Family Owned Businesses
Family business is a major economic force in America today. According to the SBA, the 24 million family businesses account for 89% of business tax returns and employ more than 82 million people (or 62% of the workforce).
These closely held family-owned businesses have unique concerns and accounting requirements. The finances of the business and the family are often highly entwined. The business typically represents a large share of the family's wealth and future security. Business loans are secured by personal assets. Cash flow has a major impact on the family's lifestyle. Because of these factors, it is especially important that family businesses have a relationship with an accounting and financial management firm they trust and feel comfortable working with— a firm that is compatible with the requirements and character of both the family members and the business.
Wolf & Company understands the particular dynamics of the family-owned business. We have been serving Chicago area family businesses for more than twenty-five years— often with the original and following generations of owners. We take the time to build consensus among the stakeholders and come to truly know their family members, operations and business and personal goals. Our objective is to build a lasting, trusting relationship so our clients feel comfortable asking us any question or turning to us with any challenge.
We assist our business clients throughout the entire business life cycle, from formation and choice of an appropriate entity, through expansions and acquisitions, to succession planning and planning for transitions and sales. Should an unusual issue arise, Wolf & Company's affiliations with PKF North American Network and PKF International allow us to tap into the wealth of experience of other top accounting, tax and consulting practices around the world.
Since 1997, as a service to Chicago’s family business community, Wolf & Company has been conducting an annual seminar series, the Family Business Forum. These workshops address issues unique to family businesses, often with multiple speakers addressing financial, management and legal topics. Check out our recent program.
In addition to our traditional audit, accounting and tax services, Wolf & Company LLP delivers services tailored specifically for family businesses. These include, but are not limited to:
Audit & Accounting Services:
- Financial reporting to satisfy requirements of lenders, owners and other stakeholders
- Internal control evaluations
- Outsourced bookkeeping and payroll
Tax Services:
- Tax structuring and planning coordinating income tax, charitable giving and wealth transfer strategies
- Business entity structuring, including family limited partnerships
- Estate and succession planning
Financial Consulting:
- Financial forecasts and projections
- Evaluating financial alternatives
- Cash flow management
- Litigation support
- Fraud detection and prevention
- Business valuation
Management and Operational Consulting:
- Family Office services
- Internal operation reviews
- Qualified plan structure and administration, including 401(K) plans
- Long range/strategic plan development
- Risk management studies
- Cost segregation studies
- Assistance with buying and selling businesses
Technology Consulting:
- Financial & job-cost system design
- Vendor selection studies
- Conversion assistance
We produce a bi-annual newsletter specifically targeted to family business issues. Check out our most recent newsletters.
For more information on our services for family businesses, contact Russell L. Romanelli, Partner-in-Charge, Family Businesses.