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Succession Planning and Year-End Tax Planning View Video Transcript

Current Electric

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Succession Planning

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Year-End Tax Planning

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Profitability by Department

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Regulatory Compliance

SVA Helps Current Electric with Year-End Tax Planning and Succession Planning

Chuck Smith, founder and president of Current Electric, started the company as “Chuck in a Truck” over 39 years ago and has grown it to over 160 employees. Current Electric serves commercial and residential customers in the Milwaukee area. Having installed their first solar panels in the early 2000s, they have been at the forefront of solar power and cutting-edge technology in the power generation and storage field.

As the business grew, Chuck knew he needed an accounting firm that understood their industry. “We chose SVA because they help us keep all our regulatory and tax pieces in order. Their longevity is really important to us. They are here to stay just like we are. My chief financial officer gets all the information he needs to properly run our company. Our human resources director gets all the information they need to properly make sure we're taking care of our employees,” says Chuck.

SVA works with Chuck and his team on year-end tax planning to ensure they are minimizing their tax liability and planning ahead for the current year and beyond. As a service company in the construction industry, they have many facets of the business, each needing to be accounted for and reported on. SVA organized the reporting structure for each area of the business and works with the CFO to review profitability by department.

Chuck continues, “One of the things that's so hard as a business owner, with everything that's changing in the environment, is to keep abreast of the latest information. It's really important to be able to learn from best practices of similar businesses, and SVA makes sure they bring that to the table for us. We know that we're on top of the freshest and best information during times like the pandemic, as well as ensuring we know all the ins and outs of the regulatory requirements for our business.”

As a business owner, you should always start with the end in mind, and for Current Electric, it is important for them to know what that looks like for their employees. SVA is helping build their succession planning vision with discussions on ESOPs and other transition strategies. “SVA is making sure we're heading in the right direction, the value of the business is there, and the people and the employees, which are so important, are taken care of in that process,” states Chuck.

Part of the discussions with Current Electric is reviewing employees to make sure they're up for the challenge of the business’s needs, that employees have what they need to do their job well, and that the team functions at a high level. Chuck concludes, “SVA is a full-service provider that really can take care of all of your business needs. If you're a business looking for an accounting firm with longevity, to make sure that you're doing business properly, SVA should be your choice.”

"SVA is making sure we're heading in the right direction, the value of the business is there, and the people and the employees, which are so important, are taken care of in that process.”

Chuck Smith, Founder & President

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