- Goren Marcus Masino & Marsh - http://www.gmmmcpas.com -


In addition to tax and accounting services, GMMM also provides consulting services that are just as important to the financial well-being of our clients.  These services include:

Succession Planning:
For business owners that are at or near retirement, the issue of succession cannot be ignored.  Sometimes the logical choice is to sell the business; however, many owners prefer the thought of their businesses continuing on after they are gone.  Cross-purchase agreements are a common method of transferring business ownership between owners.  These agreements are structured so that each owner buys and owns a policy on each of the other owners in the enterprise.  Each owner functions as both owner and beneficiary on the same policy, with each other owner being the insured.  When one owner dies, the face value of each policy on the deceased owner is paid out to the remaining owners, who will then use the policy proceeds to buy the deceased owner’s share of the business at a previously agreed upon price.
Cash Flow and Budgeting Analyses:
Cash budgeting is the process of projecting cash inflows and allocating cash outflows. Cash budgeting relies on accurate cash flow forecasts. It also requires effectively managing activities such as customer billing and collections, short-term investing and accounts payable disbursements. The goal is to strike a cash reserve balance that is neither too much nor too little but still allows the business to pay its daily operating expenses. Cash flow forecasts aim to project future financial liquidity over a specific period of time. Cash flow forecasts are projections based on data from the income statement and balance sheet, but are estimates only and require updating when there are significant changes in the financial condition of the business.
Financial Planning:
A financial plan is a comprehensive evaluation of someone’s current and future financial state by using currently known information to project future cash flows and asset values.  The evaluation often includes a budget [1] which organizes an individual’s finances and sometimes includes a series of steps or specific goals for spending and saving in the future. This plan allocates future income to various types of expenses [2], and also reserves some income for short-term and long-term savings. A personal financial plan can focus on other specific areas such as risk management, estate, college, or retirement.
Retirement Planning:
Retirement Planning is the process of determining retirement income goals and the actions and decisions necessary to achieve those goals. Retirement planning includes identifying sources of income, estimating expenses, implementing a savings program and managing assets. Future cash flows are estimated to determine if the retirement income goal will be achieved. In the simplest sense, retirement planning is the planning one does to be prepared for life after paid work ends, not just financially but in all aspects of life. The non-financial aspects include such lifestyle choices as how to spend time in retirement, where to live and when to completely quit working.
Buying and Selling Businesses:
Buying or selling a small business involves a significant commitment of time, money, energy, opportunity, and risk.  Buying or selling a small business is more personal, riskier, and more creative than larger, publicly held companies.  The due diligence stage of the transaction is a potential buyer’s opportunity to review the target company’s legal, financial, and business records to better assess the bundle of assets, liabilities, and risks it is negotiating to buy.  This is also a seller’s opportunity to demonstrate the value of the business and assets being sold and minimize the buyer’s efforts to negotiate reductions to the purchase price and other concessions.