LBA Haynes Strand Makes Inc. 5000 List…AGAIN!

LBA Haynes Strand, PLLC Ranks No. 1695 on the 2015 Inc. 5000 with Three-Year Sales Growth of 239%

We are pleased and excited to announce that Inc. magazine has ranked LBA Haynes Strand NO. 1695 on its 34th annual Inc. 5000, an exclusive ranking of the nation’s fastest-growing private companies. This ranking makes for LBA Haynes Strand’s second straight year on the Inc. 5000, as we were ranked NO. 3762 in 2014. The list represents the most comprehensive look at the most important segment of the economy—America’s independent entrepreneurs. Companies such as Yelp, Pandora, Timberland, Dell, Domino’s Pizza, LinkedIn, Zillow, and many other well-known names gained early exposure as members of the Inc. 5000.

“We are honored as a firm to be included on this list of the fastest growing companies,” says John Bly, Co-Managing Member of LBA Haynes Strand. “This ranking is a testament to the hardwork and dedication of the Principal Members and all the employees at LBA Haynes Strand.  Our team is second to none, and we are very excited for what the future holds and the direction the firm is headed in.”

The 2015 Inc. 5000, unveiled online at Inc.com and with the top 500 companies featured in the September issue of Inc. (available on newsstands August 18 to September 22) is the most competitive crop in the list’s history. The average company on the list achieved a mind-boggling three-year growth of 490%. The Inc. 5000’s aggregate revenue is $205 billion, generating 647,000 jobs over the past three years. Complete results of the Inc. 5000, including company profiles and an interactive database that can be sorted by industry, region, and other criteria, can be found at www.inc.com/inc5000.

“The story of this year’s Inc. 5000 is the story of great leadership. In an incredibly competitive business landscape, it takes something extraordinary to take your company to the top,” says Inc. President and Editor-In-Chief Eric Schurenberg. “You have to remember that the average company on the Inc. 5000 grew nearly six-fold since 2012. Business owners don’t achieve that kind of success by accident.”

Methodology

The 2015 Inc. 5000 is ranked according to percentage revenue growth when comparing 2011 to 2014. To qualify, companies must have been founded and generating revenue by March 31, 2011. They had to be U.S.-based, privately held, for profit, and independent–not subsidiaries or divisions of other companies–as of December 31, 2014. (Since then, a number of companies on the list have gone public or been acquired.) The minimum revenue required for 2011 is $100,000; the minimum for 2014 is $2 million. As always, Inc. reserves the right to decline applicants for subjective reasons. Companies on the Inc. 500 are featured in Inc.’s September issue. They represent the top tier of the Inc. 5000, which can be found at http://www.inc.com/5000.   

Be Prepared for the September 15th Tax Deadline!

There is a misconception among that there is only one busy season when it comes to tax and accounting firms in the United States. However, there are many deadlines to be met throughout the year, making for multiple busy seasons. With the September 15th tax deadline fast approaching, we want to alert our clients of what is due.

What is due by September 15th?
  • 3rd Quarter estimated tax payments for the 2015 tax year
  • Final deadline to file corporate tax returns for the year 2014 if an extension was requested. (Forms 1120, 1120A, 1120S)
  • Final deadline to file trust income tax returns for the year 2014 if an extension was requested. (Form 1041)
  • Final deadline to file partnership tax returns for the year 2014 if an extension was requested. (Form 1065)
What are the penalties if the September 15th Deadline is ignored?
  • C Corporations – The IRS can assess a penalty of 5% of the next tax due for each month or part of a month the return is filed late, up to a maximum penalty of 25%.
  • S Corporations – The IRS can assess a penalty equal to $195 per shareholder for each month the return is filed late (maximum of 12 months). Therefore, the maximum penalty per shareholder is $2,340.
  • Partnerships, including multi-member LLCs – The IRS has the ability to assess a penalty equal to $195 per partner/LLC member for each month the return is filed late (maximum of 12 months).

If you are unsure if you are adequately prepared to meet these deadlines, contact us for a no cost consultation. We are able to provide on the spot tax preparation advice and will begin your tax planning for next year, so that deadlines no longer sneak up on you.

Entrepreneur’s Spotlight With Yuno

LBA Haynes Strand is putting the spotlight on the entrepreneur community. Entrepreneurship plays a huge role in not just our local economy, but our global economy.  In this blog, we caught up with Andre Walters, who is the founder and owner of Yuno, Inc. Andre breaks down his thought process for creating Yuno and why he decided to take a simple idea and move it to market.

Yuno, Inc.

Have you ever recommended a product to a friend or family member? If you have, and the person bought what you recommended, what did you get for it? If you are like most people, the answer is more than likely nothing. This scenario is why I created Yuno in 2010.

Word-of-mouth marketing is now, and always has been, the most valuable form of marketing. A global study by Nielsen in 2013 revealed that 84% of people surveyed trusted word of mouth marketing above all other methods of marketing—no television ad, radio jingle or any other form of marketing is as effective, and companies have known this for quite some time. Case in point, a 2014 study by the American Marketing Association uncovered that 64% of marketing executives believe that word of mouth marketing is the most effective form of marketing. The issue, however, is that ordinary people like you and I drive the profits of the companies we support through our own purchases and the purchases we influence others to make, yet it seems our contributions to their profits go largely ignored other than the occasional discount or “special offer.” Yuno was created to do something about this very issue. Yuno acknowledges the fact that you are valuable to your friends and family and provides a benefit to you every time your word-of-mouth marketing encourages someone else to buy a product you bought in Yuno (or an item related to something you bought in Yuno).

Our approach at Yuno is really simple. We’ve established relationships with several hundred well-known brands like Macy’s, Saks Fifth Avenue, Best Buy, Footlocker and many others and added over 70 million products to our database as a result. Our team of content curators monitors the latest trends and looks for the best products from our partners to present to our users on Yuno. Yuno gives its users cashback on every product they buy. Additionally, Yuno provides that user with cashback every time someone following them in Yuno sees what they bought and decides to buy the same or a related item. Ultimately, if enough people decide to buy, a user can potentially get their entire purchase price repaid to them through cashback. As our name suggests, “Yuno” is all about helping you benefit not from what you know, but rather, who you know.

For many, 2010 was a difficult time period financially as our nation continued to try and recover from a devastating recession. I personally observed many people that needed a little boost financially, and I created Yuno in large part to give them that boost. The fact of the matter is we are all valuable in the world of commerce because of our impact through word of mouth marketing. If that value is recognized in our everyday transactions by the companies we support, then we believe Yuno will provide a way to spread the wealth in our economy, help people save naturally on everything they buy, and maybe even help our country avoid a similar recession.

Visit Yuno, by clicking here!

Successful M&A: Internal Growth Must Match External Growth

Traditional entrepreneurial formulas go something like this… “If we have 10 clients, we hire 1 marketing person, adjust their salary according to client growth, and then in 4 to 5 years we could possibly see 10% business growth.”

We have news for you! A merger and acquisition process will grow your business 30% to 100% OVERNIGHT!

When you merge with another business, you are effectively doubling your business in size. That growth equals greater sustainability and greater scalability. You may think that a larger business would be more to handle, but just think about the growth process in general:

  • When your business expands in size, you have the opportunity to expand your client base.
  • The more clients your business has, the more revenue it generates.
  • With a boost in revenue, you are able to hire the appropriate staff to handle the rise in clientele.
  • With the right staff in place, your revenue and your clientele are going to continue increasing significantly.

It’s easy to get stingy about bringing more team members on board. After all, when you experience financial growth, your first reaction is to keep it growing, and hiring staff seems to do the opposite of that. Initially, you may experience a financial dip when you hire your new sales team. However, if their human capital matches your business values, you are undoubtedly going to experience financial growth in the following years.

Remember: When you grow externally, you must grow internally to achieve even more external growth!

Basically, if your clientele grows, your internal team must grow. That does mean a higher payroll, but it also means a higher ROI. You might be looking to hire a sales manager that demands a hefty salary. To ensure a good return, thoroughly analyze what this person brings to the table. Let your decision to hire involve looking back to their work history, but also looking forward to your company’s future. Always look forward! If you don’t see this person contributing to your future growth, look for someone else to fill the position.

If you are expecting rapid growth from your M&A transaction, expect to make the occasional investment. Hiring a team of experts is definitely an investment worth making. The more growth you experience, the more responsibility you gain. When you have an efficient internal team, those responsibilities are not only fulfilled, but they help you grow your bottom line a whole lot quicker.

Interested in learning more about M&A, contact us for your no-cost consultation.

Download Your Free LBA Haynes Strand Smartphone App

LBA Haynes Strand has developed an app to deliver real world accounting solutions to businesses and individuals alike.  Included in the app are:

  • Office Information – addresses, directions, phone numbers, office hours
  • M&A Due Diligence Checklist – Be prepared and make sure your due diligence is done!
  • Tax Questionnaire – Stay organized with this helpful tool!
  • Free Industry Guides
  • A Printable Tax Organizer
  • Subscribe To Our Newsletter
  • Read the most recent LBA Haynes Strand Blog posts
  • Keep up with Firm News
  • Document Submission – Take a photo of your document and send it to our team of CPAs!

In an effort to become the best CPA Firm for our clients and provide them with up to the minute updates, news, and service, we have developed this App with their needs in mind.

To download our app, click the links below:

Apple App Store URL:

https://itunes.apple.com/us/app/lba-haynes-strand/id1016215236?mt=8

Google Play URL:

https://play.google.com/store/apps/details?id=com.app_haynestrand.layout

John Bly Interview – Cracking The Code To Mergers & Acquisitions

John Bly recently sat down with ExitCoachRadio.com for an interview with host Bill Black. During the interview John discusses three important aspects of the M&A marketplace:

  1. What does the current M&A environment look like?
  2. Where is the funding for deals coming from today?
  3. Why would a small business want to acquire other companies?

To listen to the interview from ExitCoachRadio.com, CLICK HERE! Do you have more questions about mergers and acquisitions? Contact John Bly today!

LBA Haynes Strand Attends NC Charter School Conference

Each year, the North Carolina Public Charter Schools Association organizes a conference for educators, administrators, parents, vendors, board members, and supporters of the NC Charter Schools System. LBA Haynes Strand has attended this event for the last several years, and we are grateful for the opportunity!

The NC Public Charter Schools Association was established in December of 2011. Their mission is to grow and sustain high quality public charter schools that nourish North Carolina’s children and enrich their families. Our Firm is proud to support the Association, and provide full-service accounting, payroll and CPA audit services for prospective and established North Carolina Public Charter Schools. We understand the unique needs of charter schools, which is why we’ve structured our Charter School Accounting Division to accommodate your most common concerns.

We look forward to attending the Charter Schools Conference each year and to furthering our knowledge so that we may better serve our clients. If you are interested in discussing our charter school accounting services, set up a no-cost consultation today! We are proud of our partnership with the NC Public Charter Schools Association and are excited to see it thrive!

How Much Should You Save For Retirement?

It’s never too early to save for retirement! While it may sound a bit cliche, it’s true! No matter how long you’ve been in the workforce, determining a retirement plan and regularly reviewing your strategies is of vital importance.

Deciding how much you should be saving for retirement each month can be confusing. Check out the savings plan below for a helpful guide on how much to set aside for retirement. Keep in mind that your plan should offer immediate tax benefits as well.

How Much Should You Save?

Number Of Years Until RetirementEstimated Monthly Savings Needed Per $1,000 Desired (assumes 10% return)
15$ 239.23
16$ 210.97
17$ 186.22
18$ 165.02
19$ 146.63
20$ 130.55
21$ 116.41
22$ 104.06
23$   98.11
24$   83.33
25$   74.74
26$   67.07
27$   60.28
28$   54.17
29$   48.73
30$   43.88
31$   39.51
32$   35.61
33$   32.10
34$   28.95
35$   26.12

The sheer number of retirement plans that are available can be overwhelming. How do you select a plan that will best provide for you at the time when you need it most? Is a combination of plans more suitable?

Are you ready to save for retirement? The partners and staff at LBA Haynes Strand are eager to help you choose the retirement plan that makes sense for you. Our team can also advise you on how changing tax laws will impact your current plans. Ready to discuss your future? Call or email us today for a FREE consultation!

What’s In a CPA Firm Name?

Accounting firm names are usually long names… lots of names… lots of letters! Why are our firm names made up of all these names and letters? Accounting firms, like other professional service firms, face many challenges in naming their company – including state regulations that require the use of the the name or initials of any partner or shareholder in the firm name. A CPA firm may also use the name or initials of a retired or deceased partner or shareholder in the firm name as long as the name is not deceptive. It is up to the CPA firm to decide the order of the names and come up with the brand that will best serve the firm going forward.

How did LBA Haynes Strand, PLLC come to be?

In 2014, when LB&A, Certified Public Accountants merged with Haynes Strand and Company, PLLC, we knew one certainty of the name… the “PLLC” would remain.  PLLC stands for Professional Limited Liability Company, which both firms were operating as already. We checked that part off the list and then moved towards the task of combining the names to retain market share and the brand in our established markets. With LB&A serving the Charlotte market, we saw this as an important must in the name. We removed the “&” to make it a more streamlined LBA. What does the LBA stand for you might ask? Firm Members last names: LaLone, Bly, Ayers. Now that we simplified one of the firm names, we moved to preserving the market share that Haynes Strand and Company had created in Mount Airy, Greensboro, and the rest of the Triad.  Haynes Strand had a large presence in the Triad, so we focused on honoring the history and the brand that had been created. We simplified and agreed to use  “Haynes Strand” from the previous firm name. “Haynes” in remembrance of John B. Haynes, who was a founder of the firm in Mount Airy and “Strand” in remembrance of Austin Strand who was also a founder of the firm and led the firm’s efforts in Greensboro.

So now we knew we were going to use “LBA”, “Haynes Strand”, and “PLLC” in the name…but the order was unclear.  We did extensive research and asked peers which name sounded best.  Our options were basically “LBA Haynes Strand, PLLC” or “Haynes Strand LBA, PLLC” – both choices properly honored our firm founders, and both created a memorable name.  During the great name debate, one of our principal members pointed out that, “Haynes Strand LBA, PLLC looks like alphabet soup!”  At that point we decided to move forward as LBA Haynes Strand, PLLC.  We honored the history and tradition of Haynes Strand and Company who had served the Triad since 1987, and we honored the culture of growth and forward thinking that LB&A had created as a firm in Charlotte.

So what’s in a name? History. Tradition. Excellence. Culture.

At this point if we have not been properly introduced, we welcome you to LBA Haynes Strand, PLLC.  We are a CPA firm that is proactively growing our practice to offer our clients a one-stop shop for all their accounting needs. With 3 full-service offices in Charlotte/Matthews, Greensboro, and Mount Airy, we are centrally located in the state of North Carolina and are looking to cement our firm as the go-to Accounting Firm for middle market companies. To learn more contact us for a no-cost consultation.

Stock vs. Asset Purchase: How About The Best Of Both?

Most buyers want to buy assets and most sellers want to sell stock. However for our buyers, sometimes the internal contracts of customers and vendors and the ease of buying stock is something they prefer. So, how do we get the accelerated tax benefits of an asset purchase?  Here’s one option called a 338(h)(10) election:

According to the IRS, Section 338(h)(10) permits the buyer and seller of corporations to elect jointly to treat the target corporation as deemed to sell all of its assets and distribute the proceeds in complete liquidation.

To qualify for the 338(h)(10) election, the seller must be either:
  1. A US corporate subsidiary of a selling consolidated group or a parent company.
  2. An S corporation on the acquisition date

When buying a corporation, one of the very first issues that needs to be addressed is whether a section 338(h)(10) election will be made.  This election is made to step-up the tax basis in all of the seller’s assets when the benefit of the step-up to the buyer exceeds the tax cost to the seller.  When the tax cost to the seller exceeds the tax benefit to the buyer, the election is not made.

So what benefits come from a 338(h)(10) election?
  • The taxable gain on the deemed sale of the target subsidiary’s assets may be offset by any losses in or tax attributes of other subsidiaries of the selling group.
  • The proceeds from the liquidation of a subsidiary are tax-free to the subsidiary’s shareholders under IRC Section 332, resulting in a single level of tax.
  • Advantageous in the acquisition of S Corporations because S-Corps are not subject to corporate level tax.

To learn more about this election and other tax benefits that could assist in an M&A transaction contact us for a no-cost consultation!

Celebrate July 4th In The Piedmont Triad

We are giving you some new and exciting ways to spend the 4th of July holiday in Greensboro and around the Piedmont Triad area! Check out the events below for suggestions on how you can make the most of your holiday weekend!

Friday July 3rd & Saturday July 4th
Fun Fourth Festival

Where: Downtown Greensboro – S. Green, S. Elm, Washington, & McGee Streets (click here for a PDF map)

Time:

  •  Friday: Kickoff Block Party: 7-11pm
  •  Saturday: Freedom Run & Walk: 8am
  •  Parade & Street Festival: 9:30am – 6:30pm
  •  Pops Concert & Fireworks: 7:30pm – 10pm

Description: The Fun Fourth Festival has been presented annually since 1975 as a community celebration of Independence Day for Guilford County and the greater Piedmont Triad Area. This year, over 90,000 people are expected to attend! Fun Fourth events include a Freedom Run, a Kickoff Block Party, a Parade and Street Festival, a Pops Concert, and of course, Fun Fourth Fireworks Finale. Fun Fourth maintains all of the favorite American Independence Day traditions and offers great entertainment and exhibits, many of which are free! For more information, click here.

Saturday July 4th
Uncle Sam Jam

Where: High Point; Oak Hollow Festival Park

Time: 4:30pm – Gates Open; 9:45pm – Fireworks

Description: Celebrate the 4th of July with outdoor live music, food vendors, children’s crafts, entertainment, activities, and fireworks! Parking will be available at the park and in surrounding lots. Come out and enjoy an event that is great for the whole family! **Fee is $10 per car load.

Independence Day Celebration

Where: Winston-Salem; Old Salem Historic District

Time: 9:30am – 4:30pm

Description: Join Old Salem Museum & Gardens for a special Independence Day celebration! Enjoy hands-on activities, demonstrations, music, games and more, including a moving naturalization ceremony at 10am, throughout the historic district. Historic Buildings will close at 4pm for all guests to join together in the Square for a 4:15pm re-enactment of the 1783 celebration of July 4th by the Moravians in Salem! Click here to find out more about this spectacular event!

Winston-Salem Dash Baseball Game & Fireworks

Where: Winston-Salem; BB&T Ballpark

Time: 6:30pm

Description: Spend your Saturday evening at the BB&T Ballpark cheering on the Winston-Salem Dash as they take on the Wilmington Blue Rocks! Youngsters can run the bases after the game, and be sure to sick around for the postgame fireworks show! Click here to purchase tickets.

Stars and Stripes Spectacular

Where: Greensboro; Newbridge Bank Park

Time: 6:30pm

Description: Cheer on the Greensboro Grasshoppers as they take on the Hickory Crawdads! Celebrate July 4th after the game with the Stars and Stripes Spectacular fireworks show, presented by Tanger Outlets. Get your tickets here!

These are some of the most popular events in the surrounding Piedmont Triad area:
  • Greensboro, NC: Wet ‘n Wild Emerald Pointe’s Sky Scream Fireworks Show – Extended park hours are 10am – 9pm, Fireworks at 9:15pm – emeraldpointe.com
  • Kernersville, NC: 4th of July Fireworks and Splash B4 the Blast – Swimming & Giveaways at the Kernersville YMCA, Live Music & Fireworks starting at 6:30 pm at the Kernersville Raiders football field – toknc.com
  • Lexington, NC: Fantastic Fourth Celebration – A great family event for children & kids of all ages; Fireworks begin between 9pm and 9:30pm – visitlexingtonnc.com/fantastic-fourth-of-july-festival

We hope you enjoy your 4th of July! Remember to stay safe! If you’re going to be handling fireworks, please click HERE  for important safety tips! Happy Independence Day!

Top Ways To Spend The 4th of July in Charlotte

If you are new to Charlotte or just simply want to find an exciting new way to spend your 4th of July, the events listed below are some of the top ways to spend your holiday! Since the holiday falls on a weekend this year, you will find great events on both Friday, July 3rd and on Saturday, July 4th.

Friday, July 3rd

Charlotte Symphony Orchestra Celebrate America

Where: Symphony Park at Southpark

Time: 5:00pm – 10:00pm

Description: Enjoy a picnic with your friends and family, listen to the Charlotte Orchestra play patriotic favorites, and top it all off with a top notch firework show following the concert! Buy Tickets Now

Saturday, July 4th

US National Whitewater 4th of July Festival

Where: US National Whitewater Center

Time: All Day Event

Description: Enjoy the outdoor adventure and ambiance of the US Whitewater Center, while enjoying live music followed by a spectacular firework display!  Bring your lawn chairs and blankets as seating is limited! View Details Here

SkyShow 2015 July 4th Spectacular

Where: BB&T Ballpark

Time: Gates Open at 5pm

Description: Watch as Team USA takes on Team Cuba at BB&T Ballpark in uptown Charlotte.  There will be pregame festivities including live music, food, and games that are fun for the whole family.  After the game you will be treated to one of the very best firework shows in the Carolinas.  Buy Tickets Now

These are some of the most popular events in the Charlotte area.  However, there are other events that are highly recommended as well, including:

Matthews, NC: July 4th – People’s Parade and Concert from 5pm – 9pm

Mint Hill, NC: July 3rd – Queen City Brass Band Concert – starts at 7pm

Waxhaw, NC: Waxhaw’s July 4th Celebration – Festivities begin at 10am and finish with fireworks at 9:15

Enjoy your 4th of July weekend with your family and friends and remember to stay safe!  If you are handling fireworks, click here for important safety tips!