Reynolds, Bone & Griesbeck, PLC Announces New Tax Director

Reynolds, Bone & Griesbeck, PLC (RBG) is pleased to announce the addition of David Craig, CPA, JD to their professional team.

Craig joins the RBG team as a tax director in the firm’s Tax Department. He is responsible for managing and delivering tax consulting, tax compliance, and tax provision services for RBG’s manufacturing, distribution, family office and real estate clients.

“We’d like to extend a very warm welcome to David,” said John Griesbeck, CPA, RBG Managing Partner. “We consider him an exciting new addition to our team and look forward to watching his extensive experience benefit both our clients and teammates.”

A graduate of the University of Memphis, Craig holds a Bachelor of Business Administration in Accounting. After completing his undergraduate studies, he went on to earn his Juris Doctor from the university’s Cecil C. Humphreys School of Law. Craig is currently licensed as a CPA in Tennessee, Mississippi, and Georgia and as an attorney in Tennessee. He is affiliated with the American Institute of Certified Public Accountants (AICPA), the Tennessee Society of Certified Public Accountants (TSCPA), and the Tennessee Bar Association (TBA). Raised in Memphis, Craig currently resides in nearby Cordova, Tennessee. 

Questions to Ask Before You Change Your Prices

Questions to Ask Before You Change Your Prices

Creating price points for your products usually starts with looking at the prices of similar products within your industry.

This article explains how your perception as a seller is valuable, and discusses three questions to ask yourself about your pricing strategy.

To view this article, click the following link to access the original content.

https://www.inc.com/debra-mald…

Reynolds, Bone & Griesbeck PLC Announces Two Promotions

Memphis accounting and consulting firm Reynolds, Bone & Griesbeck (RBG) is pleased to announce the promotions of Rebecca Jacobs, CPA and Hunter Stock, CPA, JD.

“Rebecca and Hunter’s client dedication has really paid off,” said John Griesbeck, CPA, managing partner of RBG. “Their hard-working nature lends itself to the culture at RBG and I offer them my full congratulations on their promotions.”

Jacobs started with RBG as an intern in 2009 and joined the team full-time in 2011 after graduating from University of Memphis. As a Tax Manager, she offers tax consulting and compliance services for partnerships, S-corporations, individuals, fiduciaries, and private foundations. Jacobs also functions as a development advisor to tax staff in both formal and informal capacities and works closely with firm interns and new hires, supervising much of the orientation process. She is a member of the American Institute of Certified Public Accountants (AICPA) and the Tennessee Society of CPAs (TSCPA). Jacobs currently lives in Bartlett with her husband, Seth, and their daughter, Vivian. An active member of Bartlett United Methodist, Rebecca teaches Kindergarten Sunday school classes. In her free time she enjoys traveling, reading, and listening to music.

A graduate of University of Memphis, Stock joined RBG in 2013. As a tax senior, he is involved in all aspects of tax compliance and planning for individuals, estates, gifts, and trusts, as well as all types of business entities. His background as an attorney and CPA uniquely positions him to be able to assist high net worth individuals, trustees, and other taxpayers plan for the future.He is a member of the American Institute of Certified Public Accountants (AICPA), the Tennessee Society of CPAs (TSCPA), and the Tennessee Bar Association. He currently resides in Bartlett, Tennessee with his wife, Emily, and their two children, Daniel and Jacob.

Accelerate Leadership Conference Attendees Conquer Scavenger Hunt

Accelerate Leadership Conference Attendees Conquer Scavenger Hunt

Reynolds, Bone & Griesbeck held their annual Accelerate Leadership Conference this past May. 

Students were divided into teams for a Memphis-themed scavenger hunt. A current staff member drove teams of 3-4 students to the Memphis landmarks they found by deciphering the clues that were given to them. The teams had 2 hours to solve the clues and get a photo or video taken at the appropriate spot. There were also additional points awarded for extra activities at some of the spots.

Team Peabody was the winning team which included Connor, Claire, Madison and Misti. Charlotte Henderson was their RBG driver for the day. 

Congratulations team!

Reynolds, Bone & Griesbeck PLC Announces Addition of Audit Staff Member

Reynolds, Bone & Griesbeck PLC Announces Addition of Audit Staff Member

The certified public accounting firm of Reynolds, Bone & Griesbeck, PLC (RBG) is pleased to announce that James (Will) Landry has been added as a full-time staff member to the firm.

“I am thrilled to welcome Will as a full-time staff member,” said John Griesbeck, CPA, managing partner of RBG. “His dedication and hard-working nature will be a valuable asset to the firm and our clients.”

Landry graduated from the University of Memphis in 2018 and interned with the firm while he completed his degree. He transitioned as a full-time employee at RBG in May. As part of the audit department, his primary responsibility is to serve financial institution clients in the areas of financial audits and compliance engagements. Will is a member of American Institute of Certified Public Accountants (AICPA).

Landry grew up in Somerville, Tennessee, and now resides in Memphis. In his free time, he enjoys hunting, going to the lake, and cheering for the Memphis Grizzlies.

Reynolds, Bone & Griesbeck PLC Announces Summer Interns

Reynolds, Bone & Griesbeck PLC Announces Summer Interns

The certified public accounting firm of Reynolds, Bone & Griesbeck, PLC (RBG)  is pleased to announce the addition of Austin Le and Hannah Leatherwood as summer interns to the firm.

“It’s a pleasure to have these two young professionals join the team for the summer,” said John Griesbeck, CPA, managing partner of RBG. “Internships are an immense help to accounting firms and provide invaluable experience for those who complete them. I look forward to watching these two bright students learn and develop here.”

Le is a current student at Rhodes College, where he is studying to complete a business commerce degree. He is on the Dean’s List, Honor Roll, the SAA Academic Honor Roll, and a member of the varsity lacrosse team. He will serve as an audit intern during his time at RBG. Le currently resides in Memphis, loves dogs, and enjoys watching Philadelphia sports in his free time.

Leatherwood is a senior at University of Mississippi where she is pursuing an accounting degree. While at RBG, she will intern within the audit department. Leatherwood currently resides in Arlington and in her free time enjoys reading, playing the piano, and racquetball.

Trends and Forecasts from the Berkshire Shareholders Meeting

Trends and Forecasts from the Berkshire Shareholders Meeting

The Annual Berkshire Hathaway Shareholders' Meeting is something of a legend in the investment world. More than just an informational annual meeting, shareholders come from far and wide to listen to the musings of the Oracle of Omaha, Warren Buffett, and his partner, Charlie Munger. During the 2018 meeting, both Buffett and Munger discussed their investment philosophies and opined on a number of economic issues and trends they foresaw as influencing the future for investors.

The Power of Long-Term Buy and Hold
The meeting kicked off with Buffett discussing his strong conviction in his time-tested investment philosophy. When he made his first stock purchase in 1942, Buffett bought a few shares of a company called Cities Service. The stock declined by about a third before coming back; somewhat shaken by volatility, he exited his position for a small profit. Buffett’s initial investment in Cities Service was $114. If instead of selling due to his fear of volatility he had held onto the stock, it would be worth about $400,000 today.

“When there's nothing to do, Warren is very good at doing nothing,” said Munger, exemplifying the power of the long-term buy and hold strategy as the key to Berkshire Hathaway‚Äôs success. The lessons of long-term buy and hold are neither exciting nor sexy and are often forgotten during large market moves over the course of a year.

A decade after the Great Recession, with unemployment below four percent and the Fed hiking interest rates, investors are starting to feel uneasy about the market cooling off and may be tempted to react to sell-offs. When a correction comes, these are exactly the times that Buffett and Munger say one should hold the course and be prepared to find value in the market for new long-term buy and hold positions.

Finishing off with a discussion on the power of compounding, Buffett predicted that the Dow would reach one million over the next 100 years. As big and bold as this might seem, it’s actually pretty conservative once you realize that the Dow Jones would only need to grow at 4 percent annually to reach this level—approximately half the historic rate of return over the past 100 years.

Cryptocurrency and Other “Trends”
Buffett and Munger warned of being seduced into hot new investments like cryptocurrencies at the expense of investing in stocks for the long run. Their concern is not about cryptocurrencies in particular, but that it is a non-productive asset. Non-productive assets don’t actually create any value or wealth, but rise based only on perceived scarcity.

They warned of the greater fool theory, that anytime you buy a non-productive asset, you are counting on someone else to buy the exact same holding for more money later. They ended the discussion by observing that “cryptocurrencies will come to bad endings.”

U.S. Healthcare
Buffett expressed strong views on the U.S. healthcare system. He believes spending is a problem, noting that approximately 18 percent of U.S. GDP is spent on medical costs, a growth of five percent over the 1970s. In response, Berkshire Hathaway formed a partnership with Amazon and JP Morgan designed to assist employees by lowering healthcare costs for similar services. He foresees significant resistance to broad adoption of such plans by the healthcare industry as it threatens their entrenched position.

Munger went a step further and noted he thinks a single-payer medical system will eventually be adopted in the U.S. in response to rising costs.

U.S. Trade Policy
Exports have doubled since the 1970s, making up about 11 percent of GDP versus about five percent back then. Despite this increase, imports have increased as well, accounting for 14 percent of GDP today—creating a trade gap of three percent.

Buffett is concerned about this trade gap widening over the long term, as eventually we will have to pay for it.

Take Away
The main theme of the annual meeting was centered on Buffett and Munger’s time-tested long-term buy and hold theme. While they touched on a number of other issues, the time they devoted to this illustrates their belief in its importance relative to other matters.