summer 2012brought to you by

Advice & informAtion to help you mAnAge your business

tAke Action!Stop writing plans and start acting

family foundations: Are they right for you?

private company financial reporting—is relief on the horizon?

Plus

Dear Clients and Friends:Welcome to the summer issue of Leading Edge magazine. We have all heard the old adage, “plan your work and work your plan.” Business planning is an annual ritual for many companies and involves a significant investment in time and effort from your top-level executives. However, that plan often sits on a shelf gathering dust as execution takes a backseat to the rush of daily activities and demands. Our cover feature explores some common reasons why business plans fail as well as tips to create more dynamic and focused plans

that keep your company on the path to success. Ultimately, while planning is important, taking action and being able to adapt to change are even more critical.

Also in this issue, Kreischer Miller’s advisers examine:

• Thepotentialtaxbenefitsofestablishingafamilyfoundation

• AnupdateonIFRSforU.S.privately-heldcompanies

• 4waystomanageyourriskofinvestmentfraud

• Howtoenhanceyourfirm’stalentacquisitionstrategywiththeuseofsocialmedia

We also take a look at the rising trend of Americans caring for elderly relatives and the need for greater support in the workplace. More than one in six American workers is currently caring for an elderly or disabled family member, which translates into 126 million workdays missed each year and an estimated $25.2 billion in lost productivity for businesses. Yet, 28% of caregiverssaytheiremployerisnotawareoftheirsituation.Smallchangesinhumanresourcespolicies and an enlightened management team can reduce these workers’ stress and turnover, without increasing your costs. Providing more flexibility and support for caregivers translates into more productive and satisfied workers, which is the ultimate return on investment.

As you consider what is best for you and your business, please know we are here to help.

Kreischer Miller is committed to providing you with valuable information to assist you and your business. Please share any suggestions, comments and ideas for future articles with me at(215)441-4600orschristian@kmco.com.Weappreciateyourcontinuedconfidenceinusand welcome any feedback on how we can better meet your needs.

StephenW.Christian

2 summer 2012

Advice & informAtion to help you mAnAge your business

kreischer miller is a leading independent accounting, tax and advisory firm that has served the greater philadelphia area since 1975. We’ve built our firm to respond to the unique needs of private companies, helping you smoothly transition through growth phases, business cycles and ownership changes. the companies we work with quickly adapt and respond to changing market opportunities and challenges. that’s why we have built our firm to be responsive, decisive and forward-thinking. We’re up to the challenge—always looking at the road ahead, not in the rear-view mirror.

ServiCeS• Audit & Accounting• tax strategies• business Advisory• technology solutions• human capital resources

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SpeCialty areaS• family-owned businesses• employee benefit plans• entrepreneurial services• collateral reviews for financial institutions

KreiSCher Miller100 Witmer road, suite 350, horsham, pA 19044215.441.4600www.kmco.com

SoMething new haS arriveD For private CoMpanieS.kreischer miller has launched the center for private company excellence, a community—live and virtual—created exclusively for privately-held companies. the center provides content, resources, tools, and information geared specifically toward the unique needs and issues of private companies, across the lifecycle of their organizations. it is also a forum for business owners and executives to interact and network with peers as the address the challenges they face in improving their businesses. to learn more about the center for private company excellence and to register to become a member, visit www.privatecompanyexcellence.com.

the leAding edge 3

features

departments

leading edge www.leadingedgealliance.com

the leading edge Alliance is an interna-tional professional association of inde-pendently owned accounting and con-sulting firms. the leading edge Alliance enables member firms to access the resources of a multibillion-dollar global professional services organization, providing business development, pro-fessional training and education, and peer-to-peer networking opportunities nationally and globally, around the cor-ner and around the world.

members are quality firms who are suc-cessful, have deep client relationships, and strong ties to the community. the Alliance provides members with an impressive combination: the compre-hensive size and scope of a large mul-tinational company while offering their clients the continuity, consistency and quality service of a local firm.

member firms have access to extensive teams of business advisors—a peer-to-peer connection that provides the right business solutions for clients.

to find out more about the Alliance, contact karen kehl-rose, president, at +1 630.513.9814 or kkr@the-leA.com.

leading edge advisory Committee

tricia egry / Alpern rosenthal

george brust / lurie besikof lapidus & co., llp

Jen lemanski / pkf texas

gary voth / pkf texas

karen kehl-rose / the leading edge Alliance

in affiliation with smart business content marketing

www.sbnonline.comAnn m. gynn / editor

danielle toth / Associate editorstacy vickroy / Art director

Andrea Jager / graphic designer

volume12•issue4•summer2012

leading edge is published four times per year by smart business content marketing, 835 sharon drive, suite 200, cleveland, oh 44145. (440) 250-7000, (800) 988-4726, fAX (440) 250-7001, www.sbnonline.com. periodicals postage paid at cleveland, ohio.

irs treasury regulations require us to inform you that any tax advice contained in the body of this communication was not intended or written to be used, and cannot be used, by the recipient for the purpose of avoiding pen-alties that may be imposed under the internal revenue code or applicable state or local tax law provisions.

4 take action stop writing plans and start executing

14 Stem the rising cost of working caregivers With more Americans caring for an elderly relative, workplace support is vital

16 Business in vietnam understanding hiring and investment rules are key to a successful venture

9 Family foundations: Are they right for you?

10 private company financial reporting— is relief on the horizon?

11 4 ways to manage your risk of investment fraud

12 enhancing your talent acquisition strategy with social media

13 Bits & pieces

18 on the Bookshelf

leAding edge 3

contents

4 summer 2012

leAding edge 5

cover feature

By LESLiE STEVENS-HuffmAN

business planning is an annual rite of passage across corporate America in which executives travel to a remote location, lock themselves in a conference room and fill a binder with solutions to every conceivable business challenge. But given today’s turbulent business environment and restricted resources, the plan often gathers dust on a shelf as execution takes a backseat to the rush of daily activities.

“When I assess failure in business strategies, very often it’s because the organization never got started; they never took the first step in the execution process,” says Dave Brock, president and CEO of Partners in EXCELLENCE, a business consulting firm.

Brock’s observation matches the findings of a survey by Ernst & Young that reveals 66 percent of corporate strategies are never executed. Although the financial fallout of ill-fated plan implementation is hard to assess, according to Dun & Bradstreet, there were 81,616 business failures in the United States during the 12 months ending September 2010. Experts cite a lack of innovation, market research, sales and funding and poor cash flow control as common reasons for business demise, but they’re quick to point out that all of these pitfalls can be avoided by planning.

stop writing plans and start executing

tAkeAction!

continued on page 6

6 summer 2012

After listing the pluses and minuses of each goal and conducting a preliminary evaluation, Hebert recommends a formal prioritization methodology called the Pareto 80/20 rule. The Pareto theory states 80 percent of business problems are based on 20 percent of the causes, so theoretically, resolving the 20 percent improves overall performance. A Pareto analysis utilizes root-cause identification and a scoring index to help planners avoid personality conflicts and biased decisionmaking while identifying the most impactful issues.

For example, if a company wants to increase sales by improving customer satisfaction, planners analyze customer complaints, look for root causes, identify the biggest drivers of dissatisfaction and consider a range of solutions. Opening a call center on Saturday mornings might receive the highest score if it has the greatest capacity to increase satisfaction and sales at the lowest cost.

“Today, companies have limited time and resources, so they need to tackle the low-

Nimble, streamlined plans Mega plans were the rage in the 1990s. Unfortunately, they were usually outdated by the time they were finished, and implementation was infeasible if not impossible. A svelte, nimble plan, covering no more than a three-year horizon, has supplanted the 1990s’ behemoth because it’s easier to implement and can be adapted on the fly.

Savvy executives build mindshare for their ideas from the outset by soliciting input from various stakeholders during the creative process. They anticipate the need for accountability by weaving interim action steps, tangible measurements and required outcomes into every strategy. Finally, they recognize change is critical so they set the stage for an arduous journey by espousing realistic expectations and acknowledging transformation is difficult but necessary.

“A long-term plan is essential because it forces managers to execute strategies that will impact the company down the road,” says Byron Hebert, CPA, CTP, director of Entrepreneurial Advisory Services for PKF Texas, a member firm of the Leading Edge Alliance. “But for implementation purposes, a larger plan should be broken down into manageable 12-month segments that focus on the achievement of two to three goals.”

Brainstorming is still the preferred way to get a plethora of ideas on the table, but selecting the top two or three requires discipline, shrewd evaluations and data-driven analysis.

hanging fruit —the top two or three goals that provide the biggest bang for the buck,” Hebert says.

Precise and deliberate executionJamie Dimon, CEO of JPMorgan Chase, once said: “I’d rather have a first-rate execution and second-rate strategy any time than a brilliant idea and mediocre management.”

If managers are the key to execution, why are so many failing? For starters, it’s tough work.

“Execution requires sharp, focused action and dealing with details and dirty realities, not the dreams,” Brock says.

An analysis of the reasons for business plan failure reveals poor execution of basic fundamentals. Although cascading goals and building mindshare across the enterprise are regarded as highly effective tactics, few employees have access to the overall plan and fewer still understand it.

The challenge is that employees have to be dissatisfied with their current situation and understand the consequences of maintaining the status quo before they’re willing to undergo change.

“Everyone has to understand the long-term ramifications of flat sales or poor customer service because you can’t wake up one day and change it,” Hebert says. “A lack of foresight and an unwillingness to change is why most mid-market companies fail.”

Worse yet, 60 percent of human resources and information technology organizations develop departmental plans that aren’t linked to the organization’s strategy, and 60

“A lAck of foresight And An unWillingness to chAnge is Why most mid-mArket compAnies fAil.”

THE imPACT Of POOr ExECuTiON

• 90 percent of well-formulated strategies fail due to poor execution (Harvard Business School Press).

• 70 percent of chief executive officer failures come not as a result of poor strategy but of poor execution (Fortune magazine).

• 66 percent of corporate strategy is never executed (ernst & Young).

continued from page 5

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cover feature

continued on page 8

percent of companies undermine accountability by failing to link their strategies to the annual budget.

Failing to give line managers individual goals or engage them in the design and implementation process can cause them to resist change and halt the execution process in its tracks. Plus, rogue managers are likely to create incompatible departmental goals if they don’t understand their role or responsibilities in driving the organization’s plan.

Every manager needs a personal one-page plan that spells out the current situation and his or her 12-month goals and tasks, Hebert says. Short plans serve as a handy quick reference guide and accountability tool by allowing executives to conduct random checks and recognize top performers.

To facilitate implementation and boost accountability Hebert advocates an adaptation of the plan-do-check-act method, also known as the Deming cycle, which is a process used to implement new ideas in a controlled way. Managers cascade individual goals to employees, create a list of clearly defined action steps and then check the results. Following the review, managers can stay the course, tweak the strategy or go back to the drawing board.

Although employees tend to focus on goals and activities that yield personal rewards, 70 percent of middle managers and more than 90 percent of front-line employees have compensation that is not linked to the corporate strategy. Providing individual and team incentives and rewarding employees as the company passes key milestones helps everyone stay enthusiastic and motivated.

Yet the biggest factor of all may be executive inattention. Executives need to serve as a catalyst for change by maintaining their focus and passion until the mission is accomplished.

“Poor business plan execution is often caused by executive ADD,” says Jay Turo, co-founder and CEO of Growthink, a strategic advisory and investment banking firm. “They become distracted by a bright shiny object, like opening a new market or making an acquisition, and forget to execute.”

Maximize your CSR investments by creating true value

executives have traditionally viewed corporate social responsibility as an obligation rather than an opportunity, but that sentiment is changing amid growing evidence connecting csr efforts to bottom line improvements.

A study by the network for business sustainability suggests that aligning your company’s csr initiatives with your mission and business objectives can substantially increase customer loyalty. in fact, a company with a market value of roughly $48 billion generated $17 million more in average profits in subsequent years after a modest increase in its csr ratings.

“balancing csr with business improvements can be tricky,” says eliza clark, principal with paydirt llc, a sustainability consulting firm based in minneapolis. “you have to be completely transparent about your motives and make a concerted effort to emphasize outcomes.”

Take strategic initiatives instead of sponsoring 25 random events, large companies are saving money and improving their visibility by funding a few strategic causes that mesh with their business objectives. in some cases, they’re leveraging internal marketing expertise by aligning their corporate and csr brands and eliminating the cost of hiring an outside pr firm.

for example, an agricultural company has joined the fight against hunger while a health insurer is appealing to current

and prospective customers by sponsoring medical research.

small to mid-size firms can create synergistic value by partnering with a local nonprofit that has the bandwidth and expertise to turn a community event into a meaningful experience or by offering unique pro-bono services to specific segments of the population. for instance, a publisher of a science and technology journal provides a school-on-wheels to children in underserved areas, while the faculty at a local business college offers free advisory services to budding entrepreneurs.

Create positive impressions innovative companies have ventured beyond standard promotional fare such as t-shirts and press releases; they’re cutting through the communications clutter by posting smart phone videos and photos of participants on their website and using social media to broadcast the bona fide impact of csr events. they’re also turning employees into ambassadors by allowing them to tweet and post updates regarding csr initiatives on facebook.

“the problem with taking a traditional approach to communications is that a press release is neither memorable nor valuable,” says clark. “companies have to be completely genuine and transparent in order to prove they’re making a difference and earn the opportunity to maximize their return on csr investments.”

good deeds reWArded

8 summer 2012

cover feature

The best strategy implementers know their limitations, appoint an executive sponsor for every major goal and engage cross-functional execution teams around each strategic objective and supporting initiative. Team members double as plan ambassadors who facilitate communications, foster intradepartmental synergies and inject a healthy dose of peer pressure.

“The first step is always the most difficult,” Brock says. “Don’t focus on the entire action plan; it can be overwhelming. Focus on the first step. Once you get past this point, somehow the next steps seem to come easier.”

Prod, promote and persevere Accountability is the mantra for 2012 and beyond because every employee has to meet his or her individual performance objectives for the organization to succeed.

“Most of all, execution demands accountability,” Brock says. “Otherwise, people will spend endless hours developing strategies du jour because it doesn’t require the hard, dirty work or the accountability.”

At a minimum, executives should conduct monthly plan reviews with their team and middle managers and follow up every week to ensure the timely completion of line managers’ critical action steps.

“Executives have to be pig headed about it and follow up every day, otherwise, your employees won’t think you’re serious and they’ll be distracted by other things,” Turo says.

Create a culture of accountability by reporting progress on key initiatives in real time, whether good or bad, so employees don’t make excuses or surmise failure is an option. Post progress charts on the company intranet, blog about the results and keep the goals in the forefront by hosting executive roundtables and chatting with employees in the halls and cafeteria.

Execution can falter if frontline employees sense a disparity in accountability, so communicate everyone’s goals and review executive and departmental achievements at monthly meetings. Encourage new behaviors and build synergy toward the plan by recognizing top performers, celebrating small wins and asking employees to grade the company’s efforts.

Although we live in a society that thrives on instant gratification, don’t give up too easily or alter the plan at the first sign of failure. It takes time to massage change through an organization, and accountability suffers when employees’ goals and priorities shift by the hour. For example, Hewlett-Packard had a tough time digesting the Compaq acquisition after initially wooing customers by touting low prices and then abandoning that strategy to focus on customer service.

“There’s a tendency to over-adapt when the plan is strategically correct,” Turo says. “Sometimes you have to persist and continue to execute until the market forces shift.”

If a strategic error has occurred, executives need to acknowledge the failure, shoulder the blame and resist the temptation to launch a witch hunt. Instead, emphasize the need for evolution, recalibrate your goals and set the tone by pressing forward.

To further establish accountability, executives often engage a neutral third party or consultant to assist with plan design and implementation because outsiders have the courage to offer unbiased opinions and the tenacity to crack the whip without fearing reprisal.

Consultants can provide executive coaching and management expertise and organize informational exchanges with leaders from other industries.

“Change often originates outside the organization because executives are so consumed with managing the here and now, they can’t see the forest for the trees,” Hebert says.

reflect and renewIt’s hard to maintain intensity and focus over an extended period, so take an occasional sojourn, solicit employee feedback and assess the effectiveness of plan-related activities, communications and incentive programs.

Conduct employee surveys and focus groups to analyze previous implementation efforts, expose gaps and foster a spirit of continuous improvement. Do employees have the tools and training they need to execute the plan? Do they understand the importance and urgency of the mission? What are the issues that prevent them from achieving their goals?

Review the strategic plan development process and create a sense of ownership by giving more employees the chance to participate. Estimate return on investment by comparing incentive expenditures and plan administration costs to incremental increases in revenues and profits.

Finally, compare the actual results to your original goals to see how far you’ve come or if you’ve veered off course. Although this may seem like a no-brainer, less than 20 percent of companies review the results of implementation efforts, acknowledge errors and learn from their mistakes. Despite execution’s inherent difficulties, executives have no choice but to stop writing and master it.

“Executives need to understand that there’s no easy fix,” Hebert says. “Plan implementation needs to be part of the daily routine because the only way to eat an elephant is one bite at a time.” LE

continued from page 7

THE fOur PHASES Of THE PLAN-dO-CHECk-ACT CyCLE

Plan: identify and analyze the problem.do: develop and test a potential solution.

Check: measure the effectiveness of the solution and improvement opportunities.Act: implement the improved solution.

1 23

4

Family foundations: Are they right for you?Mary-ann F. Schaller, manager, tax strategies

there are a variety of charitable vehicles to choose

from to meet your philanthropic goals. One such vehicle is a privatefoundation.Inrecentyears, some private foundations, like the Bill and Melinda Gates Foundation,havereceivedmuchmedia attention for advancing their causes. A private foundation is like your own personalcharity.Theprivatefoundation rules allow donors to control and operate the foundation in their capacity as trustees or directors.

A private foundation whose trustees or board of directors are family members is known asafamilyfoundation.Familyfoundations are usually only grant- or gift-making entities and do not operate charitable activities. Grants are made to other tax-exempt organizations. Ifyourintentiononacontinuingbasis is to have the family actively participate and receive a sense of satisfaction from grant making, the family foundation may be the vehicle of choice. However, due to the complexity of the rules, the start-up and ongoing administrationrequirement,including filing an annual tax return,mayrequiretheassistanceofaqualifiedprofessional.

A private foundation is a separate legal entity, usually an exempt corporation or trust. Like a public charity, private foundations need to apply for tax-exempt status for donors to receive deductible charitable

contributions. Once exempt status is granted, donors can donate cash or securities and receiveataxdeductionequalto20percentforsecuritiesor30percent for cash of their adjusted grossincome.Suchcontributionsalso remove assets from their estate.Forcontributionsofappreciated publicly traded securities, you can donate to a private foundation and receive a tax deduction for the full fair market value of the securities without being taxed on the appreciation.

Because the operation of the foundation is susceptible to abuse, there are a number of rules to ensure proper administration. Violations can result in substantial penalties. A private foundation cannot engage in any prohibited transactions (such as the sale or lease of property) with foundation insiders, such as substantial contributors,

foundation managers and certain otherrelatedpersons.Thereis a minimum distribution requirementthatmandatesqualifyingdistributionsofatleast5 percent of the fair market value of the foundation’s noncharitable assets be made annually. A private foundation combined with all insiders cannot own morethan20percentofanycorporation or other business entity.Thisincludesowninga jeopardizing or speculative investment. Private foundations are also prohibited from making payments for political campaigns, influencing legislation or making certain grants to individuals. However, a bona fide scholarship program is permitted for non-foundation insiders. Although known as tax-exempt, private foundations do pay tax on 1 or 2 percent of their net investment income depending upon their circumstances.

Toensurecompliancewith the various rules, private foundations are subject to annualreportingrequirementsthat are also available for public inspection.Failuretomeetthefilingrequirementsforthreeconsecutive years will result in revocation of tax-exempt status and taxation as a corporation or trust, depending upon the legal formation.

Due to the complexities involved, private foundations are normally formed for sizeable contributions and are created by donors who take a more formalistic approach to their charitable giving for both themselves and their future generations.

Ifyouandyourfamilyarecommitted to the tangible and intangible rewards of charitable giving, the use of a private foundation may be an opportunity. le

leAding edge 9

inSiDe:• Private company financial reporting—is relief on the horizon?• 4 ways to manage your risk of investment fraud• Enhancing your talent acquisition strategy with social media

10 summer 2012

Brian J. Sharkey, manager, Audit & Accounting

over the past decade, there has been an enormous increase

in the complexity of accounting standards.Theentireprofession—both domestically and internationally—hasstruggledwith the burden posed by increasinglycomplexrules.Thisfrustration has created a groundswell of support for a different set of standards for private companies, and both the FinancialAccountingStandardsBoardandtheInternationalAccountingStandardsBoardhavestruggled to find a way to address the needs of nonpublic entities.

BecausetheIASBhasbeenfocused on creating a common international set of standards, it recognized the importance of encouraging all entities to adopt itsInternalFinancialReportingStandards.Asaresult,theIASBcreatedIFRSforsmallandmedium-sized entities, which is a set of self-contained standards that are substantially less complexthanthefullIFRS.IFRSforSMEsisavailableinjurisdictions that have adopted IFRS,includingthosejurisdictions that have either adoptedIFRSinfullorpartially.

IFRSforSMEsisessentiallyintended for companies that are required,orchoose,topreparefinancial statements for lenders, creditors, investors, employees, managementorowners.IndeterminingwhoqualifiesasanSME,thesizeoftheentitydoesnotrestricttheuseofIFRSforSMEs;however,publiclylistedcompanies and financial institutions are not allowed to use the simplified set of standards.

SomeofthedifferencesbetweenIFRSandIFRSforSMEsinclude:• Asubstantialreductionin

the volume of the standards due to the elimination of topicsnotrelevanttoSMEs

• Asignificantreductioninthe number and complexity of financial statement disclosures

• Simplificationoftheprinciples related to recognizing or measuring assets, liabilities, income and expenses

• IFRSforSMEsisbasedonthe simplest option available underfullIFRSwhenthereare optional methods of reporting.

• TheIASBmandatedthatchangestoIFRSforSMEswill only be made once every three years.

Currently,morethan80countrieshaveadoptedIFRSand, therefore, allow the use of IFRSforSMEs.However,theIFRShasnotyetbeenwidelyadoptedintheU.S.duetothefactthattheSecuritiesandExchangeCommissionhasnotyetofficiallyendorsedIFRS.IfandwhentheSECofficiallyendorsesIFRS,otherusersoffinancialstatementsintheU.S.might start to gradually accept financial statements prepared in accordancewithIFRS,openingthedoorforIFRSforSMEsforprivately held businesses.

Inthemeantime,theFASBcontinues to try to strike a balance between the needs of less complex companies and publiccompanies.Inlate2011,theFinancialAccountingFoundationBoardofTrusteesissued a document titled, “Plan

toEstablishthePrivateCompanyStandardsImprovementCouncil.”Thisplan essentially establishes a new council with a purpose of identifying, proposing and votingonimprovementstoU.S.accounting standards for privately-held companies. However, the drawbacks of the plan include the fact that there will not be a separate set of standards and all changes are subject to ratification by the FASB.TheAICPAbelievesthat without a separate board thatisnotsubjecttoFASB’sauthority, the application of standards by non-public entities will continue to be a challenge.

RegardlessoftheoutcomeofU.S.adoptionofIFRSordevelopmentsattheFASB,onethingiscertain:Significantchanges are on the horizon, and it is critical that businesses stay on top of the developments in order to proactively address the impact of the changes. le

private company financial reporting— is relief on the horizon?

currently, more than 80 countries have adopted ifrs and, therefore, allow the use of ifrs for smes.

thomas a. peters, director, Audit & Accounting

throughout the past few years, there have been several high-profile fraud cases that have

decimatedinvestors.ToppingthelistisBernardMadoff ’sPonzischeme.InMarch2009,Madoffadmittedtoturning his wealth management business into a massive Ponzi scheme that defrauded many investors out of billions of dollars. IntheyearssincetheMadoffschemewasuncovered,therehavebeen many more frauds. As long as there are unscrupulous people in the world, there will continue to be investment frauds.

So how can investors protect themselves?:

1. Do your homework. Due diligence is a process of getting to know the investment manager overseeing your

portfolio and performing certain checks into their staff and procedures. With privately offered funds or separately managed accounts, due diligence is especially critical.

Although due diligence is a broad topic, it should always involvereferencechecks.Referencechecksshouldincludeclients, legal advisors, accountants and compliance consultants. OthergoodsourcesofinformationaretheU.S.SecuritiesandExchangeCommissionandtheFinancialIndustryRegulatoryAuthority websites, which provide information on brokers and investment advisors.Forprivatelyofferedfunds,itisimportanttoobtainfinancial

statements for the fund that have been audited by a reputable auditfirm.Therearemanylargeandsmallauditfirmswithexperience auditing privately offered funds.

2. Know your custodian. Having an independent custodian that separately holds and accounts for the

investment securities is a good way to lower fraud risk. One of the reasons Madoff was able to keep his scheme going for so long was that he served as the custodian for his clients in additiontobeingtheinvestmentmanager.Thisallowedhimtocreate falsified client account statements. A separate custodian independently sending statements to clients serves as a good check on investment performance.

However, sometimes there are legitimate reasons to couple investmentmanagementwithcustodianfunctions.Inthesecases, always ask for an internal control report, which most reputablecustodianswillbepleasedtosupply.Thereareseveraltypes of internal control reports for custodians, the most commonbeingaSAS70(nowcalledanSSAE16).However,

leAding edge 11

kreischer miller

4 ways to manage your risk of investment fraud

agreed upon procedures engagements and control attestation reportsarealsosometimesused.TheinternalcontrolreportshouldbeprovidedbyareputableindependentCPAfirm.

3. Do not put your eggs in one basket. Itwasdisheartening to learn of the many people who were wiped

outwhentheMadofffraudwasexposed.Theseindividualswerewiped out because they were so enticed by the fund’s extraordinary performance returns that they invested all of their money with him. Many people think of diversification as a means of lowering their investment risk, but it’s also a very effective way to lower fraud risk. No matter how good you think an investment manager is, keeping your money with several investment managers lowers your risk should one engage in fraud.

4. Be wary of returns that seem be too good to be true. Chancesareifaninvestment’sreturnslooktoogood

to be true, they may not be real. When an investment manager touts returns that have very little variation from period to period or do not ever have any down periods (even when the market is significantly down), it may be indicative that the “books have been cooked.” Asking your investment manager to explain their returns relative to the benchmark they manage against is a good start to understanding whether the returns make sense.Investmentmanagersshouldalwaysbewillingtoexplaintheir

investment strategy and the resulting returns. Attempts to mask the strategy or unwillingness to explain returns should not be tolerated.Afterall,itisyourmoney,nottheirs.Ifyoucannotgetreasonable explanations from the people managing your money, it is probably a good idea to take your money elsewhere. le

12 summer 2012

kreischer miller

adam Berman, human capital resources

using social media as part of your

talentacquisitionstrategycanyield benefits for your business, including enhanced productivity andefficiency.Sowhatissocialmedia recruiting and how can you create and execute a strategy for your organization? Traditionalrecruiting

methods aim to communicate your corporate value and build relationships in order to find top talent.Theemergenceofnewtechnology tools over the past several years, including the widespread acceptance of social media platforms, has provided a way to increase the focus of traditional recruiting efforts and, as a result, their effectiveness. Socialmediarecruitingcanhelpyouandyourtalentacquisitionpartners cast a wide but focused nettoidentifyhighlyqualifiedcandidates for your organization. Inourbusiness,wehavefound

that by analyzing certain metrics within our social networks, we can connect with a larger group of executives and work more effectively with our own internal team, business partners and externalreferralsources.Socialmedia recruiting enables us to better control our message and our clients’ messages. Plus, the technology allows us to operate faster with greater focus and cost effectiveness. Theuseofsocialmediaas

part of your company’s recruiting efforts should begin with an organization-wide commitment to the process to ensure a

continuity of contact. Without a consistent, repetitive effort, you willlosemomentum.Focusyourefforts on furthering your brand identity and enhancing the employment brand, and ensure everyone understands how to communicate the value proposition of working at your organization to potential employees. Thisvaluepropositionneeds

to be initiated by the executive team, seasoned by the human resources leaders and finalized and crystallized by your marketing and communications leaders.This,inturn,becomesthe message that is pushed out to referral sources, colleagues, co-workers, suppliers, clients, etc. through sources liked LinkedIn,FacebookandTwitter.Itiscriticalthesemessagesarenot only consistent but also accurate. Promising and not delivering will result in negative branding in the employment marketplace, leading referral sources to feel less comfortable withhelpingyouacquiretalentin the future. Allow the outside world to see into your organization and, when possible, interact through direct contact, blogs, responses to messages sent through social media platforms, etc. While this level of transparency can often be intimidating, if the entire team understands, values and, most importantly, embodies the message being pushed out via social media, your ability to build continuous candidate momentum toward your organization will grow virally.

As part of the process, be sure

you have a thorough understanding of who the best potential candidates for your organization are, what social media tools they use and how to tapintothatpopulation.Startby asking for input from your employees, referral sources, vendors and customers. Listen objectivelytowhattheytellyou;try not to let your own perceptions of your employment brandcloudtheissue.Thisinput will help you determine to whom you should be communicating and through which media.

After the initial launch, your focus should turn toward sustainingmomentum.Thisinvolves consistency of contact, consistency of message and,

enhancing your talent acquisition strategy with social media

most importantly, delivering on your message. A social media recruitinginitiativerequiresachampion;itcannotbeanon-again, off-again effort. Just as with any business strategy, you need to thoroughly plan, define benchmarks along the way and execute. Measure results and make adjustments where necessary. When all of theelementscometogether—awell-defined message, communicated to the right audience regularly and consistently, followed by deliveringonthatmessage—theresult will be a steady building of your company’s reputation and a focused channel of potential candidates eager to join your organization. le

regional

leading edge 13

TEAm PLAyErS iN dEmANd By EmPLOyErS, SurVEy SAySIf you value having your employees conduct themselves as team players who place their full focus on satisfying customers, you’re in good company. According to a recent survey by OI Partners, about 70 percent of the companies contacted listed those two qualities as what they most desire in workers.

Following in third and fourth place are the qualities of motivating and engaging others in their jobs (68 percent) and achieving success in a “critical few objectives” (62 percent).

Two out of three employers reported they have implemented programs in the past year to retain some of their most

talented workers, according to the survey.

Companies reward their most valuable workers with raises in salaries and benefits, tuition reimbursement, and provide coaching and cash bonuses depending on the level of the employee, the survey found.

&piecesbits frEE NSC CELL PHONE POLiCy kiT AVAiLABLEA cell phone policy kit for employers has been updated recently by the National Safety Council to assist companies with implementing their cell phone policies. The kit is available free on the NSC website.

“Employees who use their cell phones while driving expose themselves to a significant safety risk that they are seemingly willing to accept,” says David Teater, director of transportation initiatives. “This risk applies to all employees, not just commercial drivers or other employees whose work involves driving, such as field salespeople or service technicians.”

A recent National Highway Traffic Safety Administration survey found drivers cite work-related communications as a reason to use phones while driving.

The NSC says employers who expect employees to use cell phones while driving as part of their business must recognize that doing so exposes employees to preventable crash risk.

The Cell Phone Policy Kit is available for download at cellphonekit.nsc.org. It includes resources for executives, guides for the implementation team and educational materials for employees.

To really know if you are getting your money’s worth out of your marketing efforts, you have to understand the full impact of marketing according to, “Measuring Marketing’s Worth,” in McKinsey & Co.’s McKinsey Quarterly.

There are five questions executives should ask to see if they are getting the maximum return on their investment. 1. What exactly influences our consumers today?Companies are conscious of the growing importance of touch points, such as favorable consumer reviews, but don’t understand the true magnitude of their effects. 2. How accurate is our marketing judgment?Formulate hypotheses about the impact of changes to your marketing mix and then seek analytical evidence.

3. How are we managing financial risk in our marketing plans?For successful communication, you may set risk parameters that enable some changes in the marketing mix but limit the total shift in any given year. 4. How are we coping with approaching added complexity in the marketing organization?You’ll require a number of specialists, and you’ll need somebody who both integrates marketing efforts across channels and focuses on the bottom line. Finally, you’ll need absolute clarity in processes, roles and responsibilities.5. What metrics should we track given our options?Try measuring the impact of advertising on consumer recall, the perceptions of the business and sales leads and revenue.

WHAT’S yOur mArkETiNg rOi?

14 Summer 2012

Stem the rising cost of working caregivers With more americans caring for an elderly relative, workplace support is vital

according to a Gallup poll, more than one in six American workers provides care for an elderly or disabled family member, relative or friend. All told, these overtaxed

moonlighters miss 126 million workdays each year, costing American businesses an estimated $25.2 billion in lost productivity.

Of course, that doesn’t include the cost of stress-related illnesses or disability claims or the tab for administering employee leave programs like the Family and Medical Leave Act. Frankly, it’s hard to tally the financial impact of this burgeoning subgroup because 28 percent of affected employees say their employer is unaware of their situation.

“Employees who care for someone with a long-term illness such as dementia or Alzheimer’s endure so much stress, they often end up choosing between their two jobs,” says Jennifer Antkowiak, a news anchor for Pittsburgh’s KDKA-TV and founder of Jennifer Cares, a company aimed at helping caregivers. “Consequently, companies incur the cost of hiring and training a new employee, when it’s possible to reduce turnover by offering caregivers flexibility and support.”

Assess the impactAlthough most working caregivers are female and older than age 40, companies that employ a younger workforce aren’t immune to the impact. Gen-Xers and Gen-Yers often provide part-time care for a grandparent or extended family member, and when you account for everyone across the entire support chain, it isn’t unusual for caregivers to account for 50 to 75 percent of a company’s total workforce.

Don’t assume professionals or highly

educated workers hire outsiders to care for aging family members. A survey by Genworth Financial shows that overwhelmingly, Americans want to receive long-term care in their homes. In addition, the median annual cost for a nursing home is $81,030. Nearly one-third of working caregivers are in a professional occupation, with another 12 percent each in service and management roles. Other professions such as installation/repair, transportation and construction make up less than 5 percent each of caregivers. If left unabated, the rise of working caregivers could impact the performance of key departments and succession planning.

An informal data review is a quick, cost-effective way to estimate the number of caregivers in your employee population and their associated impact on the bottom line. Compare your company’s absenteeism rates, productivity levels and medical claims to other organizations as higher claims for depression or chronic illnesses such as heart disease and diabetes could signal the need for intervention.

Finally, establish a baseline to track the near-term impact of caregiver support programs because it may take several years to reduce health risks, improve well-being and stem the rising cost of employee health care.

“It’s hard to gauge the total impact of working caregivers without taking a formal survey,” Antkowiak says. “Employees may not think of themselves as caregivers if they occasionally leave early to take a relative to a doctor’s appointment or therapy session, but those trips add up.”

Offer targeted support programsSmall changes in human resources policies and an enlightened management team can

By LESLiE STEVENS-HuffmAN

strategic

reduce caregiver stress and turnover without increasing costs. Several companies have instituted work-life balance programs such as flextime, job sharing and telecommuting, while others have reallocated wellness dollars toward initiatives that cater to the unique needs of working caregivers.

According to a recent survey, the four wellness benefits most frequently offered by companies are online wellness information, educational tools or resources, fitness center discounts and printed wellness information.

Impactful choices for caregivers include stress reduction, healthy eating and time management—because caregivers are so busy caring for others, they tend to neglect their own health.

Because working caregivers don’t have time to ferret out community support or resources, invite employees and their families to hear speakers from nonprofits and government agencies that offer information on grief and bereavement counseling, hospice, Meals On Wheels and traveling nurses. Better still, ask a qualified professional to chair an onsite support group.

Amy Lieberman, president of Minneapolis-based Estate Matters LLC, says companies should host panel discussions featuring financial planners, estate attorneys and physicians because caregivers often face financial issues and gut-wrenching end-of-life decisions.

“Having clear end-of-life instructions, health care directives and a durable power of attorney reduces emotional turmoil as a family member ages,” says Lieberman, whose firm helps families deal with caregivers and other service professionals. “Moreover, companies can reduce the future impact of our aging population by giving employees the

tools to initiate a proactive dialogue.”Once the issue of working caregivers is no

longer taboo, line managers need the authority to effect change by offering employees part-time schedules, unpaid leave or telecommuting.

measure hard and soft cost savings Although measuring the return on investment from HR policy changes and wellness initiatives targeted at caregivers is challenging, even a modest investment should yield an immediate boost in program participation rates, employee morale and attendance.

However, the true measure of increased efforts to support working caregivers is often evidenced by improved esprit de corps.

“Caregivers feel guilty about missing work and they’re afraid of losing their jobs,” Antkowiak says. “But fear can be replaced by confidence and loyalty once the issue is out in the open.” LE

leading edge 15

key factS:• one in six workers provide care

to either a family member or friend.

• Caregivers are forced to miss a combined 125 million workdays each year.

• 28 percent of caregivers say their employer is not aware of their situation.

HOW yOu CAN HELP• Assess the need for programs to

assist caregivers in your workplace.

• Tailor your wellness program to help caregivers manage their own health better.

• sponsor workplace seminars on end-of-life topics such as estate planning.

• institute flexible hours for your employees.

mid-year tax planningthe clock is ticking on favorable estate tax rates and exemptionsBy LESLiE STEVENS-HuffmAN

your 2012 summer vacation should include time for year-end tax planning as a host of favorable estate tax rates and exemptions are set to expire on dec. 31. unless you act soon, individual filers could forego the opportunity to avoid gift taxes on up to $5.12 million and couples on up to $10.24 million, when the exemptions are indexed for inflation.

Worse yet, procrastination could result in the unnecessary payment of estate taxes at a rate as high as 55 percent on real estate, stocks, bonds and cash in excess of $1 million if the federal gift tax reverts as scheduled.

“there’s no point in waiting until after the november election because we have no idea what congress will do,” advises rob Babek, partner-in-charge of the los angeles office of marcum llP, a member firm of the leading edge alliance.

Babek notes the capital gains tax rate is also set to increase at the end of the year. he says taxpayers should consider selling highly appreciated stocks and gifting the money to a charity or heir to avoid paying more in capital gains taxes.

finally, if you own highly appreciated real estate such as a home or vacation property, you can maintain ownership and avoid estate taxes by gradually transferring ownership to your children and grandchildren through a family limited liability company.

16 Summer 2012

dEzAN SHirA & ASSOCiATES

earlier in its development process than many countries, Vietnam is learning from other countries’ reform experiences and utilizing its late mover advantage in

technology introduction. While not a large country in terms of area, Vietnam’s longitudinal breadth and variations in terrain allow the country to simultaneously support a wide range of industries. As labor costs rise elsewhere, many investors look to Vietnam, where labor costs are, for example, estimated to be 50 percent lower than China.

With a reasonably steady 7-percent GDP growth per year average during the last decade, Vietnam is nimble as it continues to shape its market-oriented socialist economy, and major foreign investors continue to prioritize their investments into the country. Coca-Cola, for example, has said it plans to invest $200 million in Vietnam by 2013, adding onto its $280 million investment during the past 10 years. Many small and medium enterprises are following in step, acting on the business potential that Vietnam holds for companies of all sizes and a variety of industries.

One of Vietnam’s greatest advantages today is its membership with the Association of Southeast Asian Countries and accompanying free trade benefits. More than 99 percent of tariffs among ASEAN-6 countries have been reduced to 0 percent, while Cambodia, Laos,

Myanmar and Vietnam have reduced nearly 99 percent of tariffs to less than 5 percent, as of June 2011.

What investment vehicles are available in Vietnam?The Law on Investment provides for three basic forms of direct investment by foreign investors: joint ventures enterprises, 100-per-cent foreign-owned enterprises and various contractual forms. The contractual forms include business cooperation contracts, build-operate-transfer contracts, build-transfer-oper-ate contracts and build-transfer contracts. Business cooperation contracts, for example, are agreements between foreign investors and Vietnamese partners to cooperate on specific business activities.

Regulated by the Commercial Law, representative offices (ROs) and branch offices are also allowed in Vietnam. Similar to other countries, ROs cannot carry out commercial activities (only activities like market research and liaison activities), but unlike in other countries (such as China), ROs are permitted to hire staff directly and there is no cap on the number of local and expatriate employees a representative office can hire in Vietnam.

Unlike the ROs, the branch is entitled to do business in Vietnam, although the law prohibits it from carrying out commercial activities other than those stated in the parent company’s business license.

What about taxes?Vietnam’s standard corporate income tax rate is 25 percent for both domestic and foreign-invested enterprises. Value-added tax is levied at three rates: the 0-percent rate applies generally to exported goods and services, the 5-percent rate applies to 15 categories of essential goods and services and the 10-percent rate is applicable to other goods and service. The Vietnam government has abolished tax on profit repatriation for overseas investors, and personal income tax is levied at seven progressive rates from 3 to 35 percent.

Interestingly, ROs are not subject to taxation in Vietnam, and their yearly compliance requirements are relatively limited. This means using an RO for first-step operation support is much more convenient in Vietnam than it is in other jurisdictions (such as China) and the cost of being legal in Vietnam is relatively cheap (a key point for many SMEs).

Business in Vietnamunderstanding hiring and investment rules are key to a successful venture

leading edge 17

What is the status of manufacturing zones in Vietnam?Approximately 40 percent of foreign direct investment in Vietnam goes into manufacturing zones, and these zones generate more than 30 percent of the nation’s total industrial production and 20 percent of its export value, according to the Ministry of Industrial Planning. Manufacturing zones include industrial, economic, export processing and high-tech. Firms investing in these zones in Vietnam enjoy preferential policies issued by the government, as well as other advantages, such as modern infrastructure and the availability of utility services compared to areas outside of the zones.

In February 2012, Prime Minister Nguyen Tan Dung asked local authorities to suspend the licensing of new industrial, export-processing and economic zones in a move to improve the management and efficiency of existing zones. Zone development plans through 2020 are being reviewed and revised in 2012.

What about wages and social insurances? In Vietnam, there are two kinds of minimum wages.

The first type, the common minimum wage (approximately $50 a month as of April 2012), is used to calculate the social contribution for all enterprises, as well as salaries for employees in state-owned organizations and enterprises. The total minimum employer Social Security contribution in Vietnam is 21 percent of

monthly salary, which will rise to 22 percent in 2014, according to a timeline laid out in the 2006 Law on Social Insurance.

The second type of minimum wage is used for employees in all non-state enterprises based on zones as defined by the government. The minimum wage in these zones varied from approximately $67 to $96 a month (as of October 2011).

A 13th month salary is usually applied as a kind of annual bonus by both local and foreign companies in Vietnam for employees working with the company for at least a year. Employees will often receive it together with their 12th month salary or at the beginning of the following year. In addition, there is also a special bonus called Lunar New Year bonus or Tet bonus, often paid to employees before they leave for the Lunar New Year holiday as a way of motivating and maintaining staff. The amount of the bonus depends on the company and employee performance.

What are the limitations on hiring non-Vietnamese?Employers in Vietnam can hire an unlimited number of foreigners as long as a local hire cannot fill the position and the employees meet requirements to work as managers, executive directors and experts.

However, the employer must have a training program as required by the government for Vietnamese employees to enable them to take over these positions in the future. An employer requiring a work permit extension for a foreigner must provide a training contract

signed between the employer and the Vietnamese employee who is planned to replace this particular foreign employee following his or her departure.

In addition, a foreigner working for an overseas enterprise with a commercial presence in Vietnam can be internally transferred to the operation in Vietnam if at least 20 percent of the total number of the managers, executive directors and experts in the commercial presence in Vietnam are Vietnamese citizens.

Prior to July 5 and Jan. 5 each year, employers are required to report their use of foreign labor to the Department of Labor, Invalids and Social Affairs office and the relevant authorities of industrial zones, economic zones, export-processing zones and hi-tech parks. In addition, before Dec. 15 each year, employers are required to register their demand for foreign labor for the next year. LE

dezan Shira & associates, a leading edge alliance firm, specializes in foreign direct investment, providing business advisory, tax, accounting, payroll and due diligence services to multinationals investing in Vietnam, china, hong kong, india and Singapore. established in 1992, the firm is a leading regional practice in asia with 20 offices in five jurisdictions, employing more than 170 business advisory and tax professionals.Sections of this article were drawn from the recently released book, Doing Business in Vietnam.

to contact the firm please email vietnam@dezshira.com or visit www.dezshira.com.Ph

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18 Summer 2012

The Executive’s Guide to Enterprise Social Media Strategy: How Social Networks are Radically Transforming Your Businessmike Barlow, david ThomasWiley204 pagesTweet. Post. Upload. Download. Around the clock, 24/7/365, social media is the dominant way young people communicate, and it is quickly heading toward becoming the dominant way virtually everyone communicates. Many forward-thinking business executives have jumped on the social media bandwagon. This book will help bring those who haven’t up to speed on how to develop an effective corporate social media strategy. The Executive’s Guide to Enterprise Social Media Strategy is based on interviews with leading thinkers at dozens of corporations, including IBM, Salesforce.com, Accenture, Intuit, Newell Rubbermaid, H&R Block and the Mayo Clinic.

Executive Economics: Ten Tools for Business Decision MakersShlomo maitalFree Press286 pagesMany executives shun economic theory because they consider it impractical in the daily business world. In Executive Economics, Shlomo Maital demystifies economics, showing how most business decisions can be boiled down to two simple questions: “What is it worth?” and “What must I give up to get it?” Maital explains how economic theory can be used to improve executives’ decision-making about fundamental issues like what to produce, how to produce it, how much of it to make, how much to charge for it and how to make the best use of business resources like time, labor and capital.

The New Business Road Test: What Entrepreneurs and Executives Should Do Before Writing a Business Plan (3rd Edition)John mullinsFT Press336 pagesLaunching a business is a tall order. To have a shot at success, the entrepreneur must have talent, capital and a well-researched plan. But even with those essentials, if the basic concept for the business is flawed, failure is inevitable. The New Business Road Test shows readers how to determine whether their fundamental business concept is feasible before they sink their life’s savings, not to mention their life, into a new enterprise. The third edition includes a new version of The 7 Domains Model, updated case studies, a rewritten Industry Analysis Checklist and a new author-run companion website.

Your Brain and Business: The Neuroscience of Great LeadersSrinivasan PillayFT Press288 pagesPillay, a psychiatry professor at Harvard Medical School and a certified executive coach, explains how the workings of the brain shape a person’s capacity to be an effective business leader. Pillay asserts the brain’s functions control executives’ ability to project intangibles like fairness, trust and openness in their daily interactions with employees, customers and colleagues. Your Brain and Business contains a wealth of research-supported insights into how a better understanding of neuroscience can be applied to negotiating deals, managing change, improving relationships and effectively coaching people to achieve higher levels of performance.

HBR’s 10 Must Reads on LeadershipPeter drucker, et al.Harvard Business Review Press240 pagesThe featured article in the latest installment of Harvard Business Review’s celebrated 10 Must Reads series is “What Makes an Effective Executive” by the late Peter Drucker. The editors of HBR have combed through hundreds of articles on leadership and picked the 10 they consider to be the most useful to help executives maximize their organization’s performance. Topics include drawing strength from adversity, increasing self-awareness, crediting others for one’s success, managing with tough empathy, encouraging intelligent risk-taking, setting an organization’s direction, motivating others to excel and provoking positive change. LE

BuSiNESS BOOkS fOr THE BEACH

on the bookshelf

Welcome to the summer edition of “on the Bookshelf,” with volumes on corporate social media, economic theory, road-testing entrepreneurial business ideas before diving into them, neuroscience as it relates to business leadership, and business leadership itself.

the leading edge offers:• Access to extensive teams of accounting professionals and business

advisors—a peer-to-peer connection that provides the right solutions for clients.

• innovative, practice-proven strategies for improving performance in management, business processes, finance, operations, information technology and marketing.

• A leading knowledge resource for multi-disciplinary information and industry-specific expertise responsive to clients’ unique needs.

• the Alliance offers accounting, consulting and tax services through a global alliance of firms with over 18,323 professional staff, more than 1,600 partners and over 23,518 staff in 455 offices.

• the leading edge Alliance offers global business advisory expertise and experience with innovation, progressiveness and quality.

to find out more about the leading edge alliance, visit www.leadingedgealliance.com or contact Karen Kehl-rose, president, at +1 630.513.9814 or kkr@the-lea.com.

the leading edge Alliance is an international professional association of independently owned accounting and consulting firms. the Alliance enables member firms to access the resources of a multibillion dollar global professional services organization, providing business development, professional training and education, and peer-to-peer networking opportunities nationally and globally, around the corner and around the world.

members are quality firms who are very successful, have deep client relationships, and strong ties to the community. the Alliance provides members with an impressive combination: the comprehensive size and scope of a large multinational company while offering their clients the continuity, consistency and quality service of a local firm. member firms have access to extensive teams of business advisors – a peer-to-peer connection that provides the right business solutions for clients.

AlabamaAlbaniaAfghanistanArgentinaAtlantaAustraliaAustriaAzerbaijanbahrainbaltimorebangladeshbelgiumboliviabostonbrazilbritish virgin islandsbuffalobulgariacayman islandschattanoogachicagochilechinacincinnaticlevelandcolombiacroatiacyprusczech republicdallasdaytondenverdominican republicecuadoregyptel salvadorfinlandfort lauderdaleghanagermanygreeceguatemalaharrisburg, pAhartfordhong konghonoluluhoustonhungary

indiaindianaindonesiaiowairelandisraelitalyJordankansaskazakhstankenyaknoxvillekoreakuwaitlas vegaslatvialebanonlexingtonlondonlos Angelesluxembourgmacedoniamadison, Wimalaysiamaltamauritiusmemphismexicomiamimichiganminneapolis/st. paulmissourimoldovamontenegromontrealmorocconashvillenebraskanetherlandsnew orleansnew Jerseynew yorknew Zealandnorth carolinanorwayorange county, cAoregonpakistan

palestinepanamaparaguayparisperuphiladelphiaphoenixphilippinespittsburghpolandprovidencepuerto ricorichmondrenoromaniarussian federationsan franciscosaudi Arabiascotlandseattlesenegalserbiasingaporeslovakiasloveniasouth carolinaspainswedenswitzerlandtaiwanthailandtokyotorontotucsontunisiaturkeyukraineunited Arabemiratesugandauruguayu.s. virgin islandsvenezuelaWashington, d.c.vietnamvirginia/West virginia

Kreischer Miller and other members of the leading edge alliance are leaders in many key markets, including:

visit leadingedgeAlliance.com for a detailed listing of member firms.

leAding edge 19

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