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Top 25 Largest General Contractors in Charlotte

June 1, 2015/in Accounting Blog /by LBA Haynes Strand

Congratulations to the “Top 25 Largest General Contractors” in the Charlotte, NC region! This ranking was reported by The Charlotte Business Journal and was based off of local billings in 2014. To take a look at the companies, click the individual links below.

Top 25 Largest General Contractors

The Top 25 General Contractors in the Triad of North Carolina were announced last week. Click here to see those companies.

Top 25 General Contractors in the Triad of North Carolina

May 26, 2015/in Accounting Blog /by LBA Haynes Strand

Congratulations to the top 25 general contractors in the Triad as reported by the Triad Business Journal! This ranking was based off of 2014 billings in the Triad including Greensboro, Winston-Salem, High-Point and surrounding areas.

The Top 25 General Contractors in the Triad region are:

1. Samet Corp.

2. Thompson Arthur Division of Apac Atlantic

3. Landmark Builders of the Triad

4. Frank L. Blum Construction Co.

5. D.H. Griffin Wrecking Co, Inc.

6. Shelco, LLC

7. Lomax Construction, Inc.

8. Windsor Commercial

9. Brasfield & Gorrie LLC

10. Omega Construction, Inc.

11. D.H. Griffin Construction Co. LLC

12. Parr Construction, Inc.

13. Magnolia Construction, LLC

14. Davie Construction Co., Inc.

15. New Atlantic Contracting, Inc.

16. Signature Development Group, LLC

17. Wishon & Carter Builders, Inc.

18. Whiting-Turner Contracting Co.

19. Sterling Building Group, Inc.

20. LMI Builders, Inc.

21. Miles-McClellan Construction

22. Ramey, Inc.

23. H.M. Kern Corp.

24. D.H. Griffin Infrastructure, LLC

25. Holden Building Co., Inc.

To see the full breakdown of the top General Contractors in the Triad region, click here. Our team would be happy to make an introduction to one of these companies if needed. Contact us today!

Tips To Proactively Avoid Fraud and Embezzlement in a HOA

February 13, 2017/in Accounting Blog /by LBA Haynes Strand

Fraud and embezzlement are words that can really cause an Association a lot of wasted time, money and energy. So how can the Board of Directors get out in front of any potential fraud or embezzlement? This is really simple and easy, but is almost always overlooked. The Board needs to understand their role in fraud prevention and the top two components to fraud: motivation and opportunity. In almost all cases, it will take both of these factors for fraud to occur. Motivation is a factor completely outside of the Board’s control, but that cannot be said about the opportunity factor.

To reduce or eliminate the opportunity factor, establishing simple monitoring tasks by the Board are critical, extremely simple and highly effective. First, review and control those key individuals that have banking authority. When there are transitions on the board or with a management company then the individuals with banking authority need to be reviewed immediately and updated. Ensure this is reviewed and monitored by the Board Treasurer and then approved by the entire board. Next, establish an approved vendor list. Payments made to vendors that don’t exist or consultants with no credentials are very common with Associations. The Board should periodically review the disbursements ledger (check register) and look for payments to vendors that are not on the approved vendor list.

In addition, there are a number of control measures the board should do on a regular basis to reduce the risk of fraud or embezzlement. These can include the following:

Review and approve the bank statements and bank reconciliations. Establish a due date to ensure the bank reconciliations are completed timely and reviewed timely. Typically 15 days from the close of the previous month is a best practice.
Review actual results versus budgeted amounts and inquire of all variances. Avoid only focusing on variances where the actual amounts exceed the approved budgeted amounts. Variances significantly below approved budgeted amounts can be a myriad of issues. Remember, the devil is the details.
Discuss with your management company the safeguards they have over cash receipts. The board should have a very good understanding of how much cash is received and what activities are leading to the generation of members paying in cash.
Make sure your management company is utilizing a lockbox system for assessment collections. Encourage all of your members to pay directly to the lockbox. This will cut down on cash receipts.
Review, review, review and review the monthly financial package. This information is key and the boards timely review is critical to the identification of any potential issues that could be caused by fraud or embezzlement. Make sure the financial package is completed timely as well. Establish a due date with your management company. This should be a date that is reasonable and agreed upon.

These steps, or suggestions, tailored to fit your association can help reduce or even possibly eliminate the opportunity for fraud and/embezzlement. Fraud will happen at the most unexpected time, make sure your Board is taking the necessary precautions to protect the financial health and stability of your Association. To learn more click the button below to speak with a Certified Public Accountant at LBA Haynes Strand.

The Tax Deadline Has Come and Gone – Are You Happy?

May 8, 2017/in Accounting Blog /by LBA Haynes Strand

With April 18th in your rear view mirror it is time to review how your tax preparation went. Was it a painless process for you? Did you have constant communication with your accountant? If you did, you should thank your accountant and start planning for next year! If not, maybe it is time to start thinking about a change. Over the years we (as a Firm) have noticed clients switching to CPA Firms of our size over the traditional sole practitioner. While you may enjoy a personal relationship or believe that it would be inconvenient to make a change to a full service CPA Firm – think again….

When you make a switch to a public accounting firm, you gain resources, a team of CPAs with more robust professional backgrounds, and a one-stop shop for all your personal and business financial needs. Wouldn’t it be nice to have a full suite of services at your fingertips – other then just tax preparation? What happens if you want to outsource your accounting, or maybe buy or sell a business? A CPA Firm handles the “here and now” AND “the here and far from now” process. With an overarching look into your personal or business situation a good CPA Firm can do so much more for you then you ever imagined. Here’s a look into how they do it:

The Secret Behind A CPA Firm’s Success

A (good) CPA firm functions as a part of your leadership team. That’s it – that’s the secret. Before your anticipation dies down, allow us to ellaborate on that.

They Care About You

When you invest in a CPA Firm, they recognize the engagement as a relationship, not a contact. CPA’s bind themselves to your business, taking a true interest in your financial past, and expressing genuine desire to improve your financial future.

Why is a passionate CPA so important to your financial future? Because without a genuine desire to grow, your accounting department is simply going through the motions, paying no mind to long-term effects or future goal fulfillment – that doesn’t exactly increase your bottom line.

They Plan With You

Your current financial team always seems too busy with other tasks to focus on the future. You want daily deadlines to be met, but you also want to plan for next week, next month, and next year. You know how important planning is, but your team doesn’t seem to view it with the same urgency.

Whether it’s because they lack the time, or they’re just too focused on tasks at hand, your team’s priorities are out of place in your opinion. You need a firm that takes the time (any time and every time) to consult with you, give you valuable feedback, or simply provide financial reassurance. A CPA firm sees past daily duties, making your future their main priority and taking the time to plan for a prosperous one.

They Seek Success For You

A CPA firm is going to share your goals, as well as your motivation for reaching them. Even after your organization has reached its financial goals, your CPA keeps at it – they want to see your success accumulate and reach a firm, unwavering stability. A CPA creates opportunities that lead to constant financial growth and a robust bottom line.

Your current accounting department might be deemed your financial team, but do they really function as your teammates? Are they as invested in your financial future as you are? If not, it’s time to start thinking about investing in a real team – one that cares about you, functions with you, and helps you secure a steady and successful financial future.

Ready to get proactive and reach beyond standard tax preparation? Click below to learn how a CPA firm can provide insight beyond taxes.

The Goodwill Rule for SBA Changed: What You Need To Know

January 2, 2018/in Accounting Blog /by LBA Haynes Strand

As of January 1, 2018, SBA has changed the Business Acquisition Equity Requirements. This requirement is commonly referred to as the “Goodwill Rule.”

Updates are as follows:

They eliminated the $500,000 benchmark all together.
They now require that the buyer puts down a minimum of 10% of the Project Costs. (NOTE: This is 10% of the project costs not the purchase price. If working capital is included, along with closing costs and SBA Fees, they have to come up with 10% of everything.)
They changed the seller note counting as equity from 2 years standby to standby for the life of the SBA loan.

You might want to continue preparing your clients for seller notes as most lenders have not figured out how they are going to treat these new rules. After speaking with several lenders recently about this and every lender seems to be scrambling to adapt to this change. Also, your buyers might want the seller to have skin in the game, even if it is not for equity reasons.

If you have questions regarding the Goodwill Rule, please email Mark Pompeo with Wells Fargo SBA Lending at Mark.Pompeo@wellsfargo.com.

For any additional questions, please contact Saeed Moghadam with our Capital Advisors team. We provide the investment banking function for small to mid-sized companies and help large organizations identify acquisition targets. Our team provides middle market companies with their capital needs, due diligence, buy and sell side searches, in addition to analyzing and approving an overall growth strategy. We have the experience working for the largest banks and CPA firms in the country. Our professionals provide the knowledge of a large firm and the personal attention of a small firm.

The Day After Tax Deadline Day… What To Do?

April 19, 2016/in Accounting Blog /by LBA Haynes Strand

It’s the day after tax deadline day, months of hard work and stress have come to an end. Now what should you do? We are sure that you can think of many exciting things, one of which is probably taking a break from worrying about your taxes! Enjoy having the peace of mind that your taxes are completed and filed, and if you are receiving a refund – you can track it here. But you can also begin thinking about how to improve the process for next year!

Maybe your tax season didn’t go as smoothly as you hoped….maybe you didn’t receive the type of care and attention you thought you would receive when you hired your CPA. If that is the case – your next step could be to actively shop for a new CPA. You should look for one that is proactive in nature, that believes in timely communication, and one that is knowledgeable in all facets of tax and accounting. You want your accountant to become a yearly resource to you. If you only spoke to your accountant from January – April this year, that is part of your problem. If you think the tax preparation was done incorrectly…you can contact our team for a 2nd opinion on your tax situation. This is something that happens quite frequently and can make a BIG difference in some situations.

How To Improve For Next Year

Tax planning is the #1 way to improve your experience. You can begin tax planning…NOW. It is never too early to start to look at next year’s tax season and have a plan laid out. Also this is a pretty great time to get appointments with CPAs. As tax season has come to an end – CPAs are now available for face to face meetings and have much more availability.

So if you want to be an active participant in preparing for a better tax year, click the button below. Our team of CPAs offer no-cost consultations and are excited for the chance to meet you and help you see the results you expect with your personal and business tax situations.

Tax, Investment, & Planning Opportunities in 2018

July 19, 2018/in Accounting Blog /by LBA Haynes Strand

LBA Haynes Strand works with our partners at HK Financial Services to provide wealth management planning strategies for our clients. Last week, LBA Haynes Strand and HKFS presented an economic update webinar. We understand that life and schedules are extremely busy, so we wanted to provide a copy of the webinar for our clients and friends who may have missed the live showing.

In the video, our speakers, John Bly, Principal and CEO at LBA Haynes Strand, Ann McCorkindale, Partner Emeritus at HKFS, and Suzanne Tudor, Director of Financial Planning at HKFS, discuss volatility and opportunities in the global synchronized expansion.

They also review financial and estate planning under the new estate tax law.

Tax, Investment, and Planning Opportunities in 2018

We hope you found this video helpful. Please feel free to contact us with any follow-up questions that you may have. Our partners and financial advisors are ready to meet with you!

Tax-Free Weekend in South Carolina

August 2, 2019/in Accounting Blog /by Jessica Payne

If you’re anything like our LBAHS employees, you have already planned your weekend shopping trip. For those who may not know, August 2nd through August 4th is tax-free weekend in South Carolina. This is an annual sales tax holiday where both resident and non-resident shoppers are provided with the opportunity to purchase certain items free of sales and use tax.

This is a great time to go back-to-school shopping and save on school supplies, shoes, and clothing. In years past, shoppers have saved between two and three million statewide during South Carolina’s tax-free weekend. We have created a small list below of exempt and non-exempt items to give you an idea of what items may be of interest to purchase during this time period.

Exempt Items – items you will not have to pay tax on

Clothing
Footwear
School supplies including bookbags, binders, lunchboxes, calculators, etc.
Computers, printers, and computer software

Non-exempt Items – items you will have to pay tax on

Jewelry
Cosmetics
Furniture
Rental of clothing and footwear

If you plan to go shopping, be sure to check out the full list of exempt vs. non exempt items from the South Carolina Department of Revenue. The Federation of Tax Administrators has also provided a full list of sales tax holidays nationwide.

Tax Deductions to Keep in Mind When Traveling for Charity

September 5, 2017/in Accounting Blog /by LBA Haynes Strand

It’s almost that time again… Tax Season! We want to make sure that you are taking advantage of all the tax deductions that are available to you when you are traveling for charity. There are a few things that you want to make sure you are doing to make sure the deductions qualify.

A few tips to remember are:

Make sure the Charity qualifies by the IRS standards
Ask the Charity about their status before you donate
Know what Out-of-Pocket Expenses are deductible
Recognize the travel expenses that are deductible and not deductible – some types of travel are NOT deductible

To see specific tips from the IRS on this topic, CLICK HERE. If you have any additional questions about tax deductions when traveling for charity, contact us today!

Register Now: Greensboro Workshop For Trucking & Logistic Companies

March 10, 2017/in Accounting Blog /by LBA Haynes Strand

Summary of Workshop:

This workshop will explore areas of risk for business executives and owners which will include interactive discussions about the challenges facing the trucking industry. This session will create an awareness of Risk Management that should encourage every executive to assess their own business.

Objectives:

At the completion of this session, you will be able to:

Identify risks
Quantify the risks
Mitigate the risks
Evaluate your businesses on a regular basis
Establish a good controls environment
Identify business process and improvement opportunities
Plan your exit strategy

Who Should Attend: Presidents, Owners, and Business Executives

Cost: $75.00 for NCTA Members and $125.00 for Non-Members

When: May 24, 2017

Time: 9:30 AM – 11:30 AM

Location: SelecTrucks of Greensboro, 6383 Burnt Poplar Rd, Greensboro, NC 27409

Speaker:

Dave Recchion is a Principal and leader in the Greensboro office of LBA Haynes Strand. Dave is a client serving Principal and heads up our firm’s Risk Advisory and Internal Audit practice where he is able to leverage extensive industry knowledge, relationship skills, and experience in risk based consulting within Fortune 500 environments. Dave brings 30 years of professional experience to our Firm, including 13 years with Ernst & Young where he served as Global Coordinating Services Partner. Most recently, Dave founded a highly profitable Risk Management Firm in High Point, NC known as SeeRisk Management Advisors, LLC for the past 4 years

Register Now!

Business Succession Planning: Unexpected Death

August 22, 2019/in Capital Advisors Blog /by LBA Haynes Strand

While planning for retirement is a fun part of the succession planning discussion, we must also cover the less pleasant subject of planning for an untimely death. Most of this information also applies to a permanent disability as well. According to Forbes, three out of five business owners are left vulnerable to consequences of an unexpected tragedy.

It’s April 30 and a business owner client of mine (Bill) has passed away and his spouse calls me. The spouse (Maria) is in a panic. She has never been active in the software Bill owned. Bill died of a stroke just 3 days prior. Maria just came to the realization that she didn’t know if there was money in the bank for payroll on May 4.

Together, we went through a series of discussions that day. I was able to give her all the contacts Bill and I shared with the law firm and financial planner. I was also able to provide information for his payroll service, banker, and the bookkeeper that worked on Bill’s software company. Bill’s management team shared the same concern. Who would run the company, oversee decision making, and make sure clients did not leave?

Planning for this situation, is a challenge as people do not like planning for these unfortunate events. However, there are a number of basic questions and scenarios to consider now. This will help make the situation easier on your surviving family members and employees.

Questions and Scenarios to Consider

Do you have life insurance in place that goes to the business to provide a boost to the company’s cash flow should something happen to you?
- These funds could be used to hire a CEO or consultant to run the company while things are figured out.
Have you thought about what you want to happen to the business if you pass away?
- If so, have you documented it in writing and shared it with your spouse, advisors, and/or management team?
  - Things like:
    - Would you want the management team to use life insurance to buy shares from your estate and run the business as owners?
    - Do you want to leave the business to your children and have them run it? Or hire a CEO to run it?
    - Should the business be liquidated and sold through an M&A transaction? If so, how do you incentivize the management team to stay during this time?

It is impossible to plan for every scenario a business could go through but it is helpful to consider a few possibilities. It is a business that you have built and no one knows better what you want the next phase to be of your legacy, than you. Begin this process today. Have discussions and documentation to help build a succession plan that stands up to many scenarios but provides flexibility as your life and business grow and change. Let us know if you need help with your business succession planning – set up a no-cost consultation today!

Successful M&A: Internal Growth Must Match External Growth

August 3, 2015/in Accounting Blog /by LBA Haynes Strand

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.