Business Consulting Las Vegas - Cpa Planning

One of the biggest concerns that we have with our Las Vegas business consulting clients is, "How do I succession plan for my business?". In other words, 'How does the business owner build his business, grow it to a substantial size, and either have his children take over the business, have key employees take over the business, or just sell it to a third party?'. Business consulting in Las Vegas in an important first step, because typically it takes from 5 - 10 years to be able to transition the management, the style, and the culture that you developed in your business, as well as to make sure that the next generation wants to participate in the business in that way, or that there are key employees that have been trained and nurtured to operate the business and that they have been given sufficient control prior to you wanting to retire or transition out of the business completely.

Often times in Las Vegas it does take the management and the owner a few years where they may work closely with that replacement party (whether it by a child, or an employee, or even a third party). So they may have an employment contract for 2 or 3 years subsequent to the actual sale of the business. A successful business consulting plan is important because it provides for the continuing of the business, it allows the employees to feel secure and safe - that they have a job that will last for many many years, and it also allows the owner to feel good about the methods that he has used in preparing his business to meet the demands of the future.

One of the things my Las Vegas clients ask me often is, "How can you help me more with my tax planning?", and I think the best answer to that is "I need to talk to you". Whoever your Las Vegas CPA is, if you let them know what you're doing before March of the next year, they can often do a lot of things with entity structure, or just planning the deal to make it more tax efficient. Communication is the key with Las Vegas tax planning, but if you only talk to your CPA once a year, in March, you're missing the boat, and he or she isn't able to help you as much as they could.

For example: I had a client come to me once that was doing a land deal; they owned some land and they were going to build a building on it. And by talking with us, and letting us understand their particular tax situation, we were able to structure another entity, take the advantages between a partnership and a corporation, and capture most of that gain as long-term capital gain, instead of all as ordinary income. But it's one of those things that we couldn't have done if they had started construction and talked to us after the fact.

Make sure that your CPA understands your business and tax situation as early as possible. Give them any information that they might be able to use during the tax planning process, and make sure your Las Vegas accountant really gets to know your and your business.

I'm a Las Vegas CPA who just came out of a meeting with a bunch of students. They were down at a recruiting visit down in Southern Utah. And one of the things we told them when they're looking for an employer is to "find your fit". And that is an absolutely important tip I can give to any business owner as well: When you're looking for an advisor - your attorney, your insurance agent, your Las Vegas CPA - these are people you're going to have to trust an awful lot with the personal details of your life and with the success of your business in some case, and so you need to take the time to interview people and see whether you relate to them, and whether it's somebody that you can trust, someone you can get on the phone and talk to, and someone who shares your values.

Maybe they have a similar appetite for risk. You may not be as cutting edge as your CPA wants to be on taxes, and that may make you uncomfortable. Or, your CPA may be more conservative than you want to be. So it's very important that you spend the time on this relationship at the front, because it's much easier to spend it then, than to change CPAs every 2 or 3 years. So, "find your fit" when choosing a Las Vegas CPA.