Thoughts and Insights by Michael Gregory

This is how to interact with an IRS Estate and Gift Tax Attorney on a valuation issue

It was my pleasure to be interviewed by Melissa Gragg, the Managing Partner at Bridge Valuation Partners, LLC, via her pod cast on this topic. For those not interested in listening to a nearly 90 minute podcast with lots of details, here is a much shorter seven minute version sound bites on LinkedIn. However, for those looking for a quick read on some of the key points this may help. We discussed over a dozen questions and additional follow up questions, but here are some of the key points.

Exit Planning with The Collaboration Effect

If there ever was a profession where The Collaboration Effect® made sense it is in exit planning. Instead of individual specialists reaching out to a potential client wanting to exit a business, think about if they worked together and what a better result there would be for the client. This past week it was my pleasure to address the Exit Planning Institute (EPI) Twin Cities Chapter at the invitation of the Chapter President Julie Keyes and to meet the incoming Chapter President Mark Hegrstrom. I presented Collaboration for Exit Planners – Applying The Collaboration Effect®. They were very receptive and I appreciated their glowing recommendations. Here are some of the key points. We can all learn from this example.

Begin an Audit with the IRS with Collaboration

When you think of collaboration quite likely the IRS does not come to mind. Rather when you hear the term IRS you are not thinking of working together. Instead the thought of an IRS audit likely brings forth thoughts of anxiety, I don’t have time for this, why me and now what? With that in mind I thought explaining some basic tips after receiving an audit letter from the IRS may help. Especially as these tips relate to The Collaboration Effect. After all the IRS are people too.

IRS, Business Valuers, Adjustments and Preventative Approaches

On July 1, 2020 it was my pleasure to be interviewed by Melissa Gragg, CVA, MAFF, CDFA and Managing Partner at Bridge Valuation Partners, LLC. This 84 minute podcast is packed many ideas of how to avoid and what to do if audited by the IRS on an estate or gift tax return. For business valuers this commentary focuses on the most common adjustments by IRS Business Valuers and what you might want to consider to both avoid an audit and what to do if audited. What does this have to do with The Collaboration Effect® you may ask. Read on. Clearly not everything in that podcast can be presented here, but some of the key highlights can be. The purpose of this commentary is to focus on one of the questions from that podcast. That is: What are the most common adjustments by IRS Business Valuers.

IRS, The Collaboration Effect® and Estate and Gift Tax Audits- What do they have in common?

On July 14, 2020 it was my pleasure to be interviewed by Melissa Gragg, CVA, MAFF, CDFA and Manag

Here are three keys to happiness at work

We are in stressful times with COVID-19, George Floyd, and work. For those of working, we feel for those that aren’t. For those working with kids in school there are many unknowns for this fall with virtual classes, being at school and hybrids. Those are plans, and once something happens parents will have to adjust to changes. With everything going on in our lives at home, in life and at work, what can we do to find more happiness at work? That is the focus of this article.

This is how to remain ethical with hard bargainers

With the advent of artificial intelligence ethics is taking on additional importance. The Harvard Program on Negotiation identifies five principles for consideration. Linda Fisher in her book, 7 lenses, Learning Principles and Practices of Ethical Leadership offers seven lenses of ethical responsibility. A question is how can these principles and ethical responsibilities be applied to negotiations? When working with principled negotiators the ethical principles and ethical responsibilities seem to be very practical. What about when needing to address hard bargainers that don’t seem to have principles and ethical responsibilities?

Here is what to do when you're right and they are wrong

Some situations are clear. Sometimes there is no doubt someone else is in the wrong. They may not even realize they are in the wrong, but they are. When that happens what should you do?  This article addresses a personal situation and then points out how the same approach can be played out at work.  For example, you’re in line for a check out and someone cuts in front of an elderly person to move ahead in line at the grocery story. What do you do?  Some are more assertive and speak up. Others would be intimidated by this and say nothing. What might you do?

Here are three great ideas for addressing change

Research has shown that 58% of businesses reinvent themselves at least every three years. Think about that for a second. With Covid-19, one of those times likely for an even greater percentage is now. The question is how do you adapt? So, what should you do? These three suggestions from the Harvard Business Review are to flip conventional thinking. They are: Rather than “follow best practices” “share your failures” Rather than “if it ain’t broken don’t fix it” to “fix it anyway Rather than “control your assets” to “share your assets” The HBR article takes a look at these suggestions and provides you with some ideas looking directly at business results. In this blog article additional thoughts are presented for you to consider based on this author’s personal experiences. Both hopefully give you some food for thought from different perspectives to help you going forward.

Here are five good negotiating techniques to use with the IRS and others

When you are involved with a negotiation with the IRS or another party where it appears there may be significant differences of opinion, here are five good negotiating techniques to consider. Start off by determining your and their positions. What is your Best Alternative to a Negotiated Agreement (BATNA), what do you think is their BATNA? Next consider offering the first alternative position known as an anchor to set the stage. Listen actively without judgment to understand where they are coming from. Reframe the negative to a neutral or even into a positive when possible. Finally, seek advice from those with experience in these matters. Beware those that should have the expertise, and focus on those that know what they are talking about.