20th Anniversary

Lakelet Advisory Group LLC Achieves Key Milestone, Celebrates 20th Anniversary with Launch of New Branding and Partnership.

New York (June 1, 2023) – This month, Lakelet Advisory Group LLC achieves a key milestone of 20 years in the Business Valuations and Restructuring financial services space. Founded by Michael R. Koeppel in 2003, Lakelet Advisory Group LLC established itself by specializing in complex valuations, restructuring, and bankruptcy work. Now a global organization, Lakelet Advisory Group LLC recognizes its growth with new branding and an updated logo.

Lakelet Advisory Group LLC was founded in Los Angeles, California by Michael Koeppel, who was then a sole practitioner with a background in transforming distressed entities. Through his collective experience work with PricewaterhouseCoopers and Citi Venture Capital Group, he gained experience and employed his financial advisory services across the globe.

“It is hard to believe that what started as a one-person practice in Los Angeles has grown to what we are today, with a team of 18 professional valuators seated throughout the world,” Michael states.

Over the past 20 years, Lakelet Advisory Group LLC has completed hundreds of engagements in financial restructurings, quality of earnings, and business valuations, and now intellectual property valuations. Lakelet Advisory Group LLC serves a range of entities from small startups to large established international companies. Subsequently, Michael is recognized as a leading expert in business and is a frequent speaker at industry conferences.

The group continues to evolve through new partnerships such as a recent professional relationship with a legal firm that specializes in Intellectual Property. This joint effort enables a more cohesive set of IP solutions for Lakelet Advisory Group LLC’s clients who can now leverage marketing and legal support in addition to the valuations it has offered for two decades. 

Regarding the services Lakelet Advisory Group LLC offers as it matures, Michael states, “I am proud of the work we have done over the past 20 years to help our clients understand the value of their businesses and make informed financial decisions. I am thankful to our clients, team members, alumni, and friends of the firm. I cannot wait to see where the next years take us.”

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Committee Spotlight: Bankruptcy & Financial Restructuring

By CHRIS GAETANO Trusted Professional Staff

The NYSSCPA Committee Spotlight is where The Trusted Professional showcases the dozens of Society committees devoted to virtually every aspect of the CPA profession. If you would like to join either of the committees featured here, contact the committee chair or Keith Lazarus, manager of committees and technical resources, at klazarus@nysscpa.org. The interviews featured in the Committee Spotlight have been edited for length and clarity.

What got you initially interested in the committee?

As a certified turnaround professional (CTP), I’d say that keeping current on the issues arising in bankruptcy and restructuring was a key factor in my joining this committee. In addition, I had an interest in the opportunity for networking and working with professional, experienced colleagues. With a relatively small firm, such as Lakelet Advisory Group, it is essential to have a group of colleagues I could always reach out to and get some professional words of wisdom from.

Our committee works together not only on committee issues, but also on cases where our unique skill sets are required. Over the past few years, I have done several joint projects with committee members whose expertise I can trust—I just reached out to another member this morning about a joint project between our firms. Equally important, I have been called upon to assist with other members’ client challenges.

I was extremely fortunate in becoming the committee chair. Our committee has had several dedicated committee chairs in Harry J. Kobritz and Geraldine M. Wolk. They both have laid the foundation for the committee. As a vice chair, I was able to learn the ropes.

What got you initially interested in the committee?

As a certified turnaround professional (CTP), I’d say that keeping current on the issues arising in bankruptcy and restructuring was a key factor in my joining this committee. In addition, I had an interest in the opportunity for networking and working with professional, experienced colleagues. With a relatively small firm, such as Lakelet Advisory Group, it is essential to have a group of colleagues I could always reach out to and get some professional words of wisdom from.

Our committee works together not only on committee issues, but also on cases where our unique skill sets are required. Over the past few years, I have done several joint projects with committee members whose expertise I can trust—I just reached out to another member this morning about a joint project between our firms. Equally important, I have been called upon to assist with other members’ client challenges.

I was extremely fortunate in becoming the committee chair. Our committee has had several dedicated committee chairs in Harry J. Kobritz and Geraldine M. Wolk. They both have laid the foundation for the committee. As a vice chair, I was able to learn the ropes.the types of bankruptcies, a CPA’s role in a bankruptcy, marketing a firm for bankruptcy and restructuring work, working with other professional firms in such undertakings, and ensuring that firms are compensated for their services when working with distressed or bankrupt entities. We also discuss [Uniform Commercial Code] Article 9 sales, creditor’s rights and current trends. These are the topics of the past year or so that we have addressed.

This diversified approach to bankruptcy and restructuring includes having joint committee meetings. For instance, in July, we had a joint meeting with the Banking Committee about the challenges of the current economic environment and viable options for financial restructuring. Later this year, we are scheduled to have a joint meeting with Business Valuation and Litigation Services Committee.

What issues have been a major topic of discussion among your committee members lately? What has been the big issue that people are talking about?

The biggest issue, given the nature of our committee, is that we foresee a tidal wave of opportunities stemming from restructuring and bankruptcy challenges in the United States over the next six months. According to The Wall Street Journal, in May 2020 alone, bankruptcies rose by 48 percent.

Our specialization is highly relevant, given the current economic perils. Whether our services are sought for bankruptcy planning, execution and workout, or assisting clients in restructuring theirentities, the current work opportunities are unparalleled. Moreover, both creditors and debtors are more willing to work together throughout these challenging economic situations. As CPAs, we add significant value when providing an array of financial options for mitigating COVID-19-related challenges, whether this value added is operational or financial.

Has this recent relevance meant more work for bankruptcy and restructuring practitioners?

It has created significant amounts of work for practitioners in this area. As stated above, bankruptcies were up by 48 percent in May 2020. There are not many proactive or distressed companies right now that do not need some sort of restructuring—either operational or financial—to get through the pandemic.

Maybe the companies are not at the point of bankruptcy, but they should be exploring a lot more about debt, supply changes, future revenues, bank covenants, projections, keeping stakeholders candidly apprised of the situation, and financial options and plans. I cannot think of a single industry that has not been impacted by COVID-19 in one way or another.

I am actually amazed at how open-minded financial institutions have been to restructuring opportunities. Previously, such restructuring was a more adversarial undertaking. Now, however, the approach is sympathetic. All stakeholders recognize that this economic environment is a ituation that demands flexibility and cooperation.

Why join this committee? What would you say to someone who has never heard of it before to convince them to join?

Given where we are in today’s economic situation, our clients need the restructuring expertise that we can provide. I am not saying that you should recommend bankruptcy, but it would still behoove any CPA to look at their client’s balance sheet to see how they can add value through financial and operational restructuring in both the short and long term. This committee connects you to professionals with years of knowledge in this field in a collegial atmosphere.