Attention:

Financial Statements for Franchise Lawyers


Level: Beginner
Runtime: 94 minutes
Recorded Date: July 09, 2020
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Agenda

  • A Working Understanding of Financial Statements
  • Accounting Principles and Auditing Standards
  • Subsequent Events Disclosure and Going Concern (COVID-19)
  • PPP Loan Guide
  • Revenue Recognition Guidance for Franchisors
  • Conclusion
Runtime: 1 hour, 34 minutes
Recorded: July 9, 2020

Description

Franchise attorneys are frequently tasked with analyzing the impact of a franchisor's financial statements on registration-related matters.

This seminar aims to equip franchise attorneys with a basic, working knowledge of financial statements. It will also address some hot topics related to franchisor financial statements, including the impact of FASB's Topic 606 and Covid-19 on franchisors' financial statements.

This program was recorded on July 9th, 2020.

Provided By

American Bar Association

Panelists

Sandy Shoemaker

Partner, Audit Practice
Plante & Moran, PLLC.

As the service organization practice leader for the firm’s Rocky Mountain region, my greatest enjoyment comes from the time I spend with my clients, listening and learning about their businesses and working with them to strategize. I’m a servant leader, and I’m pleased to be able to bring my 28 years of expertise to my public and private service-based clients.

Public companies provide the opportunity to keep the saw sharp, work on public offerings, and lead an energetic team. I’ve completed IPOs, secondary offerings, and reverse mergers for companies looking to raise capital. My client base includes national and international organizations.

Private companies have provided me the opportunity to really get deep in my relationships with clients, understand their needs, and work with them to find business solutions. Over the years, I’ve developed a specialty in working within the franchising industry, providing assurance, tax compliance, tax structuring, and a plethora of consulting services to assist in reaching their goals. I’m also involved in the Franchise Disclosure Document (FDD) process and understand the coordination needed between attorneys and CPAs to meet the deadlines necessary to complete the filings.

As companies grow and address their exit strategies, I can help the company determine their course of action, and if it’s the right fit, assist in the transition of the organizations to employee ownership through an ESOP. This includes a feasibility study, leading them through the transaction, and then auditing and tax services for the company, as well as audits of the ESOP plan. I’m proud that I’ve helped many of my clients implement the ESOP structure and transition their business to the next generation. I frequently speak at the ESOP Association annual technical conference and regional chapter meetings, as well as at the NCEO conferences on various ESOP topics.

I belong to the AICPA, the Colorado Society of CPAs, the International Franchise Association, the Women's Franchise Council, the ESOP Association, the California-Western States chapter of the ESOP association (member and board), National Center for Employee Ownership, Economic Literacy Colorado (board member), Association for Corporate Growth (board), and have served on various company boards in an advisory capacity. In 2019, I was appointed by the Colorado’s Governor Jared Polis to serve a four-year term on the Colorado Employee Ownership Commission. I received my B.S. in accounting from Missouri State University.

Frank McGuire

Managing Director
The Claro Group

Mr. McGuire is a Managing Director with The Claro Group, based in Washington, D.C. He has more than 24 years of experience in the quantification of economic damages and offering of related expert witness testimony in all manner of disputes, forensic accounting and fraud investigations, financial statement auditing, and tax consulting.

Mr. McGuire has substantial experience in commercial damages matters, conducting complex financial analyses and preparing expert reports for a variety of disputes including lost profits, lost earnings of persons, breach of non-compete/non-solicitation agreements, diminution in business value, securities litigation, theft of trade secrets, patent infringement, abusive tax shelters, government contractor disputes, alter ego analyses, and business interruption insurance claims. He has been qualified and testified as an economic expert witness in federal court, state court and in arbitration proceedings.

Mr. McGuire has also conducted numerous forensic accounting and fraud investigations in a variety of matters, including financial statement fraud, asset misappropriation, corruption, white collar civil/criminal defense, campaign finance compliance, FINRA disciplinary proceedings, and SEC enforcement actions.

Prior to joining The Claro Group, Mr. McGuire was a Director in the Disputes & Investigations practice at Duff & Phelps, LLC. Prior to that, he spent 13 years as a member of the Dispute Analysis & Investigations, Audit & Assurance, and Tax practices at PricewaterhouseCoopers LLP. In addition, Mr. McGuire is a frequent speaker, both locally and nationally, on subjects including commercial damages, lost earnings of persons, fraud & forensic accounting, and business valuation.

Laura Hayes Kupish

Associate
Baker & McKenzie LLP

Laura Kupish is a member of Baker McKenzie's International and Commercial practice in Dallas. Prior to joining the Firm, Laura was in-house counsel for a Fortune 100 refining and marketing company, supporting a multi-brand portfolio of fuel offerings and convenience stores in the areas of marketing, franchising, and the Petroleum Marketing Practices Act (PMPA). Laura has experience structuring, negotiating and drafting a wide variety of domestic and cross-border commercial contracts. Prior to her in-house role, Laura was an associate of a boutique franchise firm, representing and counseling numerous franchisor and franchisee clients in a variety of industries throughout their business lifecycle.

Laura Kupish is a member of Baker McKenzie's International and Commercial practice in Dallas. Prior to joining the Firm, Laura was in-house counsel for a Fortune 100 refining and marketing company, supporting a multi-brand portfolio of fuel offerings and convenience stores in the areas of marketing, franchising, and the Petroleum Marketing Practices Act (PMPA). Laura has experience structuring, negotiating and drafting a wide variety of domestic and cross-border commercial contracts. Prior to her in-house role, Laura was an associate of a boutique franchise firm, representing and counseling numerous franchisor and franchisee clients in a variety of industries throughout their business lifecycle.

Laura received her JD cum laude at Southern Methodist University, Dedman School of Law in 2013.


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