Industries: Owner-Managed Business
RALEIGH, N.C. (March 21, 2014) – Hughes Pittman & Gupton, LLP, a Triangle-based CPA firm serving the financial management needs of local, multi-state and international businesses, announced today that Brooks Malone, CPA, partner at HPG, recently spoke to members of First Flight, a business incubator located in RTP. He discussed how to prepare financial forecasts and use them as a management tool to grow businesses.
Central to Malone’s message was the value in proper forecasting as it applies to both the business plan and exit strategy of companies. He also walked through the basic financial statements and the role they play in creating forecasts, as well as tracking the achievement of milestones.
“Being able to communicate clearly the runway and burn to achieve breakeven, as well as understanding the difference between cash flow and net income projections, is paramount for entrepreneurs in evaluating financial needs and seeking outside capital to fuel growth,” says Andrew Schwab, President of First Flight. “Hearing Brooks’ seminar not only helped refresh best practices, but also added helpful new tips.”
Malone has more than 25 years of public accounting experience. As co-lead for HPG’s knowledge-based industries practice, he works with privately held and investor-backed companies in the technology and life science sectors from startup through IPO or ownership transfer.
Supporting incubator and entrepreneurial development programs are an important part of HPG’s support for North Carolina businesses. Malone and other HPG members regularly provide mentoring and support to companies involved with First Flight, The Startup Factory, HQ Raleigh and CED.
About First Flight: Founded in 1992, First Flight Venture Center (www.ffvcnc.org) was created to foster innovation and grow sustainable companies. Today, FFVC is one of the nation’s largest and most stable incubators, playing host to more than 37 high-science, high-impact companies annually. In total, FFVC company startups number 267 and growing. Several of the most notable graduates include United Therapeutics (NASDAQ: UTHR), SciQuest (NASDAQ: SQI), Athenix (acquired Bayer NASDAQ BAYRY), Advanced Liquid Logic (acquired Illumina NASDAQ: ILMN), Bloodhound Technologies (acquired by Verisk VRSK), Ganymede Software (acquired NETIQ IPO), and Exam Design (acquired Pearson PLC NASDAQ PSO).