/Michael Savoy

About Michael Savoy

Michael Savoy, CPA, CGMA is a Shareholder at Gumbiner Savett Inc. who works with privately held entities in apparel and textile, aerospace, importing, manufacturing and distribution, and real estate. Over his 40 plus years of experience, Michael has assisted numerous clients with litigation support, succession planning and exit strategies, tax planning and compliance, and restructuring and refinancing debt.

Employee stock ownership plans can be critical estate planning tools

By |2019-03-22T20:55:40+00:00January 31st, 2019|Blog|

Employee stock ownership plans (ESOPs) offer closely held business owners an exit strategy and a tax-efficient technique for sharing equity with employees. But did you know that an ESOP can be a powerful estate planning tool? It can help you address several planning challenges, including lack of liquidity and the need to provide for children [...]

ESOPs – A Multifaceted Strategy for Your Manufacturing Business

By |2017-05-24T13:42:09+00:00January 20th, 2016|ESOPs, Succession Planning|

Corporate finance, employee benefits and succession planning likely are key issues you have to contend with as an owner of a manufacturing company. Did you know that there’s a multifaceted strategy that can handle all three issues? It’s the employee stock ownership plan (ESOP). But before getting too excited about ESOPs, it’s important to learn their drawbacks as well as their benefits.

Is Lending Money to a Relative a Good Idea?

By |2017-05-24T13:42:30+00:00January 15th, 2014|Articles, Business Advice|

Loaning money to a relative may not seem like a good idea. However, under the right circumstances, it can be a positive and profitable experience for you and your relative. For example, your savings may be earning very low interest in a bank CD or savings account.  Meanwhile, your niece may need to borrow money [...]

Business Succession Planning at Year End

By |2017-05-24T13:42:30+00:00December 30th, 2013|Articles, Business Advice, Succession Planning|

Year end is a time of planning for many business owners. Right now, your borrowers are strategizing about ways to grow, minimize tax and budget for the year ahead. An important part of this process is succession planning and preparing the next generation of management for what lies ahead. You, of course, have a vested [...]

The Role of ESOPs in Retirement Planning

By |2017-05-24T13:42:31+00:00October 16th, 2013|Articles, Business Advice, ESOPs, Estate & Trusts, Succession Planning|

Most business owners have a lot of wealth tied up in their companies. If you’re in the same boat, how can you convert some of that wealth into cash to help pay for your retirement? Many C corporation owners have found that an Employee Stock Ownership Plan (ESOP) — a qualified retirement plan, similar to [...]

Six Steps for a Smooth Business Sale

By |2017-05-24T13:42:32+00:00July 15th, 2013|Articles, Business Advice, Succession Planning|

Selling your business can be an emotional and life-changing decision. Despite years of hard work and nurturing your business, it might be time to sell. Following are a few key steps that can make the process easier: 1. Be Realistic  Don’t try to make assumptions of what your business is worth. Hire a seasoned appraiser [...]

Pricing Your Product or Service For Maximum Value

By |2017-05-24T13:42:33+00:00April 17th, 2013|Articles, Business Advice|

As an accountant for over 30 years, I have worked with businesses where the owner’s biggest challenge is deciding how to price products and services. Should price simply be a multiple of the actual cost of making the product? Is undercutting competitors and trying to profit from higher sales volumes the best strategy? Yes and [...]

Handing Off the Family Business

By |2017-05-24T13:42:34+00:00April 10th, 2013|Articles, Business Advice, ESOPs, Estate & Trusts, Succession Planning|

Family business owners often make certain assumptions — that their children will gladly succeed them or that they’ll be able to transfer ownership and enjoy a comfortable retirement. Such assumptions can be dangerous. For starters, family members may have other career objectives. Even if they don’t, succession planning can be tricky, involving both your retirement [...]

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