Podcasts about marcum llp

This Episode is Sponsored by: CBIZ Tariffs, geopolitical tensions, and inflation are all weighing on the food and beverage industry and consumers alike, but what can industry leaders do to persevere amid uncertainty? Lou Biscotti from CBIZ's Food and Beverages Services Group shares his insights on The Food Institute Podcast. More about Louis Biscotti: Louis Biscotti is the national leader of CBIZ's Food and Beverage Services group. He has been an entrepreneurial leader in accounting for over 40 years. Mr. Biscotti has focused his efforts on improving his clients' growth and profitability and has guided many companies in their development from small emerging entities into organizations worth hundreds of millions of dollars. While his clients represent a variety of industries, he is particularly well known for his work in manufacturing and distribution, especially with food and beverage companies. An active member of many local chambers of commerce, Mr. Biscotti served as a trustee for the Foundation for Accounting Education and was a board member of the New York State Society of Certified Public Accountants (NYSSCPA). He is a former president of the Accounting Circle and an Executive Advisory Board member of St. John's, his alma mater, and Molloy College. He also serves on the advisory boards for many of his clients, where the cumulative experience of his 40 years in practice and work with nearly 1,000 companies gives those clients an invaluable edge. More about CBIZ: As of November 2024, Marcum LLP is now a part of CBIZ. Our Food & Beverage Services group has the perfect recipe of knowledge and service capabilities to help you stay flexible. Our professionals provide the accounting, tax, and consulting services so that you can concentrate on the growth of your business. Just as our service capabilities are diverse, so, too, are the types of food and beverage clients we serve, including distributors and manufacturers, importers, restaurant chains, processors and packaging, agribusinesses, and retailers. CBIZ, Inc. (NYSE:CBZ) is a leading professional services advisor to middle market businesses and organizations nationwide. With unmatched industry knowledge and expertise in accounting, tax, advisory, benefits, insurance and technology, CBIZ delivers forward-thinking insights and actionable solutions to help you anticipate next steps and accelerate growth. Learn more: https://www.cbiz.com/accounting-tax/industries/retail/food-beverage

MPF Discussion with Jennifer HillObstacles To Outcomes with Jennifer Hill Jennifer K. Hill is a seasoned professional speaker with over 15 years of experience. She made a successful exit from her first company in 2018, which was acquired by a subsidiary of Marcum LLP. She has established herself as a recognized expert in her field, having appeared on major news outlets such as KNX Radio, BBC News, ABC, NBC, FOX, and E! News, and been quoted in reputable publications like The Ladders and Glassdoor. Hill's speaking engagements have included various conferences, law firms, and corporations around the world, where she has served as a speaker, consultant, moderator, and host.  Hill was recently accepted as a member of the Evolutionary Leaders Circle, a group of thought leaders from different fields who come together to support a shift in consciousness. She holds a Bachelor of Arts in Psychology from the University of California, Irvine. Giving back to her community is a passion for Hill and she dedicates her spare time to volunteer work. She built her first school in Nepal in 2017 in collaboration with Build On and her second school in Senegal in 2019 with her father. In 2019, Hill co-founded MetaBizics, a company that provides consulting services and hosts shows with renowned thought leaders such as Bruce Lipton and Deepak Chopra. Recently, Hill co-founded OptiMatch, a SaaS company that utilizes a proprietary matching algorithm to better understanding motivating factors of individuals and create greater coherence in teams. On this episode of My Perfect Failure “Obstacles To Outcomes” Jennifer provides inspiring and practical tips on the tools we can all use to overcome life's obstacles when we experience life's challenging moments.   Some Of The Themes we discuss·       Accessing your superpower tool kit.·       It's the person with the strongest consciousness that wins.·       Why we should create our storm of certainty.·       The importance of getting to know ourselves.·       Embrace forgiveness for ourselves and others. Links To Connect with Jennifer OptiMatch: https://om.app/Jennifer Hill Website: https://intro.co/JenniferHill Jennifer's YouTube Channel:  https://www.youtube.com/@jenniferkhill Jennifer Recommendations·       https://www.heartmath.org/ ·       https://www.heartmath.com/ Please Leave A Review Like this show? Please leave us a review here, even one sentence helps! Consider including your Twitter handle so we can thank you personally!   Paul: Contact Details  ·         Work with me: paul@myperfectfailure.com ·         MPF Website: http://www.myperfectfailure.com/  ·         Insta: follow: https://www.instagram.com/myperfectfailure/   ·         Twitter: https://twitter.com/failure_perfect 

It's important for companies to surround themselves with the right team to ensure compliance in the current regulatory environment. In this episode, Adam Torres and Neil Levine, Partner & Executive Board Member at Marcum LLP, explore regulation and what leaders of publicly traded companies should know. Follow Adam on Instagram at https://www.instagram.com/askadamtorres/ for up to date information on book releases and tour schedule.Apply to be a guest on our podcast:https://missionmatters.lpages.co/podcastguest/Visit our website:https://missionmatters.com/Support the showMore FREE content from Mission Matters here: https://linktr.ee/missionmattersmedia

It's important for companies to surround themselves with the right team to ensure compliance in the current regulatory environment. In this episode, Adam Torres and Neil Levine, Partner & Executive Board Member at Marcum LLP, explore regulation and what leaders of publicly traded companies should know. Follow Adam on Instagram at https://www.instagram.com/askadamtorres/ for up to date information on book releases and tour schedule.Apply to be a guest on our podcast:https://missionmatters.lpages.co/podcastguest/Visit our website:https://missionmatters.com/More FREE content from Mission Matters here: https://linktr.ee/missionmattersmedia

Marcum LLP's Hartford office managing partner Michael Brooder joins the CBIA BizCast to break down the 2023 Survey of Connecticut Businesses. The survey highlights some of the top concerns for businesses, including workforce and the costs of living and doing business in the state. “These days? It's labor, labor, labor, and costs,” said Brooder. “If you look at the open jobs and the availability of people that are there to fill them, it's just that they're not there. “Let's figure out how to grow, and let's figure out how to be competitive, and let's figure out how to make Connecticut a place where people want to do business.”

Give credit and take blame; this is Bruce Ditman's golden rule of leadership. In today's episode, he shares his story of how he went from selling television advertising to Chief Marketing Officer at Marcum LLP, a $700 million dollar CPA & accounting firm, then later to the founder of Chief Seconds. Bruce has never had one day of formal marketing education in his life, but his intellectual curiosity, humility, and thoughtful approach to everything he does has led to him achieving success at every stage of his career. We discuss the difference between an educational approach and an indoctrination model, the importance of cultivating professional empathy in your organization, and how leaders who have been in the game for a long time need to learn to meet the needs of younger generations. Bruce also shares his approach to managing people, which leads to increased production levels without causing burnout. Key Points From This Episode: Bruce shares the story of how he became a Chief Marketing Officer despite never getting any formal marketing education. How the non-traditional career path he has taken has played to his advantage. Bruce's approach to becoming the best CMO he could be.One of the key skills to which he attributes his success. The maladies that marketers commonly suffer from. Problems Bruce has with the way training is done in professional services industries. Indoctrination versus education models for upskilling.The importance of cultivating professional empathy in your organization.Why people who are naturally gifted at something are often not the best teachers. How Bruce decided on Chief Seconds as the name of his company.How to effectively upskill your employees. The core traits required for developing a successful business. How to master the art of asking good questions.Bruce's thoughts on creating a culture of intellectual curiosity.The golden rule of managing people and what it takes to be a good leader.Bruce Ditman on LinkedInBruce Ditman Email AddressChief SecondsConnection BuildersAlex Drost LinkedIn

This shares my conversation with Town Council Chair Tom Mercer in our Town Council Quarterbacking session. This is one of the series of conversations meant to provide a recap of the prior night's Town Council meeting. Akin to one of the many sports post-game analysis broadcasts we are familiar with in New England, this would be a discussion focused on the Franklin Town Council meeting of May 3, 2023: ok, what just happened? What does it mean for Franklin residents and taxpayers?We cover the following key topics7. LICENSE TRANSACTIONSa. New Section 12 Restaurant Common Victualer All Alcohol License and Approval of Katrina Psikarakis as the Manager - Here Come Two Greeks, LLC d/b/a Sierra's Brick Oven Pizza & Pub, Located at 370 King Street b. License Modification - Change of Manager: Rare Hospitality International, Inc. d/b/a Longhorn Steakhouse; Located at 250 Franklin Village Drive, Franklin, MA 02038 c. License Modification - Change of Officers/Directors/LLC Managers: 99 Restaurants of Boston, LLC d/b/a 99 Restaurant, Located at 847 West Central Street 8. PRESENTATIONS / DISCUSSIONa. Presentation: FY22 Financial Audit - Scott McIntire, Partner, Marcum LLP b. Presentation: Charles River Pollution Control District - Elizabeth Taglieri, Executive Director Charles River Pollution Control District c. An Introduction to PFAS Regulations – Water & Sewer Superintendent Doug Martin 9. LEGISLATION FOR ACTIONa. Bylaw Amendment 23-897: Sewer Rate Increase - First Readingb. Resolution 23-30: Authorizing the Borrowing of Money to Pay Costs Associated with the Franklin Sewer System Asset Management Plan (CWSRF 12541)c. Resolution 23-31: Authority For Town Administrator to File Clean Water State Revolving Fund Loan Application d. Zoning Bylaw Amendment 23-889: A Zoning Bylaw to Amend the Franklin Town Code at Chapter 185, Attachment 7., Part VI, Use Regulation Schedule: Residential Uses - Second Reading e. Zoning Bylaw Amendment 23-890: A Zoning Bylaw to Amend the Franklin Town Code at Chapter 185, Section 51 - Second Readingf. Resolution 23-32: Gift Acceptance - Town of Franklin for Red Brick School House (Donation of “Established” Sign) g. Resolution 23-29: FY23 Capital Round 2Links to the meeting agenda and associated documents released for this meeting are included in the show notes. Our conversation runs about 45 minutes. Let's listen to the Town Council Quarterbacking session recorded May 4, 2023--------------The agenda doc can also be found on the Town of Franklin page -> https://www.franklinmatters.org/2023/04/franklin-ma-town-council-agenda-for-may.html My notes in one PDF file -> https://drive.google.com/file/d/1gWiBSq_Q8vMNIUKv32jeLQtMypvF8fTb/view?usp=share_linkFranklin TV meeting video -> https://www.youtube.com/live/mhRDmkdk7og?feature=share--------------We are now producing this in collaboration with Franklin.TV and Franklin Public Radio (wfpr.fm) or 102.9 on...

One of the most important steps in navigating a divorce that involves a family business is analyzing the value of the business - this requires a Business Valuation expert. Once their job is complete, if there is any concern around ‘hidden money', a Forensic Evaluator would be hired to do a deeper dive into the company's books to unearth where the money has been going and determine if any nefarious activity has been involved.   With me today to explain and guide us is Ilan Hirschfeld. Ilan is Partner-in-charge of Marcum LLP's, NJ Advisory Services Group.  Ilan is a frequent Lecturer on Divorce and a Court Appointed expert in matrimonial matters. I expect today to feel a bit like sipping from a fire hose, so get your pen and paper out and let's get started!   Free Giveaway: Complimentary initial consultation   Ilan's Contact Information: Office phone: 973-646-3700 Email: ilan@marcumllp.com Article on Businessn Valuations, by Ilan Hirschfeld More About Ilan Hirschfeld   For more information on Journey Beyond Divorce visit:  www.jbddivorcesupport.com Request a Free Rapid Relief Call at http://rapidreliefcall.com/    

The Inflation Reduction Act of 2022 contains a major incentive for commercial building owners and managers in the form of changes to the 179D deduction. Learn about the new changes to 179D with editor in chief Janelle Penny and Chris O'Neal, a senior manager with Marcum LLP. --- Support this podcast: https://anchor.fm/buildings-podcast/support

Financial management can make or break a business. Any business undertaking attempted without taking cost drivers, growth prospects, and value realization goals, among other critical factors, into account is leaving a big, wide door open to problems.Jack Boyles, Managing Director at Marcum LLP, understands this perfectly well. With his extensive experience in financial planning and modeling, valuations, and funding strategies, Jack keeps a trained eye on both the micro and macro factors that influence today's rapidly evolving financial services sector.In this episode of The Modern CFO, Jack talks with host Andrew Seski about critical factors to consider for growing companies, how he deals with the unexpected, and the valuable lessons he learned over his 25-year-long career as founder, investor, and CFO of several companies.‍‍Show Links Check out Marcum LLP Connect with Jack Boyles on LinkedIn or via email Check out Nth Round Connect with Andrew Seski on LinkedIn ‍TranscriptPlease note that the transcript is AI-generated and may contain errors. The content in the podcast is not intended as investment advice, and is meant for informational and entertainment purposes only.‍‍[00:00:00] Andrew Seski: Hello everyone and welcome back to The Modern CFO podcast. As always, I'm your host, Andrew Seski. Today, we're joined by Jack Boyles. Jack, thank you so much for being here. [00:00:19] Jack Boyles: Thank you. I'm looking forward to our conversation. I reviewed a number of your other podcasts. They're all great and I learned something in each one.[00:00:25] Andrew Seski: So today, Jack serves as CFO at Marcum. Jack's based in Boston and has been a CFO across a number of industries and is insatiable when it comes to learning new things, trying new industries. [00:00:38] But one of the things that we've been talking about, maybe ad nauseam, but between us is the idea that maybe there is a certain time and place where CFOs can have their biggest impact at, you know, either a type of financing, an industry, and maybe CFOs shouldn't necessarily grow across all stages and all different types of industries. Maybe they should be specialized and maybe there is a time and place for that CFO who can drive the most value. [00:01:05] So this is a topic I really want to dive into and really dig our teeth into because Jack has such a unique vantage point, serving his entire career really honing in on this idea. So Jack, I got to turn it over to you to tease out some of the value and insights here on sort of that topic and whatever else we can foray into across all of the experiences you had as a CFO.[00:01:26] Jack Boyles: Thanks for the great introduction. Yeah, I'm not CFO of Marcum — number one. Marcum has a group of consulting CFOs and so I now work with roughly a half-dozen small and medium-sized companies as a fractional CFO. Prior to that, I've been CFO of a number of companies in which I was founder, investor, angel, and always had a CFO title in a wide variety of verticals — distribution and logistics, software manufacturing, IT services, natural resources. [00:01:57] And right now my portfolio includes a SaaS company — a company working on carbon credits with blockchain — and another marketplace for health services. So, you know, it's a pretty broad spectrum and I've enjoyed it because there has been a number of learning opportunities. [00:02:14] But returning to your theme, I found I'm really good at the five million to 50 million-dollar service orientation companies. And I've realized that that's where I can add the most value. I'm not somebody who can take a company public, although I've sold a number of companies to Fortune 500 companies. But it's really recognizing there are different skill sets for those by both vertical and by size of company, if you will, the capital intensity and sort of the economic structure underlying the business.[00:02:45] So I can break down those and, you know, they're all interesting problems, but it's really a different skill set for each one of them. And you need to manage differently as that, you know, financially-oriented team member. [00:02:58] Andrew Seski: In terms of where some of this interest comes from from my end is the fundraising environment over the last few years dramatically changing in the last few months. So what may have been, you know, a company doing five to 10 million then that could have been valued, and maybe in the software land, maybe even at a hundred X multiples at one point, just an absolute crazy valuation and fundraising environment to, you know, a very, very immediate, almost shift in going from, you know, pure growth orientation to conservative cost cutting, you know, headcount reduction. And I think the question there stems not only just from where the CFO can be the most valuable in their niche and their competency, but also how to weather the volatility of different market cycles. [00:03:42] And there are a lot of variables to play with here so I really like your answer that the CFO can be really valuable by identifying their impact in a niche due to all of the other market environments and volatility in the markets that could, you know, shift strategy and financial strategies that a company may pursue.[00:03:58] Jack Boyles: Well, you're shining a spotlight on, you know, certainly what is the most critical thing for growing companies, which is, do they have access to capital? And is it the right capital on the right terms and in the right timing? You know, obviously, you progress from family and friends to seed rounds, to Series A and up. [00:04:17] But it's really more important, or the starting point for that analysis is really, what's driving the need for cash? Is it building your organization? Is it financing working capital? Is it plant and equipment expansion? Is it building relationships that you need to invest in? So really understanding from a, what I would call a fairly granular level, what are the cost and capital drivers in your business and really internalizing that, that economic, that, you know, the calculus of the business, because that's gonna tell you what kind of capital you need and where to go knocking on the door. It's seldom the case that you're gonna be the first guy knocking on that door, but making sure that they understand your economic model is critical.[00:04:59] And so to narrow your field down on who you're focusing on and what you're offering and making sure, I mean, whether you look at PitchBook or anything else, it's fairly easy to qualify those people and what their investment criteria are. Most firms are very upfront about what they invest in and there's nothing wrong with reaching. But there's also economy and wisdom and finding people who've done your deal before with like competitors because they understand it. They get it. Whether you consider that investor a bank or a venture capital or a family office, find people who have done it before. They're gonna bring more knowledge to the deal — in the one they do because they are always seeking to be better. Their due diligence will be a lot more efficient and helpful to you.[00:05:43] Andrew Seski: So I want to dive into something that comes up on most podcasts. When we talk about people's route to CFO roles, there's a very traditional background of accounting courses throughout undergrad and maybe a consulting job or a Big Four role. We've had a mix between a very traditional and maybe some nontraditional of serving in the Navy. And I want to go back in time to Dartmouth undergrad and leaving school. What was your, some of those first roles? Did you have sort of a traditional background? Because I want to then kind of hit on all the successes you've had because you have a pretty incredible track record as well. [00:06:19] Jack Boyles: Not at all. I got an MBA at Dartmouth and I was something of a quant jock having a mathematics degree and liking computers, which was kind of a new thing then. And, you know, took all the accounting courses. And when I got close to what the careers looked like with the Big Eight — and there were eight at that time — versus the other things that were out there, I chose consulting. [00:06:41] I joined a firm, Temple, Barker & Sloan, in Boston, worked with them for years. And candidly, they liked me because I spoke business and I could write Fortran. Those were the qualifications. And so I ended up doing most of the financial modeling on a broad range of projects and really, you know, got to be known as something of a guru in figuring out the economics in how to simplify them to the important details. I mean, that's an important notion. [00:07:07] Getting a level of detail right is sometimes the hardest thing to do right in making a projection. Too detailed — you can't maintain it, change it, and it's not useful as a policymaking tool. Too macro — it's not informing you on what the really important relationships are between the resources and their results in a business.[00:07:28] I did that for a number of years, worked across telecommunications, oil and gas, resource recovery, some consumer products, and then got tired of working for big companies because, you know, you were kind of siloed. And so when I looked over my years in consulting, the fun companies were all small and growing. That made the choice easy. So I went off on my own and one after another, you know, lived out that dream. [00:07:53] Andrew Seski: So you've mentioned early on that you are really passionate about continuous learning. And I think you probably identified consulting as one of those ways to be very, very oriented to try to be a value adder early on in your career but also across a lot of different industries so that you can continue to learn. It's very clear that you maintain that theme by being able to have a similar job title across all of these different types of firms.[00:08:18] But how are you thinking about that in terms of some of the risk profile of — I think there are a lot of CFOs who have probably fairly, just a pretty well-defined risk adversity — but going from big consulting shop to smaller firms to deploy some of that knowledge, did that phase you at all or were you pretty comfortable in those positions? [00:08:37] Jack Boyles: My wife didn't ask a lot of questions about what I was doing. So honestly, I was blessed with somebody who was very supportive and understanding and had confidence that I could make it work, whatever I chose to do. And she's, you know, she's been half-right.[00:08:52] Andrew Seski: Well, let's start talking about some of the consistent themes across these CFO roles because you do have a lot of experience in successful exits. Like I mentioned, your track record is incredible. So I want to dive into some of the themes and valuable lessons that we can share to the network of CFOs and listeners today.[00:09:11] And maybe it starts with the kind of continuous learning aspect of always trying to drive forward continuous learning. Maybe it's the definition of what a modern CFO is across being somebody who's really proficient in understanding and measuring the value of technology versus maybe opportunity cost. So were there any things that stood out really early in your career that were cemented later across some of the more successful exits that you've had?[00:09:40] Jack Boyles: I think one of the most important things to do is not overestimate your team's understanding of what the CFO is really supposed to do. And I think it's really helpful when engaging, you know, with a new team to lay out, you know, your assessment of what the roadmap is and what the principle projects are, the priorities, timing, and resource required for them. [00:10:02] Above all, we have to be good project managers. Yes, we have to have the financial disciplines and understand how to put financial statements together and make intelligent decisions about IT, infrastructure, and risk mitigation, and so forth. But really laying out that roadmap for your team members and really saying, "These are the things I own," "These are the things I need your support with." And don't assume that they really understand what the role is and how integrating it needs to be in how the business develops. [00:10:33] You know, the CFO should really take responsibility for building the infrastructure to support the vision of the people who are creating the products and services and the technologists in this day and age that are driving it forward. But to really confirm their understanding of your role, the need for detail, the need to measure what they're doing and provide regular feedback in particular that monitors their progress against their objectives. So to me, that's a lesson I learned over and over again and every time I skip it, it's like, how did I miss that? It's just, I thought I had learned that lesson the last time. And that's critical whether it's, you know, regardless of what industry you're in. [00:11:12] You mentioned the other thing about the thing that keeps me motivated. You know, one of the things that happens at business school and when you're a math major is you acquire all these analytical techniques and tools. You know, I'm really in the business of, you know, old tools for new problems. And so when somebody talks to me about security policy — huge issue for most companies today in the security, you know, whether it's compliance with GDPR or SOX to any of those issues — you know, you don't hear anybody talking about applying Bayesian analysis to that, which is, we all know the technique, but use that framework to structure the decision, to add quantitative data and substance where you can, but also understand, you know, what you're not gonna know and is undiscoverable and be able to make decisions. [00:11:59] You know, the role of a CFO if they're effective with not only the preparation of financials but can adapt that data to the decision making that's in front of them — that's critical. That's a valuable, valuable partner in your decision-making process. Not that they don't get a vote — they do and should have a vote — but the reality is making sure we've chosen the right analytical framework and context for the problem, understand what we know, what we don't know, what's worth researching, and how much time and resources are we willing to spend to improve the decision. Critical thing. And it cuts through a lot of the maxims you hear from one CFEO or, you know, one entrepreneur or the other, speed is everything in one case, fail fast. You hear all these things, but putting it in structure and putting numbers to it really helps you apply those lessons in a very focused and constructive way.[00:12:54] Andrew Seski: I want to continue to talk about this just for a moment because we've had now the pandemic. It looks like we already have a looming recession. When we talk about constructing sort of traditional models with a little bit of leeway and communicating out, you know, exactly what the role of the CFO is, how do you create and think, or how do you personally think about how to create some sort of, you know, configurability around circumstances changing and some sort of flexibility in terms of, you know, creating the models that would be able to handle, you know, some of the maybe more unforeseen types of events that we've had in the last few years?[00:13:29] Jack Boyles: Oh. [00:13:30] Andrew Seski: It's a complex question. [00:13:32] Jack Boyles: Well, I mean, you know, there's great literature on that over the past 10 years, starting with The Black Swan and the work of The Undoing Project, which is about people, you know, two psychologists won the Nobel Prize in economy and economics for really undoing capital markets theory, is what they did, and sort of challenge some of the basics of, you know, thinking fast and thinking slow, which is Daniel Kahneman's famous book. [00:13:59] Andrew Seski: Is Undoing, is that a Michael Lewis? [00:14:01] Jack Boyles: Yes. The Undoing Project is the story of Kahneman and his partner that led to the Nobel Prize. Kahneman, you know, his partner died in this research, but Kahneman continues to write and is still very influential about thinking about how decisions are made and what we, what we just assume and make decisions on every day, which needs to be tested, which is sort of at the root of these unforeseen things that nobody saw coming. [00:14:29] I'll segue back to something I raised earlier: security issues today. You know, when you ask Amazon and you've moved all your stuff to their cloud services, you know, what are you gonna do to make sure we never fail? And they say, you're making an assumption that we're not gonna fail sometime. Assume that the network's gonna go down at some point. That's a real risk. How are you gonna handle it? We can't provide that guarantee. I think about risk in that way, which is I really do carefully consider obsolescence risk of products and services. That's particularly relevant today given the pace of technological innovation and disruption going on. [00:15:05] I think, you know, we have to think very carefully in most businesses. The current clients that I have are not really geared in doing flexible planning regarding the likely wage expectations of, you know, anybody they're hiring. You know, it's not just the commission you pay a recruiter. It's the fact that the basic wages are gonna be 10% higher. So really working through at a fairly, you know, a mid-granular level, which is wages, resources, regulation can change and fundamentally alter the nature of competition in your vertical competitors themselves as well as new products and services. And I think you just have to be structured about that and really be honest. [00:15:47] People wave a hand at it by saying we've got very strong customer relationships. Well, yeah, maybe you do. I can look back and see what the recurring revenue is per customer and I'm not sure what that tells me, you know, given the threats to their business, the threats of competitors, you know, this is a free market capital society. They're gonna earn money for their shareholders and do what they think is right for them. You really have to be very circumspect about placing too much reliance on those strong customer relationships that you've had forever and even the legal contracts underneath them. I tend to be a skeptic when it comes to that.[00:16:26] Andrew Seski: Right. Having a really, really specific understanding of stakeholders, you know, not just your stakeholders but their stakeholders and, you know, whether that's their investors, the shareholders, employee owners, you know, the things that affect their businesses and your clients' businesses as well.[00:16:40] Jack Boyles: Everybody at the table.[00:16:42] Andrew Seski: Everyone at the table.[00:16:43] Jack Boyles: Everybody at the table has alternatives and it's important to understand that you can't, you know, neglect any of them and because whether it's your circumstances or their circumstances that changes dramatically, you both have to re-examine the relationship and be prepared for it.[00:16:59] Andrew Seski: One of the things we were talking about just before we started recording were some big shifts that have taken place in terms of where financial data is stored, maybe the, like sort of the future of the CFO role. And I want to touch on some of that because I think it'll reframe some of the conversation into what we can think about in terms of strategic planning in the next three to five years or even zooming out further with more innovative technologies. You mentioned you had a blockchain company that you're working with doing carbon credit so you're hitting two major themes that, even in the news right now around climate change and government funding, some new climate initiatives.[00:17:35] So I want to zoom out a little bit and talk about some of the macro things that have happened in terms of where technology and financial services have intersected, especially in the role of the CFO. [00:17:45] Jack Boyles: My perspective is if you look back over 50 years, there have been three or four major events that wholly changed the way finance was supported within companies, starting with the creation of ADP. When Frank Wattenberg created that company back in the sixties, nobody dreamed that you'd ever have the confidence to outsource the most confidential data you had, which is the compensation of your employees. You know, 10 years later, you were considered inefficient and backwards if you weren't using an outsourcer to manage the payroll processing problem. They did it better. They did it more competently. They were well-equipped to keep pace with a compliance requirements that constantly changed. Looking back, it was like, why didn't we do that earlier? [00:18:29] A couple years later, we moved from big, secure IBM mainframes to running our financials on little local area networks everywhere that rolled up. It was a revolution from having to have a mini computer, a mainframe to process your financial data or, worse yet, do a lot of it manually. That happened, you know, overnight. We all changed again with the year 2000 worries and upgraded all of our technology. [00:18:58] The last thing that happened was the move to the cloud. In 2015, I remember talking to financial partners about, you know, was anybody else contemplating moving their accounting onto these crazy platforms, NetSuite and Intacct? Not a one. I talked to a dozen companies. Not a one. Three years later, they were behind the eight ball if they weren't in that project. And now you have to have a very stable, very small business if you haven't moved your financials to the cloud, whether it's on Oracle or SAP or Intacct or NetSuite or QuickBooks Online. [00:19:34] And I predict the next, you know, role to change is the CFO. I think that the reality is the breadth of skills that a CFO had to bring 20 years ago is irrelevant today, largely. You know, the person you want in that role has great familiarity with the vertical, has great familiarity and comfort with the size of company — how many people, what's the size of the management team. You work entirely different if you're in a C-suite of a Fortune 500 than if you're one of three people running a 50-million-dollar company and you have very intimate and intense relationships with the other members of that C-suite. [00:20:13] So I think that's going to change and you're going to find, you know, CFOs, particularly for growing companies, change more often. Somebody who's really good from startup to 10 million. Somebody else has a different skillset from 10 to a hundred million, and you need somebody else for the IPO. They're different skillsets. You know, the lower you go, the broader range of skills you have to marshal and more hats you have to wear as you go up the chain, you become more of a manager and in public relations role. [00:20:46] So within the sectors that I serve, I find that it's as important for me to be able to source critical services, whether it's in IT, professional services, legal accounting, insurance, or other specialty services, whether it's R&D tax credits, 401(k) advisory work, issues of that nature. So I'm, you know, a third sourcing agent for all the professional services, a third, you know, controller, whatever accounting hat I have to wear. And third really business planner partner to the other executives. [00:21:20] Andrew Seski: So that's really helpful in terms of contextualizing all of the dynamic requirements of the CFO today. And I think it's really helpful to look backwards before looking forward. One of the things I want to segue slightly into — maybe it's more consistent or maybe it's even changing now because of everything that is more standardized and in the cloud — but I want to talk about liquidity and exits and relationship with CEOs. [00:21:45] You've had a number of exits and I'm trying to decide if I have an opinion whether or not transactions will always be complicated. You're always gonna need to bring all of the stakeholders we've mentioned into the same room to hash through details and figure out what's best for buyers and sellers. And while there might be some standardization, there's still a ton of human-level emotion behind, you know, exits. [00:22:09] So I want to know if there's been any sort of intersection between the efficiency of due diligence and exit planning. Has technology influenced all of that or is it still highly manual? A little emotional as always in building great companies and maybe having an exit, but it'd be a fun thing to think through and talk about because it's been a hard few years. I think the number of transactions that happened in the last few years have probably been off the charts. In the early 2020, I think 2020, there was record number of IPOs, first half of the year. So just thinking through that, I would love to hear either stories or lessons learned or, you know, your perspective on whether or not you think technology's gonna impact liquidity and exits. [00:22:50] Jack Boyles: Well, I think two things. In terms of the mechanics of it, you know, the progress in deal rooms and standard terms and analytical tools to look and value companies is extraordinary today. The tools at our disposal to do financial analysis have never been better. I think the hidden value of the technology isn't just the deal room and the ability to communicate better. I think you also find that people who've done a number of transactions are starting to put more and more emphasis on what are the fundamental infrastructure systems that are in place. [00:23:25] If I'm buying a company that's using the same systems I do, hallelujah. My transaction implementation cost have been cut by two-thirds. I'm not retraining their staff. I'm not reinventing the wheel. I'm doing some data cleanup at consolidation. So if you're a small company or mid-size company with a view towards being bought or buying others, choosing an industry standard platform for your ERP is critical, you know, that's not customized. It greatly simplifies and ensures the success of a transaction because it means you spend, you know, two months integrating operations rather than a year. Time is of the essence in these transactions. [00:24:07] And I think we're gonna go into a phase, particularly with, if we are in fact in recession and are likely to see a number of quarters and the capital pools are gonna dry up or be constraints fundamental, I think you're gonna see a wave of consolidations among these companies and that's gonna be their choice, either sell their IP and their customer lists if they're just technologists or go out of business because I don't think the subsequent rounds that were readily available two years ago are gonna be coming as quick or be as favorable in terms of valuations. [00:24:40] So when you look at the, you know, how the worm's turning, I would urge mid-size companies, who are revenue, you know, have profitability, positive cash flow, to really think about who are the comparable and natural acquirers for them. Chances are those companies, if they need to exit or thinking about it, they probably know who their acquirer is. And I would in some cases that, you know, urge them to have those conversations before they engage in investment banker because we're all looking at the same two-year outlook, which is highly uncertain in terms of both economic environment, as well as the availability of capital. And I'd plan for that. [00:25:20] In most cases, you know, companies that are consolidating in some form, they already know who the players are. And they know, and they're very thoughtful and intentional about what they're gonna look like to facilitate that and remove obstacles to combinations. [00:25:35] Andrew Seski: So just thinking from an investor's standpoint and from a founder's standpoint, I think in the next three to five years, there's kind of a double-edged sword here. I think on one hand, there's some excitement around if there is a downturn and money is being spent more strategically and maybe a little less out of fear of missing out on opportunities than there is that shakeup where really there could be some market dominators, if they can survive a downturn and really capture a big part of the market share in their industries.[00:26:07] So I think that is somewhat exciting to see the shakeup. It's probably nerve-racking as well for both investors and founders in the same vein. But I was gonna ask if you were really excited about anything on that kind of time horizon. I know we just mentioned the next two years feel very uncertain. But just from all these different perspectives, I was thinking it might be unique to hear what you might be excited about in the next three to five.[00:26:30] Jack Boyles: Personally, I think, you know, the whole promise of blockchain technology, in particular smart contracts, is really going to change finance in very fundamental ways that most people don't grasp yet. When I consider simple things that we had, you know, trade finance, importing goods from another country where it used to be a long, drawn-out procedure with very strict guidelines for the documentation and a very globally revered process for clearing payments and managing the transport of goods. That's a blockchain transaction. That's a smart contract today and it's collapsing.[00:27:05] Well, you know, that's, those same technologies are gonna influence lots of things in the finance world. And so I honestly see financial organizations changing dramatically. So individually as somebody who's working with small companies as a finance guy, I find that very exciting to anticipate those changes because it'll be as important as outsourcing payroll and moving your financials to the cloud and fractionalizing your CFO. It's really gonna change the way things work. [00:27:34] And the, to me, the biggest question is, it's not "if," it's "when." Is it, it could be two years. It could be five years. It could be seven. I'm not smart enough to know what the obstacles to adoption are. Oh, maybe I do. Yeah, I'm guessing it'll be government.[00:27:48] Andrew Seski: Well, I think there are a ton of regulatory pushes being made like, as we speak, basically. But I'm glad to see that a lot of the blockchain applications that are catching some traction are around decentralized finance. It's a really hard problem to solve. But there are a lot of people trying to put certain blockchain applications out there where it's sort of a square peg in a round hole. It's a more natural fit, I think, in a lot of the legalese of smart contracts being digitized. So I'm also looking forward to that. [00:28:17] I always ask whether or not you feel something is, you know, maybe undervalued or underestimated in the world from your vantage point. I know we've touched on a lot of big themes across innovative technology, across the changing role of the CFO. But just wanted to give you the opportunity if you wanted to take the conversation in really any direction where you just feel that people may not fully appreciate something that's more clear to you given all of your industry experience. [00:28:45] Jack Boyles: This is hard for somebody who's a numbers guy to say, but the proper functioning of teams is more important than I ever wanted to admit, you know, as I chose to be a math major and then went, you know, focused on quantitative things in my consulting career. And I think COVID and virtualization of so many organizations, I think there'll be another library filled with the books consultants write in three to five years about what separates those companies that did that well and knew how to bring back and re-engage their workforce. [00:29:18] The successful company that, you know, that we write about five years from now is not the one that said, well, you know, starting 2023, you've gotta spend two days a week in the office. They're gonna be a lot more sensitive to it. They're gonna be a lot more, they'll learn a lot more from how the teams functioned during COVID and immediately thereafter and they'll figure it out. And that's gonna separate the real winners and the teams that have, you know, long-term, excess profitability, and market valuations, and all of those other good things from the rest. Because once you can do that, you're accessing a global workforce, which means you can, you know, do a much better job optimizing, you know, targeted recruiting at the best cost. You'll find centers of excellence and be able to tap into them much more rapidly than a firm that's constrained and tied into some old HR, you know, notions of how this should work. [00:30:11] So I can't predict who those companies are, but that's what I'm watching very carefully. What are the innovative companies doing when it comes to how they manage their workforce, how they reward their workforce now that we've broken the model that says you show up in the same place every day. [00:30:27] And you know, certain industries are, certain companies, those that process medical claims, for example, have led in sort of, well, we don't have to do this in New York City; we can do it in Upstate New York. Or, you know, there are lots of examples of people that have taken a function and done it well, but it tends to be a very routine function and it tends to be easily supported remotely.[00:30:50] You know, the last two years gave us an opportunity to blow everything up and try new models. As somebody who's enjoyed a business career and continues to enjoy seeing what's coming, I'm really looking forward to seeing who the winners are in that race. [00:31:04] Andrew Seski: Yeah, absolutely. I was curious if you, I know you've been somebody over the course of your career who's continuously pushing the envelope on trying to find whatever is on the horizon. I'm curious as to if there are any unique sources that you look to. I mean, I've mentioned on other podcasts, I still get a physical Wall Street Journal. I'm very careful on how I curate social media and how I get news. And it's, you can just so easily be bombarded. I'm curious as to how you curate what you receive or if there are any kind of unique ways that you go seek out information or book recommendations. [00:31:38] And I only ask because Nth Round just launched a newsfeed because we are the same way. Everyone on our team has such unique access to really different types of news and we consolidate it and try to, you know, just showcase what we're thinking about that we think is interesting. It's always kind of a really unique niche between finance, technology, regulation, but it's important to us. And it's just a really interesting mix of news. So I'm just kind of curious as to, you know, as you look to your next revolution of Web3 and blockchain and everything that's happening in the world of technology and finance and regulation, kind of how you're sifting through, you know, the huge amount of content.[00:32:16] Jack Boyles: You know, honestly, we're drinking from a fire hydrant right now.[00:32:20] Andrew Seski: Absolutely. [00:32:21] Jack Boyles: I mean, just, you know, there's so much new technology and I've never prided myself as someone who can create technology. But I've always thought I was pretty good at seeing its applications and where I could really have a role. So having said that, you know, I do scan, I love to listen to a16z podcast. They always seem to be ahead of the curve in terms of identifying a technology and sort of what the fundamental economics are that are gonna, you know, lead to mass adoption. So I find that to be a great source of ideas in thinking about what's coming next. [00:32:54] Myself, I tend to go to raw data. Who is the ex-CEO of Microsoft, not Bill Gates' successor. Who's created a, you know, an American facts database. So I'll open the phone book, essentially, of facts — the Census Bureau, the tax rolls, you know, Bureau of Labor and Statistics — and look at something that may, you know, based on the idea that there's a new technology, say, well, if this applies to plumbers, how many plumbers are there in the world? You know, where are they, what do they do? Really understanding, sort of not trying to solve a global, you know, moonshot problem, but is there a problem everybody has in their household every day that this widget, this service might address? [00:33:37] To me, I am a low-hanging fruit guy. So if there's a problem that says, you know, there was really a better mouse trap, I'd be all over it because I can estimate how many mice there are and think about the problems of addressing that problem. So that's kind of how I think about things. [00:33:54] I do have an example. I ran into a company that was doing field service in electronic repairs. I looked at it and said, well, there's 300 or 400 companies you have to maintain relationships with for warranties. And there's four to 5,000 of you guys across the nation. And there's only one national player? That doesn't seem right. There's an arbitrage. There's a roll up here. [00:34:14] So to me, that was an interesting problem. I worked on it. We merged a couple companies, interesting things. But I'll look at the existing situation in an industry. I think I'm pretty good at looking at the macro forces of how an industry works, how a business works, see where there's a real arbitrage and next opportunity to exploit, you know, not trying to reinvent the wheel, but make it work better, consolidate where possible. [00:34:40] Andrew Seski: Well, stay on after the recording. I've got a very funny story. I'll have to confirm, but I believe it's told on the podcast, it's a Steve Ballmer story about early Microsoft days. But one of our podcast guests had to report to Ballmer and got some very implicit advice in his early career about efficiency and modeling, you know, assumptions after data. So we'll talk about that as we wrap up. [00:35:03] But how would you recommend people get in touch if they'd like to talk to you about any of these concepts that we've covered today or get in touch with Marcum about maybe utilizing some of the services that you're currently serving? [00:35:16] Jack Boyles: The easiest thing. I'm on LinkedIn and very visible, Jack Boyles. There aren't that many of them. So you should be able to find me. There's also a jack.boyles@marcumllp and msn.com as well. So, happy to take all calls and look forward to chatting with anybody who found this an interesting conversation. [00:35:34] Andrew Seski: Excellent. Well, thank you so much for joining The Modern CFO podcast. And I hope to talk again soon.[00:35:38] Jack Boyles: Great. Thanks, Andrew. Take care.‍

Listen Up  LOAers, if we all put those cooperation glasses on we would all feel supremely safe and supported which is the most important factor for a teams coherence. We are all in this together and instead of you versus me, it becomes you and me. The invitation is to quarantine your emotions so you are not verbally vomiting on other people.  You deserve to find somebody who will cherish you but first you need to cherish yourself.  The more we cherish ourselves, the bigger the smile is, the more our light shines and the greater capacity we have to be the human beings we were intended to become. Don Hoffman:  https://www.amazon.com/Case-Against-Reality-Evolution-Truth/dp/0393254690 Barbara Max Hubbard: https://www.barbaramarxhubbard.com/ More about Jennifer K Hill: Jennifer was a solo entrepreneur who sold her legal staffing company in 2018 to Marcum Search LLC (a subsidiary of Marcum LLP).  She hosts a digital show on Awake TV on higher consciousness with such influential guests as Deepak Chopra, Brue Lipton, et al.   She also regularly speaks at conferences around the world on spirituality and leadership and has authored two books: one on spiritual tools to achieve a successful life and another on career development and finding purpose.  Jennifer has been using energy medicine and holistic healing modalities for more than 10 years. She has a BA from University of California Irvine.  She has a BA from University of California Irvine. Evolutionary Leader/CEO/HeartMath Certified Trainer/Author/Entrepreneur/ Key-Note Speaker/Trainer/Business Coach LOA Uncorked Assignment: https://www.om-heals.com/ Podcast References: https://jenniferkhill.com https://www.om-heals.com/ As always, thanks for listening and we look forward to sharing more LOA badassery conversations with you!  Please consider leaving a review and subscribing or dropping us a note to say hi and share your thoughts. www.loauncorked.com  l  loauncorked@gmail.com  I  Insta: @loauncorked  I  FB: loauncorked

Jennifer K. Hill is a successful entrepreneur, author, speaker, TV & Radio host, and thought leader. She has written two books, and has authored two popular white papers. In this episode, she shares many travel stories, covid adventures with us and how she moved to Lisbon. Hill built and sold her first company by the age of 38 to Marcum Search LLC (a subsidiary of Marcum LLP), where she became President of their California Division. She has hosted popular TV shows on Awake TV Network with Dr. Deepak Chopra, Dr. Rollin McCraty, Dr. Dain Heer, Dr. Bruce Lipton, Dr. John Demartini and many other leaders from around the world. Hill has also moderated events including a 2020 talk at UCI with Dean Bill Maurer, Professor Don Hoffman, and Dr. Deepak Chopra. She recently hosted the Global Coherence Initiative's largest event of the year with over 600 people from around the world, which featured Gregg Braden, Howard Martin, and other noted thought leaders. Hill has worked for years with renowned celebrity vocal coach, Arthur Samuel Joseph. She recently collaborated with Joseph to create the “Achieve, Reclaim and Command your Destiny” program. When she is not hosting or speaking, Hill loves to give back and has built two schools in 3rd world countries. She recently co-founded Om-Heals.com, an energy medicine marketplace platform to connect energy practitioners with users seeking to reconnect with their health and vitality. https://www.vocalmasteryforleaders.com/ https://metabizics.com/ https://www.linkedin.com/in/jenniferkhill/ https://www.instagram.com/jenhillspeaker

Guests: Josh Shilts, CPA/ABV/CFF/CGMA             Ken Pia, CPA/ABV  Josh and guest, Ken Pia, who leads the national matrimonial practice for Marcum LLP will share where the practice is at the beginning of the 3rd year of the pandemic. The podcast will also discuss some important issues to consider such as: Managing quality and credibility in an increasingly complex environment that is increasingly virtual Developing processes and the impact of business valuation trailblazers The value of always being prepared for litigation Avoiding the trend of shortcuts and what to put in your toolbox The episode is brought to you by the AICPA's Forensic and Valuation Services Section, the premier provider of information, tools, advocacy and guidance for professionals who specialize in providing forensics, valuation, fraud, fair value and damages and by the CFF Credential and ABV Credential programs which allow AICPA members to demonstrate competence and confidence in providing these services to their clients. Visit us online at www.aicpa.org/fvs to join our community and gain access to valuable member-only benefits. Don't miss an episode – subscribe to our podcast channel! And leave us a review so we can continue bringing valuable and relevant content to you.

Guests: Josh Shilts, CPA/ABV/CFF/CGMA             Ken Pia, CPA/ABV  Josh and guest, Ken Pia, who leads the national matrimonial practice for Marcum LLP will share where the practice is at the beginning of the 3rd year of the pandemic. The podcast will also discuss some important issues to consider such as: Managing quality and credibility in an increasingly complex environment that is increasingly virtual Developing processes and the impact of business valuation trailblazers The value of always being prepared for litigation Avoiding the trend of shortcuts and what to put in your toolbox The episode is brought to you by the AICPA's Forensic and Valuation Services Section, the premier provider of information, tools, advocacy and guidance for professionals who specialize in providing forensics, valuation, fraud, fair value and damages and by the CFF Credential and ABV Credential programs which allow AICPA members to demonstrate competence and confidence in providing these services to their clients. Visit us online at www.aicpa.org/fvs to join our community and gain access to valuable member-only benefits. Don't miss an episode – subscribe to our podcast channel! And leave us a review so we can continue bringing valuable and relevant content to you.

Host Ericka Adler, Roetzel shareholder and Health Law Practice Group Leader, is joined by fellow Roetzel attorney Christina Kuta, and guest Dr. David Friend, a partner at Marcum LLP, for an in-depth discussion focused on the continuing acquisition of private healthcare practices by hospitals, private equity firms or other entities. Their conversation centers around topics that are important to physicians, such as administration concerns, legal issues, and the focus of institutions acquiring physician practices. Dr. Friend also provides key points everyone should be mindful of when thinking of starting the acquisition process. Find all of our network podcasts on your favorite podcast platforms and be sure to subscribe and like us. Learn more at www.healthcarenowradio.com/listen/

This week, Ericka Adler, Roetzel shareholder and Health Law Practice Group Leader, is joined by fellow Roetzel attorney Christina Kuta, and guest Dr. David Friend, a partner at Marcum LLP, for an in-depth discussion focused on the continuing acquisition of private healthcare practices by hospitals, private equity firms or other entities. Their conversation centers around topics that are important to physicians, such as administration concerns, legal issues, and the focus of institutions acquiring physician practices.  Dr. Friend also provides key points everyone should be mindful of when thinking of starting the acquisition process.

Bob Goricki helps businesses get found online by their target audience through Google, social media and other digital channels. Bob has worked at marketing agencies since 2005, joined regional CPA and business advisory firm Skoda Minotti in 2006 as part of an internal marketing department of three people. The goal was to eventually provide marketing services not just to the firm, but to clients of the firm as well, which was achieved within three years. Over the next few years, the team added a business advisory offering that complemented Skoda's other non-CPA services such as information technology, staffing and wealth management. In December of 2019, Skoda Minotti was acquired by Marcum LLP and the team became Marcum Strategic Marketing. And as of November 1, 2021, became Strategic 7 Marketing. Their focus is on results-driven marketing processes that increase brand recognition, build customer loyalty and drive leads and sales.

This Episode is Sponsored by: Marcum LLP Plant-based. Frozen foods. Automation and AI. Which trends do you think will impact the food industry most in 2022? Marcum LLP's Lou Biscotti joins The Food Institute Podcast to discuss and dissect the most important trends that will drive the food industry forward in 2022. More about Louis Biscotti: Louis Biscotti is the national leader of Marcum's Food and Beverage Services group. He has been an entrepreneurial leader in accounting for over 40 years. Mr. Biscotti has focused his efforts on improving his clients' growth and profitability and has guided many companies in their development from small emerging entities into organizations worth hundreds of millions of dollars. While his clients represent a variety of industries, he is particularly well known for his work in manufacturing and distribution, especially with food and beverage companies. An active member of many local chambers of commerce, Mr. Biscotti served as a trustee for the Foundation for Accounting Education and was a board member of the New York State Society of Certified Public Accountants (NYSSCPA). He is a former president of the Accounting Circle and an Executive Advisory Board member of St. John's, his alma mater, and Molloy College. He also serves on the advisory boards for many of his clients, where the cumulative experience of his 40 years in practice and work with nearly 1,000 companies gives those clients an invaluable edge. More about Marcum LLP: Marcum LLP's Food & Beverage Services group has the perfect recipe of knowledge and service capabilities to help companies stay flexible. Marcum's professionals provide the accounting, tax, and consulting services so that companies can concentrate on the growth of their business. Marcum serves a variety of food and beverage clients including distributors and manufacturers, importers, restaurant chains, processors and packaging, agribusinesses, and retailers. More about Marcum: https://www.marcumllp.com/industries/food-beverage.

To the dismay of many corporate policyholders, when Mother Nature strikes, leaving significant property damage and business interruption in her wake, insurers aren't always willing to save the day. Insurers like to collect premiums for first-party property polices, but they do not like to pay full value once a claim is presented. In today's episode, Lynda, joined by Eric Jesse, partner in the Insurance Recovery Group and Stefanie Jedra, CPA and Senior Manager at Marcum LLP, explore the steps policyholders should take before and after catastrophic weather events to secure full value for their claims.  Speakers: Lynda A. Bennett, Partner and Chair, Insurance Recovery  Eric Jesse, Partner, Insurance Recovery Stefanie Jedra, CPA and Senior Manager, Marcum LLP

It’s no secret that the global pandemic has devastated many businesses. My guest today discusses relief for those affected.Dave Bookbinder goes Behind The Numbers with Andrew Finkle, Partner at Marcum LLP.Andrew serves as a leader in the National Tax Office Services Group, the National Private Equity Industry Group and Transaction Advisory Services Team at Marcum.In this episode, Andrew discusses what PPP loans are and how businesses can take advantage of them. We’re also discussing the tax implications of a new Presidential administration, and more.Check out more of Behind The Numbers on YouTubeBehind The Numbers is available wherever you get your podcastsPlease subscribe to keep up with the latest episodes, and please rate the podcast so that others might find it – and please let me know what part of the world you’re tuning in from!Want to share your insights with the business community? Message me to learn how you can be a guest on Behind The Numbers. BehindTheNumbersDB@Gmail.com 

BizCast host Shannon King talks with Marcum LLP managing partner Michael Brooder about the results, insights, and trends featured in the 2020 Survey of Connecticut Businesses. Produced by CBIA and Marcum, the survey illustrates how Connecticut employers are navigating an extraordinarily challenging and unprecedented period. Find full survey results here: https://www.cbia.com/resources/economy/reports-surveys/2020-survey-connecticut-businesses/ For additional information about the pandemic, including guidance for protecting workplace health and safety, business continuity and planning, risk mitigation, labor and employment law compliance, and more, visit CBIA's coronavirus resource center: www.cbia.com/resource/category/coronavirus/. Please rate, review, and subscribe to the BizCast wherever you get your podcasts—we appreciate your support! If you have a story to tell, contact shannon.king@cbia.com.

During the summer of 2020 we were joined by Bruce Ditman, Chief Marketing Officer at Marcum LLP, an independent public accounting firm, to answer the question, "What will marketing look like in a post-COVID-19 world?" In this conversation, we explore how to provide deeper answers to common challenges, the importance of empathy, and trying new strategies while holding onto brand principles.

Chuck Schwartz is a Business Development Director, and Software & Systems Consultant for Marcum LLP. Marcum LLP is one of the largest independent public accounting and advisory services firms in the US, with offices in major business markets throughout the U.S., as well as select international locations, including here in Dublin, Ireland. Marcum LLP were recently recognised in the top 50 accounting firms in the US by the Construction Executive, who listed Marcum as No.3. Hosted by Ciaran Brennan, co-founder of Livecosts.com Listen back to this episode and previous on: https://livecosts.com/podcasts/construction-accounting-firm/

Crystal Levy is a Senior Associate at Lassar & Cowhey LLP and a manager at Marcum LLP. She focuses on making thoughtful estate plans for modern and emerging families as well as high net worth households. Janis Cowhey is a Trusts & Estates and Tax Partner at Marcum LLP, who specializes in estate, gift and income tax planning, as well as working with same-sex couples and unmarried families. They join Stacy Francis to give insights about the required tax considerations in estate planning that the modern family needs to know about, especially if they are considering divorce. They also share how you can make sure your children and stepchildren are financially protected during and after a divorce. The traditional family consists of a married man and woman with 2.5 kids. The modern family has morphed into everything except that. Some legal considerations for getting divorced are: getting a good matrimonial, having all your documents in place, identifying legal obligations, and ensuring that your beneficiary designations are in order. Most couples continue to file joint amended returns for quite some time until they are actually divorced. It’s never a bad idea to update your documents before a divorce is final.  Resources Crystal Levy on LinkedIn Email: crystal.levy@lcllp.com  MarcumLLP.com Janis Cowhey on LinkedIn  Email: janis.cowhey@marcumllp.com  Call or text Janice: (212) 485-5660 MarcumLLP.com Stacy Francis on LinkedIn | Twitter Email: stacy@francisfinancial.com FrancisFinancial.com

In this episode we spoke with Greg Skoda, CPA, and senior partner of assurance and Dani Gisondo, CPA, office managing partner, assurance, of Skoda Minotti's merger with Marcum LLP. We discussed the work that went into the merger from the beginning, what made the timing right, the biggest changes they anticipated and more. 

In this episode we spoke with Marc Ehrenreich, talent manager at Marcum LLP on professional development and the dreaded "Where do you want to be five years from now?" question. Although it's now become a cliché, whether you're an entry-level employee or consider yourself a seasoned pro it's a question that is still beneficial to think about when considering your career goals and ambitions.  We discussed the value of planning your development as an accounting professional, what that looks like depending on what stage of your career you're in and how to tackle the dreaded five year question when your answer is “I don't know.” 

Kristin Barishian is a CPA and marathon runner from Boston, MA. Kristin has struggled with an eating disorder for most of her life, being diagnosed with anorexia in high school and having a revolving door experience with hospitals and eating disorder clinics. For the past 20 years, prior to the carnivore diet, Kristin followed a low fat, moderate protein and high carb diet to fuel her training runs, as she thought this was the perfect diet for a marathoner. She ate 6-8 times per day as she was always hungry. Her daily diet consisted of two very, very, very large salads a day, lots of rice cakes, puffed rice cereal, egg whites, turkey, chicken, non fat plain greek yogurt, protein powder and protein bars. She drank a ton of diet coke and other low calorie beverages to fill her up, and was ingesting up to 20 packets of fake sweeteners per day. She was depressed and had high anxiety all the time, and constantly thought about food. Kristin was diagnosed with anemia in October 2018 and was hospitalized for five days. She spent the next two months getting iron infusion on a weekly basis. As a result, she turned to the keto diet, which was extremely scary for her as she was afraid of red meats and fats. The keto diet saved Kristin's life. Not only did it help cure her anemia, but it helped lower her anxiety and give her mental clarity. After a year of doing the keto diet, Kristin decided to experiment with the carnivore diet, as she still felt like she was addicted to the sweeteners and she still had stomach pains and bloating from eating so many veggies. The carnivore diet has helped Kristin feel free from food addiction, while maintaining a healthy lifestyle. After successfully running Baystate Marathon in Lowell as a keto marathoner, Kristin is excited to run her first Boston Marathon April 20, 2020 as a carnivore marathoner.   Kristin loves the carnivore community and is so appreciative of all the people she has reached out to and who has helped guide her through her meat journey :) Kristin is a CPA who loves working with keto and carnivore companies as their accountant. The Firm she works for, Marcum LLP, provides tax and accounting services, and one of our niches is the food and beverage industry. Skype: Kristin Barishian Instagram @keto.marathoner. Thank you for listening today! If you are enjoying our podcast please subscribe and leave us a review. We love hearing from you! For more information on our Mind Body BREAKTHROUGHS online coaching program and Network, please visit www.mindbodybreakthroughs.com For savings on the Otto Wilde Grill using code: paleopharma10 and Dr Nevada Gray PharmD content, please visit www.thepaleopharmacist.com For Chris Donohue content please visit www.carnivoreketocoach.com

Peggy welcomes Robert Mercado, a partner in the Assurance Services division at Marcum LLP, to the show to discuss best practices to improve profitability. He agrees that to adopt technological innovation in any industry, it begins with leadership. He advises that in an industry facing fast changes, a leader's role is to offer mentorship opportunities in order to prepare future workers. Further, he explains the importance experienced workers training the incoming workforce. Mercado goes on to say that industry leaders need to think further out, and start sending speakers to schools, where they can offer middle schoolers and high schoolers alternatives to a four-year college education. He concludes by advising companies to find ways to bridge experiences of both older and younger generations in the workforce for better company results.

Peggy welcomes Robert Mercado, a partner in the Assurance Services division at Marcum LLP, to the show to discuss best practices to improve profitability. He agrees that to adopt technological innovation in any industry, it begins with leadership. He advises that in an industry facing fast changes, a leader's role is to offer mentorship opportunities in order to prepare future workers. Further, he explains the importance experienced workers training the incoming workforce. Mercado goes on to say that industry leaders need to think further out, and start sending speakers to schools, where they can offer middle schoolers and high schoolers alternatives to a four-year college education. He concludes by advising companies to find ways to bridge experiences of both older and younger generations in the workforce for better company results.

Ali is a manager in the Long Island Office of Marcum LLP, a national mid-sized accounting firm. Ali has been a tax consultant for over ten years and focuses his practice on High Net Worth individuals, small businesses, and private charitable foundations. He is involved in helping his client stay compliant with ever changing tax regulations while consulting with them to help them achieve their financial objectives and serving as their trusted advisor. Pairing his passion for financial planning with tax strategies provides him with the opportunity to put money back into his client's pockets. Ali completed his undergraduate studies at Adelphi University and began his career at KPMG, LLP in their audit division. He later went on to obtain his Masters in Taxation (Hons) from SUNY Old Westbury. In his spare time, Ali enjoys reading and watching sports.

Brad talks with Edward Reitmeyer of Marcum LLP.

In this podcast, I chat with one of the authors, Jonathan Marks, a partner at Marcum LLP, on the limitations of the Fraud Triangle and why a new model can be helpful in the modern fraud detection and prevention context. Learn more about your ad choices. Visit megaphone.fm/adchoices

The new tax law lowers the corporate tax rate to 21 percent—a change that some lawmakers have suggested could prompt pass-through entities to convert to C corporations. Michael D'Addio, a principal in the New Haven, Conn., office of Marcum LLP who specializes in federal and state taxation, joins Talking Tax host Allyson Versprille to discuss the possibility of a mass conversion as a result of the different treatment of pass-throughs and C corporations. Under the new law, pass-through owners can deduct 20 percent of trade or business income. But for high-earning pass-through owners paying the top 37 percent individual tax rate, that averages out to a 29.6 percent tax rate. D'Addio explains some of the underlying issues that could factor into a pass-through's decision to convert—aside from the upfront tax rates—and why that may not be the best course of action for every taxpayer.

In this podcast, I visit Jonathan Marks, a partner at Marcum LLP on how to perform a root cause analysis and it uses in the remediation phase of a best practices compliance program. Learn more about your ad choices. Visit megaphone.fm/adchoices

Today, I visit with noted fraud examiner, Jonathan Marks, a partner at Marcum LLP on the relationship of the internal auditor, fraud good governance and board governance.  Learn more about your ad choices. Visit megaphone.fm/adchoices

Today, I visit with noted fraud examiner, Jonathan Marks, a partner at Marcum LLP on the relationship of the internal auditor, fraud good governance and board governance. Learn more about your ad choices. Visit megaphone.fm/adchoices

What are the characteristics of a good interview in the context of an internal investigation? Is there one technique you can use which will provide you the results you want to achieve? How should you think through your questions and document review prior to the investigation? In this episode, I explore these and other questions, in an interview with noted internal investigation expert Jonathan Marks, a partner at Marcum LLP for this piece.  Marks began by making it clear there is no one right way to prepare for and conduct an interview. What is important is that you have a plan and execute on that plan. He said he begins by obtaining an understanding of what the various stakeholders want answers to. This could include the Board of Directors, C-Suite executives, the General Counsel and legal department, the Chief Compliance Officer and compliance function or up to government regulators such as the SEC or Justice Department. Marks feels it is important to interview witnesses as soon as you can reasonably do so to prevent multiple witnesses from getting together and coordinating their stories. You should recognize you are never going to have perfect information so you should try and tie down the story. If the witness is not an English speaker, you should have a translator present. Marks suggests having a second person with you to take notes so you can watch the witness’s facial expressions and body language, noting, “There have been a lot of situations where I have found that being an effective listener is much more critical than being an effective note taker. Listening to what the interviewee is saying when you ask them the question is critical because it sets everything up. Having somebody there to take notes gives me the opportunity to really focus in on a couple of different things. It allows me to focus in on their verbal cues. It allows me to focus in on their body language. It allows me to focus in and listen to what they're saying, or a lot of times what they're not saying.” He cautioned that the note taker should be free from bias and subjectivity, simply taking down a detailed recitation of the witness’ testimony.  Interestingly Marks does not view his interviews as putting the witness “in the box”. He attempts to establish a rapport with the witness so they will be more forthcoming in their responses. Marks said, “I don't view this as a contentious exercise. I never have and I never will. I view this, like I said before, as building rapport. If somebody feels like you're cross-examining them, or it's a very structured and not free-flowing conversation, allowing them to answer the questions in a comfortable and a secure environment.” It is all an effort to garner an understanding of what facts the witness has, what the witness may not be aware of and determining others, both inside the organization and outside, who might be potentially involved.  Marks emphasized that an investigation should not be viewed as an interrogation. He avoids what he termed “loaded questions” such as “Why did you bribe the inspector?" Instead, he designs his questions to circle around such a point. He also notes the age old maxim to avoid compound questions. He concluded by noting you should try and develop facts during the interview, get to exactly what occurred, when did it happen, where did it happen, who, if anyone else, was present with you. He also added you can use other lines of inquiry such as “Who else may know well of an information? How did this happen, or do you know how it happened? Why did happen? Are there notes, documents, phone messages, emails or other evidence that you could provide to me that support what you're saying? A lot of times in an interview if somebody is willing to talk they usually have something that they could provide.” He concluded by intoning, “A lot of times if you don't ask you don't get.”  Marks believes it is a best practice is you get everything down immediately so “as soon as the interview is over I spend time with my partner in the interview with me going over all our notes, making sure that we both understood exactly what was said and how it was said. If there's any observations they I had during a question that may have not been in the write-up, we add those things.” He believes this is important because “the longer you wait, the more inaccurate your account of what happened becomes. I've always made it a practice that after the interview we get right to it, we write up our notes. We agree what was said, how it was said and add any other observations that we had during the interview process.”  Marks concluded by recalling another analogy he consistently refers to in any discussion of internal investigations, that it is a “chess match”. An interview is also a chess match as “When you're playing chess you have to think a couple of moves ahead if not three, four or five. We talked about in and out, out and in methods of conducting interviews when there's more than one individual or several people that might have information related to the allegations.”  Marks also discussed some strategies around the interview process. The first is what he termed the “inside-out” strategy which he would advocated using if allegations extend beyond the enterprise. In this technique, you interview people inside the organization first, and then maybe go out to third parties. The converse is an “outside-in” strategy and you can do a combination of both. He also noted one other technique which is conducting concurrent interviews. Marks advocates using this strategy “If you think people are going to talk or you think there's potential collusion. Conducting simultaneous interviews sometimes prevents those individuals from coordinating and collaborating on their story and what they're going to tell you.” Three Key Takeaways There is no one right way to prepare and do an interview. The interview should not be confrontational. The interview, like the entire investigation process, is a chess match.   Learn more about your ad choices. Visit megaphone.fm/adchoices

Beginning with the Department of Justice’s (DOJ’s) Yates Memo, its Foreign Corrupt Practices Act (FCPA) Pilot Program and then the release of the Evaluation of Corporate Compliance Programs (Evaluation), I believe the DOJ has put even more pressure on every Chief Compliance Officer (CCO), and indeed every company, to get an investigation done quickly, efficiently and most importantly done right is even greater.    Jonathan Marks, a partner at Marcum LLP and a well-known internal investigation expert, provides some of his thoughts around what goes into a well-run investigation. His perspective is from someone who performs investigations outside your organization, either because the matter was so serious an outside expert was required; specific subject matter expertise (SME) was not available in your organization or due to the objectivity of the investigation. Today I want to consider who should be on your investigation team.  As discussed previously data collection, retention and preservation are critical elements of any significant internal investigation so you will need to have the involvement of your IT function. IT can help put a litigation hold on email that can help with the preservation of data in other areas of the organization. Further, they can assist with certain other aspects as more facts and circumstances are known.  HR is often an underutilized function for an internal investigator. HR can be very useful to provide context about employees’ work history. There may be notes in HR areas as diverse as training and exit interviews. HR can also be useful to give the investigator “some insight regarding the credibility of the individual that might be making the allegation. For example, are they a good and trusted employee? How long have they been there? What’s their general demeanor? What’s been the feedback on that particular individual?”  Both the Board and senior management can provide different types of support for an investigation. Marks noted the Board has oversight responsibility and senior management is responsible for the day-to-day, tactical operations of the organization, including the internal controls. This means from the Board’s perspective, “we would want to make sure that our governance processes were in place and operating effectively when it comes to an investigation. So, my concern, or concern from a board member’s perspective, from an investigation, early on, is what’s the financial impact; what’s the legal impact, for a publicly traded organization? Are there potential issues here which we as a Board need to be concerned with going forward?”  From the senior management’s perspective, Marks believes “the key thing there is if there is an issue and there was the ability to either override controls or controls weren’t in place or there was something that basically caused this, what do we need to do to assess that? What do we need to do to fix that? What was the root cause for this potential bad behavior? Like I said, how do we fix that or how do we put a plan together in order to fix that or shore that up?” He emphasized this is not the Board’s responsibility but that of senior management. Marks also pointed out that while an investigator would probably assume that the Board of Directors had been notified at this point about the issues being investigated, the investigators may want to make certain the Board has been made aware of the incident and investigation.            Marks suggested outside consultants in the form of forensic accountants should be a part of your investigation team. Such a skilled set team member can bring an investigative mind that drives them to answer questions about what occurred, when and how it happened, and who was involved. However, most lawyers do not understand how forensic accounting is performed and how they can assist your compliance investigation going forward.  Forensic auditing works to collect and analyze accounting and internal-controls evidence. They use this information to produce a fact-based report that can inform the decision-making process in inquiries, investigations and dispute resolution. The by-products of internal audit’s work can include remediation strategies to help a company mitigate and remedy procedural or internal-controls gaps that allowed the underlying issue to occur. Inquiries into accounting and internal controls raise a host of technical issues requiring specialized knowledge that forensic accountants are uniquely positioned to provide. This is a qualitative difference from internal audit, which more often looks at process to determine if it has been adhered to in a procedure.  The objective of a forensic audit investigation team member is to collect, analyze and report on the evidence or facts surrounding an act that often has litigious, fraudulent or criminal implications. Auditors also collect and analyze evidence, but an independent auditor’s objective is to attest to the credibility of assertions that are under examination, such as the material accuracy of financial statements for which the audited company’s management is responsible. However, a key role of the forensic accountant is to identify a concern and to notify company management about the issue or issues discovered.  As with a decision on bringing in outside counsel to perform a compliance investigation, you will need to consider whether a forensic accountant should be retained as an outside consultant or hired as an employee. One critical reason to bring in an outside professional is so they will be not be governed by management or influenced by potential biases within a company. Lastly is the issue of privilege. If a forensic accountant is not assigned through your legal department or through outside counsel, you can kiss away even the chance of claiming privilege.  Obviously, the GC would be involved to help protect the attorney client privilege if for no other reason. Further, an investigation needs to have the corporate compliance function involved, to understand what compliance program was in place at the time of the incident in question, what procedures the compliance function had and understand if this truly was a gap in the compliance function or “maybe there was an area within the compliance function that wasn’t operating as prescribed, or maybe it was a little bit weak.”  Three Key Takeaways HR plays a key but often underused role in internal investigations. The Board of Directors and senior management have different roles. Use your legal department to protect the privilege. Learn more about your ad choices. Visit megaphone.fm/adchoices

  In the Department of Justice’s (DOJ) Evaluation of Corporate Compliance Programs (Evaluation), under Prong 7 Confidential Reporting and Investigation asks the following: Properly Scoped Investigation by Qualified Personnel – How has the company ensured that the investigations have been properly scoped, and were independent, objective, appropriately conducted, and properly documented? These questions were clearly presaged by the DOJ’s Yates Memo and the Foreign Corrupt Practices Act (FCPA) Pilot Program. The pressure on every Chief Compliance Officer (CCO), and indeed company, to get an investigation done quickly, efficiently and most importantly done right is even greater now.    Jonathan Marks, a partner at Marcum LLP and a well-known internal investigation expert, gave some of his thoughts around what goes into a well-run investigation. Marks began by cautioning that any CCO must be cognizant of the strictures laid out in the Evaluation. It all begins with who in-house is looking at the complaint and does the CCO, compliance practitioner or legal team have the skills and capabilities to handle the matter which has arisen? Obviously if there are esoteric accounting issues or significant internal control work-arounds and overrides, a CCO may not have those skills to really understand all the issues. Similarly, if the matter is a global FCPA or equivalent bribery and corruption matter, Marks related, these “come in different flavors, and because they come in different flavors you may not have the skills or capabilities to do an investigation that would take place in say Brazil or Russia or China or India.”  All of this ties into how the government will view an investigation, particularly if the company does not have the skills and capabilities necessary to analyze the allegation, or if the allegation of fraud is serious enough where they believe that an independent investigation rather than an internal investigation really needs to be done.” Moreover, if allegations or the investigation are going to be subject to regulatory scrutiny, one of the benefits of having somebody come in from the outside is that there is independence, skepticism, the ability to work through things unlike you would with an internal investigation where an internal audit might be involved. Marks concluded by noted, “from an outsider’s perspective looking in, there is more credibility of having somebody come to conduct your investigation.”  Marks believes the first thing that any investigator must do is understand the business environment and the extended business enterprise. He further stated, “what I mean is really understand the business you’re dealing with, the industry that it’s in, the potential risks, the pressures and motivations that might be at play here. Understanding that generally with most frauds there is some pressure to do something because of something else and there are some motivations.” Such an initial understanding can help you formulate a comprehension of the internal controls that might be in place or that were lacking that could either have not been designed properly or overridden.   The next step is to quickly and thoroughly analyze the initial underlying facts and circumstances when it comes to the issue or the issues at hand. For Marks, the number one issue is the credibility of the complaint, which is more than simply the credibility of the complainant. Marks said it was important to understand how the allegations of wrongdoing came to light and the seriousness of the issues involved. He went on to note that his initial inquiry would include such questions as, “What are people saying happened or what is an individual saying that happened? You know the background of the complaint, if known. How long have they been with the organization? Are they credible? Have they complained before? If in fact this was either a whistle blower or a tip.”            At this early assessment, Marks believes you should also consider the possible legal and financial impact of the allegations. If you determine it is serious at this early juncture, you should always consider your internal crisis management team and if your organization does not have one, you should consider retaining such an expert. Marks explained, “Crisis management doesn’t necessarily mean that a crisis happened, it means that if in fact we are in crisis mode, how does that impact the company? So, thinking about those issues and then knowing what to do, if in fact you are in a crisis mode, I think is ultra-critical.” He went on to add, “I think crisis management is totally underplayed. I think that many organizations don’t have an appropriate crisis management plan. If something bad does happen, a lot of times I see organizations that are struggling to kind of put the pieces together.”  Marks also noted that both communication and collaboration are critical even at this early stage. He advocated that the company ask a series of questions such as what issues are “on the table” and who is impacted by these issues within the company; is it the company auditors or some other corporate function? He also advocated considering third parties and contracted entities in this calculus by inquiring if there were key suppliers impacted by the investigation. On the one hand, “a key supplier that might get wind of this and might not want to do business with us anymore?” Yet, conversely, such a key supplier could be a sole source supplier so you may need think about alternative arrangements. You should begin to consider these issues early on and continue to think about them as you are going through and doing and investigation.  Document preservation is always a critical issue and Marks believes this is one which government regulators will pay particular attention to both at this initial phase and throughout the investigation. You need to take steps to ensure all data is locked down. This means getting into the weeds on such issues as where are all your company’s servers located; what is your back-up situation; do you have hand-held devices secured and are the organization’s instant and text messaging tied down. If you do not take such steps you could well find yourself in a situation where either information is lost or there's a possibility or suspicion that information is lost. Unfortunately, that is the situation that leads to a prosecutor’s imagination going wild. Basically, you need to have the information locked down so that if the government wants to come in and perform an independent review or test your hypothesis, you can provide them with the required information.  Three Key Takeaways Always remember your ultimate audience may be the government. You must understand both the business environment and extended business enterprise. Communication and collaboration in any investigation are critical so you should begin early and continue to do so throughout the investigation.     Learn more about your ad choices. Visit megaphone.fm/adchoices

One of the things that I learned from the television series M*A*S*H was the need for triage. In the hospital setting, triage is the process of determining the priority of patients’ treatments based on the severity of their condition. This is considered in different language in the Justice Department’s (DOJ) Evaluation of Corporate Compliance Programs (Evaluation), which under Prong 7 reads, in part, Properly Scoped Investigation by Qualified Personnel – How has the company ensured that the investigations have been properly scoped, and were independent, objective, appropriately conducted, and properly documented? Tying all of together is short but succinct statement found in the 2012 FCPA Guidance, “once an allegation is made, companies should have in place an efficient, reliable,  and properly funded process for investigating the allegation and documenting the company’s response, including any disciplinary or remediation measures taken.”  Given the number of ways that information about violations or potential violations can be communicated to the government regulators,  having a robust triage system is an important way that a company can separate the wheat from the chaff and bring the right number of resources to bear on a compliance problem. One of the things that this is important in making an initial determination of whether to bring in outside counsel to head up an investigation. It is also important in a determination of the resources that you may want or need to commit to a problem. You literally need to “kick the tires” of any allegations or information so that you know the circumstances in front of you before you make the decision going forward. You can do this through a robust triage process.  Jonathan Marks, a partner at Marcum LLP has suggested a five-stage triage process which allows for not only an early assessment of any allegations but also a manner to think through your investigative approach. Marks cautions you must have an experienced investigator or other seasoned professional making these determinations, if not a more well-rounded group or committee. Next, what will be the types of evidence you will need to consider going forward. Finally, before selecting a triage solution you should understand what tools are available, including both forensic and human, to complete the investigation. Marks’ five-stage process includes the following:  Stage 1.  These consist of allegations have a low threat level and do not suggest a breakdown of internal controls. Tips that get grouped into this stage do not have a financial or reputational impact.  Stage 2. These allegations are more serious in nature, and often indicate some deficiency in the design of internal controls. Examples include business rule violations such as recurring employee theft or patterns of falsifying expense reports.  Stage 3. These allegations are serious in nature, generally involve an override of internal controls, and thus are at a minimum a serious deficiency. But they have only a minimal impact on the financial statements or the company’s reputation. More serious allegations in this category include fraud, embezzlement, and bribery involving employees or mid-level management.  Stage 4. These are serious allegations that could have an impact on the completeness and accuracy of the audited financial statements, and that could indicate a material weakness in internal controls. They do not, however, appear to involve any member of the senior management team.  Stage 5. These are serious allegations that involve one or more members of the senior management team, or are serious enough to damage the company’s reputation. The receipt of allegations in this stage usually place the company into crisis management mode, and could result in the restatement of audited financial statements or added regulatory scrutiny.  By using such an approach, you will be able to respond more quickly and efficiently to any allegations which arise. Of course, as more information is developed during the course of an investigation, the matter can be moved up or down this scale. Such an approach is also important for a company’s outside investigative counsel to partner more with the entity as a way to help hold down costs. Outside counsel can work to build confidence that the company’s investigators could handle a large or wide-ranging investigation. This confidence would help outside counsel in any discussions they might have with the DOJ during the pendency of a FCPA investigation. Such an approach also has the effective of keeping your investigative costs below the ridiculous level. This is because beyond the tactical need to initially scope any FCPA allegation which may arise through a company’s internal reporting mechanism, it allows you to move to the next step of developing a reasonable investigation plan. This can be particularly important if you self-disclose to the DOJ. You will need to go into the DOJ and present your investigation plan so an early discussion with the government on the scope of the investigation is critical.  You should engage the DOJ to show not only the scope of your investigation but that it can be limited so that you do not face the dreaded ‘where else’ question. You should develop a logical plan with the nexus to the facts. But it is critical that you and your investigation plan must have credibility with the government that not only will your investigation will be robust but that facts you have determined in your initial triage are a reasonable interpretation.  Appropriate triage of allegations has several different impacts for any matter which comes to the attention of the compliance function. Obviously, it will help you to initially determine the seriousness of the matter. From there you can allocate an appropriate level of resources. It will also aid in your discussion with the DOJ if you have to go that route. Finally, in the situation where facts come in, it gives you evidence a documented process was followed with which you can show the government that a claim was properly scope as required under the Evaluation. But the key is to be prepared, not only in terms of having your investigation and notification protocols in place before an allegation comes in but also doing the proper triage so that you have an initial understanding of what you may be facing.  Three Key Takeaways Compliance can learn from M*A*S*H about the need for triage. Initial triage allows you to separate the wheat of serious allegations from the chaff of more inconsequential allegations. A robust triage process allows for greater credibility with government regulators. Learn more about your ad choices. Visit megaphone.fm/adchoices