It goes without saying that our firm has core competencies when it comes to preparing your financial statements and tax returns. It’s just that we see these deliverables as coming out of a value-added planning process rather than as a means to an end.
What is critical to understand about our approach is that the entire process is customized to your absolutely unique set of circumstances and desires.
We take a proactive approach in the achievement of your financial goals. We start with your highest priorities so that collectively we can achieve the greatest immediate impact in the shortest period of time. This is our commitment to Forward Thinking Finance.
STEP ONE - Complimentary consultation and proposal
The first step in our process is a complimentary consultation during which we meet with you for about an hour to discuss your concerns and opportunities. The purpose of this consultation is to determine whether we can deliver what you need and whether we have the necessary alignment with each other to produce exceptional results. If the answer on each count is yes, we will design a proposal for you and meet to review it together. If not, we will refer you to a better option if we know one, or provide some suggestions as to how you might move forward.
STEP TWO - Detailed planning session
Most of our engagements begin with a detailed planning session which takes place once we have analyzed all your data and which may include your spouse or business partner or perhaps both of them but at different times. The purpose of this session is to clarify what is important to you in a number of areas, so that every strategy is consistent with this higher purpose. It also allows us to ensure any conflicts are nipped in the bud before initiatives are undertaken that prove costly at both the financial and emotional level.
For a typical owner-manager at least the following areas are covered. For a corporate executive, the business performance component is usually replaced with career planning matters and may not be as intensive:
- Business performance
- Tax planning
- Money management
- Retirement planning
- Investment planning
- Estate planning
- Risk management
Contact us to receive our comprehensive Planning Questionnaire.
STEP THREE - Detailed report
Following the planning session, we will compile a detailed report of our findings, together with a priority implementation schedule. We will meet with you to discuss the report and seek agreement on it.
STEP FOUR - Detailed plan and implementation
We then provide a more detailed implementation plan based on your priorities and the speed with which you wish to move forward. This will come complete with the investment you need to make on a monthly or periodic basis. The idea is to progress as fast as possible within your time and budget. Our focus here is to provide significantly more value than your investment in our service.
Implementation also includes hands-on coaching that is designed to educate and help you execute at the highest levels.
OUR CLIENT PROFILE
There are essentially two paths to becoming a client at Michael Koff & Associates. In either case, our core services will be of most value to high net worth individuals, as this provides us with the foundation to produce the most performance-effective outcomes.
The first path is that of the owner-manager who is committed to driving their business forward.
Typically, your annual revenues will be at least $3 million, and several corporate entities may constitute your group. Your enterprise will generally have reliable accounting records, produced in-house, although these might not necessarily provide the key information required to propel your business forward. There is a void in the role which will ultimately be filled by a CFO, and you understand that the need for this type of input is critical, particularly if the business is to grow rapidly. You are open to leading-edge ideas and are committed to becoming a consummate leader. Typically you will also have family responsibilities and will want the financial component of these responsibilities delivered as tax-effectively as possible.
The second path is that of the upwardly mobile corporate executive who shares similar family issues but does not have owner-manager responsibilities.
Operationally, you might have a significant role in the growth of the enterprise you work for, but there is generally a more developed management team in place. You are concerned about your career path as well as your family’s well-being. You want a process to regularly review the adequacy and performance of your investments so your retirement plans remain on-track. You also want a tax-effective strategy to support your family’s needs.