FEATURED
CLIENTS
Property Management
Profile #1612
This growing, profitable Colorado Springs company has been in business for over 20 years, with each year being more profitable than the previous. Its reputation for providing the highest quality of service is proven by its awards and certifications received and longevity in client retention. With systems in place and a well trained staff, the firm provides management services for residential property and currently manages over 400 properteis in the area. A purchaser would have the option of leasing the current facilities or moving the business to a location of their choosing. This would make an ideal acquisition candidate for either an idividual with a Colorado Real Estate Broker's license or another property management firm looking to expand.
Gross Sales....$776,127
SDE ................. $154,219
Business Summary
Mediation & Arbitration Service Provider
Profile #512
Due to it's outstanding reputation in the legal field, this well-established, profitable firm is one of the leading providers of mediation and arbitration services in the Rocky Mountain region. The firm has an established client base in Denver and along the Front Range area. The company has also provided alternative dispute resolution services in Wyoming, Nebraska, Utah, Nevada, and Montana. There are experienced, long-term employees in place. The owner is willing to train and transition the new owner for a suitable period. The sale includes valuable Intellectual property. A profile buyer would be an attorney or former judge, who will continue the firm's long tradition of professional alternative dispute resolution services to clients. Another profile buyer would be a national or regional firm interested in expanding into Colorado.
Gross Sales ......$528,552
SDE .....................$203,232
Business Summary
Contact Ron Brasch
RB@fbb.com
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Quick Links Confidential Purchaser Profile
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First Business Brokers, Ltd.
719/635-9000
800/395-7653
Email: fbb@fbb.com
www.fbb.com
 
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Greetings!
Last week, I attended an M&A industry conference that included several dozen Private Equity Groups ("PEGs") from around the country. Their presence was a reminder of the $450 billion of estimated investment funds that remain unspent and available to acquire appropriate businesses. Many of the PEGs were in the process of trying to complete transactions prior to the end of the year, due to the possibility of tax increases in 2013.
Regardless of what happens with taxes in 2013 and subsequent years, it is never too early to start positioning your business for a potential sale. If your business tax year ends on December 31st, and if you have not already done so, you should meet with your tax advisor to address year end tax planning. Please feel free to contact us if you would like our input relative to year end tax planning and maximizing the value of your business. Our consultations are confidential and without a charge, until you retain us to advise you.
As we are approaching year end and addressing closing files, the topic of record retention becomes more relevant. This months' featured article is authored by Bryan Flynn of Flynn Accounting Resources, Inc. Bryan has represented Buyers and Sellers of businesses involved in transactions with us.
I have received many compliments relative to the content of our newsletter, and I welcome your constructive critique on making the FBB eNews better. Additionally, I would appreciate your suggestions for relevant topics and articles on topics that you believe would be of interest to our subscribers. Feel free to email or call me with your suggestions.
Please consider referring our services if you encounter a situation involving the potential purchase or sale of a business.
Sincerely, 
Ronald V. Chernak
President
Inspiring business relationships since 1982!
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Business - Record Retention Schedule
Provided by: Brian Flynn, President
Flynn Accounting Resources, Inc.
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Accident Reports / Claims (settled cases) |
7 Years | |
Accounts Payable Ledgers & Schedules |
7 Years | |
Accounts Receivable Ledgers & Schedules |
7 Years | |
Audit Reports |
Permanent | |
Bank Reconciliations |
2 Years | |
Bank Statements |
3 Years | |
Capital Stock & Bond Records
Ledgers, Transfer Registers, Stubs showing issues,
Record of Interest Coupons, Options, etc. |
Permanent | |
Cash Books |
Permanent | |
Charts of Accounts |
Permanent | |
Checks (canceled - see exception below) |
7 Years | |
Checks (canceled) for important payments (i.e. Taxes, Purchases of Property, Special Contracts, etc.) ***Checks should be filed with the papers pertaining to the underlying transaction. |
Permanent | |
Contracts, Mortgages, Notes & Leases (expired) |
7 Years | |
Contracts, Mortgages, Notes & Leases (still in effect) |
Permanent | |
Correspondence (general) |
2 Years | |
Correspondence (legal & important matters only) |
Permanent | |
Correspondence (routine - with customers and/or vendors) |
2 Years | |
Deeds, Mortgages & Bills of Sale |
Permanent | |
Depreciation Schedules |
Permanent | |
Duplicate Deposit Slips |
2 Years | |
Employment Applications |
3 Years | |
Expense Analyses / Expense Distribution Schedules |
7 Years | |
Financial Statements (year end, other optional) |
Permanent | |
Garnishments |
7 Years | |
Insurance Policies (expired) |
Permanent | |
Insurance Records (current accident reports, claims, policies, etc.) |
Permanent | |
Internal Audit Reports (longer retention periods may be desirable) |
3 Years | |
Inventories of Products, Materials & Supplies |
7 Years | |
Invoices (to customers, from vendors) |
7 Years | |
Journals |
Permanent | |
Magnetic Tape & Tab Cards |
1 Year | |
Minute Books of Directors, Stockholders, Bylaws, & Charter |
Permanent | |
Notes Receivable Ledgers & Schedules |
7 Years | |
Option Records (expired) |
7 Years | |
Patents & Related Papers |
Permanent | |
Payroll Records & Summaries |
7 Years | |
Personnel Files (terminated) |
7 Years | |
Petty Cash Vouchers |
3 Years | |
Physical Inventory Tags |
3 Years | |
Plant Cost Ledgers |
7 Years | |
Property Appraisals (by outside appraisers) |
Permanent | |
Property Records (including costs, depreciation reserves, year end trial balances, depreciation schedules, blueprints & plans) |
Permanent | |
Purchase Orders (except purchasing department copy) |
1 Year | |
Purchase Orders (purchasing department copy) |
7 Years | |
Receiving Sheets |
1 Year | |
Retirement & Pension Records |
Permanent | |
Requisitions |
1 Year | |
Sales Commission Reports |
3 Years | |
Sales Records |
7 Years | |
Scrap & Salvage Records (inventory sales, etc.) |
7 Years | |
Stenographers Notebooks |
1 Year | |
Stock & Bond Certificates (canceled) |
7 Years | |
Stockroom Withdrawal Forms |
1 Year | |
Subsidiary Ledgers |
7 Years | |
Tax Returns (worksheets, revenue agents reports & other documents relating to determination of income tax liability) |
7 Years | |
Time Books / Cards |
7 Years | |
Trademark Registration & Copyrights |
Permanent | |
Training Manuals |
Permanent | |
Union Agreements |
Permanent | |
Voucher Register & Schedules |
7 Years | |
Vouchers for Payments to Vendors, Employees, etc. (includes allowances & reimbursements of employees, officers, etc., for travel & entertainment expense) |
7 Years | |
Withholding Tax Statements |
7 Years |
Flynn Accounting Resources, Inc., is located in Colorado Springs and provides financial statement compilation, business consultation, tax planning and preparation and payroll services to a wide range of clients in a variety of industries. You may contact Brian Flynn at brian@flynnaccounting.com. |
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