Bohemia, NY (PRWEB) November 08, 2013
Lawrence Teicher, founder of CFO Consulting Services and leading Long Island accountant, responds to an article published by ABL Advisor, which discusses the challenges small business owners face when their business is in transition.
According to the ABL Advisor article titled "Small Business in Transition...Tackling the 'Lone Ranger' Syndrome," recent projections reveal that 60 percent of businesses will undergo a transition over the next 10 years. Transitions, such as a sale, succession, restructure, or change in capital facility, are major events for small businesses. The article says the key to making sure a company’s transition does not turn into a nightmare is overcoming 'lone ranger syndrome'.
"Lone ranger syndrome" is defined as the tendency of small business owners to solve their business-related problems alone. However, when making a big decision, it is best for small business owners to overcome lone ranger syndrome and seek outside opinions. Breaking free from this habit is perhaps the most important thing when dealing with transitioning.
In this situation, the opinion of a CFO can be very useful. The article says, "Often, the very virtues that generate success – creativity, decisiveness, aggression, fearlessness in the face of risk – can quickly become vices, especially in times of important transition without the proper advisors. Creativity has to follow logical, financially sound steps in order to produce the best business result."
Lawrence Teicher, founder of CFO Consulting Services and leading Long Island accountant, says business owners should always seek outside opinions, especially from an outsourced CFO. "When big decisions are being made, it’s essential for the CEO or other business owners to reach out to professionals with complimentary skill sets," he says. "Sometimes it takes an objective set of eyes to maximize the selling price of a business, successfully negotiate the purchase of one, or to secure needed financing.
"Business owners tend to get wrapped up in day to day issues and neglect areas of their business that they do not enjoy or are not expert in. Hiring an outsourced CFO can be the difference between a nightmare and a smooth transition."
CFO Consulting Services, LLC provides outsourced, part-time CFO services on an as-needed basis to both small and mid-sized businesses located in the NY metropolitan region. Founded by Long Island CPA and financial expert Lawrence Teicher, CFO Consulting Services follows four main principles: independence, objectivity, competence and confidentiality. These core values have led its clients to achieve lasting success in their businesses.