Source: Society of Actuaries, recently published study Under the sweeping Affordable Care Act (ACA), which passed in 2010 and was upheld by the Supreme Court last year, the healthcare system in the United States will be overhauled and millions of uninsured Americans will become covered. The ACA has numerous provisions — some that have already […]
Will the New Healthcare Law Increase Your Costs? Read More »
“Worker classification” has been a major source of disputes between taxpayers and the IRS for decades, but it seems to be an especially hot issue right now. In reaction, the IRS established the Voluntary Classification Settlement Program (VCSP) in late 2011 and recently liberalized the initiative. Worker classification deals with whether individuals should be classified
Employees Versus Independent Contractors – Update on IRS Compliance Program Read More »
Source: Josh Constine , TechCrunch The SEC today paved the way for a new era of venture capital investing by stating it won’t pursue enforcement action against FundersClub, whose platform lets any accredited investor fund startups in exchange for equity. Before, some thought FundersClub’s founders could face jail time for violating finance laws, if they
SEC Greenlights One Form of Venture Capital Crowdfunding Read More »
Source: Meghan Maher, OpenView Venture Partners If you have decided that you will be hiring interns for the summer, the next step is deciding whether or not you want to have a paid or unpaid internship program. Unpaid internships were the norm back in the day, but they have become increasingly rare. While the war
Cost Containment Through Unpaid Internships – Might Be Illegal Read More »
Source: Gary Haber, June 7, 2013 SBA administrator Karen Mills says the organization will be making more money available to investors in early stage companies. Only six percent of venture capital today is going to early stage funding rounds of between $1 and $4 million, which creates the so-called “Valley of Death” for startups, Mills
SBA Makes More Money Available for Startup Lending Read More »
Source: Julianna Davies Small businesses face all kinds of problems that portend their ultimate failure — most of them, however are in their control. Tax policies, on the other hand, stem from the government — and today those policies are quite literally hampering the ability for entrepreneurial ventures to significantly stimulate the economy. Juliana
Tax Policy – Sub-Optimal for Small Companies Read More »
By KNOX PROCTOR, Ward and Smith, P.A. Editor’s Note: Knox Proctor is a member of the Financial Institutions and Business Law Practice Groups at Ward and Smith, P.A. Having trouble raising capital? You know you’re not the only one with this problem when Congress and the President agree it’s a problem and agree on the
JOBS Act – Where Are We At This Point? Read More »
As part of our work to ensure policies that catalyze angel investing, ACA has endorsed the Startup Act 2.0, a bi-partisan bill in Congress aimed at creating an environment that leads to more innovative startup companies and their related jobs. ACA endorses this bill for a few reasons: It would make permanent the 100 percent
Startup Act 2.0 – Angel Capital Association Supports Read More »
Angel Capital Association Public Policy Flash The JOBS Act (Jumpstart Our Business Startups Act) is aimed at making it easier for small businesses to raise capital and have positive exits and thereby creating jobs. The president signed the legislation into law last week. The JOBS Act is complicated, but we wanted to provide you with
JOBS Act – “Jumpstart Our Business Startups” Becomes Law Read More »
Businesses registered as either a qualified business venture (QBV) or qualified grantee business (QGB) for purposes of the state income tax credit established by the North Carolina General Statutes 105-163.010 et seq., are required to renew their registration annually. Individuals, subject to the limitations contained in G.S. 105-163.012, who purchase the equity securities or subordinated
NC Qualified Business Investment Tax Credit Read More »
Graf Research™ unleashes innovation by developing ideas into disruptive technologies. The Graf mission aims to perform research, provide services, apply analytics, and create products that enable secure, high-performance, embedded, and adaptive computing solutions.
When the Director of Finance for Graf was leaving the company, Graf needed an experienced financial team to get them through the transition. Managing Director Gary Hayes was introduced to Graf and determined that CFO Rendy Richards and Controller John Schefke would be an ideal combination. These two were particularly important because Graf is a U.S. Government contractor, and both Richards and Schefke have strong backgrounds and deep skill sets in this industry.
The two Scale Finance professionals quickly responded to Graf’s time-sensitive need, logically split up the work, learned the DELTEK version used by Graf, introduced more efficient processes and techniques, and helped meet their financial reporting needs. Our professionals also determined that the Senior Staff Accountant was underutilized and helped her grow into a permanent, cost-effective Controller role.
FX HedgePool (FXHP)
FX HedgePool (FXHP) is a New York and London-based highly innovative fintech company. FXHP is an award-winning peer-to-peer matching platform that optimizes the FX swaps market. The Company eliminates market impact and minimizes the effects of volatility – significantly improving outcomes for all investors.
FXHP’s unique credit model separates liquidity from credit, creating a new source of safe and dependable liquidity for the swaps market. The Company exists for the community, guided by the community with a “win-win-win” commitment that helps members, underlying investors, and banks yield safer and better results.
Scale Finance began serving FXHP years ago, providing annual business valuations to support 409A compliance for the Company’s management incentive equity plan. During this period, Scale Finance Managing Director Dave Gilroy advised FXHP about potential strategic corporate transactions. In 2022, the Company decided to raise institutional venture capital. Scale Finance managed this process from end to end, resulting in a highly successful closing of an $8 million Series A equity financing led by Information Venture Partners with participation from Fidelity International Strategic Ventures and NAventures (National Bank of Canada’s corporate venture capital arm).
Scale Finance continues to provide periodic business valuation support.
Heritage Trust
As the first independent trust company in New Mexico, established in 1994, Heritage Trust (HT) uses innovation, experience, and flexibility to meet clients’ needs. HT provides a full range of trust services, e.g., acting as their client fiduciary for their Trust assets, being an executor or personal representative related to the distribution of estate assets, managing and growing financial assets, and preparing annual tax returns for trusted clients.
Co-Founder and Managing Director of Scale Finance Gary Hayes has been providing CFO and managing Controller support since February 2021. We have streamlined their monthly and year-end close process and established budget/forecast capability to support management. Their business has grown over 40% since Scale Finance has been involved with the company’s financial management. Gary has also participated in Board Meetings as and when needed.
Southland Transportation Company
Southland Transportation provides transport, supply chain, and campus management services on a local, regional, and nationwide basis. When Southland contacted Scale Finance, they had a strong accounting staff but no Controller or CFO. After an unsuccessful search for a full-time CFO, Southland engaged CFO and Partner Rendy Richards as their fractional CFO.
Over 18 months, Richards helped integrate a new acquisition, made improvements in accounting and finance processes, developed the company’s first-ever annual budget, helped with the onboarding of a new Controller, and provided business valuations in conjunction with Scale Finance’s Managing Director, Dave Gilroy.
For over six decades, Cooper Electrical has served a wide range of industrial, commercial, and municipal customers across the Southeast, providing best-in-class Electrical Design/Build, BIM, Prefabrication, Instrumentation & Controls, and Calibration services. Cooper’s expertise spans multiple major markets, including bio-pharmaceutical, chemical, water & wastewater, power generation, manufacturing, gas production & transmission, and food & beverage.
When Cooper’s CFO left the company for another opportunity, the owners engaged Rendy Richards as interim CFO while they searched for a full-time replacement. On a half-time basis over eight months, Richards kept the company’s financial organization humming, made improvements in several business processes, initiated a detailed financial forecast, and met with the owners to share his observations and recommendations on the most feasible way to staff their finance and accounting department cost-effectively.
SymmetryRX, LLC
SymmetryRX is a leading provider of eSampling services allowing Pharma Manufacturing companies to access physician practices for the ordering and distribution of drug samples across the US. The Company was acquired in November 2018 from Aptus Health, a wholly-owned subsidiary of Merck. Since then, the company has expanded its robust suite of services that provides pharma manufacturing executives, brand managers, sales managers, product managers, and launch managers the ability to help more patients have greater access to samples, improving medication adherence and healthcare outcomes.
Co-Founder and Managing Director of Scale Finance Gary Hayes has been providing CFO Services to the Company since 2018 and was integral in the acquisition process, facilitated initial financing to support the company with a 7A SBA loan package of $600 thousand and an SBA-backed $300 thousand LOC. Since then, Gary has been actively providing CFO support across financial reporting, budgeting, forecasting, cash planning, and strategic planning.
