Churchill Downs Incorporated’s Post

Exciting news in accounting: Rehmann merges with Walker, Fluke & Sheldon to strengthen its services and presence in Western Michigan, effective August 1. #AccountingMerger #BusinessGrowth #RehmannWFSMerger #accounting #news #finance https://lnkd.in/gfsuDGbT

I love being a part of the Brown & Brown team. Growth like this doesn't happen unless from the top down we all buy into the same mindset. As teammates, we have unwavering support at all levels of the company which allows us to properly consult and service the clients we work for and represent. #BBThePowerOfWE #riskmanagement #commercialinsurance #growthmindset #bewellsuited

WELCOME TO marchFIRST I left a safe corporate job in 2000 to be a part of the merger between Whittman-Hart and US Web/CKs. My manager, Steve Huser, was a true team player and we celebrated our successes and failures together. Our CEO, Bob Bernard, had founded Whitman-Hart in 1984. Our new CFO, Peter Murphy, had at one time been a General Practice Manager with public accounting giant PWC. As the only person with any depth and breadth of real world Corporate Treasury experience, I'll never forget the day I spoke up in a meeting with Bob and Peter. I told them that we were in deep trouble because no one was collecting my money. I was a shareholder. Unfortunately, several months later in 2000, marchFIRST filed for Chapter 11 Bankruptcy reorganization shortly after being recapitalized by a $150 million capital injection from Francisco Partners. In early 2001, marchFIRST filed for Chapter 7 Liquidation, putting thousands of people on the unemployment rolls. It never should have happened. Let's remember that "Revenue is The Journey, but Cash is The Destination." It's important to stay on top of a corporation's finances so that we can avoid any unnecessary hardships down the road. "Revenue is The Journey, Cash is The Destination'" #bankruptcy #liquidation #chase #finance Andrew Salski #depauluniversity #northwesternuniversity

I've spent a little bit more time looking around the accounts of the Cooper Associates Group of Companies this morning. The last Accounts published by its St. James’s Place "Partner Practice" Cooper Associates Wealth Management Limited as at December 31 2022 are very interesting. It seems to me that around October 2022 it acquired another SJP practice for a price of around £2.7 million and in the process increased its borrowings by over £2.2 million, presumably to fund that transaction. Worth noting base rate at the time was around 2.25%. The last reported Balance Sheet of that firm it acquired was dated 8 months earlier. At that date it had a Balance Sheet value of £40,000. The Balance Sheet included intangible goodwill of around £240,000 which presumably arose as a result if it purchasing another SJP practice itself. The FCA realises that the real value of "Goodwill" is effectively anyone's guess so its ignored when firm's submit their Solvency Calculations. If it is ignored in this case the acquired firm's balance sheet would have been worth around negative £200,000. - it had tangible assets of around £60,000 but it owed around £260,000 to various creditors. I'd suggest paying £2.2 million for a business in that shape is one heck of a premium! It looks to me like SJP firms place a very high multiple on the value of the client fees they buy and sell to each other. What is even more interesting is that the accounts for Cooper Associates show it had a Corporation Tax Liability in 2021 of £652,000. That suggests to me profits of around £3.4 million in that year. At December 2022 it was reserving absolutely zero for Corporation Tax. That suggests to me it made no taxable profit at all in 2022 - and yet it seems it was still able to borrow an additional £2.2 million to buy another SJP Practice. I wonder who lent it that. I also wonder if there is more to this latest headline than meets the eye. Am I wrong on any of this St. James’s Place Place or Cooper Associates Group?

🚀 Over two years ago, our startup made a bold bet: AI and workflow automation would revolutionize the M&A landscape. We foresaw three key phases: 1. FUD (Fear, Uncertainty, Doubt): Initial skepticism and apprehension about integrating AI. 2. Experimentation: Companies began exploring AI's potential through pilot projects and trials. 3. Adoption (2024): A significant shift towards embracing AI and automation as core components of M&A strategies. Now, in 2024, we're witnessing this adoption phase materialize. Firms that are building or buying AI capabilities are poised to gain a competitive edge at an accelerated pace. The ability to streamline workflows, enhance decision-making, and uncover insights through AI is proving to be a game-changer. Looking forward to continue conversation and collaboration with M&A practitioners and leaders in this transformative journey. The future of M&A is here, and it's powered by AI. #AI #WorkflowAutomation #MergersAndAcquisitions #Innovation #CompetitiveAdvantage #FutureOfWork #Napa

WELCOME TO marchFIRST I left a safe corporate job in 2000 to be a part of the merger between Whittman-Hart and US Web/CKs. My manager, Steve Huser, was a true team player and we celebrated our successes and failures together. Our CEO, Bob Bernard, had founded Whitman-Hart in 1984. Our new CFO, Peter Murphy, had at one time been a General Practice Manager with public accounting giant PWC. As the only person with any depth and breadth of real world Corporate Treasury experience, I'll never forget the day I spoke up in a meeting with Bob and Peter. I told them that we were in deep trouble because no one was collecting my money. I was a shareholder. Unfortunately, several months later in 2000, marchFIRST filed for Chapter 11 Bankruptcy reorganization shortly after being recapitalized by a $150 million capital injection from Francisco Partners. In early 2001, marchFIRST filed for Chapter 7 Liquidation, putting thousands of people on the unemployment rolls. It never should have happened. Let's remember that "Revenue is The Journey, but Cash is The Destination." It's important to stay on top of a corporation's finances so that we can avoid any unnecessary hardships down the road. "Revenue is The Journey, Cash is The Destination'" #bankruptcy #liquidation #chase #finance Andrew Salski #depauluniversity #northwesternuniversity

Our Roseville group recently heard from member Forrest Vickery on "Business Valuations: What’s all the fuss about?"   Forrest presented four case studies that illustrated the complications that arise in business valuations and litigation between business owners when you have multiple shareholders. In particular, the Roseville group learned from real-world stories of controlling owners running a business and making decisions to the detriment of small shareholders. 🔑 Takeaways included having good legal advice early on to review shareholder agreements, reviewing the details of doing business with other businesses owned by controlling shareholders, and assessing all forms of compensation being taken by the owners.  As the old saying goes, “The devil’s in the details." Forrest is an expert witness (business valuation, economic damages, financial opinions) and managing director for Sanli Pastore & Hill, Inc.'s northern California operations. He is a long-time member of SPAN and a past board member. Thank you, Forrest, for illustrating the power of collaborative learning within SPAN to elevate our client service. #SacProAdvisors

I'm Arthur Petropoulos, the Managing Partner of Hill View Partners - We're a global middle market and lower middle market M&A and Capital Advisory firm focused on $1MM to $10MM EBITDA (pre-tax earnings) companies. In our experience of $1 Billion+ of transactions, we've found very specific considerations - actions, behaviors, and things to look out for - that create certainty that an agreed upon deal ultimately closes successfully. This is part of one of that discussion, going through considerations 1 through 5 #hillviewpartners

The decision to buy or sell a business is one of the most critical financial decisions you will make. Clark Schaefer Hackett recently assisted in the acquisition of Cincinnati home recreational products retailer Watson's as they expanded to Florida through the acquisition of Fort Myers, Florida-based Recreational Warehouse. CSH’s Transaction Advisory Services team, led by Scott McRill, advised Watson’s with a quality of earnings review and financial due diligence. Learn more about the deal as reported by the Cincinnati Business Courier below: 🔗: https://ow.ly/Uvp950QXUNs #QOE #TransactionAdvisory