When Frank started out with one business — an insurance agency — he was doing the IRS work himself. As his business began growing, it was clear to him the work was getting too complex for him and the accountant he was using at the time. “We were growing, and it came to a point where we needed more qualified help.” Based on a referral from a peer, Frank turned to Selden Fox.
Today, Frank owns five different entities and uses Selden Fox for both business and personal services. One of Frank’s initial needs was how to structure each of his business entities. From the start, he found Selden Fox to be very professional and helpful. Frank quickly acquired a sense of confidence in the firm based on his interactions with Selden Fox and the advice they provided.
It was evident the level of importance they placed on how business was being done between the entities and what that meant for Frank financially. “They understood what I was doing and striving to do with my businesses so they could easily take care of the tax implications.”
Although the work began with his initial insurance agency, Frank has acquired complete confidence in Selden Fox and their abilities and service. It has become not only a working relationship but a personal relationship. “They even do my personal taxes and assist with real estate transactions—both personal and business related.”
He has noticed through the years that the Selden Fox team servicing him always asks a lot of questions so they can understand his intentions and ambitions. This has proven extremely valuable in terms of how they handle issues and how the businesses essentially interact with one another. The team has extensive knowledge and understanding of Frank’s businesses, and they keep track of a multitude of things for him that he admits would just be too much for him to undertake.
Selden Fox is staying ahead when it comes to succession for Frank as well. The team and Frank are planning for the eventual sale or transfer of his businesses—and with this long term planning in place—it is a consideration in all business transactions going forward. Implications of any decision today based on the eventual succession plan are always discussed and considered.
The Selden Fox team handles a number of matters for Frank and his businesses, including statutory insurance guidance as it relates to structuring business transactions. The firm consults on matters relating to the Department of Insurance and helps with investments to ensure they are under the statutory limits for an insurance entity. Selden Fox handles the required quarterly and annual statutory reporting for the insurance companies, and the tax team prepares personal returns for Frank and some of his family members, in addition to tax returns for his various businesses.
Today with an insurance company, insurance brokerage, and tax preparation services company, Frank continues to lean on Selden Fox for a number of matters. His trust in the firm, its professionals, and the advice and service they provide is steadfast. “Selden Fox is stuck with me.”