Accountant Gary Kane Discusses How to Keep a Family Business in the Family
Gary Kane, Owner and Managing Partner of Kane Forensic Accounting, shares succession planning tips for family business owners.
Orlando, FL – June 2, 2016 – Gary Kane, Owner and Managing Partner of Kane Forensic Accounting, an Orlando forensic accounting firm, recently published an article titled “Succession Planning Keeps Family Businesses in the Family” on his website (http://www.kaneforensic.com).
Gary Kane writes, “Companies lose 5% of their revenues each year to employee and executive fraud, according to a report by the Association of Certified Fraud Examiners. That amounts to nearly $3.7 trillion in global losses. The employees most likely to rip-off their employers are those you would be least likely to suspect. The report found that more than 80 percent of those who stole money from their employers were first-time offenders with no criminal records and even more surprisingly, were with the company for years before the fraud occurred. Smaller businesses suffer higher fraud losses because they typically have fewer anti-fraud systems. The reason? Many small businesses think they can’t afford to invest in anti-fraud protection. The median loss for a small business in this study was $145,000. And in the majority of cases, organizations never recovered the money lost. Today, business owners can’t afford not to have fraud prevention methods in place.”
Kane Forensic Accounting specializes in forensic accounting, business valuation and succession planning. They leverage their specialized knowledge to provide valuable insight which enables their clients to make informed financial decisions.
The entire article can be found at http://www.kaneforensic.com/succession-planning-keeps-family-businesses-in-the-family/
To learn more about Kane Forensic Accounting, please visit http://www.kaneforensic.com
About Gary Kane:
Gary Kane is owner and managing partner of Kane & Associates, and a licensed CPA in the state of Florida. His primary responsibilities include the planning and utilization of personnel, budgeting, cash flow management, and overall firm marketing. Mr. Kane has been responsible for all tax preparation and planning functions within the firm. He performs the final, technical review of all audit and review engagements.
Mr. Kane has lectured widely on various aspects of income and estate planning and personal financial planning. He has appeared on several local television shows and has appeared on a national cable television program broadcast on the Satellite Program Network. With his background in tax and financial planning, Mr. Kane has been instrumental in assisting clients in the formation, implementation, and management of several real estate ventures, beginning with the planning stage through the completion and ultimate management or sale.
Mr. Kane received his BSBA with honors with a major in accounting from the University of Florida and has a Masters of Science in Accountancy from the University of Central Florida. He has over forty-one years of public accounting experience, including four years with the international accounting firm of Alexander Grant (Orlando, Florida), before becoming a founding partner of Kane & Associates of Winter Park, Florida, in 1975. Mr. Kane was also an accountant with Chevron Oil Company in charge of fixed asset accounting for all oil and gas properties in Louisiana, Mississippi, Florida and Alabama.
Mr. Kane is a member of the American and Florida Institutes of Certified Public Accountants and has satisfied the requirements to be accredited in Business Valuation by the American Institute of Certified Public Accountants. Mr. Kane is a Certified Valuation Analyst and member of the National Association of Certified Valuation Analysts. He is past president of the Central Florida Chapter of the International Association for Financial Planning and has served as Chairman of its Board of Directors.
Mr. Kane has been an adjunct professor at the University of Central Florida teaching intermediate accounting and has assisted the Small Business Development Center at the University of Central Florida in lectures on business acquisition and accounting systems for small businesses. Mr. Kane assists attorneys in numerous areas, including tax planning, litigation, and divorce settlements. He has testified for over twenty years as an expert witness in Orange, Osceola, Brevard, Seminole, and Volusia counties.