Paul Smith
Principal

Paul Smith
Wichita KS

Wichita, KS

1605 N Waterfront Parkway
Suite 200
Wichita, KS 67206

Industry Areas

Service Areas

Paul works with feedyards, farmers, ranchers, and dairy operations. Working with cattle on his own family farm allows Paul to be extra thoughtful about the issues agribusiness’ face. His intimate familiarity with animal ag and crop-producing operations, and understanding the economic drivers lets Paul translate tax code and financial reporting requirements into uniquely valuable management perspective for producers.

Specifically, Paul analyzes financial performance, establishes strategies for growth and succession, identifies the best business and tax structures, and evaluates business opportunities.

Some of his recent accomplishments include:

  • Keeping $750,000 in operating capital in a $2 million feed yard sale by readjusting value through step-up in basis over a 15-year period.
  • Preserving $3-$4 million in assets that a cattle producer can pass to heirs through estate planning and use of trusts.
  • Guiding succession planning for a $120 million family business and educating family members on business financials, operational scenarios, and market dynamics.
  • Increasing cash flow by $5.5 million and decreasing debt through entity structuring for a 5,000 head dairy farm.

Finding answers for particularly challenging accounting scenarios is Paul’s favorite of his job because the answers usually come to him when he has the chance to drive a tractor all weekend. Paul joined the firm in 1999, rising from manager to principal. He collaborates with colleagues throughout the firm to formulate creative ideas that get businesses into the best position for growth.

Education

B.S., ag economics, Kansas State University

Credentials

Licensed CPA in Kansas, Oklahoma, and Texas

Professional Associations

American Institute of Certified Public Accountants
Kansas Society of Certified Public Accountants
American Angus Association
Barber County Cattleman's Association
Barber County Farm Bureau, board member
Kansas Livestock Association
Texas Cattle Feeders Association
National Cattlemen's Beef Association

Civic Associations

Barber County Fair, board member

Personal Interests

Volunteer with local 4-H, received 4-H alumni award in 2012
Project leader for beef projects, present educational talks about swine projects, and assist with beef and swine shows
Raising show pigs for local and area youth

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