The Importance of Getting Your Financial House in Order
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Jen: This is the PKF Texas Entrepreneur’s Playbook. I’m Jen Lemanski, and I’m back again with Kimberly Wood, an Audit Senior Manager and one of the faces of the PKF Texas Transaction Advisory Services Team. Kimberly, welcome back to The Playbook.
Kimberly: Thanks for having me.
Jen: Last time, you mentioned getting your financial house in order. What does that look like for a company?
Kimberly: They should do a couple of things:
- They should keep current financial statements and tax returns,
- They should have a good internal CFO or Controller and well documented processes, and
- Then they should have a well-known CPA review or audit their financial statements.
Jen: So, why is it important to get your financial house in order before doing a due diligence project?
Kimberly: A well-prepared business will sell better and for more than a less-prepared business.
Jen: If they want more money, they should get their financial affairs in order, correct?
Jen: Perfect. We will get you back to talk a little bit more about some more due diligence items. Sound good?
Kimberly: Sounds great.
Jen: For more information about due diligence, visit PKFTexas.com/TransactionAdvisoryServices. This has been a Thought Leader Production brought to you by PKF Texas – The Entrepreneur’s Playbook. Tune in next week for another chapter.