Since we are a professional firm ourselves, we think a great deal about specific issues facing our profession. As we develop our own best practice we continue to consider how these choices will translate to other types of professional firms that we have as clients.
This not only makes us empathetic to the accounting and other financial needs of professional firms but also allows us to be proactive when it comes to increasing efficiencies and building better relationships. After all, we know what to expect as far as financial challenges and the best ways to respond.
As a result of this intimate experience with the needs of a professional practice, we look to deliver far more than just compliance with tax laws and other accounting needs. Our role is to help these clients thrive in their chosen areas of expertise.
And since our clients operate in many different professions, we have seen it all. Which means that when most professional firms come to us seeking help, we are familiar with their needs and able to bring the full force of our experience to bear.
As well as focusing attention on the success of the firm we also consider the best strategy for sole proprietors, partners and shareholders. And thanks to our many resources all over town we can address issues ranging from the firm’s owner compensation plan to an individual owner’s need for help purchasing a home.
A mid-sized law firm that we had worked with for some time came to us to discuss retirement plans. The firm was very profitable and had several partners to consider. We listened to their hopes and expectations, which included an emphasis on contributing the majority of money on behalf of the owner group, a departure from the model they had been considering. We had some initial tax saving ideas, but also brought in our retirement plan experts. Sobul, Primes & Schenkel then proposed a retirement plan vehicle that placed significant contributions into the plan with the majority of contributed money for the owner group. We were able to not only reduce their tax burden, but also exceed their expectations for the benefits enjoyed by the partners!