Sunset Family Business Radio

Strategies for Keeping the Wealth That You Build

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Building a family-business is a labor of love–most of the time.  After all of your time and effort, you want to be sure that you and your family retain as much of that wealth as possible.

Our guests on Thursday, March 4, 2010 are experts in helping you do just that.  They will share their insights and tips with you in this informative presentation–so be sure to have a paper and pen ready to take notes.

Our guests will be:

Christina Napoli. Christina is currently a VP in Commercial Banking at First Citizens Bank, a new addition to the Atlanta financial services lineup. Christina has a long history of providing customized banking and investment services to business owners, entrepreneurs and professionals in the metro Atlanta area.

Christina is a graduate of the Greater North Fulton Chamber of Commerce’s Leadership of North Fulton Class of 2007.

Although Christina is originally from the Midwest, she now considers herself a true Southerner.  Currently living in Johns Creek, she has two sons and enjoys cooking, traveling and snorkeling.

Christina Napoli, VP First Citizens Bank
www.firstcitizensonline.com
Email: christina.napoli@firstcitizensonline.com
Telephone: 678-624-4880

Anita Pittman. Anita is a Certified Public Accountant and a Tax Partner with  Cherry Bekaert & Holland (CB&H) based in the Firm’s Metro Atlanta practice.

Anita’s practice focuses on the income and estate taxation needs of clients, providing assistance with the tax and accounting compliance and planning issues surrounding partnership taxation, executive compensation planning, estate tax matters, merger and acquisition work, corporate reorganizations, and foreign investment in the U.S., as well as other more general tax and accounting concerns.

Anita began her career in the Chicago office of Arthur Andersen & Co.  Prior to joining CB&H through a merger in 2008, Anitaserved as director of tax services for Massey + Pittman, CPA, P.C. Anita earned her undergraduate degree from Emory University where she graduated magna cum laude and was elected to Phi Beta Kappa. She received her Master’s Degree in Management with concentrations in Accounting and Quantitative Methods from Northwestern University’s Kellogg Graduate School of Management. At Northwestern, she was a member of Beta Gamma Sigma and Beta Alpha Psi and graduated as a Distinguished Scholar. Licensed to practice as a Certified Public Accountant in Georgia, Anita is actively involved in the Real Estate Section and Financial Literacy Committee of the Georgia Society of Certified Public Accountants (GSCPA). She is a graduate of the Georgia Society’s Leadership Academy for CPAs, has co-chaired the Leadership Academy Class Project committee, and currently serves on the GSCPA Governing Council.

Anita Pittman, Partner, Cherry, Bekaert, Holland
www.cbh.com
Email: apittman@cbh.com
Telephone: 404-733-3221

Loraine M. DiSalvo. Loraine has been practicing law in Atlanta since 1997 and is a Partner with the firm of Morgan and DiSalvo, P.C.  She has received an “AV – Preeminent” rating from Martindale-Hubbell, one of the oldest and best-known lawyer directory and rating services.  Her areas of concentration include Estate Planning, Tax Planning, Probate, Estate and Trust Administration, Estate and Trust Dispute Resolution, Business Succession Planning, and Charitable Giving.  Loraine specializes in addressing the unique needs of high-net worth individuals and families, including those with closely-held businesses.

Loraine is currently serving as the Secretary of the Estate Planning and Probate Section of the Atlanta Bar Association, and as the President-Elect for the Professional Women’s Information Network.  She is also the host and a co-founder of the North Fulton Neighborhood Networking Breakfast for the Georgia Association for Women Lawyers.

Loraine also holds memberships in the Georgia Bar Association, the American Bar Association, and the Stonewall Bar Association.

An Atlanta native, Loraine graduated cum laude, with distinction in History, from Georgia State University and earned her J.D. degree, with distinction, from Emory University.

Loraine DiSalvo, Morgan and DiSalvo, PC
www.morgandisalvo.com
Email: ldisalvo@morgandisalvo.com
Telephone: 678-720-0750

Sunset Family Business Radio

Recap: Last week's show with John Dillard, CPA

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In the premiere interview on Family Business Radio, Pat Romboletti and Meredith Moore welcomed John Dillard, owner of HisCPA  (www.hiscpa.com) an Atlanta-area CPA for more than 30 years.

In setting the stage for their discussion, Meredith shared some family-owned business statistics, courtesy of the Cox Family Business Center at Kennesaw State University under the direction of Dr. Joseph Astrachan, such as:

• 80% of the world’s businesses are family owned.

• Family-owned business account for more than half of the U.S. gross domestic product.

John began by explaining the difference between a CPA and an auditor.  He described an auditor as someone who comes in after the fact and interprets the data, “like counting casualities after the battle.” A CPA, however, is proactive and the best ones help the owners of family businesses run the company, including helping to establish policy and contemplating the future. “You want a CPA who has empathy for your company,” he pointed out, and acts as a virtual CFO/virtual controller.

When asked how a family business owner can best partner with a CPA, he advised to “call and call often,” but especially when something major is under consideration, like buying a business, adding a partner, dissolving a partnership, installing a health plan, etc.

Before bringing new family members into the business, John recommended that a shareholder agreement be drawn up before that person comes on board. Assuming no dramatic change in the company, this document should be reviewed every 5-10 years.

With succession planning, he advised that you begin by knowing the worth of your company, so get a business valuation. If your business grows rapidly, the valuation needs to be done yearly; for those companies enjoying steady growth, every 5-10 years is sufficient. John also recommended that succession changes be implemented over time to allow the new person time to mature into their role. Finally, he suggests that you hire a competent tax attorney.

The final discussion centered on how a family-owned business should deal with their team of trusted advisors. John’s thoughts were that the business is best served when the advisors work in tandem—even when the opinions differ.  A little healthy debate can serve you well.

And John’s three parting tips:

1. Live below your means. Financial hiccups will occur; it’s not a matter of “if.” So have a cushion.

2. Know when you need to get a financial “second opinion.”

3. Be debt-adverse

Thank you John for being a part of our family-owned business community and thank you for your expert advice.  John Dillard, can be reached at His CPA, PC, www.hiscpa.com 770-814-9304.