Located in all major US markets, PwC’s Private Company Services (PCS) is a national practice comprised of more than 170 partners who provide customized tax, audit and advisory services to private companies, their owners and high net worth individuals. More than 60 percent of America’s largest private companies are PCS clients1. They span a broad scope of sectors and industries ranging from manufacturing to retail to industrial to professional services. A hallmark of PCS is a robust thought leadership program that provides clients with timely, thought-provoking information to help manage and grow their businesses and wealth.
1Forbes America’s Largest Private Companies 2013
PCS professionals are regularly sought out for their insight and opinion on issues of national and local interest affecting their audience. A number of recent articles featuring people from our Private Company Services practice - including Personal Financial Services (PFS) - are included below, as well as an archive of coverage over the past months.
The Modesto Bee: Water dominates California Food & Ag Summit discussion in Modesto
November 21, 2014
by: J.N. Sbranti
Water was the focus of the California Food & Ag Summit held in Modesto on November 21. The event, sponsored by PwC, is an annual program. Speakers discussed that competing demands for water – used to drink, for crops, and sustaining aquifers and bolstering the state’s economy – could create trouble in years ahead. A number of big water proposals are being explored.
Inc.: ‘Tis the Season for Ho Hum Hiring, Apparently
November 14, 2014
by: Jeremy Quittner
The story featured the latest results found in Q3 Trendsetter Barometer. The piece discussed that while private company owners are generally optimistic about their prospects in the next 12 months, this optimism doesn’t translate into very much that is actionable – which could prolong the economic malaise. The article highlighted a number of key findings in the Q3 report including: private companies are reporting higher profitability; they plan to spend more on new products and services and expansion; they only plan to increase headcount by 1.6 percent.
CBS News – MONEYWATCH: Business leaders more optimistic about the economy
November 12, 2014
CBS Marketwatch ran a story on business leader optimism that included information from the Q3 Trendsetter Barometer. In the report, 63 percent of private company leaders said they are optimistic about the US economy, the highest level since 2011. The piece went on to say that the business leaders are willing to put money behind their enthusiasm; specifically in terms of planning major new investments. However, overall hiring remains lackluster, although companies are hiring specific skill sets. According to Rich Stovsky, US Private Company Services leader, “It points to demographic shifts in the workforce and to core changes in U.S. manufacturing, where employees with specific skills are increasingly replacing workers who typically manned pre-recession factory floors.”
Wall Street Journal: Funds for Charitable Giving See Strong Growth
November 12, 2014
by: Liz Moyer
Strong growth in the stock market has been a wind fall for donor-advised funds this year with an increase of 23.5% in contributions over 2013. The popularity of donor advised funds and other year-end planning ideas were discussed by US Personal Financial Services leader, Brittney Saks, and her team on November 6 at the annual media breakfast held to announce the release of the 2015 Guide to Tax and Wealth Management. “Giving through donor-advised funds has become more popular as it gives taxpayers a lot of flexibility….it’s an easy way to not pay tax on the gain and let it go out to charity over time,” she says.
Wall Street Journal: Some People Overpaid Investment Tax in 2013, Experts Say
November 8, 2014
by: Laura Saunders
Mark Nash, Personal Financial Services partner, is highlighted in a recent Wall Street Journal article. The story resulted from the annual media breakfast held on November 6, 2014 to announce the 2015 Guide to Tax and Wealth Management. In the piece, Mark discussed areas in which taxpayers may have overpaid the 3.8% net investment income tax. The tax took effect in 2013 but final regulations were not issued until late in the year and some issues were unresolved.
Wines & Vines: Financial impact of quake rises
Oct 1, 2014
As a follow up to the publication's September story about the impact of the August earthquake in Napa, the story reveals that as more data came in, the total damages sustained was increasing. The story included information from PwC about deducting losses. "Due to the high deductibles and costly earthquake insurance plans, events like this earthquake may results in taxpayer incurring extraordinary expenses that may not be covered or fully reimbursed by insurance..."
Directors and Boards: Interest is high, but founders have their concerns
Oct. 8, 2014
PwC partner Catherine Bromilow, co-authored the story which discusses the rising interest among family businesses in corporate governance but the concern of founders of having individuals outside the family or close circle participate in governing the organization. Private Company Services' report "What is the board's role in a family business" which is part of a series, was featured in the article.
Capital Region BOCES: Regents endorse Career and Technical Education option for graduation
Oct. 31, 2014
The article for the Board of Cooperative Education Services publication discussed the Board of Regents vote to authorize the State Education Department to finalize a plan to increase pathways to graduation for students. The story featured the Q2 Trendsetter Barometer report which discussed the lack of qualified workers.
Atlanta Business Chronicle: Changes affect tax planning for businesses
September 19, 2014
Ashley Scott, PCS market leader, was interviewed for a story on the tax planning that accountants are providing small business owners in light of increased tax rates. According to the piece, these business owners, unlike their larger company counterparts, tend to co-mingle their personal income with their business. Scott said that its not too late for owners with extra cash to put that money to work in 2014.
Wines & Vines: Financial Impact of Napa Quake Rising: Bank estimates damage to Napa wineries and vineyards at $80 million
September 12, 2014
Wines & Vines, an online trade publication for the winery industry, reported that more than 60% of wineries sustained damage from the Napa earthquake. The piece included information from PwC about ways for businesses that may not be adequately insured to deduct casualty and disaster losses.
President & CEO: FOCUS on the Middle Market: Ken Esch, Partner, PwC Private Company Services
September 3, 2014
In a three-part podcast series that ran in September, Ken Esch, Private Company Services Trendsetter partner, discussed key Q2 Trendsetter results for private middle market companies including high levels of optimism, rising capital expenditures, and general signs of stabilization.
Listen to Podcast #1
Listen to Podcast #2
Listen to Podcast #3
Lehigh Valley Business, Survey: Private business leaders see favorable economic growth
August 18, 2014
Marty Janowiecki, PCS partner in Philadelphia, was interviewed by Lehigh Business for an article about the changes companies in the region are making in response to an improved economic environment as discussed in the Q2 Trendsetter Report.
Forbes.com, Skills Gap Remains a Concern Among Private Companies as Employment outlook Creeps Up
August 11, 2014
Ken Esch, PCS partner overseeing the Trendsetter program was interviewed by Forbes.com for an article on private companies’ concerns about the skill gap. Q2 Trendsetter results served as a basis for the article which discussed how employers plan to hire. Hiring, however, will be restrained because they are seeking specific skill sets and because the companies are seeking mergers and acquiring smaller businesses to gain time-tested employees.
Accounting Today, Private Companies Plan to Increase Capital Spending
August 8, 2014
Ken Esch, PCS partner overseeing Trendsetter was interviewed by Accounting Today for an article on results from Q2 Trendsetter which shows that more than a third of private company CEOs and CFOs plan to increase their capital spending in the coming year, the highest percentage in over two years.
BusinessCheatSheet.com, Plenty of Jobs But Slow Hiring: Do Americans Lack Employable Skills?
July 9, 2014
BusinessCheatSheet.com used information from Q1 Trendsetter results in an article discussing the specific skills that are in demand as businesses consider the types of employees needed to grow their businesses.
ChiefExecutive.net, The M&A Market is Heating Up. Is the Time Right to Make a Move?
July 3, 2014, 2014
ChiefExecutive.net, an online publication of Chief Executive Group which produces proprietary research, events and content to give CEOSs unique insights into data and trends that help them effectively lead their organizations, used the results from Q1 Trendsetter for an article on the uptick in merger and acquisition activity.
The Business Journal, 3 reasons private companies are poised for growth - and what you need to drive your business forward
July 3, 2014
An article written by Ken Esch, PCS partner and Trendsetter leader, was published in the Business Journal's digital channels as well as in the San Francisco Business Times, Houston Business Journal and Boston Business Journal. In the article, Ken discussed the Q1 Trendsetter results that indicate growth for private companies – a positive outlook, need for hiring and focus on ROI.
USA Today, Special Editions: High and Dry
Don Wen, PCS partner and PCS Northern California Market Leader, was quoted in the story about the effect of California’s drought on farmers, business and consumers.
The National Law Journal, Tax Reform Poses Challenges for Large Firms, Accountants Say
June 23, 2014
David Gaulin, partner and co-chair of PwC’s Law Firm Services (LFS) practice was interviewed by the National Law Journal about LFS’s white paper on business challenges facing law firms if tax reform is passed.
Employee Benefit News, Beyond physical wellness
June 16, 2014
Kent Allison, PFS partner and leader of PwC’s employee financial education practice, was interviewed by the publication for the article which discusses how the growing stress in employees’ personal lives has expanded the initial aspects of wellness programs to include financial wellbeing.
Inc., Yes, You’re Ready to Do Strategic Planning
May 29, 2014
PCS partner Ken Esch contributed to the article discussing why companies should undertake strategic planning and how to go about it.
CFOMagazine.com, Private Companies Shift into Hire Gear
May 14, 2014
Ken Esch, PCS partner and Trendsetter leader, was interviewed about the hiring that is expected this year according to the Q1 2014 Trendsetter Barometer Business Outlook.
TheStreet.com, Five Big Stories for Rest of 2014
May 8, 2014
Ken Esch, PCS partner and Trendsetter leader, was interviewed by TheStreet.com for an article about the top stories for 2014. In the story Ken explained how the majority of private US companies are in compliance with Obamacare according to the findings from Q1 2014 Trendsetter Business Outlook.
The Wall Street Journal, A Way for Businesses to Avoid 3.8% Tax
May 2, 2014
Bill Fleming, PFS managing director, contributed to the article about an estate planning strategy that can avoid the 3.8% net investment income tax. The March ruling indicates that a trustee who is also an active employee of the business can represent the trust’s “material participation” in the business. This means that income earned by the business with the help of the working trustee won’t be subject to the tax.
US News and World Report, Helping Gen Y Declare Their Financial Independence
Kent Allison, PFS partner and leader of PwC’s employee financial education practice, contributed to the article about how high debt levels and lack of savings are creating financial challenges for Gen Ys. PwC’s 2014 Employee Financial Wellness Survey was used for the basis of the story.
Accounting Today, Private Company CEOs Optimistic about Economy
April 29, 2014
Ken Esch, PCS partner and Trendsetter leader, was interviewed regarding results from the Q1 2014 Trendsetter Business Outlook which shows growing CEO confidence in the US economy.
Yahoo.com, PwC: Economy gaining traction
April 29, 2014
In this online video, PCS partner and Trendsetter leader, Ken Esch, talks about the key findings from the Q1 2014 Trendsetter Barometer Business Outlook, including signs that corporate leaders are increasingly optimistic about business prospects.
Plan Sponsor, Generational Financial Health Gap Grows
April 8, 2014
Kent Allison, PFS partner and leader of PwC’s employee financial education practice, was interviewed for an article that discussed the financial health issues younger workers face. The information is one of the findings from PwC’s 2014 Employee Financial Wellness Survey.
TimesLeader.com, Some deductions attract more IRS scrutiny than others
March 29, 2014
A Chicago Tribune article in February which quoted Brittney Saks, PFS leader, was picked up by several publications in March. The article discussed deductions which can raise red flags with the IRS.
The Daily Report, NEW PARTNERS: Everything you want to know about making partner, but didn’t ask.
March 10, 2014
Stanley Kolodziejczak, partner and co-chair of PwC’s Law Firm Services practice, was quoted in this special section of the Daily Report, a legal publication. The story provided advice to senior associates about the reality of becoming a partner in today’s law firm.
IndustryToday.com, American CEOs: Optimism Remains Stable
March 4, 2014
Ken Esch, PCS partner and Trendsetter leader, and Rich Stovsky, partner and PCS leader , discuss recent Trendsetter findings about the increasing optimism of American CEOs in light of ongoing improvements in domestic and international affairs.
Wall Street Journal, New 3.8% Investment Tax Raises Flags
February 10, 2014
Bill Fleming, PFS managing director, was quoted as part of an article about the 3.8% net investment income tax which went into effect in 2013.
CBS Money Watch, Another month of weak job growth raises slowdown fears
February 7, 2014
Trendsetter data was included in a news story that discussed the February 7 Department of Labor report.
Wall Street Journal’s CFO Journal, Lack of Skilled Workers Hinders Hiring by Private Firms
February 4, 2014
Ken Esch, PCS partner and Trendsetter leader, was quoted as part of an article that discussed the February 7 Department of Labor report. The article also included the 4Q13 Trendsetter Barometer finding that CEO confidence is at the highest level in three years.
CFO magazine, A New Direction for Goodwill
January 27, 2014
Kirsten Schofield, PwC partner, was interviewed for an article on the Private Company Council’s approval of new standards that will make it easier for private companies to account for goodwill.
San Francisco Business Times, Wine Industry Growth Corked
January 13, 2014
Dave Pardes, PCS director, was interviewed as part of an article about consolidation in the wine market and the acquisition of vineyards including the sale of the Beringer Vineyards.
Private Wealth, Playing Favorites
January 7, 2014
Allison Shipley, a high net worth tax specialist in PwC’s Miami office, was quoted as part of an article that discussed distributing wealth unevenly among children and the unintended consequences.