Posts

Community Service

LBAHS Day 2019: Second Harvest Food Bank

Each year, our office doors close to provide employees with the opportunity to give back to a local organization. We call this “LBAHS Day.” This year, LBAHS Day took place at the Second Harvest Food Bank of Metrolina (SHFBM). This organization strives through education, advocacy, and partnerships to eliminate hunger. They do this by the solicitation and distribution of food throughout the Charlotte metro area.

Our LBAHS staff looks forward to this day each year. They jumped right in to help clean, organize, and sort donations throughout the warehouse. Kasey Mayfield, an associate, describes, “Despite being at different offices most days, we all got into an efficient rhythm while inspecting and sorting together. At one point, we had to organize the largest bin of canned goods I’ve ever seen. It started with five of us sorting but an assembly line formed and we knocked out the whole bin in around 30 minutes! Knowing there was a whole team of people there to give us help was an awesome feeling.”

Brandi Dunn, a senior associate, summarizes the day by saying,”It’s always fun to take a break from the office and able to help the community! I am glad our firm sees the value in this.”

To learn more about Second Harvest Food Bank and how you can help, click here!

In both 2017 and 2018, our team volunteered at Out of the Garden Project in Greensboro.

Dental Practice Lifecycle: Sale of Practice & Retirement

After the start-up and acquisition phase and years of hard work growing your own dental Practice, you may be ready to hang up the gloves and retire but are not sure where to start.

The answer is to build a plan that starts years before you actually plan to retire or sell.  Having this conversation with your Practice advisory team in advance allows us the opportunity to guide you to that point and help achieve the maximum results for you and your Practice.

During this pre-retirement/sale time we find and develop answers for the hard questions like “What’s my Practice really worth?” and “How much cash will I receive from the sale?”  Using the answers to these questions we review options and prepare a plan to guide you to your best outcome.

Our Capital Advisors team has the ability to provide sell side representation to Practice owners in order to focus on finding qualified buyers. Over the years we have developed a process that allows us to find our clients the “right buyer” that may otherwise not have been found. This “right buyer” is the one who sees the most value in your Practice and is able to provide you, the seller, with the right offer.

Remember – the end of your dental Practice lifecycle is the beginning of the next generation’s lifecycle!

Continue checking back for our continuing dental blog series. Over the next few months, we will address subjects such as buying a dental practice, profit & loss statement explanation, and how sales tax impacts dentists, along with many other informative topics.

If you are interested in automatically receiving updates such as this, please subscribe to our blog.

Dental Practice Lifecycle: Growth & Maintenance

After the start-up and acquisition phase is complete and you have a regular patient base established, you’ll find yourself in the growth and maintenance phase.  At this point, you may be wondering how your Practice compares to others in the industry or maybe you’re ambitious and curious about growing into a two-Practice owner (three-Practice, four-Practice or more)!

As you progress through your Practice ownership lifecycle, benchmarking becomes increasingly important.  This helps to provide information on areas your practice may be able to improve upon.  For example, did you know the average dental Practice pays about 18.4% of their revenues in clinical wages?  This means if your Practice collects $50,000 in a single month, about $9,200 should be paid in wages to your hygienists and assistants that month.  How does your Practice compare?  Reviewing these industry averages monthly can help guide decision making within your practice.  We will go into more detail on these averages later in this blog series.

If owning one Practice is going smoothly, you may be curious about the possibility of purchasing/starting a second Practice.  Our team is able to work alongside you to review your current Practice’s financial standings and the different ways you can grow into a two-Practice owner.  We work to answer questions like ”How will hiring an associate at my first practice impact my bottom line while I’m working at the second practice?” and  “Can the cash flow of my first Practice help support the second Practice?” along with many others.

Our dental team has worked to develop various financial tools to help measure your practice against others and its potential for growth.  These tools include our monthly industry standards comparison to your practice and our Practice Scorecard which can be used to review options for the purchase of additional Practices.

Check back next week for the third and final phase of the Dental Practice Lifecycle: Sale of Practice & Retirement.

If you are interested in automatically receiving updates such as this, please subscribe to our blog.

Dental Practice Lifecycle: Start Up & Acquisition

Every dental Practice follows its own unique lifecycle, however, there are a few main phases it will pass through as it continues to grow and evolve that we’d like to focus on:

  • Start Up & Acquisition
  • Growth & Maintenance
  • Sale of Practice & Retirement

Before you enter any phase, we highly encourage any future Practice owner to seek out professionals who specialize in the dental industry.  There are many pain points that can be avoided by working with a CPA, attorney, banker, etc. who specialize in the dental industry and can guide you in the right direction from step one.  Once you have your Practice advisory team in place, it’s time to look at the next big questions: Do I want to start from scratch or purchase an existing Practice? And where will my funding come from?

Our dental team works with doctors on both sides of the start-up. With future Practice owners looking to start from scratch we develop a business plan to help obtain bank financing for the next steps in the ownership process. This document gathers and presents information related to many aspects of your future Practice: demographics of your proposed location, expected revenues and expenses, and a breakdown of desired loan funding just to name a few. Your business plan is what provides information to banks to show your Practice is a worthy investment. More importantly, it gives you a guideline and stepping stone to launch your Practice with confidence.

If you’d prefer to purchase an established Practice, our dental team works with you to find purchase options and review these options through our Practice Scorecard Analysis and due diligence process. Much like the Due Diligence period of buying a house, this is where you have a chance to review various aspects of the Practice and determine if it’s right for you. Many items are looked at during this but we help our clients to focus on what the historical financial data of the Practice shows and how it will apply to you, your future ownership of the Practice and if this coincides with your ownership goals.

Do you have your specialized team in place? From start-up services to exiting your practice, our team serves as strategic business advisors that are there with you every step of the way.

Next week, we will be discussing Phase 2: Growth and Maintenance.

If you are interested in automatically receiving updates such as this, please subscribe to our blog.

Dental Practice Lifecycle: Introduction

Over the next few weeks our dental team here at LBA Haynes Strand will be presenting a series of blog posts related to the lifecycle of a dental Practice. Items we will be highlighting include:

  • An overview and introduction to the stages within the dental Practice lifecycle
  • Key questions to ask when buying a dental Practice
  • Selling your dental Practice

As we move through these topics we will strive to provide up to date, informative and helpful information for today’s dental Practice owner whether you are in the first stages of starting your Practice or looking at retirement.

In the meantime, we would like to provide some additional information about a few members of our dental team here at LBA Haynes Strand:

Brad McKeiver, CPA, MBA, is a principal with our firm and leader of our Dental niche. He works extensively with dental professionals and Practices as a strategic business advisor to help our clients prosper. His name may sound familiar as Brad is active in the community through speaking and networking events. Through Brad’s leadership, our team has been able to lessen the tax and accounting burdens for our dental clients so that they can get back to focusing on their patients and their Practice.

Carrie Culpepper works as the lead dental accountant within our team. Using her extensive experience with QuickBooks Online she works alongside our clients to produce meaningful, reliable reporting to assist in business decisions and other areas of dental Practice ownership. Carrie relies on her background in theatre to help clients use their numbers and reporting to “tell the story” of their business and their success.

Katie Sabin is the newest member to our dental team. Katie focuses on ensuring the accuracy and completeness of the financial statements for all of our dental clients. She primarily concentrates on preparing monthly reports for clients in order to deliver them the most precise and up to date information for their business. Her enthusiasm and eagerness to expand her knowledge on the dental industry makes her a great addition to our team!

We look forward to sharing our knowledge with you as we work through the lifecycle of a dental Practice.

If you are interested in automatically receiving updates such as this, please subscribe to our blog.

LBA Haynes Strand Volunteers To Fight Hunger in Our Community

Every year LBA Haynes Strand closes it’s doors for one day while the entire firm goes out into the community to help with a worthy cause. This year we were fortunate enough to team with Out of The Garden Project in Greensboro, NC. Out of The Garden Project is a food assistance program for families primarily in Guilford County.  Their mission is to partner with parents, teachers, friends, and organizations to provide food and hope for every child!  They supply a bag of food, including two meals, for a family of four (6-7 lbs) each Friday at 60+ schools in Guilford County, one school in Forsyth County and one school in Alamance County.  Overall they reach 1,750 families each week!  In addition, Out of The Garden Project provides 700 bookbags each week for the United Way of High Point.

Did You Know: Out of Guilford County Schools’ 73,000 students, 67% receive free or reduced price lunches and breakfasts?

This is one of the highest rates in the nation.  Greensboro and High Point were ranked #1 for food insecurity in the United States until July of 2016.  The area is currently ranked #9 in the nation for food insecurity.  Studies have shown that when students don’t eat on the weekend, it can take up to Wednesday of the next week after students have eaten for two days at school to begin to learn at the same rate as their peers who had access to nutrition during the weekend.

Out of The Garden Project – LBAHS Day 2017 on Biteable.

Our team had a great time packing meal bags, sorting food, cleaning the warehouse and handling many other tasks for Out of The Garden Project.  Dave Recchion, Principal in our Greensboro office had this to say, “It was a tremendous honor to work hand in hand with our team today in making a difference in our community.  We can all feel good about the impact that was made.  We take a lot for granted, and it is in moments like this where we can feel the pain of the less fortunate.  Every box, bag, and can that we touched will ensure that some people will get a meal for a day.  Thank you to Out of The Garden Project for allowing us to volunteer and make a real difference.”

To learn more about Out of The Garden Project and how you can help, CLICK HERE!

Register Now: Greensboro Workshop For Trucking & Logistic Companies

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:

  1. Identify risks
  2. Quantify the risks
  3. Mitigate the risks
  4. Evaluate your businesses on a regular basis
  5. Establish a good controls environment
  6. Identify business process and improvement opportunities
  7. 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!

LBA Haynes Strand Has Acquired SeeRisk Management Advisors, LLC

LBA Haynes Strand is excited to announce the acquisition and combination of SeeRisk Management Advisors, LLC to our family. Effective December 1, 2016, Dave Recchion, President of SeeRisk Management Advisors, LLC, has joined the LBA Haynes Strand team as a Principal and leader in our Greensboro office. Dave brings 30 years of professional experience to our Firm. After working as a Partner with Ernst & Young for 13 years, he founded and ran a highly profitable Risk Management Firm in High Point known as SeeRisk Management Advisors, LLC for the past 4 years. Dave will join Johnny Wood as the Principals of the Firm leading our Greensboro Office.

The combination with SeeRisk Advisors will greatly expand our client service offerings to include: Risk Assessments, Internal Audit outsourcing, Internal Controls, Sarbanes Oxley, Process Improvement, and a specialization in Risk Management Strategy. In addition, Dave brings a unique service offering for family and privately owned businesses called, “Exit By Design”.  LBA Haynes Strand clients will have immediate access to this offering which includes a design session and strategy development for a successful transition for clients ready to exit their businesses. Many business owners struggle with the decisions related to selling, merging, and handing down their family and privately owned businesses. The “Exit By Design” offering helps clients identify and build the greatest value for their business, while designing the best exit strategy from their business.   

Prior to founding SeeRisk Advisors, Dave was a Partner with Ernst & Young, where he held a key leadership role in their national advisory practice. In his role as Advisory Markets Leader for the Americas he managed strategic client relationships on a national and global level, where he developed and executed the firm strategy surrounding Risk Advisory Services. 

John Bly, CEO of LBA Haynes Strand, PLLC, while expressing his excitement for the combination and addition of Dave was quoted as saying, “Process improvement and Risk Strategy methodology will enable us to dig deeper into the challenges that face our clients and help identify and mitigate their strategic, financial, compliance, operations, and reputation risks before they impact the business. The addition of Dave to our leadership team demonstrates our commitment to provide a complete and holistic view into the needs of our clients”. 

Please join us in welcoming Dave Recchion to the LBA Haynes Strand family! 

Johnny Wood Receives Prestigious Board Position

Principal Member Johnny Wood, CPA has been named Chairman of the Board for the Nussbaum Center for Entrepreneurship. His experience, leadership skills, and outstanding moral character make him the perfect candidate for the job.

The Nussbaum Center for Entrepreneurship

The Nussbaum Center, founded in 1987, is a private non-profit corporation whose mission is to attract, advise, and house start-up and early stage growth entrepreneurs. In just under 30 years, the Center has graduated over 290 businesses with an 80% success rate, compared to a National rate of 44%. Johnny has served on the Board of Directors at the Center for nearly 10 years.

As one of the founding members of LBA Haynes Strand, Johnny is a key leader of our accounting, auditing, and consulting departments. In addition to traditional accounting services, he assists a variety of closely held companies and their owners in tax planning and compliance matters. Johnny is also very passionate about serving the Greensboro community. He is currently active in several community organizations and will now serve as the Nussbaum Center Chairman of the Board, a group that he cares deeply about.

“I am honored by this nomination,” says Johnny. “I truly believe in what the Center stands for, and for some reason the other board members think I am suitable to be the Chairman. This Center is all about helping young entrepreneurs succeed. It gives them countless networking opportunities with tons of folks who have the same desires to make it in the business world, and we help make that happen. If you’re trying to make it on your own, it’s tough, really tough. We help to ease that process and we have tons of success stories. That’s what I enjoy the most. It’s just fun – stressful at times of course, but lots of fun.”

To schedule a meeting with Johnny Wood, contact us today!

Charlotte Business Journal Fast 50 List Revealed

The Charlotte Business Journal has released their Fast 50 list for 2015. This list honors the 50 fastest growing private companies in the Charlotte region. LBA Haynes Strand is honored to have made the list for the second year in a row and continues to make firm growth a priority.

We are excited to once again join this exceptional list of Charlotte companies. Our approach to being a growth-oriented CPA Firm has led us to opportunities to grow through mergers and acquisitions as well as organically. In 2004, the LBA Haynes Strand’s Matthews office was started by John Bly and his wife Darci. The firm was known as Bly & Bly at the time. Over the next eleven years, the firm grew through a series of eleven mergers and acquisitions, including our most recent merger in 2014. These mergers have allowed the firm to grow from $0 to $8 million in revenue in a relatively short period of time and has provided the opportunity to grow our footprint in Charlotte and across North Carolina. With offices now in Matthews, Mount Airy, and Greensboro – we have become a regional CPA Firm.

Our geographical footprint isn’t the only thing that has been changed as a result of our growth strategy. We have also seen growth in our suite of service offerings that we are able to offer to clients. In the Triad we now have a large employee benefit plan audit practice, in Matthews we have a Capital Advisory arm of the firm, and overall we have grown our Sarbanes Oxley, Construction, Manufacturing, and Non-Profit Niches with the experience of key employees and the leadership of our Partner Group.

Thank you to the Charlotte Business Journal for including LBA Haynes Strand on this list and congratulations to the other 49 companies that have been honored as well.

To learn more about LBA Haynes Strand, set up a time to meet with one of our team members in Matthews, Greensboro, or Mount Airy!

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.

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!