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Module 8: Succession planning
- Emil Lindsey
- 3 years ago
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1 Module 8: Succession planning
2 Contents 8.1 Introduction Succession planning for the sole practitioner Developing your succession plan Understanding your firm Your future purchaser Succession plan Selecting your succession option Valuation methodologies Introduction Valuation methods Capitalization of future maintainable earnings Rule of thumb Net book value Options for partnerships, consolidations, mergers, and acquisitions Thinking about shared ownership Partnership/merger Consolidation Sale of firm, fee parcel or progressive sell-down Sale of firm Sale of fee parcel Progressive sell-down Developing internal succession plans Internal succession Admission of new partners Buyout by existing partners Exit considerations Taxation implications Constraints of trade Lifestyle changes Compliance issues Conclusion References, further reading, and IFAC resources 21 Appendices 24 Appendix 8.1 Partnership/merger checklist 24 2
3 Appendix 8.2 Consolidation checklist 25 Appendix 8.3 Sale of firm checklist 26 Appendix 8.4 Sale of fee parcel checklist 27 Appendix 8.5 Progressive sell-down checklist 28 Appendix 8.6 Internal succession checklist 29 Appendix 8.7 Admission of new partners checklist 30 Appendix 8.8 Buyout by existing partners checklist 31 Appendix 8.9 Compliance issues checklist 32 Appendix 8.10: Case study 33 3
4 8.1 Introduction As professional accountants grow older, their thoughts inevitably turn to their exit not only from the firm, but from practicing accountancy altogether. As they consider their departure from business life, they wonder if the firm they have built up will have value in someone else s eyes. It has provided them with an income stream over the years, and allowed them to serve the community. They have built relationships with clients over this time, helped them, served them and supported them. Yet the question remains, will the firm be worth anything to anyone else? And if so, how much and to whom? A succession plan allows for the orderly exit of the practitioner. This means it is not left to chance, and there is a plan in place. This gives a degree of comfort to those involved, particularly staff. This module considers these questions and many more. Its objective is to assist you in coming to terms with the issues you need to consider and to help you get succession-ready. 8.2 Succession planning for the sole practitioner The number of issues currently facing the profession has been well documented and covered in previous modules. These include: zthe aging of the profession; ztrouble attracting and retaining staff; zcompliance and regulatory pressures; ztime pressures on sole practitioners; and zclient requirements at a high level, which means practitioners have little time to focus on their succession plan requirements. In addition, most accounting firms are one- to two-partner firms. This is what the practitioners wanted, but many sole practitioners will need to consider taking on partners as part of their succession plan. Many will find this difficult, as they will have been on their own for many years. This may seem contrary to the whole philosophy of operating as a sole practitioner. If anything, this highlights the fact that the sooner the succession plan is underway, the sooner these issues can be addressed. This module provides checklists and resources to assist in this process. In this module, the term succession planning is used essentially in the context of firm exit. 8.3 Developing your succession plan One of the most common questions asked by practitioners as they begin to consider succession planning is, Will someone pay me for this firm? The answer is usually Yes, but the answer to the question, How much? depends on a number of factors Understanding your firm One of the best ways to enhance the value you realize on exit is to plan for it in a structured manner. Table 8.1 sets out pertinent considerations for someone thinking of retiring. The answers to these questions will help you determine the approach you should take with your succession, and also help you assess which of the potential options you should consider. 4
5 Table 8.1 Understanding you and your firm better Question 1. What options do I have? 2. What needs to be done to make it all happen? 3. What would I like to see happen to my clients? 4. What would I like to see happen to my staff? 5. What restraints of trade will I find acceptable? 6. When should I start talking to potential purchasers/ partners? 7. How much do I think my firm is worth? 8. How much is my firm really worth? 9. How much money do I want to exit with? 10. Do I enjoy working with others or prefer working on my own? 11. How long will I need to stay involved in the firm after I sell my interest? 12. Whom should I start talking to about buying my interest? 13. Are any of my staff potential purchasers? 14. How profitable is my firm? 15. What systems, procedures and processes do I need to put in place to enhance the performance of my firm? 16. Would my firm represent a worthwhile investment to someone else? Response/Action Once you have answered these questions, you need to review the rest of this module to gain an understanding of the succession options available. This module discusses eight such options in detail. At least one of these will stand out to you as the preferred option. You should plan to position your firm in such a way as to maximize the return you can achieve by pursuing that option Your future purchaser Whichever option you choose, if you plan to sell one day, you must always be mindful of your future purchaser. Your future purchaser will need to have the following questions satisfied: zis this a good investment? zwill it provide me with a good return on my investment? zdoes it represent good value? The first step in succession planning is to get your firm succession-ready. The best way is to consider the questions a potential purchaser or future partner will ask. You should then develop your firm in such a manner as to be able to give strong, positive answers to these questions. A purchaser will typically assess their purchase against the criteria shown in Table
6 Table 8.2 Purchaser considerations Area Level Analysis Response Fees History of fee levels What have fees been over the last one, three, and five years? 6 Maintainability of fees Impact of nonrecurring fees Calculate and assess growth over these years. Will fees be maintained? What evidence exists to support this? Identify non-recurring fees. Assess impact on expected future maintainable fees. Profitability History of profits Identify profits over last one, three, and five years. Maintainability of profits Impact of nonrecurring fees on profits Add backs of nonoperating expenses Will profit levels be maintained? What impact will the succession event have on profits? Identify non-recurring profit component. Assess as to impact on recurring profit. Identify non-business expenses. Debtors Debtors position Review debtors. Work in progress (WIP) Debtors control process WIP position WIP control process Add back to profit to assess profitability from a business perspective. Items may include excessive wages to owner, travel and accommodation, utilities. Assess normalized profit against purchase criteria. Review and assess bad debts. What are current levels of bad debt write-offs? What are expectations for future? Identify current debtors control process. Identify collections history. Assess effectiveness. Review WIP. Assess WIP and likelihood of converting to fees and collection. What are current levels of write-offs and expectations for future? Identify current WIP control process. Assess effectiveness.
7 Area Level Analysis Response Client base Stability of client base Assess client numbers over last three years. Spread of clients Age of business owners in client base Check number of clients acquired over last three years. Check number of clients lost over last three years. Check spread of clients across industry sectors. Check size of clients; that is, turnover, number of employees, etc. Check age of business owners in client base. If close to retirement age, this will likely have an impact on future earnings of firm. Dependency Clients Check for dependence on any one client, or few clients. Industry Practitioner Check for dependence on any one industry, or few industries. Check for dependence on existing practitioner, from both clients and staff. Staff Quality of existing staff Assess for competence and ability. Assess qualifications and experience. Review and assess billings history. Systems Internal infrastructure Assess internal infrastructure, processes, systems, quality control procedures. Compliance Government regulator Identify any outstanding issues. Weighting Government tax department Value of top five clients as percent of fee base Assess impact on new owners. Identify any outstanding issues. Assess as to impact on new owners. Identify top five clients. Determine their fees. Total these and calculate as a percentage of fee base. Transition Handover process What is the handover process? How long is vendor prepared to stay for handover? Look for planned approach, which should include: Strategy for handover; Strategy for communicating with key clients, e.g. meetings to be held with each; Communication strategy for balance of client base; Strategy for communicating with existing staff, e.g., team meeting; and 7
8 Area Level Analysis Response Training on systems and procedures. Restraint Ethical Assess restraint of trade conditions. Assess non-compete issues. Assess as to existence of ethical issues within client base which may impact on ethical position of firm Succession plan Whichever succession option you choose, your firm may need to improve its financial position to be a more attractive investment option for potential purchasers. There are typically a number of key areas in which a firm can improve and which will have a positive impact on financial performance. It is important that these improvements have been implemented and are ingrained in the firm before it goes up for sale. Key areas for firm assessment include: zrevenues; zprofitability; zliquidity; zdebtor control; zwork in progress control; and zgrowth. Other modules discuss approaches to improving these areas. 8.4 Selecting your succession option It is important to consider which succession option is most naturally attractive to you and which you think will maximize your final settlement amount. There are three to choose from. zthe first is joining with others and becoming larger. This ensures you have others who are in a position to buy you out. These options are covered in Section 8.6, and include partnership, consolidation, and merger alternatives. zthe second is selling off the firm, whether in total, or selling a fee parcel at a time, or on a progressive sell-down basis. These options are considered in Section 8.7. zthe third is a series of internal options, which are covered in Section 8.8 and include internal succession, the introduction of new partners and sale to existing partners. Each option is quite distinct and brings its own set of considerations. As Table 8.3 shows, a number of issues apply to each. 8
9 Table 8.3 Issues to consider when selecting your succession option Issue Comment Response 1. Planning Set date for completion. Discuss with key stakeholders. Identify checklists to complete. 2. Taxation Consider tax implications of alternative options. Identify any reorganization of entity structures required. Put in place new structures within time frame requirements. 3. Funding Consider funding requirements for your exit. Organize financial arrangements as required. Introduce topic of funding early in discussions with potential purchasers to ensure capacity. 4. Exit Consider full impact of your exit from the firm. Consider strategies to ensure minimal disruption to ongoing firm performance. Implement strategies to ensure effective handover on your final exit. 8.5 Valuation methodologies Introduction The valuation of your firm is an important step in your succession plan. If one of your objectives is to maximize the amount you receive at settlement when you leave, you should focus on ensuring that this valuation is as high as possible. By understanding the component parts of the valuation methodology, you can concentrate on those areas that need to improve. It is well established that valuation is more of an art than an exact science, albeit with sound methodology behind it. It is also important to be clear on the definition of the actual valuation. The technical definition would be, The fair market value is the price that would be negotiated in an open market between a knowledgeable, willing but not anxious buyer and a knowledgeable, willing but not anxious seller dealing at arm s length. This would correctly establish the fair market value, but may be different from the amount which is finally paid. There can be many reasons for this, including external factors beyond the control of the parties. These would include factors such as the economic climate, interest rates and the supply and demand of firms for sale at that particular time. It may also include other factors over which the parties do have control, such as the state of readiness the firm is in at the time of sale, the internal systems and procedures, the level and capability of staff, or the financial position of either the vendor or purchaser. Value is usually a function of profitability multiplied by a multiple, where the multiple takes into account growth prospects, risk, quality of earnings, and other factors discussed throughout this module. However, it is also wise to 9
10 consider the synergistic benefits available to potential purchasers. This could be the elimination of a competitor, opening a new market, or adding fees to an existing cost base. To maximize value, it is important to recognize such factors and incorporate them into your strategy for the future sale of the firm, while at the same time acknowledging of the areas over which you do have control, and putting strategies in place to improve these. It may take a number of years for these strategies to have an impact on the value of the firm, which highlights the need to start the succession process early Valuation methods The traditional methods used in business valuation include: zcapitalization of future maintainable earnings; }} value is based on expected future earnings, relative to the risk return expected, where a capitalization rate, or multiple, is applied against an estimate of future maintainable earnings, zrule of thumb, or industry method; }} value is based on an industry standard applied to each firm, with the value expressed in terms of a multiplier, or cents in the dollar. znet book value; }} value is simply based on the net book value of the assets of the firm. zdiscounted cash flow }} value is based on estimated future cash flows discounted to give their present values, where the discount rate used reflects the risk of the expected future. The most commonly used method is the capitalization of future maintainable earnings method, followed by the rule of thumb method. Where partnership agreements are in place, the agreement would normally nominate the valuation formula to be applied and identify certain key components, such as number of years earnings to be included and capitalization rate to be used Capitalization of future maintainable earnings This is a widely used method for valuing accounting firms. This methodology seeks to determine the current value based on expected future earnings, relative to the risk return expected. There are two key elements in this model. The capitalization rate is the rate that will be applied to the earnings to determine the value. It is essentially an application of the price/earnings ratio. It is not a precise figure that can be applied universally, as each situation will be different. However, it is often within a range that takes into account the particular circumstances of a case. Future maintainable earnings is an estimate of the earnings the firm will generate on a maintainable basis into the future. Earnings from the recent past are taken as a guide. Traditional accounting firms with a strong audit or compliance base tend to have a high level of recurring income. This provides them with strong earnings potential, as their clients come back year after year. Other factors that will impact earnings need to be taken into account, such as the loss of a key client, or the introduction of new services. Also, non-recurring income is identified and removed from the calculation. 10
11 This approach can be expressed as a formula: 8.5.3a Future maintainable earnings Valuation = Capitalization rate Capitalization rate The capitalization rate is essentially the return on investment that the valuer expects from that particular investment. Factors to consider include: zthe current risk free rate of return available in the market, usually the government bond rate; zbank interest rates; zprice earnings ratios of publicly listed shares; zability to re-sell the firm, supply of ready buyers; zindustry and business risks; zlength of time the firm has been operating; zimpact of technology on the firm; zwhere the firm is in its business life cycle; zdependency on clients, staff, or practitioner; zimpact of any regulation changes; and zcomparative rate used in comparative firm sales. The starting point is the risk-free rate, which is then adjusted according to consideration of factors influencing the rate, such as those listed above. A common way to express the capitalization rate is to invert it and refer to it as the multiple. That is, 1/Capitalization Rate is the multiplier b Discounted cash flow Discounted cash flow is a valuation approach that determines what someone is willing to pay today in order to receive the anticipated cash flow in future years. Essentially it means converting future earnings into today s money. The future cash flows are discounted in order to express their present values to properly determine the value of the investment under consideration. The discounted cash flow or DCF approach describes a method of valuing an investment using the concepts of the time value of money. All future cash flows are estimated and discounted to give their present values. The discount rate used is generally the appropriate weighted average cost of capital that reflects the risk of the expected future cash flows. The discount rate reflects two things: zthe time value of money. Investors would rather have cash immediately than have to wait; therefore, they must be compensated by paying for the delay. zthe risk premium. This reflects the extra return investors demand because they want to be compensated for the risk that the cash flow might not materialize after all. The DCF for the purchase of an accounting firm is calculated by estimating the investment you will have to make at the start and the return you think you will receive. The timing for when you expect to receive the payments also needs to be estimated. Each transaction then needs to be discounted by the opportunity cost of capital over time between now and when you expect to receive the return on your investments. 11
12 8.5.4 Rule of thumb The rule of thumb valuation method applies an industry standard to each business within that industry. It is typically expressed in terms of a multiplier, or cents in the dollar. It is applied to either the net earnings of the business, that is, earnings before interest and tax (EBIT), or to its turnover. For instance, accounting firms may apply a certain level of cents in the dollar to their gross fees. This valuation method is popular for smaller firms, where other factors affect the valuation decision. Likely purchasers of fees at this level are sole practitioners looking to enter business at a low fee level. Essentially, they want to buy a job, and are prepared to pay a higher price for the fees than the price point at which traditional methods would value them. If there is a high reliance on low-value work, such as income tax return preparation, they tend to be toward the lower end of this price range. If there is a strong recurring base of business client work, it tends to be at the higher end of the price range. The main drawback to adopting the rule of thumb approach is that it assumes all firms are run and managed in the same way. It assumes clients interact the same way and pay their bills in similar ways, and the cost structure of the firm is the same. Clearly this will not be the case, but even so, this method is fairly widely used. The main reason is its simplicity; it is also widely understood Net book value The net book value valuation method is used where there is unreliable profit and loss information or where the business being valued is trading at a loss. If it is trading at a loss, the future maintainable earning method cannot be applied. This method may be appropriate in situations where vendor and purchaser agree that there is some value in the firm but that this will not be realized from future earnings. The value is essentially held in the balance sheet, and both parties agree to accept that as the starting point. It is mostly used in those situations where the firm is asset rich but earnings poor. In such situations, it is advisable to engage an independent valuer for the assets of the business, because the assets are likely to be stated at historic cost value, and depreciation is likely to be charged at tax rates, not useful life. The written-down book value may be quite different from the market value in such cases. 8.6 Options for partnerships, consolidations, mergers, and acquisitions One succession pathway is to join others and become larger. This may allow the practitioner to become a more attractive investment target, or provide a ready pool of fellow partners who are in a position to buy out the practitioner. There are a number of structures to consider. 1. Partnership Two or more people carry on business in common with a view to a profit. Rules relating to partnerships include joint ownership, participation in gross returns, sharing of profits and losses, and the exercise of partners rights. One of the key issues in a partnership is joint and several liabilities of all partners; this will be subject to your country s laws or professional regulations. 2. Consolidation A larger company purchases a number of smaller firms and consolidates them into one larger entity, seeking to achieve operating efficiencies and cost savings. The consideration is usually a combination of cash and shares in the larger company. The shares in the larger company are typically held in escrow and cannot be sold until a prescribed time period has elapsed. Consolidators are typically structured in a corporate model, with external investors, board of directors, chief executive officer and management team. 12
13 3. Merger Two firms combine to make one larger firm. It works best when the two firms are of similar size; otherwise it tends to be more of a takeover. The equity of each partner in the combined firm is typically based on the proportionate value of the fees going in. As you can see, there is a common thread running through each of these structures: the coming together of existing businesses and structures. Note that the issues involved in working with others in joint ownership are quite different from issues relating to the sale of a firm, or the sale of fee parcels, which are covered later. As such, there are a large number of issues common to partnerships, consolidations and mergers, which need to be considered prior to the actual event Thinking about shared ownership For many sole practitioners, the idea of sharing the ownership of their firm is contrary to the philosophy of their professional careers. Some may have been involved in or worked in partnerships previously and decided it was not for them. Others may simply have decided to be on their own from the start. One thing is certain: being involved in a partnership, consolidation or merged firm is distinctly different from being a sole practitioner. Accordingly, prior to becoming involved in such structures, the practitioner should self-assess their aptitude and carefully consider the questions in Table 8.4. Table 8.4 Self-assessment questionnaire for those considering partnership, consolidation or merger Question 1. Do I really want to share decision making, control and profits with other people? 2. What am I really getting myself involved in? 3. Do I want to share ownership of the firm? 4. Does the upside of shared ownership outweigh the downside? 5. Can I trust my partners? 6. Will they work as hard as I do? 7. How much money will I make? 8. Will I make more in the new structure, or less? 9. What are the key reasons I am doing this? 10. Have I considered the advantages and disadvantages of each option? What are they? Response/Comment If you have decided that this is the most suitable succession pathway, it is important to consider each option in greater detail Partnership/merger In the context of succession, there are two important steps in the partnership or merger process. The first is the challenge of the partnership or merger itself. The second is the exit of the practitioner. Remember that the main reason for choosing this option is to enable your exit from the firm. It is important that all partners have a clear understanding of this from the outset and clear expectations. It is essential that the partnership agreement takes this into account and documents how and when the exit is to occur. The partnership agreement should also deal with valuation issues. The value on exit is typically determined by the value of the partnership or the merged firm, unless prior agreement has been reached among the partners. 13
14 There are a number of advantages and disadvantages of partnerships and mergers. Advantages zexpected economies of scale; zbroadening of experience and skill base within firm; zpotential broadening of services offered to the market; zcost savings proceeding from reduction in duplication of resources; zbroadening of knowledge pool from which firm can draw internally; and zlarger pool of resources from which firm can pay out exiting partner. Disadvantages zchallenges of aligning firm cultures; zpractitioners sense of loss of control; zdiscomfort with shared decision making and profit sharing; and zlack of enjoyment in working with partners after merger takes effect, therefore lower professional satisfaction than previous situation. Appendix 8.1 (Partnership/merger checklist) provides a useful framework to work with as you consider these issues. One of the key issues to remember when considering a partnership or merger is the need for compatibility between the partners of the new firm. The ability of partners to work together in a harmonious and productive manner cannot be underestimated. Many mergers never materialize because at the end of long talks the partners discover they are not meant for each other, or believe they could not work together. Even though significant time, effort and resources may have been spent on the process up to this point, it is an important conclusion to reach and may well save much grief in the future Consolidation From a succession perspective, the consolidation model is very attractive. This is particularly the case where the consolidator is a publicly listed company. It is often a win-win situation: the practitioner wins by having a ready market of investors to purchase shares after the escrow period. The consolidator wins by ensuring the practitioner stays motivated to generate profits and facilitate a smooth transition of clients, as otherwise this will have a negative impact on share value, and hence the firm s future value. There are a number of advantages and disadvantages to the consolidation model. Advantages zready market of investors to buy shares after escrow period; zlarger firm infrastructure of consolidator that can benefit and assist the practitioner; zstructured training and development program; zcareer path for staff of practitioner; and zlarge knowledge pool from which the practitioner can draw. Disadvantages zchallenges of aligning firm cultures; zpractitioners may feel sense of loss of status, autonomy and control; and 14
15 zpractitioner may be uncomfortable with regular performance checks. Appendix 8.2 (Consolidation checklist) provides a useful framework to work with as you consider the issues involved. Objective for vendor Your objective as a vendor is to make your firm as attractive an investment as possible. Do all you can to ensure you maximize the return you get for the investment you have made over the years. This will also let you maximize the return available to the purchaser. Action plan As you review the above list, you may think of improvements you can implement immediately in your firm to start getting succession-ready. 8.7 Sale of firm, fee parcel or progressive sell-down Sale of firm Sale of firm is the most common succession option. This is where the whole firm is sold to a new purchaser. Potential purchasers who consider the purchase of an existing firm an attractive option include: zfirst-time entrants to public practice; zemployees from another public firm looking to go into business on their own; zan employee or employees from your own firm; zanother firm of smaller or similar size looking to increase their critical mass and achieve economies of scale; and za larger firm looking to increase its fee base, and/or looking for geographic presence. In a sale to an existing staff member, it is likely that they will continue to operate the firm in much the same way initially, with only minor changes. Other improvements are likely to be introduced on a staged, progressive basis, particularly if you are still involved in the firm and the new owners do not wish to disturb you. A larger firm is unlikely to seek your infrastructure or systems. It is more likely they want your client base and recurring income stream. They will probably also be interested in your staff who have client relationships and institutional knowledge and history. As part of their due diligence, most purchasers will consider issues such as those raised in Table 8.2, earlier in this module. You should ensure your firm has been developed in such a way as to give strong, positive answers to these types of questions. Typically the purchaser wants the business assets, not the existing business structure. This includes plant, equipment and goodwill. The debtors, work in progress and creditors are usually retained by the vendor. The sale of a firm has advantages and disadvantages for the vendor. Advantages zongoing commitment to firm ceases once handover period and agreed obligations are met; zonce the money is banked, the transaction is over, and the vendor s involvement ends; zthere is a certain amount of professional satisfaction for the vendor in knowing that they ran a business of sufficient value to be saleable; and zsense of finality, knowing the transaction is complete. 15
16 Disadvantages zonce sale is complete and professional involvement ceases, it may take some time for vendor to adjust; and Appendix 8.3 (Sale of firm checklist) provides a useful framework to work with as you consider these issues. Objective for vendor Your objective as a vendor is to make your firm as attractive an investment as possible. Do all you can to ensure you maximize the return you get for the investment you have made over the years. This will also ensure you maximize the return available to the purchaser. Action plan As you review the above list, you may think of a number of improvements you can implement immediately in your firm to start getting succession-ready Sale of fee parcel The sale of a fee parcel is more straightforward than the sale of a firm, as the fee parcel is the asset being purchased. There are typically no other assets sold or transferred at this time. There are a number of potential purchasers who consider the purchase of a parcel of fees an attractive option: zfirst-time entrants to public practice; zan employee or employees from your own firm; zan employee or employees from another public firm, looking to go into business on their own; and zanother firm looking to increase their critical mass and achieve economies of scale. The sale of a parcel of fees has advantages and disadvantages for the vendor. These include: Advantages zcan select which clients to parcel and sell off; zcan continue with firm, albeit on a lesser scale; zmay allow for specialization, by selling off clients outside areas of key interest; and zmay also allow vendor to reduce other costs, as resources required to service remaining clients may not be as great. Disadvantages zmay lose professional relationship with those clients included in parcel which is sold off; and zsome clients may not wish to move to another accountant, which reduces the sale price accordingly. Appendix 8.4 (Sale of fee parcel checklist) provides a useful framework when you are considering these issues. Objective for vendor Your objective as a vendor is to make your parcel of fees as attractive an investment as possible. Do all you can to ensure you maximize the return you get for the investment you have made over the years. This will also ensure you maximize the return available to the purchaser. Action plan As you review the above list, you may think of improvements you can implement immediately in your firm to help you get succession-ready. 16
17 8.7.3 Progressive sell-down This is where the vendor progressively sells down a percentage of his or her equity in the firm. This means that during the time of sell-down there is a partnership in place, even if it is limited to the period of the sell-down. This option is of interest to vendor practitioners who do not wish to abruptly cease their professional careers, and who may wish to withdraw progressively, from active service. There are a number of potential purchasers who are typically interested in this option: znew entrants to public practice, who want to take the incremental approach to equity ownership, as their confidence and knowledge increase; zexisting staff members, who take on greater equity as their confidence increases, and as their borrowing capacity allows; and zanother firm, who wishes the vendor partner to stay on for an extended period to assist with client transition and handover. Finance considerations may also be a factor. This can be one of the most delicate and sensitive succession options, as the purchaser and vendor will need to work together for the period of sell-down. It is in the best interests of both parties to make it work; however, it can be an emotionally charged time. Issues typically include: zvendor still involved, but conscious that their reign is coming to an end; znew partners with lesser equity may want certain things to change, but the senior partner still controls the votes; and zvendor partner may have run the firm as a sole trader for many years, and struggles with dealing with new partners. The progressive sell-down has advantages and disadvantages for the vendor. Advantages zvendor continues to remain involved in firm; zallows purchaser to take up equity in incremental steps; and zexisting partners may take up additional equity on progressive basis. Disadvantages zcan be an emotional time as vendor partner comes to terms with their pending departure; and zas sell-down period may take years, all parties must ensure they can work together for the time required. Appendix 8.5 (Progressive sell-down checklist) provides a useful framework when you are considering these issues. Objective for vendor Your objective as vendor is to make your firm as attractive an investment as possible. Do all you can to ensure you maximize the return you get for the investment you have made over the years. This will also ensure you maximize the return available to the purchaser. Vendors are often concerned that the interests of their clients and staff will be taken care of. This should be discussed fully with potential purchasers. 17
18 Action plan As you review the above list, you may think of improvements you can implement immediately in your firm to help you get succession-ready. 8.8 Developing internal succession plans As discussed in Module 4, the third pathway of succession planning focuses on internal options: zinternal succession; zintroduction of new partners; and zbuyout by existing partners Internal succession The main focus of internal succession is assisting senior staff in progressing to partnership. It is most effective when there is a deliberate strategy in place and the objective is clearly communicated. From a succession perspective, it manages the retirement of partners through the appointment of new partners. To be successful, it requires that the firm have the following four attributes: zfirm growth sufficient to allow for another partner; zrecruitment of willing and capable staff; zdevelopment program for managers and senior staff; and zfirm performance that is attractive to aspiring partners. Such a process allows for succession to be handled in a managed way, and provides for the progressive handover of control of the firm, and the client base. Advantages zincoming partners have familiarity with firm culture and client base; zstaff and internal systems and procedures are well known; zan existing business model is operational and already in place; and zthere is minimal disruption to existing clients, staff and internal arrangements, systems and procedures. Disadvantages zgaining respect in new position from long-term staff; and zincoming partner may have limited exposure to other accounting firms. Appendix 8.6 (Internal succession checklist) provides a useful framework when considering these issues. Objective for vendor Your objective as vendor is to make your firm as attractive an investment as possible. Do all you can to ensure you maximize the return you get for the investment you have made over the years. This will also ensure you maximize the return available to the purchaser. Action plan As you review the above list, you may think of improvements you can implement immediately in your firm to help you get succession-ready. 18
19 8.8.2 Admission of new partners This applies where an existing partnership is already in place. The exit of one partner will still leave one or more partners at the firm. The idea is to find a replacement partner for the retiring partner, sourced externally from business practice or commerce. There are a number of risks associated with this strategy, mostly to do with managing the transition of the retiring partner while dealing with the introduction of an incoming partner. Once the prospective new partner has been identified and agreement has been reached, there is a higher success rate when the incoming partner commences twelve months prior to the exit of the retiring partner. Advantages zan existing business model is operational and already in place; and zthere is minimal disruption to existing clients, staff and internal arrangements, systems and procedures. Disadvantages zissues may arise with assimilation of new partner into existing firm culture; and zsome of the existing partners may have wanted to take up equity. Appendix 8.7 (Admission of new partners checklist) provides a useful framework when considering these issues. Objective for vendor Your objective as vendor is to make your firm as attractive an investment as possible. Do all you can to ensure you maximize the return you get for the investment you have made over the years. This will also ensure you maximize the return available to the purchaser. Action plan As you review the above list, you may think of improvements you can implement immediately in your firm to help you get succession-ready Buyout by existing partners This succession option allows for the buyout of the retiring partners by the existing and remaining partners. The remaining partners take up the shares of the retiring partner under pre-emptive rights, or under separate arrangements made between the individual partners. Normally, existing shareholders are first offered the opportunity to take up the available shares in proportion to their existing shareholding. If there are still shares remaining after this offer, then it is left to individual negotiations between partners. The partnership or shareholders agreement would normally outline the process to be followed. It should also contain the valuation model and methodology to be used. Advantages zthis is an internal negotiation, and has no impact on those outside the existing partnership; zit provides certainty of position to all partners if the partnership agreement has taken this option into consideration; zthere is minimal disruption to existing clients, staff and internal arrangements, systems and procedures; and zan existing business model is operational and already in place. 19
20 Disadvantages zmay cause financial stress to existing partners; and zongoing reduction in total number of partners in firm, unless new partners are admitted. Appendix 8.8 (Buyout by existing partners checklist) provides a useful framework when considering these issues. Objective for vendor Your objective as vendor is to make your firm as attractive an investment as possible. Do all you can to ensure you maximize the return you get for the investment you have made over the years. This will also ensure you maximize the return available to the purchaser. Action plan As you review the above list, you may think of improvements you can implement immediately in your firm to help you get succession-ready. 8.9 Exit considerations Whichever option for succession you have decided on, the day will come when you leave your firm. Such an event will undoubtedly carry with it many mixed feelings. However, you will have planned for it, and will be ready to move on. There are a number of issues you should consider before the big day occurs Taxation implications Subject to your country s laws or professional regulations, your exit from your firm is likely to have several taxation consequences. For this, your last big transaction, do everything in your power to minimize the taxation impact. Ensure that you have arranged your affairs in such a manner as to allow you to take the most advantage from the rules in place. This may involve the establishment of alternative structures. It may also require you to operate in a certain manner for a prescribed period of time. Be aware of the laws and professional regulations that govern these transactions, and strive to maximize your advantage Constraints of trade You will almost certainly be required to sign some form of constraint of trade when you exit your firm. This is a very common business practice. The purpose is to provide some level of certainty to the purchaser that their investment is secure. Constraints of trade usually cover a number of key areas. They typically apply for a prescribed period of time during which you are restrained from setting up a similar business to the one you have just left. They also typically apply to a geographical distance from your previous firm. These contracts are enforceable by law if they are considered to be in line with reasonable business practice. If the constraints are considered excessive, they can be challenged in court. The basic principle is that a restraint of trade cannot prevent you from earning a living from your skills and training. Constraints that are overbearing or enforce too much restriction will likely be considered extreme and therefore unenforceable Lifestyle changes Perhaps the most difficult aspect of succession is the dramatic lifestyle changes that occur after leaving a firm. Many people have worked long hours for many years. Many have foregone holidays and weekends in order to work on client matters. Work has given them meaning in life, stature in their communities, and a feeling of being wanted 20
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Read this: BBC News - Ceefax founding editor Colin McIntyre dies at 85
Summary: Colin McIntyre, who worked for the BBC for 30 years, died in hospital on Thursday after a short illness. When Ceefax was launched in 1974, he updated all 24 news pages on his own, feeding punch tape into machines. When he retired in 1982, Ceefax had a 20-strong team. - bbc.co.ukRead full article: BBC News - Ceefax founding editor Colin …
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Nov 11: Another "attention homeowners" "stimulus plan" scam
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Military Mental Health Program
We Appreciate Your Service
We believe when a service member serves our nation, his or her family serves alongside. River Crest treats the spectrum of difficulties affecting the whole person and the whole family, with special understanding of the unique stresses and problems of military and families. We salute your service, and we stand ready to help you if the need arises.
Post-Traumatic Stress & Mental Health Treatment
The River Crest Military program is designed to address the symptoms of Post-Traumatic Stress (PTSD) in relation to traumatic events and stressors.
The evidence-based program at River Crest Hospital addresses the military-specific issues with appropriate interventions and therapy. Moreover, the overall curriculum design is based upon the National Center of PTSD's best practices.
While some patients experience post-traumatic stress, others struggle with depression, anxiety, and adjustment disorders related to noncombat trauma, separation, grief/loss, or reintegration issues.
River Crest individualizes the course of care to meet the treatment needs of each military patient. The goal for all service members is readiness to return to his or her duty station.
Key Features
- PTSD for active duty: military sexual trauma, combat operational stress
- Cognitive processing therapy
- 12-step AA & NA groups on site
- Motivational enhancement therapy
- Cognitive behavioral therapy
Additional Features
- Military-specific issues groups
- Individual therapy 2-3 times a week
- Focus on stress and anxiety reduction, anger management, conflict resolution
Commitment to Readiness
- Military medication formulary
- Weekly treatment team with base mental health clinic
- Protocol for communication between command and staff
- Physical conditioning with personal trainer
Substance Abuse Rehabilitation and Dual Diagnosis
The Rehabilitation and Dual Diagnosis aspect of the program is designed to assist the service member who is struggling with substance or alcohol abuse in conjunction with behavioral health disturbance.
Service members in need of detoxification receive close medical monitoring to safely detoxify from alcohol, opiates, and prescription drugs.
Each service member will have the opportunity to develop healthy coping strategies while gaining valuable insight into managing his or her condition, including related symptoms and addiction issues.
River Crest Dual Diagnosis program, a 28- day curriculum, blends twelve-step facilitation, cognitive behavioral therapy principles, and the stages of change model.


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Terrorism wars are generally acknowledged as very difficult to prosecute on account of its asymmetrical nature. Terrorists and their sympathizers or sponsors have manifold tactics they deploy to operate with maximum safety, prolong terrorism wars and project insurgency as triumphing against the forces of state.
And one of its greatest weapons has been the use of propaganda, to market a bogus illusion of victory or strength, even where terrorists are apparently defeated or suffer irrecoverable fatalities.
The sophistry of propaganda has increasingly attracted attention in the management of terrorism warfare and other wars generally. Experts in the dissemination and management of information about armed conflicts are alarmed at the evolving trends in war-time, which has become an indispensable determinant of final victories in war.
At the recently concluded workshop anchored by the Directorate of Army Public Relations (DAPR) christened "DAPR Media Workshop and combined Second/Third Quarter Study Period 2017," the Director, DAPR, Brig. Gen. SK. Usman made a striking statement. In his opening remarks for media workshop with the theme, "Enhancing Human Rights during Internal Security Operations through Effective Information Management", Brig.Gen. Usman reeled out a dazzling kicker in these profound words;
"… the role information management officers play in the various theatres of operations where the physical battle space is witnessing aggression in the forms of propaganda and psychological warfare which is compounded by advancement in information communication technology."
It is food for thought. The Nigerian experience in counter-insurgency operations especially in the Northeast drapes with narratives of bitter propaganda by the media in favour of terrorism, even when it became clear Boko Haram terrorists had been decimated and defeated. The advancement in Information and Communication Technology (ICT) and its genre of Citizen journalism perforated the sacredness of media contents and assisted immensely in festering terrorists propaganda at the expense of state security.
The social media provided platforms for all manner of reportage, which went into the public space, unregulated, uncensored and unedited. Nigeria has been seriously battered by both social media activists and media practitioners in the traditional media, as most aspects of news reports on the counter-terrorism operations in the country yawningly opposed the tripod of accuracy, fairness and balance. It further abused the spirit of patriotism and loyalty to the country and with it, a compromised public security and safety.
It is plausible to concede that some aspects of the negative reportage of the ongoing counter-insurgency operations in the country have been spurred by genuine ignorance and the innate helplessness of the reporter to weigh national interest over and above, the exigencies of scooping news. But there are also several instances where the media never faltered in promoting terrorists propaganda at the detriment of public security chiefly out of mischief and a carefully contrived agenda of insidiously emboldening insurgents for some pecuniary benefits. Here, the reporter finds himself doing the hatchet job for some veiled sponsors.
This has been a serious cause of concern for information managers in war situations. This concern cannot be overlooked or ignored in an age where global consciousness is minutely activated by the media, which is made accessible and much easier with social media platforms. Therefore, the realization that propaganda is key to winning the war on terror explains why the Nigerian Army, under the leadership of the Chief of Army Staff (COAS) Lt. Gen. Tukur Yusufu Buratai spared no effort in matching cyberspace terrorism with the strength of a lion.
The United States (US) Secretary of States, Mr. Rex W. Tillerson relieved the impact and the imperative for nations of the world to emulate the Nigerian example of the multifaceted strategies and tactics in combating terrorism. He was impressed that Nigeria's Army Chief and leader of the counter-insurgency war, Gen. Buratai expanded his war-chest to include combating cyberspace terrorism in confronting Boko Haram terrorists, which Tillerson applauded as crucial in the decimation and defeat of terrorists in Nigeria.
Speaking at the "Global Coalition Working to Defeat ISIS," summit in Washington .D.C, Tillerson was plain thus; "But let me be clear: we must fight ISIS online as aggressively as we would on the ground." It underscores the importance of good public relations management of propaganda in terrorism warfare.
Therefore, the media worshop organized by the DAPR for media practitioners, with expanded participation to include editors, defence correspondents, as well as the Deputy Directors of Army Public Relations, Officers and some select soldiers of this Directorate from the field, is instructive, timely and beneficial to the participants.
The media workshop became necessary to assist in training information purveyors on how best to report the counter-insurgency operations in the country anchored by the Nigerian Army, in models of reports which should conform with international best practices and at the same time, promote a sense of public security and patriotism to the nation.
It is obvious that the DAPR has been instrumental in winning the war against terrorism and consummation of peace by Nigerians. It has mounted the media horse fearlessly, truthfully and unceasingly, which laid the template for public appreciation of troops restoration of peace and the stabilizing the rebuilding process in Nigeria's Northeast. Sketches of news reports purportedly emanating from the theatre of war and ostensibly, from terrorists agents had from time to time attempted to disrupt and scuttle restoration of normalcy in the region.
Nigerians witnessed how terrorists e-rats created imaginary terrorists attacks or magnified isolated, minor incidents of bomb explosions, to create fear of insecurity in returnee IDPs and persons who were stitching together pieces of their devastated lives. The negative reports were publicized in the face of glaring and evidential proofs of the defeat of terrorists and the fleeing of remnants of terrorists from the shores of Nigeria.
But professionally and astutely, the DAPR deflated and countered such propaganda, which sole purpose was to embolden terrorists with the delusion of their potency to strike or competence to overpower Nigerian troops. Added to it, the vile terrorists propaganda was further amplified by other indolent media organizations which became copycats of unconfirmed and unverified news reports.
However, while interest appeared galvanized in promoting fake and concocted actions of terrorists, the media disappointingly showed disinterest in publicizing the milestones and triumphs of Nigerian troops against insurgents on the battlefield. They unfortunately, failed to understand that the scenario projected two angles; becoming publicists for terrorists was just a sure way of encouraging the extremists and conversely, reflecting the established victories of soldiers against insurgents, served to weaken their zeal and resolve to continue with the war.
But the DAPR continued to defray the reports and constantly furnished Nigerians with the true picture of the situation of the counter-terrorism operations in the Northeast. The directorate's reports rekindled hope and instilled confidence in a population frightened by the propaganda of false might and strength by defeated terrorists.
Consequently, the dismantling of camps, the return of IDPs, the normalcy of nightlife, the revived markets, farms and other commercial activities by victims of terrorism in the Northeast is testimony of the effective work undertaken by the DAPR.
The media workshop exposed the participants to a range of techniques in reporting the terrorism war in Nigeria, identifying methods that could assist reporters dish out accurate information to the public as well as preserve, rather than endanger lives and property of victims trapped in the furnace of terrorism. It explains the reason for the DAPR's engagement with the media and by extension the Nigerian public through the forum.
The Director, DAPR, Brig. Gen. SK Usman sums the essence of the media interface in these words; "it is necessary to address a situation where its successes are often down played while opinions that tend to portray the Nigerian Army in negative light are being amplified, despite genuine efforts to put the records straight.
More so, it is unfair that while we repeatedly affirmed our commitment to democratic rule and values, promotion and respect for Human Rights, attempts are still being made to whip up anti-military sentiments through unwarranted antagonism from some media outlets. This often manifest itself in the publication of unverified stories or outright posting of false stories and allegations."
It is therefore incumbent on reporters covering specialized beats like defence/war to observe the delicate divide between terrorism propaganda and patriotic commitment to promoting the ideas of public security for peace and development. In the prevailing case, the media is encouraged to avail themselves with the services of the active DAPR to dodge the temptation of becoming publicists for terrorists and their sponsors for the overriding national interest.
By Jessica Angula
Angula, a public affairs commentator wrote this article from the United Kingdom.


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Outdoor Research Aspect Pant - Men's
Have a question about soft shell? Get answers in the gear selection forum.
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Manufacturer's Description
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The layers you wear while skinning up need to breathe and be light enough to let your body heat escape, but the layers you wear when you've cooled off and are making turns all the way back down need to keep you warm and protected from the elements. Enter the Men's Aspect Softshell Pants from Outdoor Research for the best combined benefits of both. These hybrid softshell pants are designed with high-loft fleece insulation where exposure is greatest, and a breathable tricot backed lower where ventilation is needed most. They're the perfect pants for both earning turns and making them.
- Altrec Outlet
Spend long days of backcountry bliss dry and warm in the Aspect Pants from Outdoor Research - the stretchy, waterproof softshell fabric breathes away sweat easily and keeps precip at bay. You get plenty of ventilation with the water-resistant thigh-length side zips while the gusseted crotch and articulated knees keep you moving without bunching or riding up.
- Mountain Gear
Highly breathable, yet able to retain warmth and block wind for the ride down, the Outdoor Research Aspect Softshell Pant keeps your backcountry adventures from turning into a clod, swampy slog fest.
- Backcountry.com
Free Shipping. Outdoor Research Men's Aspect Pant DECENT FEATURES of the Outdoor Research Men's Aspect Pant Ventia Dry construction Highly breathable/waterproof laminated soft shell smooth-face Ventia fabric fleece backed upper legs and seat, tricot backed lower legs Fully seam taped Water-resistant zippers Snap and zipper fly with adjustable elastic tabs belt loops Accepts accessory suspenders Zippered hand pockets, one beacon pocket with key clip attachment Zippered thigh pocket Dual sliding thigh-length side zippers Gusseted crotch Articulated knees Zip-out internal mesh gaiters with gripper elastic Reinforced ankle scuff guards Snap/drawcord cuff closures Grommets for instep lace The SPECS Target Weight: (L): 25.4 oz / 720 g Standard Fit This product can only be shipped within the United States. Please don't hate us.
- Moosejaw
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Outdoor Research Men's Aspect Pant
The Outdoor Research Men's Aspect Pant is not available from the stores we monitor. It was last seen August 5, 2013 at Altrec Outlet.


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Two local companies teamed up recently to help support the K-9 Comfort dogs that provided relief for a grieving city in the wake of the Boston Marathon bombings.
Two local companies teamed up recently to help support the K-9 Comfort dogs that provided relief for a grieving city in the wake of the Boston Marathon bombings.
Watertown based SoftArtisans and its sister company Riparian Data HQ held a barbeque and raised $350 for the Lutheran Church Charities K-9 Comfort Dogs Friday, May 3rd. A pack of ten Golden Retrievers traveled from Chicago to the First Lutheran Church on Berkeley St. in Boston where they were stationed after the bombings. The K-9s also visited many of the bombing victims at local hospitals.
The K-9 Comfort Dogs have been at nursing homes and hospitals within the Chicago community and traveling to cities across the country since 2007, said Tim Hetzner, president of Lutheran Church Charities.
"By nature they're a smart dog," Hetzner said of the golden retrievers. "They're good listeners, they're confidential, they don't take notes. So many, many times people will talk to the dog when they're facing a crisis before they'll talk to somebody else."
Each dog is a trained and certified service dogs because it's one of the highest levels of training, though Hetzner stressed that they aren't used as service dogs and they receive their own specialized training to make sure they can have multiple handlers and work with people of all ages.
"We put them through pretty rigorous training," Hetzner said.
In addition bringing comfort to the city of Boston, the K-9's also traveled to New Jersey after hurricane Sandy, Waco Texas after a fertilizer plant exploded, Newtown Connecticut after the shooting at Sandy Hook Elementary School. There are currently 70 dogs working in 7 states.
Elise Kovi, Social Media & Content Coordinator for SoftArtisans, said she ran the marathon this year and found the comfort dogs were "therapeutic" when she visited them at the First Lutheran Church after the bombings.
Kovi said SoftArtisans holds several barbeques during the summer and wanted to use one of them for the people of Watertown.
"It's a nice way to bring Watertown together and support a good cause," Kovi said.
Many employees from SoftArtisans and Riparian Data HQ prepared food for the barbeque in addition to the hotdogs and burgers the company prepared.
Christiana Viscusi, a graphic designer for SoftArtisans, said she spent two days preparing more than 60 cupcakes featuring Boston Strong ribbons made of frosting for the barbeque.
"I'm happy to support the Watertown community and the whole Boston strong thing," Viscusi said. "And it's a great cause."
Kovi estimated that about 50 people showed up for the Barbeque, including 47 year-old Chris McNulty of Milton, who said he was there to catch up with friends and support a good cause.
"It's nice to be out in Watertown doing something positive for the community without everything hanging over everyone's head," McNulty said.


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Description: Pumps of cow hide dyed in a zebra stripe effect. The shoes have pointed toes, and 3" stiletto heels covered in black snakeskin. Retailer label: "Neiman-Marcus / Made in Italy" Stamped on sole of shoe: "Neiman-Marcus / Hand Made / In Italy / B / 8" Stamped inside shoe: "830 DA 8"
Date: 198u
Item Type: Refine your search to only Physical Object


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I've been very slack about updating lately (and I'm sure those that know me are not at all surprised). I've been busy with various things, including work, a recovering kitty cat, and a last minute visit to my parents.
While I was away, I wore the blue cabled socks I started a while back. They're exactly what I wanted, cuddly soft and cosy, and the mohair angora is perfectly warm.
The one drawback is that they do take a little bit of effort to dry after the obligatory handwash - the fibre being quite absorbent. Oh well, that's the price you pay!


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Dug Sealskinner is a down-on-his-luck mercenary travelling south to join up with King Zadar's army. But he keeps rescuing the wrong people.
First, Spring, a child he finds scavenging on the battlefield, and then Lowa, one of Zadar's most fearsome warriors, who's vowed revenge on the king for her sister's execution.
Now Dug's on the wrong side of that thousands-strong army he hoped to join - and worse, Zadar has bloodthirsty druid magic on his side. All Dug has is his war hammer, one rescued child and one unpredictable, highly-trained warrior with a lust for revenge that's going to get them all killed . . .
It's a glorious day to die.
Shockingly, I've come across very few books that are set in Britain during the Iron Age. Watson's Age of Iron paved the way for my debut into this sub-genre and I can safely say that it was a delightful experience.
What little is known about this time period is mostly learnt from the POV of Julius Casear. Watson makes a bold move by creating an epic story that is based on the could-have-beens of this era. And the touch of fantasy? Brilliant.
One of the novel's strongest points is the characters. The story begins with Dug, part seasoned warrior and part world weary mercenary who is hoping for a comfortable life in Zadar's army. Lowa, a female archer in Zadar's army is a force to be reckoned with. And then we have Spring, a mysterious, young girl who is on the run-she was an intriguing characters who was wise beyond her years.
What I loved about the characters is that they were not typical heroes/heroines, they were painted in shades of grey and well developed. It was the undeniable realness of these characters that had me hooked from page one. There is no doubt that Dug, Lowa and Spring are an unlikely trio with distinctly different personalities. It was an absolute pleasure to read about each of their internal struggles and interactions with each other especially, the platonic relationship between Dug and Spring.
I was a bit wary because fantasy novels sometimes, tend to go overboard with information dumping. Thankfully, this was not the case in Age of Iron! Age of Iron falls on the lighter side of the historical fantasy genre so it was very easy to get into the novel. Even though Watson introduces a multiple characters with switches in POVs, there was no jarring effect so it was relatively easy to keep up with.
Although I stated that Age of Iron was on the lighter side of historical fantasy, please note that this is not for someone who shies away from violence and gore. There is a lot of dark humor and considering the time period, it's expected. I didn't mind the dark side because I felt that it made the story more authentic.
Where most fantasy novel in this time period tend to be male focused, Age of Iron portrays women as equals and this I LOVED.
Watson's writing style is not poetic however, his blunt style suits this novel. The action scenes were well paced and the dialogues were entertaining.
Age of Iron brilliantly weaves the elements of history, fantasy, action and humor in this gripping novel. This is a solid must read for epic fantasy fans. I simply cannot wait to meet Dug, Lowa and Spring in the next installment.


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Tag Archives: conference
2010 DSRFC Sermons on iTunes
The 2010 Deep South Regional Founders Conference is now available on iTunes! http://bit.ly/6TBAni Be sure to listen to all of our sermons including our special guest, Dr. Steve Lawson. Advertisements
$25 Pre-Registration about to End!
Before you enjoy the turkey, dressing and family fellowship this weekend be sure to pre-register for the 2010 Deep South Regional Founders Conference! The $25 Pre-Registration discount will end this Friday. Be sure to go to click on 2010 Conference … Continue reading
2010 Deep South Regional Founders Conference
God's Glory Displayed: The Works of God Decrees • Creation • Providence In the first chapter of the Book of Romans the Apostle Paul points out to us that all men know that there is a God even if … Continue reading
Grace Pastor's Fellowship set for Thursday, June 18, 2009
Dear Pastor and Friends, This is a special invitation to you to attend the Grace Pastor's Fellowship set for Thursday, June 18, 2009 at Southside Baptist Church in Fulton, MS. It is our privilege to host the Grace Pastor's Fellowship … Continue reading


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ever since I became a real estate professional I have always been asked this question (is this the right time to buy a home?) and my answer is that any time that you need a home is the right time to buy provided that you have the financial means to afford it and that it fits your needs for the duration that you would occupy it. Another factor is that in our Canadian market real estate has proven to be the most stable investment and the best method for the
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text: Harpenden in Hertfordshire is the location of this well-established denture clinic. The clinical technician at the clinic has wide experience in crafting natural looking and comfortable dental appliances for patients. Referrals are accepted from general dental practitioners. An initial free consultation is scheduled and all services are tailored according to individual needs. Services provided include the fabrication of high quality full and partial dentures, the fabrication of implant retained dentures, express same day fabrication of dentures, crafting and fitting immediate dentures, repairs for cracks and fractures in dentures and denture replacement.