NEW YORK – (April 11, 2016) – Business mergers and acquisitions continue to surge in 2016 as mid-size companies are expanding their searches for opportunities to grow, while a record number of baby-boomer owners see retirement in their very near futures.
But poor planning and unmanageable expectations often spoil the best intentions. The New York State Society of CPAs is offering a new free resource to help accounting professionals provide better in-demand business succession planning advice and counsel.
The NYSSCPA’s Business Exit and Succession Planning Committee’s next meeting is Thursday, May 5 from 8 a.m. – 10:30 a.m. at Wilk Auslander LLP, 1515 Broadway, 43rd Floor in New York City. Teleconference is available for those who cannot attend in person. Call 1.800.501.8979 and use access code 9825192#.
“Baby boomers are now retiring at the rate of 10,000 per day and this demographic shift has created unprecedented demand for information about business exit strategies,” said Anthony Citrolo, CPA and chairman of the NYSSCPA’s Business Exit Committee. “In many cases business owners have a large percentage of their net worth tied up in their business, so selling the business for top dollar is essential.”
The services of certified public accountants are more valued in these transactions as they help private company owners – in retail, healthcare, technology, consumer products among others - draft strategic plans to avoid and unnecessary and excessive taxes, minimize risk and maximize value. “Business owners win by having their CPA as a new resource for information about maximizing their business’ value at time of sale,” Citrolo said.
“CPAs benefit by positioning their practice and providing in demand services to the aging baby boomer generation; creating new sources of revenue for their practice; and differentiating themselves from their competition while reinforcing their position as a trusted advisor,” said Citrolo, who is co-managing partner of Strategic Merger & Acquisition Advisors in Woodbury, N.Y.
The committee will hold monthly forums and are open to members and non-members of the Society interested in learning more via educational seminars and presentations about business valuation issues, estate planning, mergers and acquisitions, and financial planning.
For more information about this event or to RSVP, please contact Connie Gonzalez, connie@strategicmaadvisor.com or 516.346.5271.
The Business Exit and Succession Planning Committee is one of 61 committees that the New York State Society administers to help its members continuing professional development and industry networking. The committees are categorized in seven divisions including: the Accounting and Auditing Division, Consulting Services Division, Industries Division, Operations Division, Practice Management Division, Public Sector Division, and the Tax Division.
About the NYSSCPA
Founded in 1897, the NYSSCPA, nysscpa.org, is the premiere professional accounting association for more than 28,000 members residing and practicing in New York State, encompassing all areas of public practice including in government, education, technology, non-profits, real estate, healthcare and industry. It is the oldest – and the third largest such state society organization - in the United States.
###