PKF Texas - The Entrepreneur's Playbook®

Jen: This is the PKF Texas Entrepreneur’s Playbook. I’m Jen Lemanski, and I’m back again with Carlos Gomez, an audit manager and one of the faces of the PKF Texas Contract Compliance Services team. Carlos, will come back to the Playbook.

Carlos: Thanks, Jen.

Jen: Carlos, in previous editions we’ve talked about vendor management audits. What are those and how do those help a company in this type of situation?

Carlos: Typically, our clients benefit from having some visibility into their vendors with a vendor audit. It will help you identify any key issues and maybe recover some expenses that you happened to lose that weren’t in line with the agreement.

Jen: So, how does a vendor audit actually work?


Continue Reading What to Know About a Vendor Audit

Jen: This is the PKF Texas Entrepreneur’s Playbook. I’m Jen Lemanski, and I’m back again with Carlos Gomez, an audit manager and one of the faces of the PKF Texas Contract Compliance Services team. Carlos, welcome back to The Playbook.

Carlos: Thanks for having me again.

Jen: On our last video, you mentioned about franchise compliance, and that’s a type of audit that we do that we provide as part of our contract compliance services. What is a franchise compliance audit?

Carlos: Typically, the way a franchise is set up, they license a territory, certain rights; whether it be a restaurant, some type of service industry, from a franchisor who developed a plan, put together a program, how to really build a business. And so, when they license that right to get a franchise in a certain location, the franchisors just want to make sure they’re getting their—not only correct revenue, but that they’re obeying the terms of the agreement; whether that be marketing, advertising and treating the brand with respect.

Jen: Why should somebody be concerned if a franchisee is in compliance with their contract?


Continue Reading Franchise Compliance – A Closer Look

Jen: This is the PKF Texas Entrepreneur’s Playbook. I’m Jen Lemanski, and I’m here today with Carlos Gomez, an Audit Manager and one of the faces of the PKF Texas Contract Compliance services team. Carlos, welcome to the Playbook.

Carlos: Thank you. Thank you for having me.

Jen: So, what are contract compliance services?

Carlos: Contract compliance services is a mixture of different types of audit that we can do for a third-party in order to make sure you’re getting paid the right amount of money that you’re due, whether it be a license agreement or franchise or a vendor that you want to review.

Jen: So, who would need these types of services?


Continue Reading What are Contract Compliance Services?

Russ: This is the PKF Texas Entrepreneur’s Playbook. I’m Russ Capper, this week’s guest host, and I’m here once again with Kristin Ryan, Audit Senior Manager and one of the faces of the PKF Texas employee benefit plan team. Kristin, great to see you again.

Kristin: Thank you.

Russ: Last time you were on we got into the SECURE Act and the impact on defined contribution plans, which was fascinating. I like doing this, because I get to learn stuff, too. But there’s a lot more about what actually the impact is on defined contributions; that’s why I want to talk about it again.

Kristin: Yeah, absolutely. So, we focused on defined contributions, the 401(k) plans last time. We want to focus on pension plans this time. So, one of the big things that I’m hearing about a lot with the pension plans is their relief for nondiscrimination testing for frozen plans. So, now a plan that’s frozen, participation frozen contributions, doesn’t have to do as much testing.

Russ: And why would they do that?


Continue Reading Best of… How the SECURE Act Affects Pension Plans

Disclaimers:

  • The Small Business Administration and Department of Treasury are regularly releasing updated guidelines and clarifications related to the Paycheck Protection Program. Accordingly, the information provided here is subject to change as updates are released.
  • Further guidelines for the Paycheck Program Protection Loan Forgiveness application process are expected in the upcoming weeks. Borrowers should assess the guidelines and determine how to best apply to their situation. Additional consultation with your lender is encouraged.
  • The AICPA calculator Excel spreadsheet used in this video is current as of May 18, 2020. The AICPA will be updating it frequently, and we recommend using the most recent version.

Jen: Welcome to a special edition of the PKF Texas Entrepreneurs Playbook where we are going to walk you through the key points of the Paycheck Protection Program Loan Forgiveness application. I’d like to introduce Sam Razmandi, a Director on our Entrepreneurial Advisory Services team.

Sam: I’m happy to be here. Today I’ll be covering:

Before we get started please keep in mind that the information is subject to change and is intended to be a general overview. Let’s go and get started.


Continue Reading Walkthrough of the Paycheck Protection Program Loan Forgiveness Application

Russ: This is the PKF Texas Entrepreneur’s Playbook. I’m Russ Capper, this week’s guest host, and I’m here once again with Kristin Ryan, Audit Senior Manager and one of the faces of PKF Texas’ employee benefit plan team. Kristin, welcome back to the Playbook.

Kristin: Thank you. Glad to be here.

Russ: Okay, so, I understand we’re going to talk today about the SECURE Act?

Kristin: That’s right. So, the SECURE Act has been a big buzz lately. It was signed on December 20th by the President, and the over-arching goal is to encourage participation in plans and retirement savings.

Russ: Well, I always think the way to encourage participation is have company matching funds. Is that right?


Continue Reading Best of… The SECURE Act – What You Need to Know

Jen: This is the PKF Texas Entrepreneur’s Playbook. I’m Jen Lemanski, and I’m back again with Matt Goldston, an Entrepreneurial Advisory Services Director and one of the faces of PKF Texas’ Transaction Advisory Services Team. Matt, welcome back to The Playbook.

Matt: Thank you, Jen. I appreciate it.

Jen: So, we’ve talked a little bit about getting ready for a sale and all of the things that come along with that, but what about some pitfalls? What do companies need to look out for?

Matt: Sure. An immediate pitfall involves the unrealistic values that the founder has. Having a realistic value is very important, because there is a lot of work that goes into a transaction, and if they feel like it’s falling short throughout the process, it’s difficult to transact those deals.

Jen: Perfect. What else?


Continue Reading Best of… The Pitfalls of Preparing to Sell Your Business

Russ: This is the PKF Texas Entrepreneur’s Playbook. I’m Russ Capper, this week’s guest host, and I’m here with Matt Goldston, an Entrepreneurial Advisory Services Director and one of the faces of PKF Texas’s Transaction Advisory Services team. Matt, welcome to The Playbook.

Matt: Thank you, Russ.

Russ: You bet. Tell us how a seller should prepare to sell their company.

Matt: Certainly. In a couple of different ways. One would be mentally prepare. The sales process is very difficult, and mitigating and dealing with concerns and issues that might turn out in the process – it’s good to look at those things early on.

Russ: I’ve been involved in this space a little bit, and that’s great advice right there. I’ve probably been in instances where I wasn’t mentally prepared, but what else? Keep going.

Matt: Knowing value going into a process is key. Having a realistic idea of what your business is worth is of great value.

Russ: And that’s not an exact science either, is it?

Matt: You’re correct. It is not an exact science. Oftentimes a seller will inflate their value beyond what is reasonable for a reasonable buyer.

Russ: Ok. Is it a good idea to go in there, kind of, with a value range, maybe?


Continue Reading Best of… The First Steps of Preparing Your Business For a Sale

Jen: This is the PKF Texas Entrepreneur’s Playbook. I’m Jen Lemanski, and I’m back again with Matt Goldston, an Entrepreneurial Advisory Services director and one of the faces of PKF Texas’s Transaction Advisory Services team. Matt, welcome back to The Playbook.

Matt: Thank you, Jen.

Jen: So, we’ve spent a number of segments