Establishing an accurate value for a music retail business requires a combination of in-depth, specialized knowledge and experience. Business evaluation professionals, who also practice as Certified Public Accountants (CPAs), are often well prepared to meet the evaluation needs of most clients, given their varied experience in litigation support, accounting, tax, auditing, finance, insurance, economics and investments. However, finding a CPA firm possessing the skillset, knowledge, experience and foresight in music retailing to perform reliable business evaluations has been difficult. Until now.
OUR FIRM’S EXPERTISE
Friedman, Kannenberg & Company, P.C., is an independent Certified Public Accounting firm, that has provided accounting, tax, consulting and business evaluation services to closely-held music instrument and product retailers for over 30 years. Our established base of music industry clients includes music stores, instrument and product manufacturers, professional musicians and bands, recording and editing studios, music education facilities and music support companies.
More specific to music retailing, our music dealer clients include full-line, combo, professional audio, keyboard, school music and print dealers located throughout the United States. Over the past three decades, our professional services to these clients has provided us business insights into the music retailing industry possessed by none other. That experience, coupled with our financial knowledge and professional designations, has given us the ability to perform business evaluation engagements with unquestionable expertise, independence and credibility.
OUR MUSIC AFFILIATIONS
Our commitment to the music retailing industry has earned us recognition from several professional trade associations, including our active participation in educational programs sponsored by The National Association of Music Merchants (NAMM), The National Association of School Music Dealers (NASMD) and The Retail Print Music Dealers Association (RPMDA). We are featured writers of financial retailing topics in Music, Inc. magazine, and regularly contribute technical articles to other music trade publications. Most notably, we are moderators, presenters and faculty members of financial and management seminars sponsored by both NAMM (NAMM University) and Yamaha Music Corporation (Yamaha Financial Advantage).
OUR FIRM’S BUSINESS VALUATION ENGAGEMENTS
Although there are many circumstances requiring a comprehensive business evaluation report (such as estate tax reporting, succession planning, litigation support and divorce, to name a few) our firm performs business evaluation consulting engagements for music instrument retailers predominantly for (a) the anticipated purchase of another music store, (b) the anticipated sale of their own store, or (c) the anticipated admission or exit of an owner.