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Gilmore Jasion Mahler (GJM) is pleased to announce that Jamie Dixon, CPA has been named as firm administrator. 

Already a member of the firm’s leadership team and Healthcare Specialist Team, Jamie’s new management role will include oversight of GJM firm operations, management reports and budgets as a critical member of the executive team for both the Maumee and Findlay offices. He joined GJM in April of 2013. 

Jamie’s professional expertise as a CPA is home health and long-term care. He has over thirty years of experience in both private and public accounting, providing consulting services to home health, hospice, skilled nursing facilities, intermediate care facilities for individuals with intellectual disabilities (ICFIID), federally qualified health centers (FQHCs) and other healthcare entities. He consults frequently on Medicare and Medicaid reimbursement and cost report issues. Jamie will continue his client work in addition to his new leadership role.  

“I’m excited to take on this new challenge and expand my leadership role with the firm,” says Dixon. “I’ve developed strong relationships with many of my clients and am pleased to be able to continue to be there for them as well.”

GJM Managing Partner Kevin Gilmore says he’s confident Dixon will excel in his new position.

“No question, it’s an unusual time to take on a new role, as we all struggle with the pandemic and its impact on all of our lives, both personally and professionally. Jamie is a calm, capable leader and I have no doubt he will do an outstanding job as GJM’s new firm administrator.”   

Dixon has already assumed his new duties.

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.

Hannah Mankowski recently came on board with GJM as an Audit Associate. Here's a chance to get to know her a bit as she settles into her new role. Welcome, Hannah!

When did you join GJM? November 2019

What do you like best about accounting? I like that everything fits together and can be figured out. Working through a problem and being able to deliver what you said you were going to deliver and add value is very satisfying.  

Are you from the Toledo area originally? If not, where are you from? I am originally from Plainwell, Michigan (near Kalamazoo). Went to BGSU for college and decided to stay in the area.

What do you like about living in Northwest Ohio? I like living close to BG and Cedar Point

Anything you’d like to share about your past professional experience? I spent two years with one of the big four accounting firms and I got to learn and experience a lot in that time with them.

Do you have any pets, hobbies, family? I am from a family with 6 other siblings, so that has taught me to deal with and thrive under chaos. My current family includes my husband, Reid (who also works at GJM), my two dogs (Bogey and Ace) and myself. I played golf through high school and then in college at BGSU so I enjoy golfing and I am lucky that Reid does as well. I also love to spend time with our families.

Favorite book or movie? One of my favorite books is Pride and Prejudice, but I also have read the Harry Potter series multiple times.

What is something people may be surprised to find out about you? I loved running in college and ran two half marathons. I do not run as much anymore. Ha, Ha.

Interested in pursuing a career with Gilmore Jasion Mahler? Please visit our careers page to get a feel for life at GJM.

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.

Emily Beebe has joined the GJM audit team as an associate. Here’s an introduction in the form of a Q&A. Welcome, Emily!

Describe your role at GJM: So far, I’ve spent my time at GJM learning auditing basics and the common tasks I’ll be completing. I’m looking forward to working with clients directly in the future.

When did you start working at GJM? September 16, 2019.

Why did you choose the accounting industry? I was originally majoring in psychology and found myself taking a required accounting course – it “clicked” so much better for me and I changed my major. The rest fell into place!

Why did you specifically decide that GJM was a good fit for you? I knew I wanted to get involved with auditing but didn’t have an interest in the Big 4 firms. GJM, being a smaller but still reputable firm, is perfect for me.

Are you from the Toledo area originally? If not, where are you from? I’m not from the Toledo area – I’m from mid-Ohio, near Bucyrus/New Washington.

What do you like about living in Northwest Ohio? I like living in Northwest Ohio because I can stay close to my family while also pursuing opportunities that aren’t available in rural mid-Ohio.

Where did you go to school? I went to school at Heidelberg University in Tiffin for my undergrad, and BGSU for my Master of Accountancy.   

How do you like to spend your free time? I like to spend my free time outdoors and enjoy hiking and spending time with pets. I’m not very athletic and am not involved in sports but like to stay active anyway.

Are you involved in any community organizations, do any volunteer work? Is there a particular cause you feel strongly about? If so, why? I’m passionate about pets and animals and am interested in volunteering for local shelters. My family has adopted almost exclusively shelter pets in the past, and they are always such wonderful animals that deserve a loving home.

Favorite song or music? I’m a fan of country music – it seems I’m not alone at GJM!

Favorite book or movie? I’m pretty open with books and movies and will enjoy almost anything, except scary/horror movies which I can’t handle!

What is something people may be surprised to find out about you? Someone might be surprised to learn that I’ve done some website design in the past and know a bit of coding. 

Ask any business owner and they’ll no doubt tell you there’s much to consider when contemplating either buying or selling a business. The process can last months or even years as the owner pulls in experts, reviews reports and considers all the facts before signing on the dotted line. A critical piece of this due diligence is the quality of earnings report (Q of E) that provides a detailed analysis of how a company records its revenues, such as cash or non-cash, recurring or nonrecurring. The Q of E report’s goal is to provide assurance that earnings are sustainable and will also translate into cash flows. Reports are usually focused on sustainable earnings before interest, taxes, depreciation and amortization (EBITDA) or free cash flow (FCF). FCF performs an analysis of working capital needs for the business as well as capital expenditures that are needed. Q of E reports are prepared by independent third parties and usually by the buyer or their representative. The seller may also have an independent third party prepare a Q of E report in preparation for a sale. 

In this blog we will further define the quality of earnings report, examine why this is a critical report to review during the buy/sell process, and offer a list of the most important components of a reliable Q of E report. You’ll also hear from the CEO of a global manufacturer about what he views as the most crucial takeaways.

Quality of Earnings: What is it?

A Q of E report offers a close examination of company finances. Unlike an audit, Q of E reports typically focus on trailing 12 months (TTM) and usually a few historic periods as well. They are also more focused than an audit. It typically can take anywhere from three to four weeks to complete a Q of E report depending upon the availability of data and management’s responsiveness.

Components: What’s in a Q of E Report?

Q of E reports usually include but are not limited to:

• Executive Summary including a business overview and the transaction overview (if known)
• Income statement section that may include the following:
  • Breakdown of revenue by components such as customer/product lines/service lines
  • Historical revenue trends
  • Determination of one-time income/expenses vs recurring expenses
  • Management EBITDA adjustments are analyzed
  • Diligence adjustments to EBITDA suggested by the preparer
• Balance Sheet is disclosed and analyzed
• Working capital is analyzed in detail and normalized
• Recommendations and findings by the preparer of the report

Gilmore Jasion Mahler (GJM) consulting and assurance partner Greg Taylor leads the GJM Private Equity Advisory practice and advises many businesses. He views the quality of earnings report as an opportunity to discover any “skeletons in the closet” before due diligence is performed by a potential buyer. Taylor says in the past most Q of E reports were strictly buy-side but in the past few years, he says he’s seen more companies also performing sell-side in preparation for a sale. Many investment bankers are also strongly recommending a Q of E report be performed before they will take the company to market. One thing that hasn’t changed: Q of E reports are frequently prepared by an independent third-party firm.

“Buyers usually want independent parties to perform this analysis for a couple of reasons,” says Taylor. “One: another party is taking an independent look and two: these reports can also be provided to third parties for funding or investment reasons.”

Key Questions

Taylor says there are three key questions business owners should ask themselves when reviewing a Q of E with their financial team and advisors:

1. How accurate are the management proposed addbacks? 
2. How sustainable are the numbers? 
3. What are other factors that are not just in the numbers, but the intangibles? For example: the management team, market trends and operational expertise.

CEO Perspective

Findlay-based Rowmark is a leading global manufacturer of sheet plastic for many uses, including signage, awards and other applications. President and CEO Jim Ellward says the company continues to stay active in many acquisitions, and a Q of E report is an important component when exploring any potential acquisition. He has worked with GJM to provide the report to Rowmark when needed.

“You have to have confidence in that third-party advisor that they are going to focus on the details, point out the positive and negative aspects of the business through their findings and truly be that advisor,” says Ellward. “GJM has earned our confidence and we view them as a trusted partner with our business.”

In fact, selecting a professional or firm to provide a quality of earnings report may be equally as important as the report itself. Many firms provide Q of Es, but not all are experts. Ellward says GJM is the right partner for Rowmark.

“Gilmore Jasion Mahler understands our business,” he says.  “They have taken the time to learn our business and understand our long-term strategy. This, coupled with their accuracy, attentive service and fact-based assessments, allows us to feel confident with the information and guidance we are able to attain from the Q of E reports.”

Sometimes a Q of E report brings answers a business owner may not be hoping for, but they wind up being the answers that will guide the business in the right direction. Ellward described once such scenario for Rowmark.

“GJM helped us assess a recent potential acquisition that we ultimately decided to pass on as we moved deeper through diligence. Our decision to exit was based on multiple factors regarding the overall health of the business. The Q of E provided the basis of additional questions that we wanted to dive deeper into understanding and in turn allowed us to identify areas of concern and focus on making the right decision for the business.”

Here’s what Ellward says he looks for in a Q of E report:

• A more detailed picture of just how well the business is really doing and whether or not it is worth the price negotiated
• The analysis of customer sales and accounts
• The identification of any significant or unusual accounting adjustments or policies that need explanation
• The ability to see an independent, non-biased view evaluating the on-going operations and cash flows  

As this information bubbles up in a Q of E report, the answer often becomes very clear whether it is wise to move forward with the transaction or to walk away and wait for the next opportunity to arise.  

Established in 1996, 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.

Q: What’s your title at GJM? Audit Supervisor

Q. Describe your role at the Firm: I’m a member of the manufacturing and benefit plan audit teams.I also work on utility and not-for-profits engagements.

Q: What do you think is most gratifying about your work?Helping clients to achieve their goals as well as developing the careers of other GJM employees.

Q: How long have you been with the Firm? Since October 2014

Q: What do you like best about working at GJM?The team atmosphere and ability to build relationships with co-workers.

Q: What community organizations or events are you involved in? Member of Seneca County Young Professionals

Q: How do you like to spend your spare time? Spending time with my husband, family, friends and our puppy Lucy.

Q: What is something people may be surprised to find out about you?My husband and I are expecting our first child and are due in May.

Amanda was recently featured as part of a GJM branding campaign in the Findlay-Hancock County region showcasing the Firm’s expertise in the manufacturing industry.