Orlando, FL – May 24, 2013 – Gary Kane, Owner and Managing Partner of Kane Forensic Accounting, an Orlando forensic accounting firm, recently published a blog on his website (http://www.kaneforensic.com) discussing employee fraud. The blog, titled “Employee Fraud: Protect Your Business Before It’s Too Late” urges business owners to take action.

Gary Kane writes, “After working closely with clients to detect fraud for decades, I can tell you many personal stories of clients who have been defrauded to the tune of millions of dollars—and would love nothing more than to be able to go back in time and implement controls to protect themselves.”

Kane Forensic Accounting specializes in forensic accounting, business evaluation and succession planning. They leverage their specialized knowledge to provide valuable insight which enables their clients to make informed financial decisions.

The entire blog can be found at http://www.kaneforensic.com/blog/employee-fraud-protect-your-business-before-it%E2%80%99s-too-late.php

To learn more about Kane Forensic Accounting, please visit http://www.kaneforensic.com

About Gary Kane:

Gary Kane is owner and managing partner of Kane & Associates, and a licensed CPA in the state of Florida.  His primary responsibilities include the planning and utilization of personnel, budgeting, cash flow management, and overall firm marketing.  Mr. Kane has been responsible for all tax preparation and planning functions within the firm.  He performs the final, technical review of all audit and review engagements.

Mr. Kane has lectured widely on various aspects of income and estate planning and personal financial planning.  He has appeared on several local television shows and has appeared on a national cable television program broadcast on the Satellite Program Network.  With his background in tax and financial planning, Mr. Kane has been instrumental in assisting clients in the formation, implementation, and management of several real estate ventures, beginning with the planning stage through the completion and ultimate management or sale.

Mr. Kane received his BSBA with honors with a major in accounting from the University of Florida and has a Masters of Science in Accountancy from the University of Central Florida.  He has over thirty-five years of public accounting experience, including four years with the international accounting firm of Alexander Grant (Orlando, Florida), before becoming a founding partner of Kane & Associates of Winter Park, Florida, in 1975.  Mr. Kane was also an accountant with Chevron Oil Company in charge of fixed asset accounting for all oil and gas properties in Louisiana, Mississippi, Florida and Alabama.

Mr. Kane is a member of the American and Florida Institutes of Certified Public Accountants and has satisfied the requirements to be accredited in Business Valuation by the American Institute of Certified Public Accountants.  Mr. Kane is a Certified Valuation Analyst and member of the National Association of Certified Valuation Analysts.  He is past president of the Central Florida Chapter of the International Association for Financial Planning and has served as Chairman of its Board of Directors.

Mr. Kane has been an adjunct professor at the University of Central Florida teaching intermediate accounting and has assisted the Small Business Development Center at the University of Central Florida in lectures on business acquisition and accounting systems for small businesses.  Mr. Kane assists attorneys in numerous areas, including tax planning, litigation, and divorce settlements.  He has testified for over twenty years as an expert witness in Orange, Osceola, Brevard, Seminole, and Volusia counties.

The list goes on and on. And it can be easy to overlook things. Unfortunately, one of the most commonly overlooked functions can be incredibly costly: the process of implementing controls to detect and prevent employee fraud.

I know what you are thinking right now… “there is no way that fraud could happen in MY business.” And while you may be right, the truth is that fraud almost always occurs in businesses where the owner has this mindset!

After working closely with clients to detect fraud for decades, I can tell you many personal stories of clients who have been defrauded to the tune of millions of dollars—and would love nothing more than to be able to go back in time and implement controls to protect themselves. Don’t wind up in their shoes!

The truth is, even fraud isn’t currently taking place in your business, there are plenty of reasons why it’s a great investment to implement controls:

1) Fraud controls remove temptation. Most employees that engage in fraud aren’t “evil” monsters. They are individuals, often facing financial stress, who see a golden opportunity. When you make it easy for people to commit fraud, they often do. So don’t make it easy!

2) Fraud controls force you to keep your affairs in order. Most of the steps that are required to prevent fraud from occurring also happen to be best practices to follow. Instituting fraud controls will have the side effect of improving your overall accounting and financial systems.

3) Fraud controls allow you to rest easy. After all the work you’ve put in to building your business, the last thing you want to worry about is an employee draining your bank account. Fraud costs small businesses millions of dollars annually. Put controls in place so that you don’t have to worry about this happening to you!

If you’d like to learn more, please contact us today!

Myth One:  There’s Plenty of Time

In business succession planning, time is either your ally or your enemy. You can spend time planning for succession during your active business lifetime, or postpone planning and wait until the more chaotic, uncertain and expensive succession planning occurs post-mortem, when the choice is no longer yours.

Reluctance to accept the realities of time can have disastrous consequences, especially since timing issues are often beyond an owner’s control.   Just as the aging CEOs of major corporations are pressed by shareholders who demand a succession plan to protect their investments, so too a small business owner should implement a succession plan to protect the interests of all stakeholders.

The lesson? Start early. Select your successor(s), and work with a financial professional to develop a succession plan before it’s an issue.

Myth Two:  It’s Easier to Just Sell It

Really? To whom? When? For how much? Finding a willing buyer for any business is rarely just a matter of hanging up a “for sale” sign.  Buyers are not necessarily prepared to wait until the time is right in a business’s life cycle before making an offer.

The same issues of timing influence the way businesses will be valued. Most business owners have an idea of the worth of their business based on revenues, fixed assets, profitability and a variety of balance sheet items.

What the business owners want is fair value paid by the buyer, as if that was a constant or objective number.

The United States Board of Tax Appeals defines fair market value as, “The price at which property would change hands between a willing buyer and a willing seller, neither being under any compulsion to buy or sell, and both having reasonable knowledge of the relevant facts.”

The truth is that valuing a business is difficult and can’t be done just once, whether it’s the intent to sell the business or pass it on to family members who truly want to be in the business. A good advisor will recommend an independent valuation of the business, documentation of the business valuation data and methodology and periodic review of the valuation.

Succession planning can be an uncomfortable topic—I understand that. But the truth is that every business must eventually transition to new ownership, and the only real question is how successful the transition will be. Unfortunately, too many business owners put off succession planning and end up watching their business close or go bankrupt soon after they leave.

You’ve invested years of your life into building your business—and succession planning ensures that your hard work hasn’t been wasted. Don’t buy in to the myths—and please contact us today if you would like to learn more!

Orlando, FL – May 16, 2013 – Gary Kane, Owner and Managing Partner of Kane Forensic Accounting, an Orlando forensic accounting firm, recently published a blog on his website (http://www.kaneforensic.com) discussing the importance of securing a business valuation. The blog, titled “Looking to Sell Your Business? Start by Getting the Business Appraised!” explains that securing a business appraisal makes the selling process much easier.

Gary Kane writes, “If you are thinking about selling your business, start by securing a business valuation from an experienced professional. The process will take some time and will likely require you to spend some time finding and organizing financial data- but it’s an investment well worth making.”

Kane Forensic Accounting specializes in forensic accounting, business evaluation and succession planning. They leverage their specialized knowledge to provide valuable insight which enables their clients to make informed financial decisions.

The entire blog can be found at http://www.kaneforensic.com/blog/looking-to-sell-your-business-start-by-getting-the-business-appraised.php

To learn more about Kane Forensic Accounting, please visit http://www.kaneforensic.com

About Gary Kane:

Gary Kane is owner and managing partner of Kane & Associates, and a licensed CPA in the state of Florida.  His primary responsibilities include the planning and utilization of personnel, budgeting, cash flow management, and overall firm marketing.  Mr. Kane has been responsible for all tax preparation and planning functions within the firm.  He performs the final, technical review of all audit and review engagements.

Mr. Kane has lectured widely on various aspects of income and estate planning and personal financial planning.  He has appeared on several local television shows and has appeared on a national cable television program broadcast on the Satellite Program Network.  With his background in tax and financial planning, Mr. Kane has been instrumental in assisting clients in the formation, implementation, and management of several real estate ventures, beginning with the planning stage through the completion and ultimate management or sale.

Mr. Kane received his BSBA with honors with a major in accounting from the University of Florida and has a Masters of Science in Accountancy from the University of Central Florida.  He has over thirty-five years of public accounting experience, including four years with the international accounting firm of Alexander Grant (Orlando, Florida), before becoming a founding partner of Kane & Associates of Winter Park, Florida, in 1975.  Mr. Kane was also an accountant with Chevron Oil Company in charge of fixed asset accounting for all oil and gas properties in Louisiana, Mississippi, Florida and Alabama.

Mr. Kane is a member of the American and Florida Institutes of Certified Public Accountants and has satisfied the requirements to be accredited in Business Valuation by the American Institute of Certified Public Accountants.  Mr. Kane is a Certified Valuation Analyst and member of the National Association of Certified Valuation Analysts.  He is past president of the Central Florida Chapter of the International Association for Financial Planning and has served as Chairman of its Board of Directors.

Mr. Kane has been an adjunct professor at the University of Central Florida teaching intermediate accounting and has assisted the Small Business Development Center at the University of Central Florida in lectures on business acquisition and accounting systems for small businesses.  Mr. Kane assists attorneys in numerous areas, including tax planning, litigation, and divorce settlements.  He has testified for over twenty years as an expert witness in Orange, Osceola, Brevard, Seminole, and Volusia counties.

This may sound like a logical starting point, but as we have discussed previously, it’s skipping an important first step: securing a business valuation.  A business valuation is the process in which a professional firm thoroughly examines the financial picture of a business in order to determine its true value.

There are plenty of reasons why it makes sense to start with a business valuation, and a recent article on SuccessBizNow.com identifies two of the most important:

Determine Actual Value of Companies

The primary role of financial business valuation services companies is to find out the actual value of your company.  This number can often be very difficult to come up with and can also be difficult for some business owners to cope with during this process.  The true value is not what the business owner thinks that his or her business is worth, it is what someone will actually pay to buy the business in question.  This is sometimes difficult for business owners to accept, but it is a very important concept during the sale of a business.

Contact with Firms Looking To Buy Other Companies

In some circumstances, a financial business valuation services company can help businesses reach those who are looking to acquire companies.  These companies have vast contacts within many different industries and tend to have a leg up when it comes to finding potential suitors for businesses that are for sale.  These business valuation companies also tend to know about businesses that are for sale before the general public.

If you are thinking about selling your business, start by securing a business valuation from an experienced professional. The process will take some time and will likely require you to spend some time finding and organizing financial data- but it’s an investment well worth making. It will allow you to determine a fair selling price for your business, and it will make the transaction itself dramatically easier to facilitate. Please contact If you are thinking about selling your business, start by securing a business valuation from an experienced professional. The process will take some time and will likely require you to spend some time finding and organizing financial data- but it’s an investment well worth makingus today if you would like to learn more!

Orlando, FL – April 30, 2013 – Gary Kane, Owner and Managing Partner of Kane Forensic Accounting, an Orlando forensic accounting firm, recently published an article on his website (http://www.kaneforensic.com) discussing succession planning strategy. The article, titled “Business Succession Planning: How to Prepare for Life After You Sell Your Business” offers practical steps to help with the transition.

Gary Kane writes, “As with most things in life, the key to a successful transition into life after your business is planning and prioritizing.”

Kane Forensic Accounting specializes in forensic accounting, business evaluation and succession planning. They leverage their specialized knowledge to provide valuable insight which enables their clients to make informed financial decisions.

The entire article can be found at http://www.kaneforensic.com/articles/business-succession-planning-how-to-prepare-for-life-after-you-sell-your-business.php

To learn more about Kane Forensic Accounting, please visit http://www.kaneforensic.com

About Gary Kane:

Gary Kane is owner and managing partner of Kane & Associates, and a licensed CPA in the state of Florida.  His primary responsibilities include the planning and utilization of personnel, budgeting, cash flow management, and overall firm marketing.  Mr. Kane has been responsible for all tax preparation and planning functions within the firm.  He performs the final, technical review of all audit and review engagements.

Mr. Kane has lectured widely on various aspects of income and estate planning and personal financial planning.  He has appeared on several local television shows and has appeared on a national cable television program broadcast on the Satellite Program Network.  With his background in tax and financial planning, Mr. Kane has been instrumental in assisting clients in the formation, implementation, and management of several real estate ventures, beginning with the planning stage through the completion and ultimate management or sale.

Mr. Kane received his BSBA with honors with a major in accounting from the University of Florida and has a Masters of Science in Accountancy from the University of Central Florida.  He has over thirty-five years of public accounting experience, including four years with the international accounting firm of Alexander Grant (Orlando, Florida), before becoming a founding partner of Kane & Associates of Winter Park, Florida, in 1975.  Mr. Kane was also an accountant with Chevron Oil Company in charge of fixed asset accounting for all oil and gas properties in Louisiana, Mississippi, Florida and Alabama.

Mr. Kane is a member of the American and Florida Institutes of Certified Public Accountants and has satisfied the requirements to be accredited in Business Valuation by the American Institute of Certified Public Accountants.  Mr. Kane is a Certified Valuation Analyst and member of the National Association of Certified Valuation Analysts.  He is past president of the Central Florida Chapter of the International Association for Financial Planning and has served as Chairman of its Board of Directors.

Mr. Kane has been an adjunct professor at the University of Central Florida teaching intermediate accounting and has assisted the Small Business Development Center at the University of Central Florida in lectures on business acquisition and accounting systems for small businesses.  Mr. Kane assists attorneys in numerous areas, including tax planning, litigation, and divorce settlements.  He has testified for over twenty years as an expert witness in Orange, Osceola, Brevard, Seminole, and Volusia counties.

Unfortunately, for many business owners this process does not unfold the way that they had hoped. This happens for a variety of reasons—often it doesn’t sell for as much money as they hoped, the terms aren’t what was expected, and so forth. Today, we’re going to focus on another issue which is surprisingly common. Namely, what to do after the business sells.

As with most things in life, the key to a successful transition into life after your business is planning and prioritizing. A helpful article published on Divestopedia.com offers four valuable tips:

1. Get in touch with what’s most important in your life. Start with what you’re most grateful for. Perhaps it’s the people in your life; your family, your close friends, your colleagues at work who’ve helped you build your success. Having an appreciative, grateful attitude opens up the path to true wealth.

2. Rediscover what you truly enjoy doing. Whether it’s hobbies, volunteer work helping others, or even the work that you currently do, where there’s a passion, there’s a future. Find the time to explore that passion.

3. Find time for contribution. Shift your thinking from achieving more money, recognition, and authority to what you can do with these assets that could help others. Certainly seeking pleasure is worthwhile. However, we’ve found that those who contribute to the well-being and advancement of others have a greater sense of satisfaction and fulfillment than those who focus solely on pleasure and personal consumption. The focus doesn’t have to be on charity or philanthropy; it could be on supporting younger family members or close business contacts in their work. The point is to stay engaged in contributing.

4. Start putting together your team for the future. Even if you trust them and respect them, the advisors that got you to this point may not be the right ones to sustain you through the next phase of your life. They may even be thinking of cashing out themselves and may not be available to assist. To use a team analogy, build some bench strength, especially if something unexpected were to happen to you or to them.

One of the most common reactions that many business owners have after they finally sell their business is an overwhelming feeling of… “now what?”

They literally don’t know what to do with themselves—and considering that many of them have spent decades working on the business, this is an understandable reaction. The key, as the article referenced above points out, is identifying your priorities. What is important to you? How do you want to spend your time? Answering these questions will help you determine “what’s next” for you… and the best time to start asking and answering these questions is well before you actually begin selling your business!

If you’d like more information on this subject, or if you’d like to discuss succession planning in general, please feel free to contact us today!

Orlando, FL – April 26, 2013 – Gary Kane, Owner and Managing Partner of Kane Forensic Accounting, an Orlando forensic accounting firm, recently published a blog on his website (http://www.kaneforensic.com) discussing fraud. The blog, titled “Small Business Fraud: Key Mistakes to Avoid” highlights four specific mistakes for business owners to avoid.

Gary Kane writes, “Interestingly, over the years I have discovered that most cases of fraud look very similar. Small business owners are prone to the same types of mistakes, and as a result, the fraud that occurs usually falls into specific patterns.”

Kane Forensic Accounting specializes in forensic accounting, business evaluation and succession planning. They leverage their specialized knowledge to provide valuable insight which enables their clients to make informed financial decisions.

The entire blog can be found at http://www.kaneforensic.com/blog/small-business-fraud-key-mistakes-to-avoid.php

To learn more about Kane Forensic Accounting, please visit http://www.kaneforensic.com

About Gary Kane:

Gary Kane is owner and managing partner of Kane & Associates, and a licensed CPA in the state of Florida.  His primary responsibilities include the planning and utilization of personnel, budgeting, cash flow management, and overall firm marketing.  Mr. Kane has been responsible for all tax preparation and planning functions within the firm.  He performs the final, technical review of all audit and review engagements.

Mr. Kane has lectured widely on various aspects of income and estate planning and personal financial planning.  He has appeared on several local television shows and has appeared on a national cable television program broadcast on the Satellite Program Network.  With his background in tax and financial planning, Mr. Kane has been instrumental in assisting clients in the formation, implementation, and management of several real estate ventures, beginning with the planning stage through the completion and ultimate management or sale.

Mr. Kane received his BSBA with honors with a major in accounting from the University of Florida and has a Masters of Science in Accountancy from the University of Central Florida.  He has over thirty-five years of public accounting experience, including four years with the international accounting firm of Alexander Grant (Orlando, Florida), before becoming a founding partner of Kane & Associates of Winter Park, Florida, in 1975.  Mr. Kane was also an accountant with Chevron Oil Company in charge of fixed asset accounting for all oil and gas properties in Louisiana, Mississippi, Florida and Alabama.

Mr. Kane is a member of the American and Florida Institutes of Certified Public Accountants and has satisfied the requirements to be accredited in Business Valuation by the American Institute of Certified Public Accountants.  Mr. Kane is a Certified Valuation Analyst and member of the National Association of Certified Valuation Analysts.  He is past president of the Central Florida Chapter of the International Association for Financial Planning and has served as Chairman of its Board of Directors.

Mr. Kane has been an adjunct professor at the University of Central Florida teaching intermediate accounting and has assisted the Small Business Development Center at the University of Central Florida in lectures on business acquisition and accounting systems for small businesses.  Mr. Kane assists attorneys in numerous areas, including tax planning, litigation, and divorce settlements.  He has testified for over twenty years as an expert witness in Orange, Osceola, Brevard, Seminole, and Volusia counties.

Orlando, FL – April 25, 2013 – Gary Kane, Owner and Managing Partner of Kane Forensic Accounting, an Orlando forensic accounting firm, recently published an article on his website (http://www.kaneforensic.com) discussing succession planning. The article, titled “Succession Planning: Ignore it at Your Peril” warns that ignoring succession planning ultimately leads to disaster.

Gary Kane writes, “If you want your business to survive—and if you want to sell it for maximum value—succession planning is essential.”

Kane Forensic Accounting specializes in forensic accounting, business evaluation and succession planning. They leverage their specialized knowledge to provide valuable insight which enables their clients to make informed financial decisions.

The entire article can be found at http://www.kaneforensic.com/articles/succession-planning-ignore-it-at-your-peril.php

To learn more about Kane Forensic Accounting, please visit http://www.kaneforensic.com

About Gary Kane:

Gary Kane is owner and managing partner of Kane & Associates, and a licensed CPA in the state of Florida.  His primary responsibilities include the planning and utilization of personnel, budgeting, cash flow management, and overall firm marketing.  Mr. Kane has been responsible for all tax preparation and planning functions within the firm.  He performs the final, technical review of all audit and review engagements.

Mr. Kane has lectured widely on various aspects of income and estate planning and personal financial planning.  He has appeared on several local television shows and has appeared on a national cable television program broadcast on the Satellite Program Network.  With his background in tax and financial planning, Mr. Kane has been instrumental in assisting clients in the formation, implementation, and management of several real estate ventures, beginning with the planning stage through the completion and ultimate management or sale.

Mr. Kane received his BSBA with honors with a major in accounting from the University of Florida and has a Masters of Science in Accountancy from the University of Central Florida.  He has over thirty-five years of public accounting experience, including four years with the international accounting firm of Alexander Grant (Orlando, Florida), before becoming a founding partner of Kane & Associates of Winter Park, Florida, in 1975.  Mr. Kane was also an accountant with Chevron Oil Company in charge of fixed asset accounting for all oil and gas properties in Louisiana, Mississippi, Florida and Alabama.

Mr. Kane is a member of the American and Florida Institutes of Certified Public Accountants and has satisfied the requirements to be accredited in Business Valuation by the American Institute of Certified Public Accountants.  Mr. Kane is a Certified Valuation Analyst and member of the National Association of Certified Valuation Analysts.  He is past president of the Central Florida Chapter of the International Association for Financial Planning and has served as Chairman of its Board of Directors.

Mr. Kane has been an adjunct professor at the University of Central Florida teaching intermediate accounting and has assisted the Small Business Development Center at the University of Central Florida in lectures on business acquisition and accounting systems for small businesses.  Mr. Kane assists attorneys in numerous areas, including tax planning, litigation, and divorce settlements.  He has testified for over twenty years as an expert witness in Orange, Osceola, Brevard, Seminole, and Volusia counties.

Interestingly, over the years I have discovered that most cases of fraud look very similar. Small business owners are prone to the same types of mistakes, and as a result, the fraud that occurs usually falls into specific patterns.

Today, I’d like to identify four of these common mistakes—so that you and your business can avoid falling victim to fraud.

1) Don’t rely on one set of eyes. The US Government relies on checks and balances—and your business should too. Always make sure that there is more than one pair of eyes on your finances and your assets. Don’t allow the same employee to print checks, sign them, and balance the books.

2) Don’t let friendship and trust cloud your vision. Almost all fraud is perpetrated by trusted employees. (If you didn’t trust them, they wouldn’t be in position to perpetrate fraud, right?) Don’t put yourself in this situation—it’s great to trust your employees, but don’t let that trust keep you from performing due diligence.

3) Don’t get too settled into a routine. If your employees know exactly how everything operates and when, they will become comfortable. Switch things up. Change the day that you perform inventory. Randomly examine your books during the month. Don’t create a sense of comfort that may embolden employees to commit fraud.

4) Don’t tell yourself “it could never happen to me.” Overwhelmingly, I have found that the business owners who are ripped off simply didn’t think it was possible. Fraud always happens to someone else, they thought. Let me tell you something: if you own a business and have at least one employee, you are vulnerable to fraud. Don’t tell yourself otherwise.

I sincerely hope that you never experience fraud in your business. But you need to do more than just hope—you need to take action. Avoid these common mistakes, and please get in touch with us today if you would like to learn more!