Frazee Fox & Dodge

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You get the highest level of assurance because we go outside your company to obtain more information. Typically, we'll have written communication with: Your customers, to check outstanding receivable balances, Your banks, to confirm cash or debt balances and terms, Your vendors, to verify outstanding payable balances, and Your attorneys, for information on pending or threatened legal action. We also perform physical inspections by observing your inventory counting methods and perform test counts.

Stockholders, creditors, and private investors often need assurance that the financial statements accurately represent the true financial position of a company. Your stockholders, creditors, or private investors have different levels of risk tolerance, so we provide three levels of assurance to meet your needs.

Minimizing the tax bite. The tax burden when transitioning a family business can be significant. The challenge is that a family business is not generally a liquid asset, but taxes are typically due when ownership is transferred.

The family dynamic complicates the whole transition because of the relationships and emotions involved. Most people are not comfortable discussing topics such as aging, death, and financial affairs. Comfortable or not, succession planning should be a priority for any family business considering that more than seven out of ten family-owned businesses fail to survive the transition from founder to second generation, typically falling prey either to estate taxes or family discord - or both.

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