First, you need to contact us so we can determine how we can assist with your needs. Once we understand what kind of service you are requesting we will schedule a time to meet the owner in person. This initial consultation is completely free and serves to build a relationship in order to gain a better understanding of how Goldgate Certified Public Accountants can help your organization. If we believe we can meet your professional needs we will then begin planning and setting deadlines, fees and such
This is a very important fiduciary responsibility. Most all non-profits receiving government money will have to undergo an audit unless they receive a waiver from the agency that provides the funding. This is how the government monitors the money they lend and provide via grants. Other types of organizations may have to undergo audits for many different reasons. Members of the audited organization, management, contributors, etc. can all be subject of having to undergo an audit. Many times we recommend an organization on a tight budget undergo an audit one year and then two reviews before performing another audit. This will be a major cost saver to the organization while still having an independent party oversee and accurately report their financials. During the initial meeting this process and level of service will be explained by the owner.
Our firm offers the most competitive prices. Pricing for the engagement is usually estimated upfront or given an hourly rate that is agreed on beforehand.
We give every engagement consideration regardless of the location. Our firm is proud to provide services all across the Uganda and even internationally. If we deem that we cannot perform those services at the highest level we will refer you to another firm with that expertise.
Less than one-third of family businesses survive the transition from first to second generation ownership. Of those that do, about half do not survive the transition from second to third generation ownership. At any given time, 40 percent of African. businesses are facing the transfer of ownership issue. Founders are trying to decide what to do with their businesses; however, the options are few.
The following is a list of options to consider:
There are four basic reasons why family firms fail to transfer the business successfully:
The primary cause for failure is the lack of planning. With the right succession plans in place, the business, in most cases, will remain healthy.
Transferring the family business requires the family to make a determined effort to do the following:
These are the four plans that make up the transition process. By implementing them, you will virtually ensure the successful transfer of your business within the family hierarchy.
A business strategic plan defines goals, objectives, and targets for a company and outlines its resources will be allocated in order to achieve them. When a strategic business plan is in place, it allows each generation an opportunity to chart a course for the firm. Setting business goals as a family will ensure that everyone has a clear picture of the company's future. A strategic plan is long-term in nature and focuses on where you want the business to be at some future date.
The family strategic plan establishes policies for the family's role in the business and is needed to maintain a healthy, viable business. For example, it should include the creed or mission statement that spells out your family's values and basic policies for the business, and it may include an entry and exit policy that outlines the criteria for working in the business. The plan should consider which family members desire to have a part in management of the business versus those who desire a more passive role.
An estate plan is a written document that outlines the disposal of one's estate and includes such things as a will, trust, power of attorney, and a living will. An estate plan is critical for the family and the business because, without it, you will pay higher estate taxes than necessary, allocating less of the estate to your heirs. The estate plan should be used in conjunction with the succession plan to see that the family business is transferred in a tax effective manner.
A succession plan identifies key individuals who will be groomed to take over the business when the time comes. It also outlines how succession will occur and how to know when the successor is ready. Having a succession plan in place goes a long way toward easing the founding or current generation's concerns about transferring the firm.
Before starting out, list your reasons for wanting to go into business. Some of the most common reasons for starting a business include wanting to be self-employed, wanting financial and creative independence, and wanting to maximize your skills and knowledge.
When determining what business is "right for you," consider what you like to do with your time, what technical skills you have, recommendations from others, and whether any of your hobbies or interests are marketable. You must also decide what kind of time commitment you're willing to make to run a business.
Then you should do research to identify the niche your business will fill. Your research should address such questions as what services or products you plan to sell, whether your idea fits a genuine need, what competition exists, and how you can gain a competitive advantage. Most importantly, can you create a demand for your business?
The following outline of a typical business plan can serve as a guide that you can adapt to your specific business:
The introductory section of your business plan should give a detailed description of the business and its goals, discuss its ownership and legal structure, list the skills and experience you bring to the business, and identify the competitive advantage your business possesses