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Client Stories
Growing Family-owned Construction Company
- Prosperity Goal – To secure the financial viability of a $4MM
company by finding ways to pass the company on to the next generation.
To secure the current owners’ peace of mind by providing for their own
retirement.
- Prosperity Accounting Solution – Implement succession planning program
including will revision, establishing trusts, and gifting company stock
over time. Establish non-qualified plan to secure adequate retirement
for current owners and life insurance needs of next generation owners.
- Resulting Prosperity – $200,000 estimated potential tax savings to
next generation. Succession plans and retirement plans in place – peace
of mind.
Medical Research Facility
- Prosperity Goal – To minimize cash outlays and tax burdens
as they "partner" with other businesses to broaden their business capabilities.
- Prosperity Accounting Solution – Consult with the facility’s controller
to evaluate alternative business structures and their tax consequences,
as selected businesses are identified.
- Resulting Prosperity – Structured a limited liability company, with
the client business having control of available technology and minimizing
cash outflow by $150,000.
Manufacturer
- Prosperity Goal – To keep the $7MM company viable in an economic
downturn with decreasing sales and diminished cashflow.
- Prosperity Accounting Solution – Restructuring of debt and reduction
in overhead.
- Resulting Prosperity – Overhead costs reduced by $100,000 and additional
$200,000 in cash flow from debt restructuring.
Professional Services Start-up
- Prosperity Goal – To determine the type of legal entity/business
structure appropriate for the company and the necessary accounting system
to measure the company’s progress.
- Prosperity Accounting Solution – Cost/Benefit analysis in favor of
an S Corporation and the set-up of an appropriate accounting system.
- Resulting Prosperity – Client is up and running, maintaining responsibility
for day-to-day bookkeeping entries, while Heaven & Associates monitors
the accounting system and advises how best to monitor financial prosperity
over the life of the business.
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