Thanks to January DAW Vancouver and Toronto sponsor Farber

When working with your clients, remember that you are their trusted advisors and know more about their financial affairs than their family and friends.

With this in mind, you need to look at things from your client’s perspective and refer them professionals like people at the Farber Financial Group when your client requires assistance where you are not an expert.   When you identify some of the warning signs listed below, dig deeper to get a better understanding why they are facing these issues.  If they are in, or heading for, financial trouble suggest they speak to a professional with expertise helping individuals and companies deal with their debt, like someone at Farber.

Warning signs for companies:

 Company suffering losses
 Shareholder is putting money into the company
 Shareholder not drawing salary or not taking their accrued bonus
 Decrease in revenue
 Loss of a critical customer or critical supplier
 Increase in the age of accounts receivable
 Outstanding tax returns
 Not paying source deductions or HST/GST remittances in full
 Breach of covenants with the bank
 Failure to report to the bank when required
 Poor accounting records and/or financial reporting

Warning signs for individuals:

 Cashing RRSPs
 Not making RRSP contributions
 Outstanding tax returns
 Tax liabilities
 Company ceased operations, but has large directors’ liabilities
 Personal guarantees to landlord, suppliers or bank

Farber Financial Group (Farber) is one of largest independent business and financial advisory service firms in Canada. We do not offer accounting, assurance, or tax preparation services. We are not in competition with most accountants or professional advisors. We have a 35-year track record of providing a full-range of solutions for companies and individuals that are growing, struggling, or in distress. Our practice areas include:

• Small Business Solutions • Tax Solutions Canada • Consumer Proposals & Bankruptcy • Corporate Insolvency & Restructuring • Corporate Finance, Transactions & Valuations • Interim Management & CFO  Resources • Performance Improvement • Fraud, Forensic & Asset Recovery • Circle & Square (Emotional Intelligence) Education

CONTACT INFORMATION:

Andy Fisher, CIRP
Partner, Leader, Small Business Solutions - Farber Financial Group
T: 416-496-3414 - E: afisher@farberfinancial.com

James Bell
Director, Tax Solutions Canada
T: 416.496.3674 - E: jbell@taxsolutionscanada.com

Martin Cyr, CIRP
Leader, BC Practice - Farber Financial Group
T: 778.628.8982 - E: mcyr@farberfinancial.com

Mark your calendar now for the June 2015 Distinguished Advisor Workshop Transition Planning: Trusts and Estates. For more information, click here.