Posted by: Michael A Sullivan in Testimonials
I have worked with Michael for over 10 years, initially as a colleague and now as his client. If I was ever to start my own company, he would be the first person I'd hire. He is amazing at putting structure in place where none exists, or restructuring existing operations to work more efficiently. His accounting expertise is first rate, and he also has exceptional knowledge of relevant tax considerations. We worked on numerous financing and capital markets transactions over the years, and his mastery of the details in these complex transactions was remarkable. He's also a great person to be around, and he approaches his work with integrity and enthusiasm. I couldn't recommend anyone more highly than Michael.
Posted by: David Girault in Testimonials
David recently proved essential to our success in a very complicated commercial litigation involving over $6 million in claims. He was able to analyze the financial relationship between multiple companies on both sides of the dispute, distill hundreds of transactions over multiple years into understandable summaries, and provided expert testimony that was clear to both the attorneys and the courts. On the stand, in particular, he was convincing, authoritative, and showed an impressive command of the subject matter. David's ability to combine both his financial expertise and legal background to an analysis of the issues we faced proved to be one of the keys to our success in this case. It is not too much to say that if we had not had David Girault on our team, we would not have achieved the results the client was hoping for. Thank you, David, again, for your outstanding contributions to our efforts. I look forward to working with you in the future. David DeGroot
Posted by: Michael A Sullivan in Testimonials
Michael took the information I had on my business and pulled it together in such a way as to clearly show me what areas needed attention and which were in good shape. Using his analytical reports, I was able to assess how I needed to proceed. He also provided information for me to show a prospective buyer. I would highly recommend Michael. He is intelligent, has out-of-the box ideas which improve a business' forecast, understands accounting and is detail oriented. But more importantly, he will discuss your situation at your level. He doesn't try to out- talk you by using lingo to impress. He will give it to you straight, so you will feel like you have a business ally in your corner who truly cares about your well being. If you want a top professional who is friendly and easy to work with, Michael is your guy.
Posted by: Petra Watjen in Articles
Posted by: Jim Schuck in Articles
Time is running out on companies that make payments to employees in lieu of providing a healthcare plan.
From the irs.gov website.
Employer Health Care Arrangements
Q1. What are the consequences to the employer if the employer does not establish a health insurance plan for its own employees, but reimburses those employees for premiums they pay for health insurance (either through a qualified health plan in the Marketplace or outside the Marketplace)?
Under IRS Notice 2013-54, such arrangements are described as employer payment plans. An employer payment plan, as the term is used in this notice, generally does not include an arrangement under which an employee may have an after-tax amount applied toward health coverage or take that amount in cash compensation. As explained in Notice 2013-54, these employer payment plans are considered to be group health plans subject to the market reforms, including the prohibition on annual limits for essential health benefits and the requirement to provide certain preventive care without cost sharing. Notice 2013-54 clarifies that such arrangements cannot be integrated with individual policies to satisfy the market reforms. Consequently, such an arrangement fails to satisfy the market reforms and may be subject to a $100/day excise tax per applicable employee (which is $36,500 per year, per employee) under section 4980D of the Internal Revenue Code.
See all FAQ's on the Affordable Care Act at:
Posted by: Rick Perrin in Success Stories
Large Marine Client: Developed a robust financial model to analyze and improve the company and it's six lines of business. We identified problem areas and are developing focused plans to improve them. Developed and implemented their first real budget and monthly follow-up to achieve plans. Assist and mentor the Controller.
$20MM+ Manufacturer: We brought accounting in-house from outside CPA in two months. We developed and implemented new costing practices which are being used to identify and improve low margin products. Pricing models and strategies were developed for improving profitability and sales of large engineered to order projects. We are now developing strategies for significant growth.
100+ Employee Software Company: Automated revenue recognition and forecasting, implemented a robust budgeting process and streamlined many other accounting processes while at the same time, replacing a CFO and a Director of Accounting with an Accounting Manager and a B2B CFO.
Fast Growing Pharma Client: Revised financial reporting so management understands financial metrics of the business and where to focus improvement efforts. Designed and built a comprehensive costing model for pricing and quoting projects to ensure profitability, identify good and bad projects and drive increased sales. Built a budget and profit plan to identify and help reach financial goals.
$36MM Manufacturer/Distributor: $2+MM in Two Days: I saved the company over $2 million in the first two days on site by analyzing the business and preventing a very big financial mistake. Created a complex financial model to analyze and save a major line of business. Analyzed operations and provided the CEO and CFO with a roadmap to stop $150K+ in monthly losses.
Multi-Location Warehouse/Services Firm: Built financial and costing models to identify financial drivers and calculate overhead costing rates for storage and handling services; it was used to improve pricing decisions and profitability.
$30MM Manufacturer/Distributor:Managed financial aspects of transition from a joint venture to a stand-alone operation. Secured financing, set up systems and directed accounting operations.
$2MM Engineering Consulting Firm: Installed a complete financial management program including product line profitability statements, overhead rates, quoting and pricing programs, monthly operations and staff....
Posted by: Rick Perrin in Articles
Strong, Growing Companies
Profitable but need financial strategies/controls to continue
Lack a solid infrastructure
Growing but not profitable
Cash is tight due to growth
Have constant cash struggles
Are profitable but can’t improve from year-to-year
Need new ideas to “break out”
Need help immediately or they may “go under” (turnarounds)
Need to reduce expenses and/or increase sales
Companies/Owners Nearing Transition
Owners looking to sell or transfer their companies in the next 5 years
Owners who want to sell their companies for a higher value
Need a Game Plan with Financial and Goal Clarity
Do not use their financials to manage and improve their business
Need to better manage and forecast cash
Do not utilize financial strategies to increase sales
Need metrics, dashboards and better management reporting
Don’t fully understand product, line of business and customer profitability
Need better pricing strategies
Need to better understand job costs and overhead rates for costing and pricing
Need a strategic plan, business plan or annual operational plan or budget
Analyze new products, opportunities and risk without financial analysis
Need improved inventory, accounts receivable or working capital management
Have a CFO that needs mentoring or has too much on his/her plate
The CEO is “Alone at the Top” and needs a trusted financial advisor
The CEO or owner is buried in Administrivia instead of leading and selling
We provide owners with a free, no obligation needs analysis and GamePlan™ to increase profitability, cash, company value and peace of mind.
Please contact Rick Perrin for more information: 608-576-3773
Posted by: Mark T Nuelle in Testimonials
Hiring Mark was the smartest business decision I have ever made. Mark has helped me make solid business and financial decisions that have kept this company moving forward and gaining profitability. He is always available for advice and input whenever a situation arises (which is often). Mark is my most trusted business 'partner' who is constantly looking out for the best interest of me and my company. That level of professionalism, loyalty, and expertise is invaluable to me. Thank you, Mark!
Owner, President & Creative Director - Elements, LLC
Posted by: Kate Sterner in Testimonials
Achieving the Next Growth Phase
Eniva Nutraceutics has worked with B2BCFO and Kate Sterner for the past year. Our company specializes in the development, manufacture and distribution of pharmaceutical-grade health supplements ("nutraceuticals"). At the time of engagement, our business model was in transition. We had made the strategic decision to expand distribution of our innovative health products into new markets--including new B2B arenas, the medical marketplace and a sophisticated new e-commerce platform. Additionally, our accounting system was in need of updating to integrate with the list of e-commerce vendors that would be supporting the new platform.
I am excited to report as a result of our B2B expert working with internal staff, we will shortly "go live"¯ with a new, robust commerce platform linking web-based order entry/inventory management to Avalara tax reporting and Quickbooks Enterprise for financial reporting. This fully integrated system will reduce current manual processes by 80% and provide automation for bank reconciliation and fulfillment activities.
Additionally, as a result of our B2B experience, we've already been able to achieve closing our books within 10 days of month end - providing meaningful data to assist in strategic decision making, freeing up time to focus on FDA certifications of our facility and allowing focus on the international re-launch of the Eniva brand.
At Eniva, our motto is "Wellness to the World"¯. With the outstanding guidance of B2B at our side, I am confident Eniva's new initiatives and innovative health products will help millions of people around the globe improve their health outcomes.
For those considering an engagement with B2B, I give their organization, and Kate Sterner, my highest recommendation.
Andrew J. Baechler, CEO
Eniva Nutraceutics Corporation
2700 Campus Drive Plymouth, MN 55441
Posted by: John J Earll in Articles
Is “Good to Great” by Jim Collins any Good?
In 2001 Jim Collins wrote a book title “Good to Great”, which became a sensation in the business management world. According to Wikipedia, the book has sold 2.5 million copies and has been translated into 32 languages. Wow! Everyone was reading it, commenting on it, giving it to their business associates, and claiming to be intending to read it very soon.
I read the book, read it again, and wrote columns for my newsletter that extolled the book as a great piece of work that should be read by any business or organizational leader that was seeking to be excellent.
History has shown us that short-term enthusiasm is not a good predictor of the ultimate worth of any product, service, movement or idea. The evidence is everywhere. In life it’s disco music, leisure suits and platform shoes. In politics, think of communism, fascism and various forms of totalitarianism. In business it’s TQM, charismatic leadership and the dot.com boom. Now we are in a huge mess that is arguably caused by leadership, or the lack thereof.
Collins’ book seemed to provide answers for business management and leadership that had real substance. Good to Great was a meticulously researched work that appeared to bring a number of digestible concepts for organizational success into sharp focus.
Wait a second! Collins touts “Good to Great” organizations that include Fannie Mae and Circuit City as examples of breakthrough performers!
Was I sucked in!? After all, I’m a skeptic. I am not a fan of many the books on business leadership that my cohorts find fascinating. Was my objectivity flawed… Am I guilty of following the herd? Did I recommend a stinker? Is this book another trendy but flawed work on business management and leadership? A FAD?
Nope. “Good to Great” is the Real Deal.
I can’t believe I’m saying this but Collins’ work explains – in common sense language – immutable concepts of organizational health and success. That’s translated: long-term, single-minded, hard won, dogged, deserved, honest and humble organizational success.
Forget Fannie Mae and Circuit City. Their problems are not Collins’ fault. That statement is obvious from a commons sense perspective and likely elegant in that had these organizations really understood the concepts that Collins espouses, their demise may have looked different.
The evidence that Collins gathers....