UHY LLP, one of southeast Michigan's largest accounting firms, is gearing up for busy season and now recruiting for experienced, entry-level and administrative positions within multiple departments. With offices in Detroit, Farmington Hills and Sterling Heights, we offer recruits the opportunity to work with clients in a wide-range of industries and engage in various practice areas including audit and assurance, tax planning and compliance, business advisory, corporate finance, and forensic, litigation and valuation services. Our firm provides accelerated opportunities for success and advancement and allows every professional the ability to create a career path unique to their own goals and needs.

Contact Yolanda Rountree to learn more about what UHY has to offer you.

When was the last time you looked at your buy/sell agreement? Chances are it's been a while. Some of you may not even know where your buy/sell agreement is or worse yet - don't have one at all. The purpose of such an agreement is to establish a process by which shareholders of a privately held business can both create liquidity in their shares and limit exposure to unintended shareholders upon a specific triggering event such as the death of a shareholder. One of the most important provisions of the agreement deals with how the shares are to be valued. All too often we see formulas inserted such as "6 Times Trailing EBITDA" or even worse a "stated value" which hasn't been updated since 1981. These formulas or stated values may have had validity at the time they were drafted and put in place, but businesses change and economic conditions change, thus the value of the business will change. Rigidity in value coupled with changing business and economic conditions can lead to serious under or over valuation at the time of a triggering event.

What the shareholders likely intend is that fair value is achieved upon a triggering event. We suggest considering a 'valuation process' to be followed when a life event occurs. Such a process would define who is qualified to conduct the business valuation. Are they accredited in business valuation with recognized professional societies? What standards will they be asked to perform under? Most business appraisers today follow what is known as Uniform Standards of Professional Appraisal Practice (USPAP). What valuation approaches should the appraiser consider? There are three main approaches to value: the income approach, the asset approach and the market approach. Consideration of each approach is often the best route to follow. What adjustments should the appraiser consider? Should officer compensation be adjusted to reasonable replacement cost or should real estate be adjusted from net book value to fair market value? Giving the appraiser guidelines to follow is important. Should the appraiser consider application of discounts or premiums? The application of discounts for lack of control, lack of marketability or premiums for voting control can have tremendous impact on the value of the shares in question.

Spending the time today to define a proper valuation process will help ensure that a fair and reasonable value is concluded upon a triggering event. If you haven't looked at your buy/sell agreement in a while, we suggest you do so soon.

ADVANCES IN EXCEL ALLOW FOR ENHANCED SPREADSHEET MANAGEMENT 

By Jessica Brandreth

UHY LLP MAKES SIGNIFICANT CONTRIBUTION TO SUPPORT RONALD MCDONALD HOUSE BY "SOCKING" CO-WORKERS
During the weeks of June 15 to June 30, employees from UHY LLP's Michigan practice in conjunction with UHY Cares, purchased and sported nearly 200 pairs of red and white socks to be a part of the "Ronald Sock Challenge". The challenge is both an awareness campaign and fundraiser for the Ronald McDonald House Charities of Southeast Michigan. The certified public accounting firm raised over $3,000 in employee donations in just over a week. With UHY adding to the success of the challenge, the total amount raised by companies across Michigan is close to $20,000.

The challenge started as a friendly local office versus office competition for a good cause. But because it took place at the same time as UHY's National Leadership Conference (NLC), they turned it into a company-wide event and received contributions from their colleagues around the country. Employees at all levels had a great time "socking" co-workers (pay-it-forward concept), dressing up with their families and submitting creative photos to add to the fun of the competition.

Bob Potter, president of the mid-Michigan Chapter of Ronald McDonald House Charities, and Tom Alongi, active member of Ronald McDonald House Charities were instrumental to the success of the campaign at UHY. Bob even wore a pair of the socks during his speech at the NLC which resulted in the generous donations from the attendees of the conference. He also personally offered up a cash prize to the winner of the funniest sock photo.

"The Ronald Sock Challenge has raised thousands of dollars for the Ronald McDonald House of Detroit," says Jennifer Litomisky Executive Director of Ronald McDonald House Charities of Southeast Michigan. "Companies like UHY have been champions of the challenge and we are very fortunate to have their support. This challenge started in May and continues to be a successful fundraiser and social awareness campaign."

Ronald McDonald House recently opened a new location in Detroit, and the Ronald Sock Challenge is one component of the charity's expansion campaign. The new house will feature a much bigger living space than the current location and will allow families of sick children to feel more at home during a difficult time in their lives. Funds raised during the Ronald Sock Challenge will go towards the expansion of the house and making the families more comfortable during their stay. The goal for the expansion campaign is to raise $3 million by 2016 and they have raised nearly $2 million so far.

CAREERS AT UHY
Are you ready to take charge of your career path? Be sure to visit our careers page for the most up-to-date listings or contact Yolanda Rountree. Current opportunities in our Michigan offices include:

• Audit Manager, 7+ years of experience, manufacturing experience is highly preferred
• Audit Manager, 7+ years of experience, SEC experience is highly preferred
• Audit Senior Accountant, 5-7 years of experience, CPA required
• Internal Audit Risk & Compliance Manager, 7+ years of experience
• R&D Tax Specialist, 7+ years of experience
• Tax Manager, 7-10 years of experience
• Tax Senior Consultant, 4-5 years of experience, Big 4 experience is required
• Tax Senior Accountant, 5-7 years of experience, CPA required
• Director of Litigation, testifying experience required municipalities
• Senior Associate (Corporate Finance), 2-4 years of Big 4 experience highly preferred