Dave Robinson FCCA APFS MCSI TEP LLAA IMC’s Post

In 2023, over 250 RIAs were sold to partner with another firm. When considering joining a partner, the value of experience cannot be overstated. With over 85 RIA businesses choosing @MercerAdvisors, there's a reason behind this trend. Let us share why: https://bit.ly/3IBSSWv

Another excellent financial year for the firm, which managing partner Marc Yaffe says is testament to the "talent and tenacity" of our people: "We continue to invest heavily in our systems and technology, but most importantly we continue to invest in our people: our people are, and always will be, our greatest asset." #financialresults #lawfirm #investment https://lnkd.in/e8yTZtf3

Company directors and shareholders can, in some instances, use a Members Voluntary Liquidation to wind up its affairs. There are several situations where an MVL might be suitable and could even offer tax benefits – Restructuring and Insolvency experts Garth O'Connor-Price and David-Jay Barile explore these situations in the article below and take a step-by-step look at the process. #MVL #liquidation #exit #corporatestreamlining

We did a report on private equity (sponsor) backed accountancy buy-and-build vehicles last year and we probably need to do another one. A quick search on MarktoMarket for PE investors in the sector throws up 19 results. Some, namely Tenzing, have more than 1 platform. But underneath these groups there is a long list of 'sponsorless' buyers that are picking-off the next tier (size-wise) of practices. Examples include Brearley & Co Accountants, a Yorkshire firm that has just completed its fifth deal. These are small deals but "many a mickle makes a muckle" as the old Scot's proverb goes. The resultant scale by consolidating a few of these makes them more attractive to the sponsored backers so expect to see these smaller buyers on the other end of M&A in due course.

In 2023, over 250 RIAs were sold to partner with another firm. When considering joining a partner, the value of experience cannot be overstated. With over 85 RIA businesses choosing @MercerAdvisors, there's a reason behind this trend. Let us share why: https://bit.ly/4cPcQL8

There’s always lots of discussion in the press about Magic Circle and US firms jostling for position in the London market, for example in the last week alone: - Financial Times: 'How US law firms shook up the UK magic circle' - The Times: 'American lawyers pick up the big bucks in the City' However, in my view, one UK-headquartered firm doesn’t get quite enough airtime – Macfarlanes. Its recent financial results are pretty mega - turnover increase of 13.7%, operating profit increase of 23% and PEP increase of 23.8%! And that is despite a relatively challenging economic environment. Importantly, PEP is now £2.6m – compare that to Clifford Chance (£2.04m), A&O Shearman (£2.2m prior to merger), Linklaters (£1.9m), Freshfields (£2.09 in its 2023 results). Macfarlanes really is cementing its status as one of the two super-lean-but-highly-profitable UK-headquartered firms, alongside Slaughters (with rumoured PEP of £3-3.5m). Does this mean that Slaughters and Macfarlanes are in a category of their own, in a spot that arguably sits ‘above’ the Magic Circle? Or is global revenue – which is of course higher in the traditional Magic Circle – more prized than profitability? Also, what does the future look like for leaner firms with fewer global offices? https://lnkd.in/eVpHrdJ4.

Avoid the Pitfalls of an S-Corp Lots of expensive limitations exist ($100,000 kind‼️) How to avoid and what to consider: But 1st, say it with me kids: Don’t put your rental into your S-Corp😉 (sorry I can’t help myself) Not everyone is eligible to be an S-Corp shareholder You and your grandma can But you and your Uncle’s investment firm? Probably not The only people who can own S-Corp stock are: 🚨Individuals (can’t be a non-US citizen) 🚨Very CERTAIN kinds of trusts 💥Qualified Subchapter S Trust 💥Electing Small Business Trust 💥Testamentary (only for TWO Years) 💥Grantor 💥Voting Trust 🚨 Single Member LLCs (but even here I’d be EXTREMELY careful ) Why careful on Single Member LLCs? Well, if your single member has partnership language in it, its probably busted the eleciton Or you wanted that special person in your life to share in it 50\50 with you… Well, now you’ve created a lot of trouble for yourself with your thoughtful yet careless act. So that leaves out a lot of valid entities such as: 🧢Partnerships 🧢Corporations 🧢Other S-Corporations 🧢90% of trusts Basically, owning stock in an S-Corp is very restrictive on who can own it. You also can only have 100 shareholders in an S-Corporation (there are some workarounds) So what happens if you had one of these shareholders when you elected or just made them a shareholder Well my fellow reader Do you have a Time Machine? Otherwise, you get to go to the IRS and beg forgiveness under either Rev Proc 2022-19 Or get a PLR under § 1361(f) I am telling you, every week something is writing a $50k+ (yes, these things cost more than some accounting salaries🤢) Private Letter Rulings So what are the takeaways? Be very thoughtful of when you’re doing your entity structuring S-Corps are great for service businesses, but restrictive elsewhere You can’t have any shareholder you want, frankly, you’re being TOLD who your shareholders can be If you want flexibility, DONT go with an S-Corp If you’re okay with hard and fast rules, and you run a service business, then MAYBE it makes sense And always kids, don’t be real estate in your S-Corp unless you’re doing land banking😉 Any thoughts?

The inclusion of alternative investments in defined contribution plans provides an opportunity to enhance returns, however, it also poses certain valuation challenges. We’re excited to be joining DCALTA - Defined Contribution Alternatives Association as we help to navigate these waters. 

How would you like your Law fim to get three checks if you get sick or hurt and can't work? Here's examples of three checks that can be sent if you can't return to work. 1) A check can be sent to you to protect your income. For example $5,000 per month that you use for your personal expenses. 2) A check that will be sent to your business that will cover the expenses of the business, like rent, utilities, salaries of employees. This could be $10,000 per month, or a lot more, depending on the amount of business expenses that you have on a monthly basis. 3) A check can be sent to your business partner for $1,000,000 and he would use it to buy your shares of the business. This will vary on the value of your business. What do you think is the most important check that you'd want to get? As a law firm owner, or entrepreneur, you have multiple needs. By working together, we can figure out which is most important for you to have. So you and or your business is protected. I'm the Wealth Guardian. 😎 Minimizing your taxes, protecting your life, income and assets, so you can grow your wealth, live abundantly and with dignity. Ready to have your discovery meeting? Click book an appointment above and let's get on the calendar. Dm me with any questions. I'm here. --------------------------------------------------------------------------------- Most advisors start with a product to sell. We start with a person to serve. 💞 I'm a personal CFO of successful entrepreneurial attorneys and business owners. Your gonna love the way we work. We just know it. #franklyspeaking #financialplanning #protection #wealthbuilding #MPG #lawfirmavengers #wealthguardian #DIAM #attorneys #lawfirmsuccess

Join us for our upcoming webinar, "Basics of Business Transition Planning," presented by Fletcher Tilton PC - Attorneys at Law's Michael Duffy. This informative session will be held both online and in person at our new office at 100 Front St on Thursday, May 30th, from 9:30 AM to 11:30 AM. In this webinar, Michael will: -Discuss options for business owners seeking to transition their business to the next generation or third-party buyers -Compare asset sale versus equity sale options and the impact of payment options -Discuss allocation methodologies and personal goodwill opportunities -Explore multistate income taxation considerations resulting from exit transactions -Briefly discuss nontaxable mergers and spinoffs -Examine estate tax planning opportunities and risks related to exit transactions, such as charitable remainder trusts, intentionally defective grantor trusts, and valuation discounts Whether you're a business owner planning for the future or a professional advisor seeking to better serve your clients, this webinar will provide a comprehensive overview of the basics of business transition planning. Don't miss this opportunity to learn from our experienced attorney and gain valuable insights into the key considerations and strategies involved in successfully transitioning a business. Register now for either the webinar or in-person attendance: https://lnkd.in/gZDtVeuA (we will email you to confirm your preference). #FletcherTilton #Webinar #TransitionPlanning #BusinessPlanning #EstatePlann