Lessons From Family Offices, Private Equity Firms Who Built Tax Organization As Profit Centers

Over 25 years ago, I was retained by a family office and private investment firm on a search for a tax executive. It is an interesting experience to share because it demonstrates it grew from millions of dollars to billions in annual revenue through the last four recessions. A representative family member went to a corporate board meeting of the company they sold. This family member walked into the board meeting with a 100M check and asked the Board an important question. Would their Board consider starting a new company that would only manage the family money? The Board declined the Family’s offer to manage their money since this was not of interest to them. The Family decided to establish their own private investment firm to grow the family money.
Twenty years later, the family’s 100million-dollar check grew into an 8 Billion family investment enterprise. For privacy reasons, I would never disclose the Family Investment company name, but I was a witness to their strategy, growth, and success. How did they turn one hundred million dollars into eight billion dollars in assets for the family members annually over twenty years? Fortunately, I had a front row seat since they retained me to conduct more than twenty searches for their ever-expanding tax team over many years. The real story here is how the organizations looks at the tax function as a profit center. It is all in the sophisticated structuring they plan and then meticulously implement.

According to a survey done by Forbes, ninety percent of wealthy families lose their wealth within three generations. In other words, although one family member works hard to build their wealth, later generations erode the wealth when not managed properly. Families who know how to create wealth and protect it are as important as the original wealth-building family member. With the growth of family offices in-house over the last two decades, they are learning it is critical to their success to have the best experts in the tax profession. If you have any experience working with tax experts in family offices and private investment firms, they employ extraordinarily talented tax professionals who strategically evaluate each deal.

My experience in tax executive search provided insight to a world unknown to most people. The opportunity to communicate with super smart CFOs who work closely with their Tax Executives has been a valuable education. You learn a lot working with the smartest financial and tax advisors around the world. Whenever an organization hires us to search for a tax executive, they want to search the market over in order to be introduced to the smartest people they can find. They are willing to do what it takes to build a tax organization that turns into a profit center. Family offices and private equity firms who build technically talented in-house tax teams are knocking it out of the ballpark. They are certainly challenged to the max during markets like this but they work tirelessly to develop planning strategies that produce results.
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A CFOs Courage To Hire: Building A Strong Internal Corporate Tax Team Versus Outsourcing A Tax Function

Watching the constant movement of CFOs in multinational organizations over three decades, it is a fact these executives are constantly tested with the decisions they make for companies. What I will share with you in this article are patterns that have occurred again and again as CFOs make decisions on building a strong inhouse tax organization or outsourcing the tax function. The purpose of this article is to share valuable insight learned from the many experienced CFOs and Tax Executives I have had private discussions with over the years. The goal is to educate corporate executives by learning from those who navigated challenging markets before them.

Foresight is a very valuable tool because it provides lessons learned from hindsight. The examples provided in this article are the lessons I learned from numerous experienced CFOs and Lead Tax Executives as they navigated challenging times. What qualifications do I have to share this knowledge with you? View our accomplishments along with our great team at this link: View Our Clients Here.

Historically, since the 1930s there have been 14 recessions but for the sake of this article my discussion involves what I learned working through the last four recessions with CFOs and Lead Tax Executives. Here are the four markets our team worked through over the years, and in all these times we had to adapt to succeed.

The Gulf War Recession (July 1990 – March 1991)This was a result of the Gulf War and its effect on oil prices and the savings and loan crisis. It also greatly impacted small local banks and put many of them out of business due to rising interest rates in response to growing inflation.

The Dot Com Recession (March 2001 – November 200) This recession occurred when tech IPOs and stock prices became grossly overvalued. The recession started when the stock prices of internet companies crashed as the Fed began raising interest rates in 2000.

The Great Recession 2008 (December 2007 – June 2009) This recession was triggered by the subprime mortgage crisis and the collapse of the U.S. housing bubble. In 2007, subprime lenders were filing bankruptcy due to bundled bad mortgages loaded with borrowers unable to repay. Major financial firms went bankrupt, the stock market fell which triggered a global recession.

The Covid – 19 Recession (February – April 2020) is when more than 24 million people lost their jobs in the U.S. The stay-at-home orders by the government had an impact on businesses that is greater than any previous one. Tax and financial teams ahead of the curve on the adoption of software and technology were able to adapt and rebound more easily.

What We Learned From Our Private Conversations With CFOs and Tax Executives
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Tax Director, International Tax Research (Remote Tax Job)

TaxConnections Executive Search Services division has been retained to conduct a search for a Tax Director – International Tax And Technology for a privately held company headquartered in the United States with more than one hundred employees working remotely worldwide. If you are ready to exit public accounting and love international tax research and technology advances you will love this job. Our corporate technology client has more than 1000 companies utilizing this platform. This role involves keeping track of updates in international tax legislation and speaking to this company’s extraordinary client base about legislative updates and advise clients on process improvements. Great opportunity and flexibility to set your own hours! Our CEO client was a former Managing Partner, International of a Silicon Valley, CA office of a Big Four firm so he understands you enjoy a flexible work schedule and interesting work.

Would you be so kind to review this opportunity and refer this to any international tax advisor you know who may be interested in learning more? 

Tax Director – International Tax And Technology (Remote Role/Work From Home 100% Of Time)

TaxConnections Executive Search Services division has been retained by a privately held software company that licenses cutting-edge, innovative tax technology utilized by more than 1000 companies worldwide.  They are a leading global tax technology company committed to providing high value, affordable tax research, management, and solutions by combining technology with tax expertise to deliver optimal international tax solutions.

The company provides tax relevant workflow solutions for multinational enterprises that can be accessed by all stakeholders. They are powered by a comprehensive international tax research platform that tracks the tax laws of 195 countries and can be customized to an MNEs global footprint.

The Tax Director – International Tax And Technology will report directly to the CEO who was formerly a Tax Partner with a Big Four firm in Silicon Valley.

Tax Director – International Tax And Technology is responsible for overseeing international tax solutions software thought-leadership and interfacing with clients in training and onboarding. The incumbent will be involved in further advancing the development of the logic of the international tax software by identifying ongoing needs through interactions with multinational clients.

The Tax Director – International Tax And Technology responsibilities include:

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Tax Director, International Job (Remote)

Rarely does a great Tax Director opportunity like this become available. TaxConnections Executive Search Services division has been retained to conduct a search for a Tax Director – International Tax And Technology for a privately held company headquartered in the United States with more than one hundred employees working remotely worldwide. If you are ready to exit public accounting and love international tax research and technology advances you will love this job. Our corporate technology client has more than 1000 companies utilizing this platform. This role involves keeping track of updates in international tax legislation and speaking to this company’s extraordinary client base about legislative updates and advise clients on process improvements. Great opportunity and flexibility to set your own hours! Our CEO client was a former Managing Partner, International of a Silicon Valley, CA office of a Big Four firm so he understands you enjoy a flexible work schedule and interesting work.

Would you be so kind to review this opportunity and forward to any international tax professional you know who may be interested in learning more? 

Tax Director – International Tax And Technology (Remote Role/Work From Home 100% Of Time)

TaxConnections Executive Search Services division has been retained by a privately held software company that licenses cutting-edge, innovative tax technology utilized by more than 1000 companies worldwide.  They are a leading global tax technology company committed to providing high value, affordable tax research, management, and solutions by combining technology with tax expertise to deliver optimal international tax solutions.

The company provides tax relevant workflow solutions for multinational enterprises that can be accessed by all stakeholders. They are powered by a comprehensive international tax research platform that tracks the tax laws of 195 countries and can be customized to an MNEs global footprint.

The Tax Director – International Tax And Technology will report directly to the CEO who was formerly a Tax Partner with a Big Four firm in Silicon Valley.

Tax Director – International Tax And Technology is responsible for overseeing international tax solutions software thought-leadership and interfacing with clients in training and onboarding. The incumbent will be involved in further advancing the development of the logic of the international tax software by identifying ongoing needs through interactions with multinational clients.

The Tax Director – International Tax And Technology responsibilities include:

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Tax Director - International Tax Research Opportunity (Remote)

TaxConnections Executive Search Services division has been retained to conduct a search for a Tax Director – International Tax And Technology for a privately held company headquartered in the United States with more than one hundred employees working remotely worldwide. If you are ready to exit public accounting and love international tax research and technology advances you will love this job. Our corporate technology client has more than 1000 companies utilizing this platform. This role involves keeping track of updates in international tax legislation and speaking to this company’s extraordinary client base about legislative updates and advise clients on process improvements. Great opportunity and flexibility to set your own hours! Our CEO client was a former Managing Partner, International of a Silicon Valley, CA office of a Big Four firm so he understands you enjoy a flexible work schedule and interesting work.

Would you be so kind to review this opportunity and refer this to any international tax advisor you know who may be interested in learning more? 

Tax Director – International Tax And Technology (Remote Role/Work From Home 100% Of Time)

TaxConnections Executive Search Services division has been retained by a privately held software company that licenses cutting-edge, innovative tax technology utilized by more than 1000 companies worldwide.  They are a leading global tax technology company committed to providing high value, affordable tax research, management, and solutions by combining technology with tax expertise to deliver optimal international tax solutions.

The company provides tax relevant workflow solutions for multinational enterprises that can be accessed by all stakeholders. They are powered by a comprehensive international tax research platform that tracks the tax laws of 195 countries and can be customized to an MNEs global footprint.

The Tax Director – International Tax And Technology will report directly to the CEO who was formerly a Tax Partner with a Big Four firm in Silicon Valley.

Tax Director – International Tax And Technology is responsible for overseeing international tax solutions software thought-leadership and interfacing with clients in training and onboarding. The incumbent will be involved in further advancing the development of the logic of the international tax software by identifying ongoing needs through interactions with multinational clients.

The Tax Director – International Tax And Technology responsibilities include:

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Tax Director - International Tax And Technology (Remote)

TaxConnections Executive Search Services division has been retained to conduct a search for a Tax Director – International Tax And Technology for a privately held company headquartered in the United States with more than one hundred employees working remotely worldwide. If you are ready to exit public accounting and love international tax research and technology advances you will love this job. Our corporate technology client has more than 1000 companies utilizing this platform. This role involves keeping track of updates in international tax legislation and speaking to this company’s extraordinary client base about legislative updates and advise clients on process improvements. Great opportunity and flexibility to set your own hours! Our CEO client was a former Managing Partner, International of a Silicon Valley, CA office of a Big Four firm so he understands you enjoy a flexible work schedule and interesting work.

Would you be so kind to review this opportunity and refer this to any international tax advisor you know who may be interested in learning more? 

Tax Director – International Tax And Technology (Remote Role/Work From Home 100% Of Time)

TaxConnections Executive Search Services division has been retained by a privately held software company that licenses cutting-edge, innovative tax technology utilized by more than 1000 companies worldwide.  They are a leading global tax technology company committed to providing high value, affordable tax research, management, and solutions by combining technology with tax expertise to deliver optimal international tax solutions.

The company provides tax relevant workflow solutions for multinational enterprises that can be accessed by all stakeholders. They are powered by a comprehensive international tax research platform that tracks the tax laws of 195 countries and can be customized to an MNEs global footprint.

The Tax Director – International Tax And Technology will report directly to the CEO who was formerly a Tax Partner with a Big Four firm in Silicon Valley.

Tax Director – International Tax And Technology is responsible for overseeing international tax solutions software thought-leadership and interfacing with clients in training and onboarding. The incumbent will be involved in further advancing the development of the logic of the international tax software by identifying ongoing needs through interactions with multinational clients.

The Tax Director – International Tax And Technology responsibilities include:

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Tax Director - International Tax And Technology (For A Public Accounting Tax Leader Who Wants A Corporate Role)

TaxConnections Executive Search Services division has been retained to conduct a search for a Tax Director – International Tax And Technology for a privately held company headquartered in the United States with more than one hundred employees working remotely worldwide. If you are ready to exit public accounting and love international tax research and technology advances you will love this job. Our corporate technology client has more than 1000 companies utilizing this platform. This role involves keeping track of updates in international tax legislation and speaking to this company’s extraordinary client base about legislative updates and advise clients on process improvements. Great opportunity and flexibility to set your own hours! Our CEO client was a former Managing Partner, International of a Silicon Valley, CA office of a Big Four firm so he understands you enjoy a flexible work schedule and interesting work.

Would you be so kind to review this opportunity and refer this to any international tax advisor you know who may be interested in learning more? 

Tax Director – International Tax And Technology (Remote Role/Work From Home 100% Of Time)

TaxConnections Executive Search Services division has been retained by a privately held software company that licenses cutting-edge, innovative tax technology utilized by more than 1000 companies worldwide.  They are a leading global tax technology company committed to providing high value, affordable tax research, management, and solutions by combining technology with tax expertise to deliver optimal international tax solutions.

The company provides tax relevant workflow solutions for multinational enterprises that can be accessed by all stakeholders. They are powered by a comprehensive international tax research platform that tracks the tax laws of 195 countries and can be customized to an MNEs global footprint.

The Tax Director – International Tax And Technology will report directly to the CEO who was formerly a Tax Partner with a Big Four firm in Silicon Valley.

Tax Director – International Tax And Technology is responsible for overseeing international tax solutions software thought-leadership and interfacing with clients in training and onboarding. The incumbent will be involved in further advancing the development of the logic of the international tax software by identifying ongoing needs through interactions with multinational clients.

The Tax Director – International Tax And Technology responsibilities include:

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Virtual Tax Office At TaxConnections

There is no denying the impact of the government shutdowns due to a global virus. However, it is during times like this that people make changes in their personal and professional lives. The focus of this article are the changes made in the world of the tax profession. Given the advances in technology and what is known as early adopters of technology, the focus of this article is an example of an early adopter of technology in the tax profession.

As you read this post you will think of more ideas and we welcome your comments on what you experienced as early adopters of technology in the tax profession. Throughout the year, I will write articles about the early adopters of new technology we discovered in the tax profession. You will learn specifically about tax professionals who joined our tax professional platform and the technical gifts they share with clients all over the world.

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KAT JENNINGS

During this holiday season, we want to reach out to extraordinary tax professionals who want to increase success in their business. For TaxConnections, success means building an online platform that enables taxpayers to connect with a wide range of tax professionals with specialty expertise worldwide. What makes TaxConnections distinctly unique from any other media site for tax professionals?

It turns out that tax professionals who position their specialty expertise on our platform have received a very big gift – higher visibility and greater privacy online. The focus of this article is to explain how valuable this privacy gift is for you.

Our business strategy has always been to protect the privacy of our members with the online platform we built.  It is important for tax professionals to have a highly visible brand that is easily found online, and not blocked by paywalls that prevent others from reaching you. More importantly, when you discover the amount of data behemoth social media sites are now tracking on you, take a more thoughtful approach to how you market your tax expertise online.

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A Bipartisan Housing Solution: Utah Company Launches Innovative Solution To The Homeless Crisis

(Special Note From TaxConnections CEO Kat Jennings: We are very proud what TaxConnections Member,  Blake Christian, Tax Partner HCVT, along with his business partner Roi Maufas have built for the Homeless. Please read and request a private invitation to their open house in Provo, Utah on November 18th, 2022. It is a great opportunity to experience and invest in these homes or an Opportunity Zone Fund. Beautifully developed by men of extraordinary drive and integrity.)

Utah Company Launches Innovative Solution to the Homeless Crisis

Provo, Utah (November 7th, 2022) Applying innovation, efficient design, and strategic partnerships, MIT Modular (Modal Innovations Technologies) founders, Blake Christian, and Roi Maufas, are taking aim at housing affordability. Their strategy—taking single-use shipping containers and developing them into power-positive, sustainable housing models.

“Affordable housing is a bipartisan issue and something we can all agree needs to be addressed,” Maufas said. “We are getting right to work finding exciting solutions to create and preserve high-quality, sustainable, and affordable housing that can be delivered anywhere in the US.”

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250+ Tax Jokes eBook

We have been communicating with so many tax professionals who are working in a very fast-paced and complex tax environment. There are greater demands on the tax profession than ever before in the history of the tax profession. TaxConnections is working behind the scenes to lessen your workload and make it it easier to do your job. We want to remind you at this time to add a bit of laughter to your life this week.

We have a gift of an ebook for you with more than 250+ tax jokes and quotes to add some laughter to your professional life. You can download the book here:

https://www.taxconnections.com/best-tax-jokes-and-quotes

For tax professionals who are looking to attract new clients to their practice, it is important to be seen and heard. We will be inviting small groups of TaxConnections Members to private teleconference calls to help you improve your opportunities to attract a higher end clientele. Contact Kat@taxconnections.com to request attendance in one of these valuable private sessions for TaxConnections Members. You will learn important inside information that few are aware of in this new market.

QUEEN ELIZABETH II IN PINK

For so many of us who grew up during the time of Her Majesty Queen Elizabeth II seventy-year reign, the longest reign of any British royal in history, we witnessed the highest quality of leadership around the world from her. We can all learn from the way she led England and what made her so special to people around the world.

As recollections of her life journey unfold before us in the media over these next few weeks, it is a good time to recall the qualities and traits of a remarkably skilled leader in hopes that today’s leaders will follow in the way she led others. God knows we need great leaders now more than ever! What our children see and learn from our leaders today will greatly impact generations to come!

Queen Elizabeth II had vision on what makes a strong leader. In her 2019 Christmas broadcast she is quoted as saying:

 “It’s worth remembering that it is often the small steps, not the giant leaps, that bring about the most lasting change.”

“Let us not take ourselves too seriously. None of us has a monopoly on wisdom.”

In her 2008 Christmas broadcast she stated:

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