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GJM November Business of the Month

Gilmore Jasion Mahler new buildingGilmore Jasion Mahler is featured by the Arrowhead Park Association as the November, 2019 business of the month. Enjoy the association's article about the firm's soon-to-be new home. Managing Partner Kevin Gilmore shares some thoughts in the article about GJM's growth through the years and how the new building is a reflection of GJM staff.

Established in 1996,Gilmore Jasion Mahler, LTD (GJM) is the largest public accounting firm in Northwest Ohio, with offices in Maumee and Findlay. Locally owned, GJM offers cloud-based accounting and provides comprehensive services including assurance, business advisory, tax, risk advisory, healthcare management and outsourced accounting. The firm's professionals specialize in industries including construction & real estate, healthcare, manufacturing & distribution and utilities

Get to Know GJM’s Molly Wolf

Molly Wolf Gilmore Jasion MahlerThere are some news faces at GJM this fall. We like to share a bit about our new team members to welcome them to the Gilmore Jasion Mahler family and to give us all a chance to know them a bit better. Today we would like to introduce you to our new Accounting Services Manager Molly Wolf. Enjoy this Q&A with Molly as we ask everything from why she chose the accounting industry to her favorite type of music. Welcome, Molly!

Describe your role at GJM: Administration assistance, compliance, reconciliation and reporting for retirement plan clients. (still working on my role)

When did you start with GJM? September 10, 2019

Why did you choose the accounting industry? During high school I took a few accounting courses, which I enjoyed. I was lucky enough to find a passion for retirement plans.

What do you like best about accounting? Accounting is just a big puzzle, I enjoy finding each piece’s purpose and seeing the bigger picture.

Are you from the Toledo area originally? Yes, originally from Sylvania  

What do you like about living in Northwest Ohio? That you can have all four seasons in one day

Anything you’d like to share about your past professional experience? I have 13 years of retirement plan accounting.

Do you have any pets, hobbies, family? I am married to PJ Wolf and we have a 5-year-old son named Philip. We have two cats, Oliver and Karli. Hobbies include curling (the winter sport) tennis and softball. 

How do you like to spend your free time? Playing board/card games

Favorite song or music? Alternative and folk rock

Favorite book or movie? On Moonlight Bay

What is something people may be surprised to find out about you? I wish I could have met Doris Day.  

Anything else you’d like to add? I live in Portland, OR for the past 4.5 years and moved back to Ohio a few months ago.

Welcome to the team, Molly!

Established in 1996, Gilmore Jasion Mahler, LTD (GJM) is the largest public accounting firm in Northwest Ohio, with offices in Maumee and Findlay. Locally owned, GJM offers cloud-based accounting and provides comprehensive services including assurance, business advisory, tax, risk advisory, healthcare management and outsourced accounting. The Firm's professionals specialize in industries including construction & real estate, healthcare, manufacturing & distribution and utilities.

The 8 Steps of Business Succession Planning

Jeff Denning Business Valuation Gilmore Jasion MahlerIt’s one of those issues that you may feel you don’t have time for because you’re too busy actually running your business. But it’s an important question you need to ask yourself. What are your plans for the business once you’re out of the picture? It’s surprising how few business owners actually know the answer. Statistics show that almost half of family businesses have absolutely no succession plan.

Gilmore Jasion Mahler and Croghan Colonial Bank recently teamed up to present a business succession planning workshop for area business owners. They offered some valuable takeaways including 8 steps to ensure a successful transition to new leadership.

First and foremost, be realistic about how long it will take to sell your business. Croghan’s Paul Wannemacher says the average time to sell a business once it’s listed for sale on the market is 6-11 months. He says one should also factor in 2-3 months to close once an agreement is reached.

“Make sure you’re ready when that prospective buyer does come along,” says Wannemacher. “Create a descriptive listing of the business as well as an overview. Just like when selling your house, you need to think about “curb appeal”. You may need to resurface the parking lot, freshen the landscape or painting to make it look more attractive to a potential buyer.”

Once you’ve tended to that first impression of your business and informed your key management, here are the 8 steps to succession planning:

  1. Get a handle on the marketplace. What’s the climate in your industry, the local economy and the national and international economies? Are there potential buyers out there?  Maybe your family members, managers within the company, maybe competitors?
  2. Pull together a team of advisors. This team should include your CPA, lawyer, wealth advisor and commercial banker.
  3. Get your business ready for transition
  • Review metrics
  • Make sure your records are accurate and up to date

It’s smart to anticipate some challenges along the way as you get your business ready for transition. Some of those challenges could include:

  • Normalizing your income statement
  • Cash flow/debt service history and capacity
  • The condition of your balance sheet
  • Collateral

Who is in the pool of potential buyers?

  1. Get a valuation

Gilmore Jasion Mahler CPA Jeff Denning is an expert in business valuation. He says the first question you need to ask yourself before getting a business valuation is: what are you offering to sell?

“Are you selling all of the transferable assets of your business or a fractional interest or equity share? What about your client and customer relationships? Your contracts? What about your workforce? We’re in the midst of a critical workforce shortage,” says Denning. “Many businesses are interested in acquiring other businesses right now to acquire their workers.”

Another challenge can be landing on an asking price for your business. Denning offers these questions to ask yourself:

  • Do you have a CFO or controller to assist in this process?
  • Do you have an outside CPA with valuation experience?
  • Do you need a business broker to help assess market potential or handle the entire sale process?
  • Do you need a real estate appraiser?
  • Grade your business against other comparable businesses
  • Is the business transferable? Owner-operated? How much risk of retaining customers?
  • Put yourself in the buyer’s shoes- your advisors should help with this perspective
  1. Create a personal financial plan: What amount of sale proceeds do you need to be satisfied? Look at your living expenses, vacations and spending you anticipate, family and charity goals. Don’t discount the emotional toll of finally leaving a business you’ve nurtured and built over the years.
  2. Prepare your family for the transition: The sooner you can let family members in the business know your plans the better. You may consider family wealth transfers through trusts or partnerships.
  3. Work with prospective buyers: Some things to keep in mind as you consider bids: how will loyal managers and employees be treated? Will the new owners continue with the company, improve it, or close it down?

“The buyer may want you to stay for a period of time after the sale. Just be very clear what that continuing role might be and how long will it last,” adds Croghan Bank’s Chris Kelly.Succession Planning Chris Kelly Paul Wannemacher Croghan

  1. Structure and close the sale

“Once you’ve identified a buyer, be aware that the final stretch can be as difficult as all the other steps that led you to this… and maybe more frustrating,” says Croghan’s Paul Wannemacher. “Will the business organization change? Will there be a reorganization? Are non-compete agreements needed?”

And, what type of financing is available?

  • Seller financing (you take on all the risk)
  • Conventional bank financing
  • SBA 7(a)
  • Collateral enhancement
  • Equity investors
  • ESOP

From assessing the marketplace to closing the sale, these eight steps are meant to be a guideline as you contemplate the future of the business you’ve worked so hard to build. While it may seem daunting, many financial experts agree that perhaps the worst thing you can do in regard to succession planning is to do nothing. If you and your financial team can come up with a strategy, you can rest assured that your exit will leave your business and your employees well positioned for future success.

Jeffrey S. Denning, CPA ABV, CFF is a partner with Gilmore Jasion Mahler, LTD. He has over 30 years of accounting experience, with a focus on providing services as an accredited business appraiser, forensic accountant, litigation consultant, and expert witness.

Chris Kelly is a Vice President and Commercial Loan Officer at Croghan Colonial Bank. He has over 20 years of experience in commercial banking, providing small to medium sized privately held businesses, nonprofits and professional firms with financial solutions.

Paul Wannemacher, CPA, PFS, CFP is a Vice President and Trust Officer at Croghan Trust & Investment Management. He has over 25 years of experience in trust administration, portfolio management, tax & financial planning and business consulting.

Established in 1996, Gilmore Jasion Mahler, LTD (GJM) is the largest public accounting firm in Northwest Ohio, with offices in Maumee and Findlay. Locally owned, GJM offers cloud-based accounting and provides comprehensive services including assurance, business advisory, tax, risk advisory, healthcare management and outsourced accounting. The Firm’s professionals specialize in industries including construction & real estate, healthcare, manufacturing & distribution and utilities

Get to Know One of Our Newest Team Members

Jason Shepherd Gilmore Jasion MahlerWe are pleased to welcome a new member to the GJM family. Enjoy this Q&A with our new risk consulting senior associate Jason Shepherd.

  1. Describe your role at GJM – I am joining Matt Hoverman’s GJM team as a senior associate to help grow our risk consulting practice for the firm. I intend on leveraging my perspective from the internal audit experience I possess to build relationships with our current and future clients. Additionally, I will be handling work ranging from SOX/ITGC’s, Data Privacy & Cyber, and other areas the team pursues in the risk consulting practice.
  2. When did you start employment/will you start at GJM? Monday, August 5, 2019.
  3. Why did you choose the accounting industry? Originally took accounting in high school because a favorite teacher of mine was the teaching the class. Ended up really doing well in it and knew I wanted to pursue a business career in college, so I continued the path of accounting at BGSU.
  4. What do you like best about accounting? The wide range of opportunities in different specializations. I originally had no intentions of being in the IT industry of accounting, but the amount of exposure and great working experiences I have been blessed to be apart of in such a short time has really been exciting.
  5. Are you from the Toledo area originally? If not, where are you from? I grew up in Clyde, OH and spent about 5 years or so in the Bowling Green area. Most of my family is from Bowling Green, Monclova, and Maumee.
  6. What do you like about living in Northwest Ohio? Being back near friends and family is the biggest win for me and my wife. I lived the city life being in Cleveland and metro Detroit for the past few years and there is nothing better than being able to take the back roads home and enjoying the openness.
  7. Anything you’d like to share about your past professional experience? I graduated the Master of Accountancy program at BGSU in 2017 and then started my career within the IT Internal Audit department of Sherwin Williams in downtown Cleveland. I was blessed to be exposed to many great opportunities within that network. At the time my girlfriend was with a big four accounting firm in Detroit, with a home we were renovating together, so I worked at finding a new opportunity in Michigan to relocate and propose. In the Spring of 2018, I accepted a similar role as IT Compliance Analyst within Masco Cabinetry in Ann Arbor, MI. I have spent the past year and a half revising their ITGC framework and Key Report testing, among other things. Fast forward to today, my wife and I got married this past May and are currently in the process of selling our home in Michigan and settling down in this area!
  8. Do you have any pets, hobbies, anything to share about family? My wife and I have two dogs and a cat, all of which are rescues. Hobbies include recreational sports, training with friends, binge watching Friends on repeat before they cancel on Netflix, video games, traveling, and just enjoying the married life!
  9. How do you like to spend your free time? I love to spend a lot of time with my dogs, Thor & Loki. When I’m not with them I love to do anything sports/fitness related. Also, I’m a big moviegoer!
  10. Favorite song or music? Anything 90s is a go to.
  11. Favorite book or movie? I’m a huge comic book/superhero geek, so I have to go with Man of Steel as one of my favorites. Another go to in the comedy genre has to be The Big Lebowski.
  12. Are you involved in any community organizations, do any volunteer work? Currently no, due to relocation. However, I intend on getting involved more with Habitat for Humanity and other volunteer work with our church this coming Fall.
  13. What is something people may be surprised to find out about you? Last May I competed in an MMA caged bout here in Maumee to cross it off my bucket list of things to achieve in life.
  14. Anything else you’d like to add? I’m looking forward to beginning my journey with the firm. I have always known GJM to have a great culture and a very team-oriented environment. It’s a very exciting time here with a lot of growth happening. I feel blessed to be part of such a great organization! 

Established in 1996, Gilmore Jasion Mahler, LTD (GJM) is the largest public accounting firm in Northwest Ohio, with offices in Maumee and Findlay. Locally owned, GJM offers cloud-based accounting and provides comprehensive services including assurance, business advisory, tax, risk advisory, healthcare management and outsourced accounting. The firm's professionals specialize in industries including construction & real estate, healthcare, manufacturing & distribution and utilities.

Is your Home Health Agency ready for PDGM?

Home healthcare PDGMChange is coming. Is your home health agency (HHA) ready? The Centers for Medicare and Medicaid (CMS) recently announced a change coming in 2020 to the payment rate structure for home health agencies. The proposed rule brings other changes as well, changes you and your team need to be ready to implement. Its all part of the Patient-Driven Groupings Model (PDGM) that CMS says will drive better patient care based on patient needs and not the volume of care. In this article we’ll summarize the proposed changes. We’ll also offer up a short suggested to do list for any home health agency wondering where to start.

First, a look at some of the key changes for HHAs that take effect in January of 2020:

-Change the way episodic payments to home health agencies are made from a 60-day time frame to 30 days.

-Change in-home infusion therapy payment rates: temporary transitional payment rates for 2020, new permanent home infusion therapy rates to take effect in calendar year 2021.

-Home infusion therapy proposed payment changes:

                -Three payment categories for home infusion drugs

                -Payment rates to factor in geographic location (Geographic Adjustment Factor (GAF))

   -Higher payments for first home infusion therapy visit, small decrease in payment for each   visit after that

-Phase out Requests for Anticipated Payment (RAP) in an attempt to curb any potential program integrity possibilities.

-In an effort to improve access to care, allow therapy assistants to provide maintenance therapy. The change would be consistent with regulations for skilled nursing facilities.

-Adopt new quality measures to evaluate the effective transfer of home health information with the goal of improved patient safety and accurate medication lists.

-Adopt new patient assessment data including:

  • Cognitive function
  • Mental status
  • Special services
  • Treatments and interventions
  • Medical conditions and comorbidities
  • Social determinants of health

-Remove pain-related quality measures in an attempt to avoid over-prescription of opioids.

-Public report of Total Performance Scores (TPS) for home health agencies which could lead to better, more objective comparisons of caregivers and incentives for improved performance of HHAs.

“Most larger home health organizations are likely already well on their way to compliance ahead of the January 2020 adoption of the proposed rule,” says Gilmore Jasion Mahler Healthcare Specialist Jamie Dixon, CPA. “I’m already talking with my clients about this, they know it’s happening and are already preparing. It’s the smaller home health agencies with fewer resources that I am worried about.”

Jamie’s worked in the healthcare space for many years. A member of the Gilmore Jasion Mahler Healthcare Specialist Team, his focus areas include home health, hospice and skilled nursing. His experience includes Medicaid and Medicare reimbursement consulting, cost report preparation and review as well as specialized accounting issues related to healthcare entities.

He suggests three priorities for any HHA that doesn’t know where to start in preparing for the new regulations.

  1. Talk to your vendors. Make sure they’re aware of the changes.
  2. Make sure your billers are trained on the new system.
  3. Rely on trusted resources to learn more.

“In my mind, #3 is especially important,” says Dixon. “Your agency’s accounting firm should definitely be one of those trusted resources. I’m having a lot of conversations right now with my home health clients. Sometimes they just need to run something by me to get my take. Other times I’m more involved in driving decisions. This is a big change that involves some serious planning. Now is the time to prepare, so that when year-end comes, you’re ready for PDGM.”

You can learn more about the home health Patient-Driven Groupings Model (PDGM) on the CMS website where you’ll find several resources for home health agencies.

Established in 1996, Gilmore Jasion Mahler, LTD (GJM) is the largest public accounting firm in Northwest Ohio, with offices in Maumee and Findlay. Locally owned, GJM offers cloud-based accounting and provides comprehensive services including assurance, business advisory, tax, risk advisory, healthcare management and outsourced accounting. The Firm’s professionals specialize in industries including construction & real estate, healthcare, manufacturing & distribution and utilities.