Starting a New Decade with High Hopes

Tom Luken, President   email | bio
January 2010

Happy New Year! On behalf of all of us at Kolb+Co., I wish you a most happy, healthy and prosperous 2010.

2009 has been a challenging year for everyone. The norm we once knew has changed, as we all cope with this new business landscape. The silver lining for Kolb+Co. is that the economic dry spell has allowed us to focus on customer service, strategic initiatives and our core competencies. As part of this effort, the shareholders of Kolb+Co. SC have sold their ownership interest in Kolb+Co. Medical Billing, LLC (KMB) to New England Medical Practice Management, Inc. (NEMPM). KMB has been renamed Revenex, LLC and will serve as NEMPM's Midwest regional office providing services to medical practices and skilled care facilities throughout Wisconsin, Illinois and Minnesota. Kolb+Co. M&A Advisers, LLC served as the exclusive financial adviser to the Kolb+Co. shareholders.

Kolb+Co. remains dedicated to the health care industry and has entered into a shared services agreement with Revenex. This strategic arrangement will allow us to concentrate on our core competencies of providing high quality tax, audit, accounting and consulting services to our health care clients with recognition that if they need medical billing and revenue cycle management services we can refer them to a quality operation that specializes in this type of service.

We have advised our clients to use this time to focus on their central business functions, to review processes and to revisit strategies. To aid in this effort, we offered a number of educational sessions through our Helping Your Business Grow seminar series including topics on growing sales, leveraging real estate, managing cash flow and transitioning a business. In addition, we continue to offer seminars on regulatory and reporting changes including FBAR, FIN48, IFRS, and IRS Section 7216. It is our goal to help our clients find opportunity in these inopportune times.

2009 was also a year of building for Kolb+Co. I am proud to say that in this down market, we did not experience a reduction in workforce or a hiring freeze. In fact, we added to our ranks by hiring talented managers, consultants and shareholders to complement our industry focus groups. In October, we added Jim Small and Jim Wagner to our leadership team. Both provide additional depth to our construction and manufacturing focus teams. We have always taken pride in the wealth of industry experience we bring to each client engagement, and Jim Small and Jim Wagner strengthen that offering.

Highlights of the last twelve months are the four workplace awards presented to Kolb+Co.:

• Top Milwaukee Workplace - The Business Journal
• 2009 Best Accounting Firms to Work For - Accounting Today
• 2009 Family Friendly Award - Metroparent Magazine
• National Alfred P. Sloan Award for Business Excellence in Workplace Flexibility

Each of these awards was determined in part by a survey of our workforce. My fellow shareholders and I are proud that our employees trust Kolb+Co. to help them grow their careers and meet their professional goals. I firmly believe that a happy and satisfied workforce translates to superior client service.

As we conclude the first decade of the twenty-first century and move into 2010, I am excited about what the future holds for our clients and for our firm. This year we are celebrating our 50th year of service and are hard at work determining how to best recognize this milestone anniversary. One resulting initiative is the launching of the Kolb+Co. Volunteer FORCE (Focus on Raising Community Engagement) Program. Community service has always been part of the firm's culture. Now, we will have a structured program including our Kolb+Co. Action Day when we will close our doors for business for a half day and dedicate that time to volunteering within our community.

Throughout the coming year, we will continue to help our clients navigate the challenges of the economy and current business environment as well as keep you abreast of how pending legislation will impact you. There are many changes on the horizon including health care reform, tax legislation, the state and national deficits and industry regulations. Your Kolb+Co. business advisers will continue to look for ways to help you maximize your tax savings, leverage opportunities and position you for success.

Thank you for your role in helping our firm grow and evolve into a leading Milwaukee CPA and business and financial advisory firm. We look forward to working with each of you this year and for the next 50 years to come.