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CASE STUDY: A NIGHT AT THE ROUND TABLE WAR STORIES TO SHARE OF OUR OWN TURNAROUNDS
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Date:
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June 23, 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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TMA Nevada members know turnarounds. In fact, they've been major players in all sorts of turnaround proceedings, participating in a wide variety of roles at all levels of troubled organizations. They'll share their experience, knowledge and enlightening "war stories" at TMA's June event. The program is an encore of the very successful July 2008 offering that helped make TMA one of the premier business organizations in southern Nevada.
The "War Stories" evening is a collaborative event that capitalizes on the variety of perspectives and expertise that TMA members bring to the table. It's structured as a roundtable discussion on the general turnaround process from beginning to end. Four important quadrants are on the agenda. The discussion will start with a big picture, 30,000-feet overview perspective, move to a helicopter, day-in-the-life of a turnaround, point of view and then follow with a micro-view focused on the human factor, with its twin components of denial and ego, which play such an important, although often hidden, role. The fourth quadrant of the conversation will cover the public aspects of a turnaround, which include marketing, public relations and branding.
Join TMA Nevada for a discussion that's certain to be lively and informative on Wednesday, June 23, 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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TMA Nevada Gets a Fascinating Look
Into the World of Forensic Accounting
TMA board member and treasurer, Bill Stieren and three experienced practitioners of forensic accounting, led an interesting and far-ranging discussion amongst May event attendees. Panelists were Joe Leauanae, managing director of Anthem Forensics, Kurtis Allen, CPA and MBA, at McNair & Associates, Chtd., and Terry Gilland, who is an audit director in the Desert Southwest practice of McGladrey & Pullen. TMA members and guests learned the difference between forensic accounting and auditing, and received valuable guidance about the signs that call for bringing in forensic expertise.
Leauanae began with a definition. Audits are done to measure compliance with generally accepted accounting principles. Forensic accounting is done for different reasons, most typically, to uncover the causes of a perceived problem. It generally looks at areas of highest risk, and tends to be more creative in orientation. Allen added that it's usually a business owner or an attorney who calls a forensic accountant and outlines the areas of concern that need to be investigated.
Gilland commented that, surprisingly, it's often the most-trusted employee, who's at work every day and never takes vacation or sick leave, that turns out to be responsible for financial irregularities. Most forensic accountants start with an interview with the business owner or CEO. Allen commented that it's really important for the accountant to listen carefully to what owners and top managers have to say. He's learned that they are usually correct in their assessments of what's going on, especially if they've cultivated an open-door policy and pay attention to what they hear from employees.
Most of the program focused on steps every business can take to avoid the need for a forensic accountant. According to Leauanae, division of financial responsibilities and good internal control are the best simple preventatives. He also stressed that it's critical to have a comprehensive operating agreement that includes how the business is to be split up and defines key terms like "profits." Gilland said payroll and cost of goods sold tend to be the biggest problem areas for fraud and embezzlement, and added that business owners should make it a point to carefully review bank statements and both sides of all cashed checks.
With all that said, the panelists agreed that 100% of all business will experience fraud at some point. Their advice to business owners is to be realistic and proactive. A routine audit is not necessarily going to determine irregular activity. Most CPAs, which means most CFOs and controllers, know what CPAs look for. It's fairly easy for them to work around accounting principles, especially if accountability and access to the books are limited. Although a CPA should still set up the bookkeeping system, separation of financial responsibilities is critical, even in the smallest business. The best strategy is to always follow the cash and assets converting into cash. Pay attention and use common sense. Stieren closed the discussion with a comment, "If you think something isn't right, you're probably right. If you think it's time to call a forensic accountant, it doubtlessly is. Rely on your instincts but hope these guys prove you wrong."
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Frank Merola (top left): Frank A. Merola is a managing director in the recapitalization & restructuring group in the Los Angeles office of Jeffries & Company, Inc.'s investment banking division. Jefferies & Company, Inc., is the principal operating subsidiary of Jefferies Group. Merola has more than 20 years of experience in business reorganization and bankruptcy as an attorney with Stutman, Treister & Glatt.
As a restructuring lawyer, Merola has advised debtors, creditors, acquirers and equity holders in both Chapter 11 and out-of-court restructurings across a range of industries. Merola has developed a sub-specialty advising parties in casino restructurings and bankruptcies, including Tropicana Hotel & Casino, Trump Hotel & Casino Resorts, Aladdin Hotel & Casino, Sands Atlantic City, Resort at Summerlin, Gold River Hotel & Casino and Arizona Charlie's. Merola graduated cum laude with a BS in Business Administration from Georgetown University, and earned a JD from University of California at Los Angeles School of Law.
Bob Olson (top right): Bob L. Olson, board member of TMA Nevada and its former treasurer, is an attorney and shareholder at Greenberg Traurig practicing in their business reorganization and bankruptcy group. He specializes in corporate restructuring, bankruptcy, insolvency, secured and real estate transactions, commercial law and commercial litigation. He has represented creditors, landlords, debtors, trustees, equity security holders and creditors in cases ancillary to foreign proceedings in a number of bankruptcy cases and in the representation of lenders and landlords in transactional eviction and litigation matters. Bob is board-certified in business bankruptcy law by the American Board of Certification. He earned his law degree with honors from the University of Wyoming. TMA Nevada awarded Olson "Bankruptcy Practitioner of the Year" for 2009. He was also recognized as a Nevada "Super Lawyer" from 2007 through 2009.
To learn more about Bob, view his profile.
Andrew Osborn (bottom left): Andrew Osborn is a senior vice president and national sales manager with Summit Financial Resources. He is a graduate of Utah State University. Summit Financial Resources is a nationally recognized provider of working capital financing to small and medium-sized businesses in a broad range of industries. It provides cash flow solutions to companies requiring a financing structure that cannot be provided by banks or other commercial finance sources. Osborn is based in Salt Lake City, Utah.
Kimberly Owen (bottom right): Kimberly Owen is a vice president at NAI Las Vegas, a firm that specializes in commercial real estate services. Owens has over 10 years of experience meeting the focused real estate needs of business and corporations in the Las Vegas market. She was formerly with Grubb & Ellis Las Vegas, the Industrial Property Group and Colliers International. With equal expertise in serving both the corporate client and meeting the specialized needs of smaller, specialized businesses, she provides corporate services, disposition and acquisition assistance, investment, property valuation and advisory services, landlord representation, tenant representation and build-to-suit market analysis.
In the real estate services industry, Owen is known for her personalized and multifaceted approach to property search and market analysis and for her creative marketing of listed properties. She is a member of NAIOP and is active in the commercial real estate industry.
To learn more about Kimberly, view her profile.
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"The Unsinkable Molly Brown", TMA Nevada and Me:
Lessons in Building a Start Up
By Pamela Joy Ring, president
I am happy to write to you as a president who will be giving up her position in a few months. Not because I am tired or bored or not interested, but because I have worked for being able to say these words as a testament to achieving a goal. The goal was to take a young, fledgling and virtually unknown business organization in February 2008, to a position of strength and renown; to make it an association which offers great pedigree of membership, and value in delivering programs designed to enhance the professional knowledge and business prospects of its members. And in the doing, distinguish it, and set it a part from other local business organizations.
If it was easy, as they say, anyone could have done it. It wasn't easy. That's why I think of the historical figure, Margaret Brown, who was immortalized in the 1960 musical, "The Unsinkable Molly Brown"...
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