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Callan Family Office
Financial visibility for business viability
When a group of highly credentialed Wells Fargo professionals left the large financial services firm to focus solely on serving families, foundations and institutions, they founded Callan Family Office (Callan FO). At their lawyers’ urging, they reached out to Wipfli for outsourced accounting services.
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The Challenge
Callan FO founders forwent salary and worked diligently to see their self-funded endeavor come to fruition. As they worked on bringing in business, they needed an experienced accounting firm to help with its pro forma and provide guidance on crucial financial decisions, such as business structuring. After the company was established, Callan FO professionals wanted to focus their financial expertise on counseling their clients, not executing day-to-day accounting tasks. They needed a firm to handle the accounting burden while providing value-added tax and infrastructure advice.
The Solution
Wipfli helped Callan FO decide on an LLC structure and educated partners on setting up individual LLCs as well as the tax impact of S corporation classification. Wipfli also provided financial modeling and a framework for balancing cash versus equity compensation in recruiting new sales team members. As Callan FO’s outsourced accounting firm, Wipfli handles tax returns, partner equity and compensation guidance, covenant compliance and monthly reports. Wipfli automated accounts payable, synced accounting functions and recently shifted Callan FO from an accrual to a cash basis for tracking expenses.
We appreciate having the team as a resource, asking tough questions and thinking about things from all angles. Having Wipfli on our side allows us to focus on expanding our business and providing the best service to our clients.
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The results
Callan FO is thriving, partly thanks to its flexible LLC structure and informed financial projections. Wipfli helped get the firm up and running with a robust accounting system, saving the company the expense and complexity of an internal accounting team. Callan FO can now rely on clean financials that help it forecast and make smart investment decisions, like its recent investment in Aris Investing Technologies LLC. Wipfli is analyzing how to further capitalize on this acquisition through R&D credits.
