Filomeno & Company Uses Audits for Successful Exit Strategies

WEST HARTFORD, Conn., Nov. 23, 2010 /PRNewswire/ -- Filomeno & Company, a proactive CPA and business advisory firm, uses financial audits to position clients for successful exit strategies.

“It’s been said that a business is always for sale…for the right price,” said George Thomson, Director of Accounting and Auditing Services for Filomeno & Company.  “Our job as business advisors is to make sure that when the offer comes our clients are prepared.”

Filomeno & Company helps their clients determine what their business is worth through its business valuation services and understand the value of maintaining clean books and having audited financial statements on-hand.  Twenty-five percent of their clients elect to obtain audited financial statements without prompting.  They do so to keep everyone on their toes and experience the peace-of-mind that when the time comes to sell the business, however unexpected it may be, they are ready.

“It’s great when clients can see the value beyond some of the minor inconvenience an audit can bring,” Thomson said. “They know if they do things right the first time, they won’t have to apply significant resources to fix mistakes that have compounded year after year after year.”  

At Filomeno & Company, the audit team has witnessed many business sales and has seen what happens when companies are prepared and what happens when they are not.

“A business that had become very successful and profitable in a short time came to us when they had been approached by a purchaser,” Thomson said.  “The first offer was very strong, but once the purchaser requested the financial documents the offer, unfortunately, started to erode because their recordkeeping had been poor.”

Alternatively, Thomson said his firm worked with another company that had consistently maintained audited financial statements.  The purchaser had some of the “big four” firms look at Filomeno & Company’s work and everything checked out.  There was no headache for the client while the purchaser had a comfort level because the seller’s financials were certified.

“Whether you are hoping to sell your business one day or even look for investors, audited financial statements are a critical component to a successful sale or capital infusion,” Thomson said.  

For more information about how to use an audit for a successful exit strategy, contact Filomeno & Company at 860.561.0020 or visit www.filomeno.com

About Filomeno & Company

Filomeno & Company is a proactive business advisory firm offering a wide range of services including: accounting & auditing, business advisory, business valuations, corporate tax, individual tax or strategic tax, qualified plans and fraud prevention.  Located in West Hartford, CT, the company’s mission is to passionately serve our clients, our community, our firm and each other.  For more information, contact Filomeno & Company at 860.561.0020 or visit www.filomeno.com.

Press Contact: Jessica Lyon [email protected] 860.676.4400  

SOURCE Filomeno & Company