Succession
Articles
Which business transition options are owners likely to pursue?
See what external or internal options for transferring business that business owners/leaders aware of and which of these options are they likely to pursue.
What’s important for business transitions in Minnesota?
Learn about key issues for owners in their succession and transition planning from the University of Minnesota Extension’s he Minnesota Business Succession and Transition Study.
Developing a succession plan in today’s world [MNCPA]
This article cover four aspects of a succession plan: developing a succession plan, compensating the retiring partner or partners, transitioning clients and transitioning firm management.
How to address three common staffing challenges [MNCPA]
In the annual survey of MNCPA public practice members, 45% of respondents said their top concern this tax season was not having enough staff to complete the work.
Step-by-step guide to setting up an ESOP
There are many things to consider before you set up an ESOP. Here are seven steps to take to help you determine whether an ESOP is right for you.
Benefit corporations and employee ownership: A legal and ownership structure for the future
There is a way that a company can maximize its sustainability, profitability and socially conscious structure simultaneously: adopt the legal status of a benefit corporation and become employee-owned, either in whole or in part.
3 questions every business owner needs to address in their succession plan
When it comes to succession planning, most business owners probably realize there are many important factors at play. But what exactly do they need to address during the process?
The pros and cons of ESOPs: Weighing your options
When it comes to choosing a business transition strategy, owners have a lot to think about. For those considering an employee stock ownership plan, it is important to begin with a basic understanding of the pros and cons of an ESOP.
Who runs a company owned by an Employee Stock Ownership Plan (ESOP)?
An ESOP operates as a trust, which has two separate features of ownership like any other business. The difference is who is responsible for these features.
Tax treatment of ESOPs: Your guide to Internal Revenue Code Section 1042
For shareholders who meet certain conditions and requirements, Section 1042 of the Internal Revenue Code provides an opportunity to defer capital gains taxes on a business sale.
MNCEO offers 'lunch and learn' events to highlight employee ownership options
There are 52,000 business owners in Minnesota who will be transitioning out of their businesses in the next few years. Help your clients develop a transition plan.
Role of the employee stock ownership plan trustee
Independent or not, a trustee’s duties are the same. And as a fiduciary, they are required to act solely in the best interests of the participants and their beneficiaries.
Your client is interested in an ESOP: Why do they need a feasibility study?
An ESOP can be a great way for a business owner to transition their business and give back to their employees, but it’s not ideal for everyone. Before you move forward, it’s wise to crunch some numbers to make sure it is a viable option.
Employee-owned companies can take advantage of the Employee Retention Credit
The ERC is an employment tax credit, not an income tax credit, making many ESOPs eligible so long as they meet other qualifications.
What you should know about financing an ESOP
Forward-thinking business owners want to create a succession plan that preserves their legacy and benefits the organization.
Legacy and groceries:
After you retire, do you plan to eat or to buy groceries? If you answered yes, you may want to consider an ESOP.
Is an ESOP the right exit strategy for you?
Though ESOPs can be relatively complex, they are often an excellent succession tool for a seller that can provide significant tax and intangible benefits.
Exit planning strategies for business owners [MNCPA]
As baby boomers approach retirement age, the Minnesota business landscape faces the exit of a significant share of the workforce. But there is a beacon of light.
My client asked me about an ESOP; what do I need to know?
Employee stock ownership plans may be the right business succession tool for your clients who are nearing retirement. Hillary Hughes shares important facts about ESOPs.
Get ahead of the ‘great resignation’ [MNCPA]
Get insight and news from MNCPA leadership about the organization and professional issues.
Minnesota resident trust law update [MNCPA]
The Fielding result may influence a broader and more fact- and circumstances-based test in determining whether a trust is subject to Minnesota tax.
An underused business succession tool: The WOC
A worker-owned cooperative is a business enterprise jointly owned and controlled by its workers under a participative governance model, with each member having one vote.
Considerations for financing ESOPs — a banking perspective
Owners and trusted advisers should review items like motivation, finances, culture, legacy, community impact, tax and bank issues.
ESOPs: It’s not always about the money
There are also many ways in which an ESOP can meet the nonfinancial goals of a business owner.
The FAQs of an ESOP
An ESOP might be an appealing option for your business or for a client. Find out more.
Acknowledging the good in challenging times [MNCPA]
Get insight and news from MNCPA leadership about the organization and professional issues.
Upheaval and resilience: The path to accounting amid COVID-19 [MNCPA]
The COVID-19 pandemic will cast a long shadow on our world in ways that even the best futurists have failed to consider. We just don’t know what we don’t know.
The ‘cost of the problem’ in your accounting firm retirement plan account
The question of how to use your money in investment remains a question for most investors.
Succession planning best practices
Succession planning today is more complex for professional services firms than it was 15 years ago.
Advancement of women in public accounting [MNCPA]
Women continue to be underrepresented in the leadership of public accounting firms and are not progressing to the top of the profession at the same rate as their male counterparts.
2020: The year of embracing change [MNCPA]
Get insight and news from MNCPA leadership about the organization and professional issues.
The value of neurodiversity
Neurodiversity is a term that recognizes certain individuals' brains function differently and includes people on the autism spectrum, as well as those with dyslexia or ADHD, among other conditions.
We all have our CPA stories [MNCPA]
Get insight and news from MNCPA leadership about the organization and professional issues.
So, what does being a partner mean?
Partners are the culture in a professional service firm — what they believe, what they reward, what they do and how they do it determines what and how things get done.
4 tactics for effective change management in the multigenerational workplace [MNCPA]
Managers are progressively tasked with mastering change management. Success depends on how well finance leaders support these changes within their teams.
Culture is key in today’s marketplace [MNCPA]
Get insight and news from MNCPA leadership about the organization and professional issues.
Generation who cares? [MNCPA]
Do generational differences really matter? Consider these thoughts to address the situation in your office.
She said/she said [MNCPA]
We sat down to chat with a mentor and mentee from Deloitte about how both people can benefit from the relationship and experience of mentoring.
The kids are alright [MNCPA]
Sixteen accounting students share their thoughts and expectations for the future of the profession and their respective careers.
Learning the ropes: A tale of attending client meetings with a mentor
Teaching less experienced staff members how to work client meetings is a win all around for the team.
MNCPA Perspectives blog posts
Connect with legislators concerning CPA pathways licensure bills
Can one voice have an influence? Yes! When you share how an issue affects you, your business or your clients, it elevates an issue for legislators...
CPA licensure bills return to Minnesota Legislature
The 2024 Minnesota legislative session convened this week and bills introduced last year automatically rolled over into the second year of the biennium...
Reaching high school students: Ideas from CPAs
As part of our annual MNCPA Tax Survey, we recently asked members a score of questions, including their ideas about what they have done or suggest for encouraging more students to get involved in the accounting industry...
Recent grads dish on 150 hours, CPA licensure
Hear from six current and recent students from two Minnesota universities to see how they view the accounting profession, the requirements around accreditation and how these weighed into their professional choices...
We must change the conversation around pathways to CPA licensure
It is no secret the field of accounting has both pipeline and diversity problems. There are many actions that should be taken to address these problems, and one of those is to follow Minnesota’s lead...
The CPA pipeline: Students are the future
The 2023 MNCPA Annual Meeting this month provided an opportunity to reflect on challenges by discussing areas of the profession that still need addressing, such as the CPA pipeline...
Experiential learning: An evolution in how knowledge is obtained by prospective CPAs
As the AICPA and NASBA consider new ways to enhance the attractiveness of the profession to counter a drop in accounting student enrollments and retain them...
Why should a school district care about CPA licensure?
Working in public education, I am acutely aware of how difficult it is to hire quality staff, but I never took a step back to think about what this means in other sectors throughout Minnesota...
Broadening the pathways to CPA licensure discussion will continue
The MNCPA board-approved bill, with bipartisan support in both the Minnesota House and Senate, did not become law this year, but this is not the end of this bill...
CPA pathways discussion: Addressing the objections
The reason driving the change — the declining number of CPAs — is well-documented, so what are the objections to broadening the pathway to CPA licensure? Let’s discuss...
Comment on exposure draft concerning CPA exam scores
The MNCPA, along with 15 other state societies, support a 36 month window for CPA exam scores to be valid, allowing busy candidates more viable time to sit for the exams. Please send your support of this change to NASBA...
CPA credential legislation is start of discussion
Declining high school graduation sizes, increasing demand for CPAs, increasing retirements and declining number of candidates sitting for the CPA exam are converging...
Response to Journal of Accountancy article, Feb. 10, 2023, ‘NASBA upholds 150-hour education requirement’
We believe we are closer to the AICPA and NASBA in finding solutions for this critical issue than the article leads readers to believe...
An agile accounting profession requires adaptable licensing requirements
There are not enough CPAs now nor expected in the future to meet the needs of communities, entities and clients, setting up a perfect scenario for future financial failures. Introducing legislation was driven by several years of MNCPA member concerns and feedback...
The gift of time, knowledge ahead of CPA exam changes
I have good news for anyone who is currently taking the exam or will begin the process this year: The Minnesota Board of Accountancy (BOA) approved an 18-month credit extension...
Broadening the path to CPA licensure
Last month, MNCPA members received an email that the MNCPA board approved moving forward with drafting legislation to broaden the path to CPA licensure in Minnesota...
Blackout dates ahead of CPA exam changes
A completely overhauled CPA exam will hit testing centers in January 2024. Newsflash: That’s officially one year away! Mark these important dates on your 2023 calendars...
MNCPA members: What concerns us most about upcoming tax season
We asked our members as part of the annual MNCPA Tax Survey about what concerns them most about this upcoming tax season...
It’s a big week for accounting in Minnesota!
In an ongoing effort to grow the CPA pipeline, the MNCPA joined forces with more than 35 state CPA societies and the AICPA in a concentrated effort to raise awareness of the accounting profession within schools nationwide.
Join the MNCPA!
MNCPA membership grows as you do, helping you to be the best accounting professional you can be at every stage of your career.
Become an MNCPA member and:
- Pay less to attend many CPE and YPG events.
- Save up to $150 on conferences with the VIP rate.
- Access more than 20 free CPE credits annually.
Plus, new associate members receive the required ethics course for licensure free.
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