From category archives: Boulay

Business Consulting

The Number 1 Effective Fraud Detection Method

In 2018, the Association of Certified Fraud Examiners (ACFE) released their 2018 Report to the Nations, based on the ACFE 2017 Global Fraud Survey, a survey conducted by the ACFE of its members from July 2017 through October 2017. As part of this survey, members were asked to provide information on the largest fraud case they were involved in from January 2016 through the survey date. The information from this survey was compiled into a variety of statistics to gain an understanding of the impact that occupational fraud and abuse has on businesses.

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Fraud and Occupational Abuse Statistics

In 2018, the Association of Certified Fraud Examiners (ACFE) released its 2018 Report to the Nations based on the ACFE 2017 Global Fraud Survey, a survey conducted by members of the ACFE from July 2017 through October 2017. As part of the survey, members were asked to provide information on the largest fraud case they were involved in from January 2016 through the survey date. The information from this survey was compiled into a variety of statistics to gain an understanding of the impact that occupational fraud and abuse has on businesses.

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What’s in a Name? Determining the Value of a Trade Name

Coca-Cola, McDonald’s, and Burger King—all trade names that almost every American knows and recognizes. These trade names carry significant value, and when you buy their products, you know what you are buying. Trade names are part of the intangible nature of business and go beyond the physical. The name alone implies that customers prefer to buy a specific product over the competition.

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Does Your Business Have Hidden Value?

In a typical business valuation, the value of a business is derived from a combination of three valuation approaches: an asset based approach, an income based approach, and a market based approach. The most commonly applied approach for most valuations is the income based approach. Just like the name implies, an income based approach revolves around the ability of a business to generate income or cash flow. There are various methods under the income based approach, but all methods revolve around either the past performance of a business, or the projected future performance of the business. Considering this, the solution to increasing the value of your business sounds simple, increase your income.

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Is Your Business Registration Up to Date?

The State of Minnesota requires entities doing business in Minnesota to register with the Minnesota Secretary of State, and to renew this registration annually. Entities created under Minnesota law risk being administratively dissolved if their annual renewals are not kept up to date. Such an administrative dissolution is easily remedied, and typically creates no problems from a tax filing perspective.

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The Importance of Aligning Succession-Planning Goals

Aligning your goals prior to engaging in a full succession plan will improve the odds of making a smooth transition that allows your business to flourish for decades.

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Businesses Subject to Litigation Related to Their Retirement Plan: The Impact of the Recent Supreme Court 401(k) Lawsuit

As a Plan Sponsor and Trustee, there are a few things to consider as part of your company sponsored retirement plan.

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Time For the Big Change: How to Start Your Succession Plan

If retirement is on your current agenda or even a few years down the road, it may be time to start getting your business in order for a future transition. 

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Succession Planning 101

With millions of baby boomers retiring, the issue of succession planning has become a top concern for many businesses. It is not a simple issue to conquer, of course. It can involve family, business partners and boards of directors. Turning over the keys to the right person is one of the most important decisions a business owner can make. Large businesses, for example, can trip up and select a poor successor and still survive.

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You're Invited: 2014 Business Succession Summit

Prior planning prevents poor performance. When it comes to business succession, these words will always ring true. With a little planning, handing over the reins to your business can be a hassle-free, exciting – and ultimately rewarding – time in your life.

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