ASSeSS equipment And technology - Pieciak & Company, PC
Summer 2013 www.bdo.com
The Newsletter of the BDO Manufacturing & Distribution Practice
BDO Manufacturing Output regularly examines how manufacturers are rethinking operations, processes, supply chains, workforces, business systems, products and markets to achieve competitive advantage. This issue of BDO Manufacturing Output explores how manufacturers can secure the business systems and equipment they need for growth, and highlights ways companies can assess their requirements and structure their capital investments for optimal gain:
Assess Equipment and Technology Managing new capital investments for growth will be the most significant challenge for manufacturers in 2013.
D
uring the recent recession, it was prudent for manufacturing leaders to delay capital investment. Executives managed with aging equipment and systems to conserve cash in a tight lending environment. But years of under-investment have led to equipment breakdowns and overwhelmed information technologies — at the precise moment when firms need to meet renewed demand. Indeed, many firms are already boosting their capital investments. In 2012, capitalequipment spending and informationtechnology spending were 5 percent and 3 percent of sales (median), respectively, and both categories rose 2 percentage points from 2011. Furthermore, manufacturers were likely to increase spending on both
categories in 2013: capital equipment (+18 point differential) and information technology (+23 point differential). 1 Why? Because outdated equipment and business systems not only damage operating costs and productivity; they also limit new product, new service and new sales opportunities. Savvy CEOs and senior executives will review their capital-investment requirements with an eye toward improving operations and boosting growth.
u Investments to shore
up the bottom line
Aging equipment and facilities often lead to decreased productivity, higher costs and lower profits. Smart managers will begin a capital Read more
• Assess Equipment and Technology Needs • Leverage Investment Options and Lower Tax Obligations • Invest for Optimal Return on Investments
2
BDO Manufacturing Output
Continued from page 1
Assess Equipment and Technology investment review by studying production processes, departments and lines to pinpoint excessive downtime, which limits efficiency and increases maintenance costs. For example, 10 percent (median) of all plant maintenance is unplanned — and often due to aging equipment. This has a significant impact on the bottom line: plants that spend less than 10 percent of their maintenance on unplanned events have gross margins 10 percentage points higher (65 percent vs. 55 percent) than plants spending more than 10 percent of their maintenance on unplanned events. 2 Aging equipment also contributes to quality problems (scrap and rework rates, warranty claims) and increased energy consumption. Most important, though, is the impact of out-of-date equipment on worker safety: Employees worried about safety are always less than fully productive — and unlikely to invest their time in improving products and operations. Aging information technology (IT) isn’t typically as dangerous as old machinery (although they can pose security risks for the organization), but may create an even greater drag on productivity. Legacy systems often turn IT departments into triage units rather than the productivity enhancers that they could be, if only they could spend their time helping business units to leverage new applications. Digital handoffs among departments, functions, customers and suppliers also suffer when IT systems aren’t current, with missing orders, inaccurate reporting, and inaccurate forecasts reducing productivity and customer satisfaction.
u Investments for
Capacity constraints also are found in revenue-generating functions such as research and design work, sales activities and customer support. Aging IT systems, for example, are often not capable of analyzing customer data to identify opportunities for new products, product iterations and customizations, and value-added services around existing products. Many companies are challenged to correlate, for example, sales force productivity with revenues, an assessment that often tracks back to root causes of aging business systems and applications. This problem is surprisingly common: The Next Generation Manufacturing Study found that only a fraction of companies have state-of-the-art business systems and equipment to support key strategies longterm (see Next Generation Tools). 3 Next Generation Tools State-of-art business systems and equipment to support the strategy long-term
NGM Strategy
% of manufacturers
Customer-focused innovation
18%
Process improvement
14%
Supply-chain management
11%
Human-capital management
9%
Sustainability
8%
Global engagement
8%
Source: Next Generation Manufacturing Study
Even worse, as manufacturers and their IT departments struggle with existing systems and applications, they miss opportunities to
deploy new IT that can boost revenues and cut costs, including: • Business intelligence applications to identify and evaluate market opportunities, helping executives to proactively develop new strategies to address them. • Customer relationship applications to help manufacturers ascertain customers’ needs, strengthen customer bonds, and more accurately forecast demand — improving production supply-chain efficiency. • Online, mobile, and social media applications to connect with new markets and companies. Millennial customers and employees alike expect social-media tools when doing business and in their workspaces. Many IT companies are developing social-media-like applications to efficiently capture, sort, and share meaningful texts and correspondences across functions, departments, and supply chains. Determining why your company needs new equipment and or business systems is the first step toward improving your operations, and controlling costs and increasing revenues. But the necessary next step is a deeper dive to identify and prioritize what can be purchased.
1 2012 MPI Manufacturing Study, The MPI Group, 2012. Differential = percentage of plants increasing spending minus percentage of plants decreasing spending. 2 2012 MPI Manufacturing Study, The MPI Group, 2012. 3 Next Generation Manufacturing Study, The MPI Group, 2011.
growth
Production volume as a percentage of designed capacity in the U.S. increased to 75 percent (median) in 2012 from 70 percent in 2011, with 23 percent of all plants reporting 80 percent or higher — a level at which it becomes difficult to manage demand. Outsourcing is an option to smooth demand planning in the short-term, but careful executives analyze their production and equipment portfolios to optimize profitability while safeguarding core competencies and intellectual property. Read more
BDO Manufacturing Output
3
Leverage Investment Options and Lower Tax Obligations How your company makes a capital investment might be as important as to what, where, and why it invests in the first place. Purchase or leasing new equipment or IT each has nuances that can affect your company’s balance sheet — and its tax position. u Purchase
Lease options include:
Capital investments will be structured as a purchase if you seek to maintain the value of the asset (typical for industrial equipment). The market for used industrial equipment is well-established, with machinery often retaining value for years after its initial installation. Options for funding include:
• Capital or financial leases: This type of lease is treated as an equipment purchase, useful for a company that plans to keep the asset at the end of the lease. Capital leases reduce upfront costs and are common for manufacturers and distributors when acquiring heavy equipment. Capital leases are reported as purchases by the lessee and capitalized on the balance sheet.
• Long-term debt: This form of debt is spread over a longer period (years), which decreases the monthly burden on the organization but comes at higher interest rates. Long-term debt is common for large purchases, such as equipment, buildings, and facilities. • Short-term credit: Purchasing assets with short-term credit can reduce the overall costs of debt and increase flexibility, but entails risk, such as the potential of renewing at higher rates. Short-term credit can provide a stopgap to get business systems or equipment quickly, especially for cyclical businesses, but is more commonly used for short-term needs such as inventory.
• Operating lease: This is commonly used to acquire equipment on a short-term basis. At the end of the term, equipment can be purchased at fair market value or returned. Operating leases are not reported on a lessee’s balance sheet. Companies should also be aware that changes are coming for the financial accounting rules for operating and capital leases. These rules are anticipated to change what a company must record on its balance sheet for capital and operating leases. Click on the BDO alert for more info: http://www.bdo.com/ download/2636
• Working capital and working-capital loans: A company with substantial cash flow and funds earmarked for investments can purchase equipment out of working capital, limiting debt but exposing it to a cash crunch if circumstances change. Similarly, a secured working-capital loan is an option, offering lower rates but requiring collateral.
A third approach is to engage customers in the process by having them finance the purchase, share the purchase cost, or own the equipment outright. This strategy makes sense if the purchase is to be used predominantly for the customer’s benefit (e.g., a new line running their products or a warehouse devoted to their locations). For any capital investment, be sure to review applicable incentives and credits. These
include federal and state incentives, such as bonus depreciation. The American Taxpayer Relief Act of 2012 extended the 50-percent additional first-year depreciation deduction for one year, generally through 2013 (through 2014 for certain longer-lived and transportation property). 4 State incentives include sale-tax exemptions. For example in May of this year, Florida expanded its manufacturing machinery and equipment sales and use tax exemption, effective April 2014, to include all purchases of industrial machinery and equipment made by eligible manufacturing businesses for fixed locations within Florida for the manufacture, processing, compounding or production of items of tangible personal property for sale. 5 Other credits and incentives to consider are R&D tax credits (available for attempts to develop or improve products, manufacturing processes and software); customer-offered incentives to upgrade equipment specific to their products; and vendor discounts and specials. Smart CEOs also make sure that staff or their accounting professionals properly present capital investments on their balance sheets, including: • Applying cost-segregation techniques • Identifying and reclassifying assets • Shorten depreciation schedules when appropriate • Minimizing tax obligations. 4 Internal Revenue Service. 5 H.B. 7007, Laws 2013, effective May 17, 2013.
Read more
4
BDO Manufacturing Output
Invest for Optimal Return on Investments Once a capital-investment wish list is developed, it is time to separate what might be accomplished from what must be accomplished.
A
ll investments specifics (e.g., cost of the purchase, life of the purchase, rate of return) will be examined within the context of the company’s financial strengths or constraints. In a best-case scenario, cash will have been reserved for capital investments. In other circumstances, unexpected events may drive more pressing demands for cash, including mergers or acquisitions, litigation, regulatory penalties, new hires, etc. None of these reasons need necessarily cancel an investment, but they will scope the level of investment that can be accommodated. Conversely, projected sales increases and rising demand will positively influence a purchase decision. Prudent leaders will balance their ability to make an investment against customer or market needs, quantifying the investments ability to: • Better serve key customers (e.g., equipment that will allow expanded production, going from supplying a single SKU to multiple SKUs or full assemblies) • Grow demand from large or important customers (e.g., a dedicated line and delivery fleet) • Enter new, growing markets (e.g., industryspecific testing equipment) • Improve capacity of high-volume or highmargin core products (e.g., proven advanced automation)
• Design and develop new products for new markets (e.g., computer-aided design applications specific to an industry or customer base). In conjunction with the capital-investment assessment of what to purchase and why is the determination of where: which specific division, unit, plant, or function should house the new investment?. This can be as simple as meeting an urgent need (i.e., broken equipment has idled a line or plant), but a more sophisticated analysis will also address past performance at specific facilities, including: • Quality; • Productivity; • Operations and IT talent; and • Culture and track record of implementing and leveraging investments. After identifying what will be purchased and where it will be deployed, leading firms establish a schedule that includes funding and making the purchase; pre-installation activities (training, staffing, maintenance, etc.); and putting assets into operation. If a detailed accounting of investments and outcomes is not already in place, these firms establish one so that information from this investment can be used as a benchmark for future investments, returns on investments, and total cost of ownership calculations.
About BDO BDO has been a valued business advisor to manufacturing and distribution companies for more than 100 years. We work with a variety companies from all industrial sectors, ranging from global manufacturing and distributors to startup and niche manufacturing corporations, on a myriad of accounting, consulting, tax and other financial issues. BDO’s national tax professionals possess an in-depth knowledge of the intricacies of a full spectrum of tax services. From International Tax and Transfer Pricing to State and Local Tax services and beyond, our dedicated team of professionals operate nationwide to provide a comprehensive suite of services to address our client’s needs. BDO is the brand name for BDO USA, LLP, a U.S. professional services firm providing assurance, tax, financial advisory and consulting services to a wide range of publicly traded and privately held companies. For more than 100 years, BDO has provided quality service through the active involvement of experienced and committed professionals. The firm serves clients through 49 offices and more than 400 independent alliance firm locations nationwide. As an independent Member Firm of BDO International Limited, BDO serves multinational clients through a global network of 1,204 offices in 138 countries. BDO USA, LLP, a Delaware limited liability partnership, is the U.S. member of BDO International Limited, a UK company limited by guarantee, and forms part of the international BDO network of independent member firms. BDO is the brand name for the BDO network and for each of the BDO Member Firms. For more information, please visit www.bdo.com. To ensure compliance with Treasury Department regulations, we wish to inform you that any tax advice that may be contained in this communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions or (ii) promoting, marketing or recommending to another party any tax-related matters addressed herein. Material discussed is meant to provide general information and should not be acted on without professional advice tailored to your firm’s individual needs. © 2013 BDO USA, LLP. All rights reserved.
For more information For more information on these and other service offerings for the manufacturing and distribution industry, please contact one of the service leaders below:
Contact: Howard Sosoff Manufacturing & Distribution Practice Leader 414-287-1115 [email protected] Matt Becker Tax Partner, Grand Rapids 616-802-3413 [email protected] Brian Eccleston Assurance Partner, New York 212-885-8220 [email protected] SEAN HENAGHAN Assurance Partner, Chicago 312-233-1803 [email protected] Issy Kotton Assurance Partner, Los Angeles 310-557-8266 [email protected] Fred Rozelle Assurance Partner, Detroit 248-244-6544 [email protected] Rick Schreiber Assurance Partner, Nashville 615-493-5641 [email protected] John Tucci Assurance Partner, Woodbridge 732-750-0900 [email protected]
The Newsletter of the BDO Manufacturing & Distribution Practice
BDO Manufacturing Output regularly examines how manufacturers are rethinking operations, processes, supply chains, workforces, business systems, products and markets to achieve competitive advantage. This issue of BDO Manufacturing Output explores how manufacturers can secure the business systems and equipment they need for growth, and highlights ways companies can assess their requirements and structure their capital investments for optimal gain:
Assess Equipment and Technology Managing new capital investments for growth will be the most significant challenge for manufacturers in 2013.
D
uring the recent recession, it was prudent for manufacturing leaders to delay capital investment. Executives managed with aging equipment and systems to conserve cash in a tight lending environment. But years of under-investment have led to equipment breakdowns and overwhelmed information technologies — at the precise moment when firms need to meet renewed demand. Indeed, many firms are already boosting their capital investments. In 2012, capitalequipment spending and informationtechnology spending were 5 percent and 3 percent of sales (median), respectively, and both categories rose 2 percentage points from 2011. Furthermore, manufacturers were likely to increase spending on both
categories in 2013: capital equipment (+18 point differential) and information technology (+23 point differential). 1 Why? Because outdated equipment and business systems not only damage operating costs and productivity; they also limit new product, new service and new sales opportunities. Savvy CEOs and senior executives will review their capital-investment requirements with an eye toward improving operations and boosting growth.
u Investments to shore
up the bottom line
Aging equipment and facilities often lead to decreased productivity, higher costs and lower profits. Smart managers will begin a capital Read more
• Assess Equipment and Technology Needs • Leverage Investment Options and Lower Tax Obligations • Invest for Optimal Return on Investments
2
BDO Manufacturing Output
Continued from page 1
Assess Equipment and Technology investment review by studying production processes, departments and lines to pinpoint excessive downtime, which limits efficiency and increases maintenance costs. For example, 10 percent (median) of all plant maintenance is unplanned — and often due to aging equipment. This has a significant impact on the bottom line: plants that spend less than 10 percent of their maintenance on unplanned events have gross margins 10 percentage points higher (65 percent vs. 55 percent) than plants spending more than 10 percent of their maintenance on unplanned events. 2 Aging equipment also contributes to quality problems (scrap and rework rates, warranty claims) and increased energy consumption. Most important, though, is the impact of out-of-date equipment on worker safety: Employees worried about safety are always less than fully productive — and unlikely to invest their time in improving products and operations. Aging information technology (IT) isn’t typically as dangerous as old machinery (although they can pose security risks for the organization), but may create an even greater drag on productivity. Legacy systems often turn IT departments into triage units rather than the productivity enhancers that they could be, if only they could spend their time helping business units to leverage new applications. Digital handoffs among departments, functions, customers and suppliers also suffer when IT systems aren’t current, with missing orders, inaccurate reporting, and inaccurate forecasts reducing productivity and customer satisfaction.
u Investments for
Capacity constraints also are found in revenue-generating functions such as research and design work, sales activities and customer support. Aging IT systems, for example, are often not capable of analyzing customer data to identify opportunities for new products, product iterations and customizations, and value-added services around existing products. Many companies are challenged to correlate, for example, sales force productivity with revenues, an assessment that often tracks back to root causes of aging business systems and applications. This problem is surprisingly common: The Next Generation Manufacturing Study found that only a fraction of companies have state-of-the-art business systems and equipment to support key strategies longterm (see Next Generation Tools). 3 Next Generation Tools State-of-art business systems and equipment to support the strategy long-term
NGM Strategy
% of manufacturers
Customer-focused innovation
18%
Process improvement
14%
Supply-chain management
11%
Human-capital management
9%
Sustainability
8%
Global engagement
8%
Source: Next Generation Manufacturing Study
Even worse, as manufacturers and their IT departments struggle with existing systems and applications, they miss opportunities to
deploy new IT that can boost revenues and cut costs, including: • Business intelligence applications to identify and evaluate market opportunities, helping executives to proactively develop new strategies to address them. • Customer relationship applications to help manufacturers ascertain customers’ needs, strengthen customer bonds, and more accurately forecast demand — improving production supply-chain efficiency. • Online, mobile, and social media applications to connect with new markets and companies. Millennial customers and employees alike expect social-media tools when doing business and in their workspaces. Many IT companies are developing social-media-like applications to efficiently capture, sort, and share meaningful texts and correspondences across functions, departments, and supply chains. Determining why your company needs new equipment and or business systems is the first step toward improving your operations, and controlling costs and increasing revenues. But the necessary next step is a deeper dive to identify and prioritize what can be purchased.
1 2012 MPI Manufacturing Study, The MPI Group, 2012. Differential = percentage of plants increasing spending minus percentage of plants decreasing spending. 2 2012 MPI Manufacturing Study, The MPI Group, 2012. 3 Next Generation Manufacturing Study, The MPI Group, 2011.
growth
Production volume as a percentage of designed capacity in the U.S. increased to 75 percent (median) in 2012 from 70 percent in 2011, with 23 percent of all plants reporting 80 percent or higher — a level at which it becomes difficult to manage demand. Outsourcing is an option to smooth demand planning in the short-term, but careful executives analyze their production and equipment portfolios to optimize profitability while safeguarding core competencies and intellectual property. Read more
BDO Manufacturing Output
3
Leverage Investment Options and Lower Tax Obligations How your company makes a capital investment might be as important as to what, where, and why it invests in the first place. Purchase or leasing new equipment or IT each has nuances that can affect your company’s balance sheet — and its tax position. u Purchase
Lease options include:
Capital investments will be structured as a purchase if you seek to maintain the value of the asset (typical for industrial equipment). The market for used industrial equipment is well-established, with machinery often retaining value for years after its initial installation. Options for funding include:
• Capital or financial leases: This type of lease is treated as an equipment purchase, useful for a company that plans to keep the asset at the end of the lease. Capital leases reduce upfront costs and are common for manufacturers and distributors when acquiring heavy equipment. Capital leases are reported as purchases by the lessee and capitalized on the balance sheet.
• Long-term debt: This form of debt is spread over a longer period (years), which decreases the monthly burden on the organization but comes at higher interest rates. Long-term debt is common for large purchases, such as equipment, buildings, and facilities. • Short-term credit: Purchasing assets with short-term credit can reduce the overall costs of debt and increase flexibility, but entails risk, such as the potential of renewing at higher rates. Short-term credit can provide a stopgap to get business systems or equipment quickly, especially for cyclical businesses, but is more commonly used for short-term needs such as inventory.
• Operating lease: This is commonly used to acquire equipment on a short-term basis. At the end of the term, equipment can be purchased at fair market value or returned. Operating leases are not reported on a lessee’s balance sheet. Companies should also be aware that changes are coming for the financial accounting rules for operating and capital leases. These rules are anticipated to change what a company must record on its balance sheet for capital and operating leases. Click on the BDO alert for more info: http://www.bdo.com/ download/2636
• Working capital and working-capital loans: A company with substantial cash flow and funds earmarked for investments can purchase equipment out of working capital, limiting debt but exposing it to a cash crunch if circumstances change. Similarly, a secured working-capital loan is an option, offering lower rates but requiring collateral.
A third approach is to engage customers in the process by having them finance the purchase, share the purchase cost, or own the equipment outright. This strategy makes sense if the purchase is to be used predominantly for the customer’s benefit (e.g., a new line running their products or a warehouse devoted to their locations). For any capital investment, be sure to review applicable incentives and credits. These
include federal and state incentives, such as bonus depreciation. The American Taxpayer Relief Act of 2012 extended the 50-percent additional first-year depreciation deduction for one year, generally through 2013 (through 2014 for certain longer-lived and transportation property). 4 State incentives include sale-tax exemptions. For example in May of this year, Florida expanded its manufacturing machinery and equipment sales and use tax exemption, effective April 2014, to include all purchases of industrial machinery and equipment made by eligible manufacturing businesses for fixed locations within Florida for the manufacture, processing, compounding or production of items of tangible personal property for sale. 5 Other credits and incentives to consider are R&D tax credits (available for attempts to develop or improve products, manufacturing processes and software); customer-offered incentives to upgrade equipment specific to their products; and vendor discounts and specials. Smart CEOs also make sure that staff or their accounting professionals properly present capital investments on their balance sheets, including: • Applying cost-segregation techniques • Identifying and reclassifying assets • Shorten depreciation schedules when appropriate • Minimizing tax obligations. 4 Internal Revenue Service. 5 H.B. 7007, Laws 2013, effective May 17, 2013.
Read more
4
BDO Manufacturing Output
Invest for Optimal Return on Investments Once a capital-investment wish list is developed, it is time to separate what might be accomplished from what must be accomplished.
A
ll investments specifics (e.g., cost of the purchase, life of the purchase, rate of return) will be examined within the context of the company’s financial strengths or constraints. In a best-case scenario, cash will have been reserved for capital investments. In other circumstances, unexpected events may drive more pressing demands for cash, including mergers or acquisitions, litigation, regulatory penalties, new hires, etc. None of these reasons need necessarily cancel an investment, but they will scope the level of investment that can be accommodated. Conversely, projected sales increases and rising demand will positively influence a purchase decision. Prudent leaders will balance their ability to make an investment against customer or market needs, quantifying the investments ability to: • Better serve key customers (e.g., equipment that will allow expanded production, going from supplying a single SKU to multiple SKUs or full assemblies) • Grow demand from large or important customers (e.g., a dedicated line and delivery fleet) • Enter new, growing markets (e.g., industryspecific testing equipment) • Improve capacity of high-volume or highmargin core products (e.g., proven advanced automation)
• Design and develop new products for new markets (e.g., computer-aided design applications specific to an industry or customer base). In conjunction with the capital-investment assessment of what to purchase and why is the determination of where: which specific division, unit, plant, or function should house the new investment?. This can be as simple as meeting an urgent need (i.e., broken equipment has idled a line or plant), but a more sophisticated analysis will also address past performance at specific facilities, including: • Quality; • Productivity; • Operations and IT talent; and • Culture and track record of implementing and leveraging investments. After identifying what will be purchased and where it will be deployed, leading firms establish a schedule that includes funding and making the purchase; pre-installation activities (training, staffing, maintenance, etc.); and putting assets into operation. If a detailed accounting of investments and outcomes is not already in place, these firms establish one so that information from this investment can be used as a benchmark for future investments, returns on investments, and total cost of ownership calculations.
About BDO BDO has been a valued business advisor to manufacturing and distribution companies for more than 100 years. We work with a variety companies from all industrial sectors, ranging from global manufacturing and distributors to startup and niche manufacturing corporations, on a myriad of accounting, consulting, tax and other financial issues. BDO’s national tax professionals possess an in-depth knowledge of the intricacies of a full spectrum of tax services. From International Tax and Transfer Pricing to State and Local Tax services and beyond, our dedicated team of professionals operate nationwide to provide a comprehensive suite of services to address our client’s needs. BDO is the brand name for BDO USA, LLP, a U.S. professional services firm providing assurance, tax, financial advisory and consulting services to a wide range of publicly traded and privately held companies. For more than 100 years, BDO has provided quality service through the active involvement of experienced and committed professionals. The firm serves clients through 49 offices and more than 400 independent alliance firm locations nationwide. As an independent Member Firm of BDO International Limited, BDO serves multinational clients through a global network of 1,204 offices in 138 countries. BDO USA, LLP, a Delaware limited liability partnership, is the U.S. member of BDO International Limited, a UK company limited by guarantee, and forms part of the international BDO network of independent member firms. BDO is the brand name for the BDO network and for each of the BDO Member Firms. For more information, please visit www.bdo.com. To ensure compliance with Treasury Department regulations, we wish to inform you that any tax advice that may be contained in this communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions or (ii) promoting, marketing or recommending to another party any tax-related matters addressed herein. Material discussed is meant to provide general information and should not be acted on without professional advice tailored to your firm’s individual needs. © 2013 BDO USA, LLP. All rights reserved.
For more information For more information on these and other service offerings for the manufacturing and distribution industry, please contact one of the service leaders below:
Contact: Howard Sosoff Manufacturing & Distribution Practice Leader 414-287-1115 [email protected] Matt Becker Tax Partner, Grand Rapids 616-802-3413 [email protected] Brian Eccleston Assurance Partner, New York 212-885-8220 [email protected] SEAN HENAGHAN Assurance Partner, Chicago 312-233-1803 [email protected] Issy Kotton Assurance Partner, Los Angeles 310-557-8266 [email protected] Fred Rozelle Assurance Partner, Detroit 248-244-6544 [email protected] Rick Schreiber Assurance Partner, Nashville 615-493-5641 [email protected] John Tucci Assurance Partner, Woodbridge 732-750-0900 [email protected]
