Compilation and review engagements
At Gibson LeClair, LLC our philosophy is to provide timely and efficient review and compilation services by staffing the engagement with experienced and knowledgeable professionals. We provide review and compilation services to numerous nonprofit organizations and small businesses in industries such as forest products, automobile dealerships, retail, construction, healthcare and professional services. We help our clients understand their financial statements and the results presented and to use the data to make informed financial decisions. We also will provide consulting services on accounting systems, internal control systems, software and business processes.
We provide our clients with QuickBooks assistance and training to ensure that our clients have access to useful and accurate financial information. Several of our staff are experienced QuickBooks users and are available to answer questions about QuickBooks as well as general accounting and bookkeeping questions.
Business startup/choice of entity
At its initial startup, every business has a crucial decision to make as to what type of entity it will be in the eyes of the Internal Revenue Service. Careful consideration and analysis of the alternative entity structures is the foundation upon which successful businesses are built. We will take the time to ask questions to gather the information needed to properly advise our clients of the recommended entity type. We will also discuss the various alternatives so our clients understand the pros and cons of each so they have the best information available in order to make that decision.
Buying and selling a business and allocation of the purchase price
If you are buying or selling a business, there are several important factors that must be considered during the process. We have years of experience advising clients throughout Maine during the buy or sell process, including assisting clients in allocating the price. We have found that it is far easier to have this allocation done and agreed to by all of the parties at the closing of the transaction rather than going back to get the allocation at tax time. There are numerous factors that need to be considered in this allocation and often times buyers and sellers will have different needs and viewpoints that must be taken into account.
You have run a successful business for a number of years and are now ready to move into your retirement years. But who will take over the reins and continue to guide the business after you leave? As with all business decisions, a number of factors need to be considered in developing an effective succession plan. We will take the time to explore these factors with you and assist you in creating a succession plan.