Three Bears Consulting was formed to allow you to do what you do best.
Our principals have over 65 years of owning and running businesses. We have also developed strategic alliances with professionals outside our areas of expertise. We have vetted many different people and organizations to find the best options available. We provide the following services either internally or through our partners and we manage these relationships for you as needed.
Learning lessons the hard way is truly overrated. Would having a trusted board of advisers who have your success in mind make your lessons easier? We’ve been there, we’ve learned the hard lessons so that you don’t have to. A great idea can turn into an amazing company. Let us help you get there.
You’ve done a great job building a company that makes you proud. Will you be able to use the same tactics you used to start your company to grow your company to the next level? Take our Value Builder Assessment and schedule an appointment. Let’s start the conversation to get your company to the next level.
As great as building your company has been, it is time to find out what the next phase of your life holds in store. Many business owners want to continue working a couple of days a week in the next phase of their life. Have you prepared your company so that you can maximize your options? Do you want or need to sell the company, or do you want to act as a consultant to the company? Let us help you move into the next phase of your life with the most possible options.
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We prefer building our relationship with one meeting at a time to see the person and learn from their questions about how we can best be of service. We are building long term relationships. Our goal is to build trust first and understand all the dynamics before we make our recommendations to formulate your specific strategy for you and your family (personal family as well as company family). We are a team of experienced executives who can help you achieve your goals.
PERSONAL: We guard your privacy as our own and want you to know that your personal information will always stay confidential. Our job depends on receiving all personal financial information written or oral that is completely accurate in order to make the best recommendations. We will send you a list of personal documents in order to proceed. If time is of the essence, then please provide as quickly as possible.
BUSINESS: Business information is also personal and requires good information in order to determine the best recommendation strategy. We will send you a list of business documents and ask for this information to be received in a timely manner. Key documents depend on your company’s entity structure, the number of shareholders, the sophistication of your accounting system, the latest business plan, market analysis and details of the board meeting minutes just to name a few.
The quality of information from personal to business sets the expectations knowing we are both forming the bond to help excel your goals and impact your business.
PERSONAL: Sharing your goals is the hallmark of building a strong team in trust and respect when starting a financial plan. During this meeting, we will ask questions to make sure that we understand not only your financial goals but also what is important to you and why. Once we have this basic understanding, we will work with you to develop a roadmap to achieve your financial goals.
BUSINESS: Goals for your business will require a great deal of discussion to ascertain. During these meetings, we ask for your complete honesty as we move forward. It is important that we understand your business – not only by the numbers but also how your business operates on a day to day basis. Once we understand where you currently are and where you would like to be with your business, we will develop a workable plan to help you achieve your goals.
Because of the strategic nature of these meetings, we do require all decision-makers present to ensure our planning meetings are most productive. We understand time may be of the essence and know from experience that multiple meetings to share ideas are the most dynamic.
During the Goal Setting Process, our team will discuss and ascertain the best engagement relationship base on our understanding of where you currently are and where you are trying to go. We strive to add more value than cost making our engagement with our client’s value to achieving their goals. Paperwork is now required for us to formalize the process.
In order to gain access to your existing accounts, the next step is to fill out Engagement Agreements (fiduciary agreement) for both you and your business. This paperwork is required for us to begin the process of opening your new accounts and transferring funds.
Additional Services We Offer
We have over 65 years of experience and hands-on knowledge of owning and managing businesses. We will meet with you on an agreed upon schedule and help you develop a plan of action to help you transform your dreams into reality. As a business owner, it can sometimes be difficult to see the forest for the trees. You are deeply involved in the day-to-day details of running your business, and while this is necessary to ensure that your business holds itself together, it can also make you lose sight of the bigger picture. We will tell you the things that you need to stop doing instead of just blindly encouraging you to pursue everything you want to do or are doing. We will act in your best interests and tell you straight up if you’re about to do something the wrong way.
Representation during the sale process
Most business owners have never go through the sale of a business. Their emotions are strained and they deal with terms and people you’ve never dealt with. We help our clients through this process by taking much of the emotions out of the process and work on our client’s behalf. This is usually a long process and this allows you to keep doing what you do best, run your business while the sale process is continuing to move forward.
The world of tax and the IRS is a very complicated and frustrating process. Tax planning takes the timing of income, purchases and other planned expenditures over several years to ensure tax efficiency. The AICPA says that 94% of CPA’s do compliance work and don’t concentrate on tax planning. We work with your accountant to develop a tax strategy to help you reduce your taxes to the limit of the law and also minimize taxes upon your business exit.
We provide a complete set of accounting services to complement and add to your existing accounting system. Our services include financial statement preparation on a monthly, quarterly and annual basis, general ledger and financial reporting review and sales tax compliance. We can also develop financial assessments reports and budgeting and forecasting systems. Our team can work with your accounting personnel or design and implement the changes independently.
Set up and manage accounting systems
A company relies on the integrity of its accounting system to make proper business decisions. Having a good system in place will ensure that you are tracking all of your expenses and taking advantage of all deductions available to you. We review your established accounting procedures and provide guidance to simplify your process. We can help you set up your accounting systems using Quickbooks, Xero, Net Suites and other accounting systems. We will enlist your accountant onto the team that will develop and implement the right accounting system for your company. This is vital component for acquisition teams. They require a reliable accounting system that is accurate and timely.
Human Resources (HR)
HR has become a seriously complicated animal and most small companies are seriously out of compliance. This is becoming more complicated almost daily and the penalties are onerous and can actually ruin your company. We have established relationships with firms that can take most of the responsibility off your shoulders. These resources can be as comprehensive as you need or can take smaller pieces of the HR responsibility. Custom designed for your needs.
We review your payroll needs and coordinate with the payroll specialists on our team. The system includes payroll processing, calculating and paying payroll taxes and submitting the quarterly and annual payroll reports. This removes the burden of payroll related activities from you.
Similar to HR, employee benefits are evermore more complicated. We help you design a benefits package to fit your company’s and your employee’s needs. Too often people implement Benefits plans without proper foresight and the professionals “dabble” in this area. We have strategic alliances that specialize in benefits and can coordinate with payroll etc.
Qualified Retirement Plans (QRP)
The DOL estimates that QRPs nationally are 70% non-compliant. Also, many professionals, as well as payroll companies, provide these plans as a way to increase their fees. These plans that most offers is what we call a cookie-cutter approach. QRPs and any benefit plan should be specifically designed to meet the companies needs and goals. The penalties for not designing a QRP are very onerous and have actually caused companies to go out of business.
Comprehensive Personal & Business Wealth Strategy development
Your Wealth Strategy should be the bedrock for all your planning both business and personal. Sadly, the vast majority do not have any sort of plan and end up financially where events take them. One thing is certain, you can’t separate an entrepreneur’s financial life from the business. They are so intertwined that whatever happens to one will have an effect on the other. By completing a Wealth Strategy, you will establish not only your wants but your true needs. The primary difference between personal and business financial planning and a wealth strategy is with traditional planning the plan is completed and it’s normally not a living document and many times the implementation goes lacking concentrating only on what the professional can sell and such. A wealth strategy is a living document and as such will be ever-changing with life and circumstances.
Investment Portfolio Analysis
We have found that part of a plan has to have an analysis of the client’s investment portfolio both personal and frequently include the business. We often help clients with their investment needs. This usually begins with an analysis of current portfolios to see if the current portfolio actually meets the needs and goals of the client. Then we show alternatives if necessary. We do not manage the portfolios; we find the best institutional managers in the country. Consider this, investment management is a 24/7/365 job. How in the world can these local investment managers ever profess to manage investment portfolios? Also, most of the investment professional work for an entity with whom their first allegiances are with and whose requirements that have to satisfy. Many times they are limit to products and services that these companies allow which limits their ability to be truly unbiased.
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Here are some of the questions we can help with:
How do I grow my business to the next level?
How do I retain talented employees?
I love what I do, but I want to spend more time with my family. Who can help me?