Here We Grow Again! LBA Haynes Strand Adds Charlotte based CPA Firm McArthur, McKeiver, & Vaughan, PLLC to The Firm

The 2017 year is here and LBA Haynes Strand has rang the proverbial growth bell again!  For the past 4 months, LBA Haynes Strand has been working to complete a deal with, Ballantyne based CPA Firm, McArthur, McKeiver and Vaughan, PLLC to unite as one combined firm.  The combination will add three Principals to the LBA Haynes Strand team with the additions of Brad McKeiver, Steve Vaughan, and Patrick Coleman.   This will increase the total of Principals to 13 and number of employees to 80 across the three North Carolina offices of the Firm.  The Firm will continue to operate under the LBA Haynes Strand, PLLC name, where the three incoming principals and the incoming staff members from McArthur, McKeiver, & Vaughan will join the Firm in the Matthews, NC office of LBA Haynes Strand.

McArthur, McKeiver, & Vaughan has been a part of the Charlotte community for over three decades, since its inception in 1978.  The mission of the firm was always to deliver pro-active and client-centered services to its clients aimed at adding value and helping their clients reach their goals.  These same ideals of being proactive and client-centric are pillars of LBA Haynes Strand, thus creating a unified Firm culture.  The addition of McArthur, McKeiver, & Vaughan will add not only a strong culture piece to the LBA Haynes Strand Firm, but also a strong dental accounting and consulting practice,  a forensic accounting offering,  and a profitability consulting service offering.

John Bly, Principal, CEO of LBA Haynes Strand had this to say regarding the combination, “We are thrilled to be able to add such a strong team of talented and driven Principals to LBA Haynes Strand.  The additions of Brad, Patrick, and Steve to our Matthews office is a natural fit for us as we seek to grow our Firm and grow the service offerings that we can offer our clients.  We strive to become a one stop shop for all middle market business owners’ accounting and financial needs in North Carolina and the Southeastern US.  The ability to ring in the New Year with such an exciting announcement can be attributed to both Firm’s hard work and dedication to a unified vision of what a modern accounting firm should be.”

In addition, LBA Haynes Strand recently announced the acquisition of Dave Recchion and SeeRisk Management Advisors out of High Point, NC.  Dave Recchion joined the Greensboro office as a Principal on December 1, 2016.

Exciting News: Chad Stafford Has Been Promoted To Principal

LBA Haynes Strand is pleased to announce that effective January 1st, Chad Stafford has been promoted to Principal. Chad joins the principal team, where he will remain focused on providing tax planning, tax preparation, and tax research for clients of LBA Haynes Strand.

John Bly, Principal and CEO of the firm, had this to say, “Chad is a long term member of our team in Mt. Airy.  As a firm we are excited to have him become a principal with the firm.  It’s an exciting step for both Chad in his career path and for the firm’s continued focus on developing our people.”

Having been with the Firm for over 20 years this promotion is a result of Chad’s hard work, loyalty to the Firm, commitment to our team, and dedication to providing top-notch tax services to his clients.

Please join us in congratulating Chad Stafford on this exciting promotion! To arrange a meeting with Chad, contact us!

3 Design Tips For Your Exit Strategy

A successful and effective exit from a business usually takes more than a miracle. I do believe in miracles, however gaining the greatest value for your company doesn’t usually happen without a solid design and execution. As a business owner contemplating a future exit, you should be focused on a plan that includes the following 3 design tips:

1. Timing

Is the market right? Are other parties interested in acquiring your company? Do you have plans for after your exit? Do you have more passion or anxiety over the business?

Timing is everything if your objective is to maximize the value of your company. Don’t be a statistic, too many company owners run the company up the growth curve, and down the other side before relinquishing control and exiting the business. Companies frequently grow beyond the capabilities of the owner, so all these considerations will help you determine the right timing.

2. Value

Have you completed a valuation on the company? Can the value of the company be improved? Will the exit event provide the revenue, cash and stability you desire and need?

Value is the number one driver for most executives contemplating an exit. However, value is nearly impossible to change if you have one foot out the door. Value creation is difficult but will yield the greatest financial reward for each dollar invested. Reducing costs, improving processes, increasing margins, managing debt, hiring the right resources and growing the top line are all important factors in gaining the greatest value for your business. A good business advisor can help you navigate through the projects that offer the highest return on value.

3. Succession

Do your leaders have the skills, interest and passion to carry on and improve the business? Do you financially need the business to perform after your exit?

Succession is not an issue if you are emotionally and financially detached from the exit event. In this scenario, succession is the problem for the acquirer and the seller can take the money and run. However many small business owners can’t afford to detach financially and therefore must be concerned about the quality of the successors (family members or employees). Complicated exit scenarios tend to create succession challenges and as a result will have a negative impact on the value.

Exiting a business is not an event, it is a process. Albeit an emotional process, it requires a proper design to get the most out of the final exit event. Exiting your business is much easier when you understand the 3 design tips and  have a plan to answer the tough questions regarding. . . Timing, Value and Succession.  Then you can ” Exit by Design”,  and not exit by mistake or miracle.

QuickBooks Online: Is It Right For Your Business?

QuickBooks Online has become a widely used alternative to the traditional desktop versions of QuickBooks. With up-to-date bank and expense information that is accessible by both the business owner and CPA (once the CPA is granted accountant access to the company) it’s easy to see the immense benefits. Business owners have no down time as they wait for their CPA to do monthly, quarterly or yearly work and CPAs have the most recent data in order to efficiently and effectively assist their clients in day-to-day business dealings.

Unlike the desktop versions of QuickBooks, QuickBooks Online provides users with the most current version without the yearly added cost of upgrading software. The highly secure QuickBooks Online servers provide immediate backup of your company files and is accessible from virtually anywhere you can access the internet. There is even an awesome app for the iPad that enables you to take photos of receipts and enter them into your bank or credit card register on the go. The portability and functionality of the program makes keeping your company’s financial records a breeze.

QuickBooks Online is allowing us at LBA Haynes Strand to stay ahead of the curve by achieving results through a fully engaged approach and diligent planning. To see a visual guide on converting to QuickBooks Online, click here or contact our office for additional information on the benefits and limitations of the software. 

2016 Year in Review: Tax Highlights

As the LBA Haynes Strand staff gears up for tax season, we wanted to share a few highlights from the annual tax summary provided by Wolters Kluwer:

  • Overall, there are not a significant number of changes from 2016 to 2017 which will impact most of you.  However, political and tax experts are all anxiously awaiting the first days of President-Elect Trump’s to see how things kick off.
  • Tax season officially kicks off January 23, 2017.  We’ll all be here working hard to make sure you get your returns filed by April 18th.  By the way, did you notice that it’s a different day this year?  Here’s why.
  • Mileage reimbursements continue to slide slightly.  Business rates will be 53.5₵ and Medical/Moving rates will be 17₵
  • For 2017, the IRS announced a variety of inflation-adjusted tax amounts.  Some examples include, Standard Deduction for a Single Filer went from $6,300 in 2016 to $6,350 in 2017.  The one that I thought was interesting was the Social Security Wage Base.  In 2016, the base was $118,000 but in 2017 the base increased to $127,200

For more Highlights from this Report, please CLICK HERE!