1. Successful family firms establish effective financial and governance structures that separate family issues from business issues.
Family councils, family holding companies, shareholders? assemblies where such forums exist, family members know there is a time and a place to discuss family matters related to the business. The board of directors can then focus on strategic issues and the pursuit of long-term shareholder value. Its time is no longer consumed by family issues (and sometimes quarrels) that should be resolved elsewhere. Likewise, when such structures are in place outside board members can be more easily selected on the basis of ?functional fit? ? that is, on experience and vision that complements that of the family board members, rather than on just a friendship or social obligation. Outside board members often add value because they come from backgrounds in public companies, where maximizing shareholder value is a primary mission.

2. Successful family firms strive for cash flow growth not just business growth.
To Warren Buffet, the single most important criteria in selecting and valuing his investments, is cash flow, not sales growth. While sales growth can lead to long-term business appreciation, it is growth in cash that pays off for shareholders. Cash flow allows dividends to be paid and the value of the shareholders? equity to increase. To measure cash flow, successful family businesses use ?free cash flow,? which is net cash flow of the business minus investments and dividends. What?s left ? free cash flow ? is the financial bucket from which growth opportunities, diversification or even stock redemptions can be financed.

3. Successful family businesses have in place adequately funded liquidity programs for shareholders.
While the value of the stock in a privately held company may significantly increase over time, shareholders usually have no means of realizing this value. The stock is illiquid ? they cannot readily find a buyer at close to a price that reflects true value. Hence value appreciation becomes either academic or a source of conflict between shareholders who are active in the business and those who aren?t. Without a liquidity program, shareholders feel trapped in their family investment. This will ultimately drive them to demand higher dividends; and higher dividends, in turn, soak up cash available for growth thereby reducing the long-term value of the stock.

By enabling shareholders to sell some stock back to the company or the family if they so desire, a liquidity program allows both active and inactive shareholders to focus on long-term appreciation. More often than not, few shareholders want to sell any stock when such programs are in place.

4. Successful family firms invest year after year in the ?family effect.?
The family effect refers to the level of the family members satisfaction with the business their confidence in it, their dedication to it. Firms that work hard at maintaining the family effect face less pressure to provide an ever increasing return for shareholders and higher levels of performance from the business leaders.

Let?s all recognize that the family effect is one of the most important ?returns? from a family business ? perhaps, indeed, the most satisfying return. There are many ways to develop and strengthen the effect, including regular family information meetings, programs to stimulate next-generation entrepreneurship, and the creation of a family-wide philanthropy program. Philanthropy is an excellent way to explore, identify, and rally around the core family values while making positive impact on the broader community. It can be an ongoing source of family pride as well.

5. Successful family firms establish arms-length compensation policies for their active members and communicate them nearly to all shareholders.
The bond between active and inactive shareholder groups depends upon trust. Trust is easily shattered by the mere perception that the shareholders active in management are drawing excessive compensation or benefits at the expense of the inactive shareholders. The ire of inactive shareholders is aroused when family manager enjoy company automobiles, country club memberships and low-interest loans, even if these perks may be typical of what comparable non-family firms give their senior managers.

By staying within industry parameters on compensation family businesses alleviate many of the jealousies of inactive shareholders as well as the concerns of banks, creditors, and employees. Many accounting firms and some compensation specialists will provide you with data from annual surveys on executive compensation and benefits of senior executives at various sized companies in different industries. Follow those guidelines as closely as possible and use them to document and defend your own policies.

6. Successful family firms use public company accounting standards.
A private firm that decides to go public is often surprised to discover it has to upgrade and make many adjustments in it s accounting practices to conform to public company standards. Are there two sets of accounting norms, one for private companies and one for public companies? There shouldn?t be.

Annual audits and internal accounting controls foster shareholder trust and are useful tools in management decision-making. Hire a public accounting firm to prepare your annual audit and make sure it follows Generally Accepted Accounting Principles.

7. Successful family firms avail themselves of global financial resources.
The global economy is more than a clich?; it?s a reality. More than ever family firms need to think globally to succeed. Even if you aren?t yet doing business overseas you need to understand global forces in your strategic planning because foreign competitors may be targeting your once secure domestic market.

Globalization also means the globalization of capital markets. With the current strong dollar and the low cost of capital in some countries, expanding your company through overseas investments or acquisitions may not be as costly as you think. In venturing abroad, you can match the currency of the financing with the currency of the investment, thereby hedging your currency risk while taking advantage of low-cost capital.

While many of the financial habits above emphasize shareholder value we all know that this is not necessarily the only value for many family firms. Nevertheless, paying attention to shareholder value is the best way to maintain the family?s patient capital (which is, let?s face it, cheap capital!). Ultimately that is what all family companies depend on for long-term survival.

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If you want to learn what it really takes to obtain venture capital funding, though, I would suggest that you come to such functions with a strong pair of glasses, because you?ll have to do a lot of reading between the lines?of massive amounts of feel-good advice. In my capacity as national director of the Technology Executive Roundtable, a national educational and networking organization sponsored by Digital Equipment Corp., with seven chapters nationwide, I have heard several dozen such presentations. I have also spoken with and counseled at least the same number of technology entrepreneurs in search of venture capital funds. And the stories I hear from the two groups bear little resemblance to each other.

Essentially, venture capitalists on the speaking tour make the process of obtaining venture capital sound, while not easy, like an orderly and logical procedure?something like a tennis tournament in which entrants are gradually eliminated, with the best players surviving to the final rounds, and winning their just rewards.

Unlike tennis tournaments, though, when it comes to obtaining venture capital, the rules of the contest seem somehow to not be clear to the entrants. This is not a trivial matter, since venture capitalists invest somewhere between $2 billion and $4 billion annually?much of it in promising technology companies. Consider the following advice that is commonly handed out, and what I know to be the more common reality:

The Advice: Send us your business plan and we?ll review it to see if it turns us on.

The Reality: Business plans that come over the transom are almost never funded. Catch a venture capitalist off guard or in a private moment, and he or she will tell you that. To even have a chance of being considered seriously, business plans had better come in at the suggestion of a top referral source?a known lawyer, accountant, or banker, for example?and even then they are a long shot to be reviewed very deeply.

More commonly than is realized, venture capitalists chase after companies they deem via their own investigating to be ?hot.? Perhaps they were started by a previously successful entrepreneur or perhaps they include well-known scientists with proprietary technology. Often, these companies don?t even have a business plan and, not infrequently, prepare them only after the venture capitalists have come to the companies.

One entrepreneur who has successfully raised investment capital says he makes contact with venture capitalists through top referral sources and avoids showing his business plan until he has had at least one or two meetings with the VCs. And even then, he only shows them a plan after they?ve requested it and he?s quizzed them on exactly what they want to examine. In other words, he tries to level the playing field.

The Advice: When we contact you, it means we?re interested in possibly investing

The Reality:?Most entrepreneurs are so thrilled to have a follow-up call from a venture capitalist that they quickly open their doors, and files, as widely as possible. These entrepreneurs only discover too late that when venture capitalists follow-up on a business plan, they often have no intention of investing. In many cases, they are ?tire kicking??educating themselves about an industry or technology. Indeed, they may have already committed to a competitor, and want to check the new company out for competitive intelligence purposes.

Some technology entrepreneurs who have been through this process now require venture capitalists to sign non-disclosure agreements before opening the company doors. And even then, they are selective about what they show, allowing the relationship to open up and show signs of seriousness before revealing anything proprietary.

The Advice: The whole financing process can be completed in as little as three or four months.

The Reality: Sure, and that home remodeling project will be ready on schedule, too. I?m not sure why construction projects aren?t completed on time, but I do know that VCs often drag the process out. You?ll never get them to admit it, but my view is that they want to wear the entrepreneurs down, and use up their cash reserves. Then, the technology executives become more amenable to the deal the venture capitalists really want to impose. The negotiation phase is a favorite time for venture capitalists to tighten the screws on technology companies. With the company nearly out of money, the executives will often accept a deal that they would refuse, if only they weren?t on the brink of failure.

The Advice: We want to negotiate ?win-win? deals with entrepreneurs. If we can?t do it, we?ll tell you.

The Reality: The line I really enjoy is the one about how the venture capitalists will bend over backwards to help the founding team succeed; after all, the VCs don?t want to run the company. Yet the reality is that the venture capitalists have become increasingly enamored of all kinds of technical language that essentially makes it easy for them to force out the founders and put in their own people?earnings targets, product development benchmarks, marketing goals, and so forth. Some are known to be making their investments contingent on being repaid, even if the company fails. If that sounds more like banking than venture capital to you, join the club.

The Advice:Don?t worry about the fine print in the deal you sign. We want you to grow and will help you all we can.

The Reality: A lawyer who handles lots of financing deals says he can distinguish among them simply by the weight of the documents. The venture capital documents are the ones that strain his back. The fine print increasingly gives the venture capitalists power over the next round of financing?to approve the investors, to avoid experiencing dilution, and even to cash out if they so desire. Thus, entrepreneurs often get a late surprise about leverage, and how little of it they really have.

For entrepreneurs, the message is clear: Scratch that image you have of venture capitalists as Santa Claus in business suits. Approach venture capitalists as you would any financial service people?with a healthy dose of skepticism. Remember, the term ?vulture capitalist? didn?t just materialize out of thin air.

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Here’s how it works: A taxpayer can deduct start-up costs that would normally be deductible as business expenses once it is “open for business”?that is, it is ready to accept customers or clients. This date will vary, according to the type of business, but it generally means that goods or services are being provided in return for remuneration. If an entrepreneur is entitled to a deduction, the list of qualified expenses includes the following:

• Studies of potential markets, products, labor supply, transportation facilities, etc.
• Advertisements for the opening of the business.
• Salaries and wages to train employees.
• Travel and other necessary costs for securing prospective distributors, suppliers or customers.
• Salaries and fees for executives and consultants or for similar professional services.

However, the list does not include deductible interest, taxes or research and experimental costs. Amortizable start-up costs for purchasing an active trade or business include only those investigative costs incurred in the course of a general search for or preliminary investigation of the business. These are costs that help decide whether or not to acquire the business. But costs incurred to purchase a specific business are capital expenses that can’t be amortized.

What’s happening this year: For 2014, a taxpayer may claim a first-year deduction for up to $5,000 of qualified start-up costs. (Prior to 2011, a maximum $10,000 deduction was allowed.) Any remainder must be amortized over the 180-month period. But be aware that the $5,000 write-off is phased out on a dollar-for-dollar basis for start-up costs of more than $50,000. In other words, no current deduction is allowed if start-up costs are $55,000 or more.

Suppose, for example, your client has already incurred $40,000 in start-up costs. It will cost the client another $12,000 to get the business going before the start of next year. Because the start-up costs come to a total of $52,000 ($40,000 + 12,000), the maximum first-year write-off would be limited to $3,000.

The bottom line: Previously, you had to make a proactive election to currently deduct start-up costs. But now this tax treatment is automatic. All the client has to do is file his or her 2014 tax return in a timely fashion.
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Section 6695(g) of the Internal Revenue Code states that ?any person who is a tax return preparer with respect to any return or claim for refund who fails to comply with due diligence requirements imposed by the Secretary by regulations with respect to determining eligibility for, or the amount of, the credit allowable by section 32 shall pay a penalty of $500 for each such failure.?

The penalty amount increased from $100 to $500 for returns required to be filed after Dec. 31, 2011, by the United States-Korea Free Trade Implementation Act, which was signed into law on Oct. 21, 2011, according to the EITC Due Diligence Law and Regulation page on the IRS website.

There are four due diligence requirements that tax preparers must follow, and preparers could be penalized $500 each time they fail to meet all four requirements for each EITC claim.

Generally, tax professionals who prepare EITC claims must not only ask all the questions to get the information required on Form 8867, Paid Preparers? Earned Income Credit Checklist, but they must also ask additional questions when the information their client provides seems incorrect, inconsistent, or incomplete. Tax preparers also need to prepare, submit, and keep a copy of Form 8867, and prepare and keep all worksheets showing how the credit was computed.

An estimated 22 to 26 percent of all EITC claims have some type of mistake. Those errors cost the federal government between $13.3 billion and $15.6 billion in 2013, according to the IRS. Some errors were caused by misinterpreting the law, some because the tax preparer accepted client-provided information at face value, and others were fraud.

The tax agency also noted that approximately 60 percent of all EITC errors fall into three categories:

1. Claiming a child who does not meet the age, relationship, joint return, or residency tests.
2. Filing as single or head of household when legally married.
3. Overreporting or underreporting income or business expenses to maximize the credit.

Three of 10 tax preparers incorrectly claimed an ineligible child for the EITC, according to a study earlier this year from the US Government Accountability Office, in which undercover investigators, who posed as taxpayers, made site visits to 19 commercial tax-preparation businesses.
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Lease accounting criticism has centered on not recognizing leases as operating expenses that occur, because this leaves large amounts of income remaining in the value of those leases, says Dean Sonderegger, executive director of product management for Bloomberg BNA software. “The pending rule would change how firms calculate their value.” The?proposed new standard, which was released for comments as an exposure draft last year, would require lessees to include all leases, including leases of equipment and other assets, generally classified as operating leases.

In 2015, the new standards are expected to be finalized and will be reflected in the way companies treat leases and track their performance. “Trillions in historically off-balance-sheet leases will have to be brought onto companies’ books,” Sonderegger says. The calculations used for lease liabilities and amortization will change: For most real estate leases, a lessee would report a straight-line lease expense in its income statement; for most other leases, such as equipment or vehicles, a lessee would report amortization of the asset separately from interest on the lease liability.

This is why Sonderegger advises thinking about updating fixed-asset management software to reflect both U.S. GAAP and the IFRS so that the onslaught of new leases can be integrated into existing accounting systems. “It makes reconciliation for the two more and more difficult if you don’t,” he notes. Either buying a new module or updating your existing software is warranted.

“Companies need to think, ‘What is my path forward? What are my options?'” Sonderegger says. “Many firms lease equipment?it’s a growing trend, and that’s why now is the time to think about whether their software is going to be able to handle the change,” he adds. Make sure you’ve got a solution in place. How? Consider these “Top 5 To-Do’s”:

1. Understand?your exposure.?What’s the monetary value of your leases that need to be added to the balance sheet?
2. Contact?your accounting software/ERP vendor.?What are the vendor’s plans to support lease accounting changes?
3. Evaluate?the impact.?Does your accounting software require you to update your software? Is this something that you can easily or reasonably do?
4. Consider?alternatives.?Changes in regulations are an excellent time to take a hard look at alternative software solutions.?Would a best-of-breed fixed-assets system serve better than your current system?
5. Plan?now.?Even though the rules won’t be finalized until 2015, system changes can require planning.?Start the process now to ensure you have budget and resources in place in order to update and change systems and processes to support the new rules.?

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