Attorney Resource Guide

Your business clients have legal questions. They probably have financial ones, too.

How attorneys and CPAs can work together to better support business owners

Business owners rarely experience legal, tax and financial decisions in isolation. A client considering the purchase of another company may need an attorney to structure and negotiate the transaction, but they may also need financial due diligence, tax planning and help evaluating what the business is actually worth.

A business owner preparing for retirement may need legal guidance around ownership agreements, estate planning and the transfer of assets, but there are also questions surrounding business valuation, tax consequences, cash flow and succession. And sometimes, a client sitting across the table from their attorney simply says: “I’m not sure my accountant is helping me with this.”

That is where a strong relationship between legal and accounting professionals can become particularly valuable. At The Fullinwider Firm, LLC, we work with businesses on tax, audit, accounting and advisory matters, and we welcome opportunities to collaborate with attorneys when their clients need additional financial expertise. Our goal isn't to step into the attorney-client relationship. It is to provide another specialized resource that helps the client make better-informed business decisions.

Where legal and financial questions often intersect

There are certain moments in the life of a business when having both legal and financial professionals at the table can make a significant difference.

Buying or Selling a Business

The purchase price is only one part of a transaction. Buyers and sellers may need to understand the quality of the company's financial information, historical performance, potential tax consequences and financial assumptions underlying the deal. Our team can provide financial due diligence, business valuation, tax planning and other advisory services alongside the client's legal counsel.

Succession & Exit Planning

A successful transition takes planning well before an owner is ready to walk away.

Attorneys may be helping clients address ownership structures, agreements, estate considerations and other legal components of succession. A CPA can complement that work by helping evaluate the financial and tax implications of different options, analyze the business and plan for the owner's eventual transition.

Business Valuation

What is the business actually worth? That question can arise during a sale, ownership transition, dispute, estate matter or other significant event. The answer can have implications well beyond the balance sheet. Business valuation is one of several areas in which The Fullinwider Firm can provide additional financial expertise to an attorney and their client.

Forensic Accounting & Litigation Support

When a legal matter involves financial records, transactions or competing financial claims, attorneys may need someone who can approach the numbers from an accounting perspective.

Our services include forensic accounting and litigation support, providing attorneys with an additional resource when financial questions become part of a legal matter.

Tax Planning

A business decision can be legally sound and still create an unexpected tax consequence.

Entity changes, transactions, succession plans, ownership changes and other major decisions can all have tax implications. Bringing a CPA into the conversation earlier gives the client an opportunity to evaluate those implications before a decision is finalized rather than discovering them after the fact.

Our tax services extend beyond return preparation to strategic tax planning for businesses, individuals, trusts and estates, as well as IRS and state tax resolution.

Financial Reporting, Forecasting & Cash Flow

Not every referral begins with a major transaction. Sometimes a business owner simply needs better financial information. They may be growing quickly but struggling with cash flow. They may need stronger financial statements for a lender. Their bookkeeping may not provide the information they need to make decisions. Or they may have reached a point where an outside financial perspective would be useful. Our services include bookkeeping; financial statement compilations, reviews and audits; financial forecasting and cash flow analysis; internal controls and risk assessment; and broader business consulting and advisory services.

The value of a collaborative approach

Attorneys are often among a business owner's most trusted advisors. That means you may recognize a financial problem before the client realizes they have one. You don't need to solve it yourself. The Fullinwider Firm, LLC was founded by Dean W. Fullinwider, CPA, in 2013 after more than two decades of experience in public accounting, tax, audit, consulting and management. Today, our team serves businesses with an emphasis on technical expertise, practical solutions and collaboration with the client's other professional advisors.

That collaborative philosophy is important to us.

We believe good professional relationships require organization, clear communication and being present, not merely completing an engagement, but asking questions and contributing knowledge when it matters. For an attorney referring a client, that means having an accounting firm that respects the relationship you've already built and understands that the best outcome often comes from professionals working together.

You don't need to diagnose the accounting problem before making an introduction.

A conversation may be worthwhile when a business-owning client is:

• Buying, selling or restructuring a business

• Preparing for succession or an eventual exit

• Questioning the value of their company

• Facing a matter involving complicated financial records

• Making a decision with potentially significant tax consequences

• Experiencing cash-flow or financial-reporting challenges

• Preparing financial information for a lender or other third party

• Looking for more proactive tax planning

• Outgrowing their existing bookkeeping or accounting processes

• Simply looking for a fresh set of eyes on the financial side of their business

Sometimes the most valuable thing one trusted advisor can do is recognize when another should be brought into the conversation.

A resource for you & your clients

If a client's situation raises a tax, accounting, audit, valuation or broader financial question, we're happy to have a conversation about whether our team can help. And when the matter crosses professional disciplines, we value the opportunity to work collaboratively with the client's legal counsel. Because business owners shouldn't have to choose between good legal advice and good financial advice. The strongest advisory team gives them both.

Have a business client facing a financial question?

We welcome the opportunity to learn more about the situation and determine whether The Fullinwider Firm, LLC can be a helpful resource for you and your client. Click here to start a conversation!