Cendrowski Corporate Advisors has served Family Offices for more than 35 years, with a focus on tax structuring and compliance. Our team creates responsive solutions for Family Office clients that are tailored to their needs.
As a boutique tax advisory firm specializing in real estate, we’ve worked with real estate investors and their family offices to assist with family office tax services, tax accounting, tax structuring and compliance, and maintenance of tax basis records.
We understand the tax impacts and implications of entity selection, especially relating to other tax and financial planning strategies.
Innovations in Tax Structuring and Compliance
Cendrowski Corporate Advisors’ team members were instrumental in developing the first Umbrella Partnership Real Estate Investment Trust (UPREIT) structure in the 1990s. At the time, it was an innovative exit strategy. Today, it is the standard for distributed real estate investing.
Another area in which Cendrowski Corporate Advisors excels is tax structuring, compliance, and business considerations related to pre-nuptial agreements or integrating pre-nuptial agreements into a comprehensive estate plan. We can provide recommendations on which assets should be included or excluded as well as a plan for integrated wealth.
Cendrowski Corporate Advisors provides complete oversight of Family Office tax structure and compliance to ensure all returns are properly tracked, in alignment, and tax-efficient.
Client Success: Structuring and Streamlining Family Office Systems
Cendrowski Corporate Advisors engaged with a longstanding Family Office to assist with process redesign and accounting system improvement when the group purchased a new enterprise resource planning (ERP) system. The family had contracted with a consulting firm for implementation, and Cendrowski Corporate Advisors was brought in to review the system and process design. We were to identify any internal control weaknesses and look for additional opportunities to improve internal controls.
During our assessment, we found many instances of misunderstanding between the Family Office, the software vendor, and the implementation consultant that could lead to control lapses. For example, the CFO believed that the system would identify and prevent any duplicate vendor payments. During our detailed control review, we found that the system only checked to see if a new invoice was a duplicate against the active invoice file, those invoices that were in the system but not yet paid. Once an invoice had been paid, it was excluded from the process, making it easy to create duplicate payments. Fortunately, this issue was discovered during the design phase, making the development and application of a workaround far more efficient than if it were found after implementation.
Is your business ready for the next generation? Succession planning for a family who starts a successful business has its own set of complicated issues. One family had embedded their family office in their business of real estate construction and ownership of commercial property. The patriarch’s selection of a younger female sibling started a family […]Read More
What is your business worth without you? One family operating business owner wanted to sell the business. The next generation of the family was too young to contribute to operating the business. When the owner consulted with an investment banker he was convinced by the banker he could sell the business to a strategic buyer […]Read More
On May 4th, 2022 Cendrowski Corporate Advisors Managing Director Harry Cendrowski moderated a panel discussion, “Transition or Sell: What To Do With Your Family Business,” at the Smart Business Dealmakers Conference in Detroit. Cendrowski Corporate Advisors was a Supporting Sponsor of the conference. The Smart Business Dealmakers Conference connects hundreds of Detroit business leaders — […]Read More