Boris Benic and Associates LLP - Certified Public Accountants and Consultants - Garden City, Long Island, New York

Boris Benic and Associates LLP - Certified Public Accountants and Consultants - Garden City, Long Island, New York

   
Resources - Tax Center - Boris Benic and Associates LLP - Certified Public Accountants and Consultants - Garden City, Long Island, New York
     
 

Success Story

 
 

Sales and profits were very good for a privately held, domestic company selling products via an agent in Hong Kong, until the difficult economy slowed sales and tightened cash flow. Management was faced with the difficult choices of obtaining high cost receivable financing, finding a financial partner or selling the company before the enterprise value deteriorated.  

First they needed to answer requests for information from those interested parties that they never had to before.  Management suddenly found themselves in an uncomfortable position of needing specific data from the foreign sales agent and they needed it quickly.  Financiers, buyers, venture capitalists and the like are not known for being very patient.  In this case, the data was available, but it was raw and virtually indecipherable to anyone but the agents and the company.  

Many companies during good times greatly benefit from a relationship with an agent to do business in a foreign country, but when things get rough, the data tends to also be rough. The owner contacted us, Boris Benic and Associates, and we immediately began communicating with the agents to piece together information to conduct what ostensibly amounted to an audit.  We wanted the client to at least be in a position to weigh all the options available to them, before the bankers and buyers got cold feet.  We got the raw sales, inventory counts, bank records, accounts receivables, and recreated the general ledgers. We also put together a set of projected financials and were very instrumental in responding to the numerous due diligence requests.  

Thankfully this story had a happy ending.  We were ultimately able to satisfy the parties, and the client received a financing proposal, as well as an offer to sell the company.  But we all know the stories where the data is so raw, the process to recreate is very time consuming, that the window of opportunity closes and the ending is not so happy.

 

 

 

 

 

 

 

Contact Us

If your company faces this situation, are you ready to present the data in a way a third party could understand? Remember to always keep your eye on the  ball. Find out why so many individuals and companies across Long Island and New York turn to Boris Benic & Associates for assistance. For additional information on how we can help, please contact Robert Puerto, CPA, at 516-248-7361, or click here to email Robert. In a brief consultation he can assess your situation and offer guidance for your specific circumstances.

 

 

 
 

Boris Benic and Associates LLP - Certified Public Accountants and Consultants - Garden City, Long Island, New York

 

Boris Benic and Associates LLP - Certified Public Accountants and Consultants - Garden City, Long Island, New York