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CASE STUDY: THE ROLE OF FORENSIC ACCOUNTING IN TURNAROUNDS HOW TO FIND AND FOLLOW THE MONEY
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Date:
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May 19, 2010
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Time:
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5:30pm to 7:30pm
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Location:
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 Ruth's Chris Steakhouse
3900 Paradise Road
Las Vegas, NV 89101
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Forensic accounting will be the topic of the Turnaround Management Association of Nevada's May program. TMA Board member William Stieren, a CPA and CBI and vice president of Allied Business Intermediary International, Inc., will serve as moderator. Panelists include Joseph L. Leauanae, managing director of Anthem Forensics, Kurtis J. Allen, CPA and MBA, at McNair & Associates, Chtd., and Terry Gilland, who is an audit director in the Desert Southwest practice of McGladrey & Pullen, LLP.
The selected panelists are well qualified to speak on the topic. Leauanae is managing director of Anthem Forensics, a Las Vegas firm that provides forensic accounting, business valuation, and economic damage calculation services. He holds the titles of CPA, CITP, CFF, CFE, ABV and ASA. At the firm, Leauanae provides litigation support and financial valuation services. His engagements in these areas have involved valuing businesses, applying forensic and investigative accounting techniques and quantifying economic damages.
Allen is a CPA with McNair & Associates, a Las Vegas accounting firm established in 1978. Its forensic and certified public accountants serve clients in Nevada and surrounding states with comprehensive accounting services. Present and previous clients include insurance companies, charitable organizations, employee benefit and pension plans, mortgage servicing firms, manufacturing concerns, ranching and farming businesses, contractors, publishers, mining, medical and dental organizations, wholesale and retail trade businesses, restaurant and bars, professional service corporations and homeowners' associations as well as governmental entities.
Gilland is director of construction services at McGladrey & Pullen. He spends most of his time helping clients in the construction industry. He has experience with external reporting matters and auditing financial statements. Gilland also has served clients in a variety of industries, such as medical practices, automobile dealerships, insurance agencies, law firms, advertising agencies, restaurants, real estate, and other corporate entities. In the course of his career, he has worked extensively as an expert witness in connection with litigation involving various clients.
Stieren serves as treasurer of TMA Nevada. He is a Certified Business Intermediary and a seasoned CPA with extensive experience in buying, selling, operating and financing businesses. He brings a unique set of skills to the transaction table and has more than 30 years experience advising businesses on tax and financing issues, enhancing profitability and with long term financial planning.
Join TMA Nevada for the discussion on Wednesday, May 19, 2010, at Ruth's Chris Steakhouse, 3900 Paradise Road, Las Vegas, NV, 89101 from 5:30 to 7:30 pm. The cost is $30 for members, $40 for non-members. Registration includes complimentary appetizers. For more information and online registration, go to www.tmaofnevada.com
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Where's the Money?
Help Your Banker to Help You Find It, Says TMA Panel
Attendees at TMA of Nevada's April meeting heard a very important message from a panel of banking industry experts discussing "Where's the Money?" The panelists agreed that the financial universe has changed dramatically, but agreed that there is still money and credit available. In the new world, however, bank customers have to take an active role in helping their bank to help them. Cory Schwab, founder of One Consulting, and a financial consultant with regulatory experience, elaborated, "You need to have a thoughtful business plan, you need to have good books, which usually means using a good electronic bookkeeping system, and you need to have accurate financial statements. You also need to do your homework, and approach banks that do the kind of lending you're seeking."
Bruce Hendricks, CEO of Bank of Nevada, added, "Bank of Nevada has never stopped making loans. As a community bank, we've continued to be in touch with the needs of this market. But it is true that our lending criteria have changed. We've moved away from looking mainly at collateral. Now, we are interested in projected cash flows and in contingent liabilities that might affect ability to repay." Bill Uleman, vice president of M&I Portfolio Services, concurred, "With larger institutions, figuring out asset values can be very complex and all banks are operating in a restrictive environment. The losses in loan values are a decline in capital, which is reflected in lower loan caps. That said, though, larger banks do have resources for the borrower with a good growth plan." Uleman also commented that many non-traditional resources, like the SBA, are increasing in importance.
Panel moderater and TMA Board member Pat Wisman, president of SouthwestUSA Bank, added, "Bankers want to help their customers. That's what they're in business to do. But customers have to do their part, too. Develop a relationship with your banker. Talk to him or her before you absolutely need to. Often, a banker can steer you in the right direction or link you with a resource, like TMA, that can really help you get a handle on your business."
In the past, the easy availability of money meant businesses didn't need to work especially hard to find a willing lender. This was particularly true in Nevada, with its strong growth curve over the previous 15 years. Now, businesses need to do their homework, research financial institutions and realize that the price of credit often includes forgoing total control over their growing enterprise. The lending institution will have a stake, too, so the more the bank knows about the customer and the businesses, the higher the comfort level is likely to be. For the same reason, all four panelists concurred that, in the future, community banking and niche banking are likely to increase in importance. They are closer to the community and to the customer, and thus more able to accurately assess risk and benefit.
A lively question and answer session followed the panel discussion. As the presentation concluded, moderated Wisman reiterated that banks are in business to lend money. "I always think of the line from "Jerry Maguire," the hit movie of a few years back. "Help me to help you." That really sums up my best advice for dealing with the market we have today."
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Greg Garman (top left): Gregory Garman is a shareholder in the business restructuring and bankruptcy department at Gordon Silver. His practice is concentrated in commercial and corporate bankruptcy and restructuring and he regularly represents debtors, trustees, official committees, secured creditors and other parties in matters involving hospitality, lending, high tech, gaming, airlines and real estate. Since joining Gorman Silver in 1997, Garman has played an integral role in the success of the business restructuring and bankruptcy department. He has earned high recognition from his peers, and is continually recognized by "Best Lawyers in America" and "Nevada Superlawyers." He's also a lecturer on a wide variety of legal topics and represents his firm with Lawyers Associated Worldwide. Garman is a member of the State Bar of Nevada, Southern Nevada Association of Bankruptcy Attorneys, Clark County Bar Association and the American Bankruptcy Institute. He received his J.D. from the Loyola Law School and his B.A. from Loyola Marymount University. To learn more about Greg, view his profile.
Bill Granda (top right): Bill Granda is Southwest U.S. Regional Director for Paradigm Associates LLC, a firm that ranks in the top 10% of consulting firms in the country. He coaches management, employee and sales teams to improve their ability to get results. His focus is helping senior leadership to clarify organizational strategy and to implement it to improve performance and capitalize on opportunities. Granda joined Paradigm in 1991 after 20 years of experience with advertising and consulting firms. In Las Vegas, he concentrates on professional and financial service organizations, family businesses and non-profits. He has developed a process to help medical practices capitalize on the transition from a paper to an electronic environment practice and has created program materials for strategic thinking, leadership development and time management initiatives. Granda recently pioneered a broad-based municipal strategic planning process involving over 500 citizens and government officials. He serves on the board of the Turnaround Management Association of Nevada and chairs a committee of the Southern Nevada Medical Industry Coalition. He's also active in the Las Vegas and North Las Vegas Chambers. To learn more about Bill, view his profile or website.
David Grimes (bottom left): David Grimes has been chief financial officer of Gaming Partners International since December of 2006 and its treasurer since September 12, 2009. GPI concentrates on products that are specific to the gaming and casino industry, including chips, dice, wheels, cards and gaming tables. It both develops and manufactures these products and does direct sales to casinos all over the world. In practice, GPI functions as a partner with the casino to advise on best choices for security, reliability and quality. From 1998 through 2006, Mr. Grimes served as vice president at Artemis International, Inc. Between 1995 and 1998, he was CFO and then president and CEO of WFI Industries Ltd., a publicly traded manufacturer of residential and commercial geothermal heating and cooling systems. His resume includes experience as a financial analyst, corporate treasurer and CFO. Grimes earned an MBA degree from Harvard Business School and a master's degree in accounting science as well as a B.S. in accountancy from the University of Illinois. To learn more about David, view his website.
Anne Loraditch (bottom right): Anne M. Loraditch is of counsel in the Las Vegas office of Greenberg Traurig in the Business Reorganization and Bankruptcy Group. She focuses her practice on corporate restructuring and works to preserve or recover client assets in insolvency matters. Loraditch has wide-ranging experience with some of the largest reorganizations in Nevada history. Her experience includes pre-bankruptcy restructuring negotiations, plan formulation and confirmation, claims recovery and asset sales. Through a previous employment, Loraditch gained significant experience with asset recovery for private investors in the construction industry. She has been named a Rising Star in "Mountain States Superlawyers" and was nominated for State bar of Nevada Board of Governors. Loradich holds a B.A. cum laude from Texas A and M University and earned her J. D. degree from the William S. Boys School of Law at the University of Nevada, Las Vegas. She is admitted to practice in Kentucky and Nevada. To learn more about Anne, view her website.
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Adapting to Change Versus Accepting Change
For Now...Perhaps it's One in the Same
By Pamela Joy Ring, president
Last month, we had a great meeting. The subject was about the changing landscape of banking and how to find money for running a business in the midst of this change. Our esteemed panel of expert bankers and regulators moderated by fellow TMA Nevada board member, Pat Wisman, sent a poignant and humble message: it's a new era, all things in the world of banking as we once knew are changing for a variety of reasons, and the dust has yet to settle. The reason...because everyone is still trying to figure out the new rules...the government, the financial services industry let alone we business owners who are looking to start or run or grow or perhaps even save our business.
Why was the message humble? Because, imparted to us was that in this era of change and unsettlement, we need to count on what we do know...
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