Paul Smith, CPA

Principal

Wichita, KS

Contact Information

eMail

Social Media Information

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

  • 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

Mentions and articles by Paul

Data-Informed Decision Making for Feedyards

K·Coe Editorial | February 19, 2018

Enhanced Benchmarking Metrics Support Ongoing Feedyard Management – Remaining focused on strategic decision-making can be a daunting task. Managing employees, costs, animal performance, and resource usage is critical to running a successful feedyard business. Finding time to analyze and review […]

Kansas Tax Bill SB 30—Big Changes Are Coming

K·Coe Editorial | June 12, 2017

Kansas legislators have voted to override Republican Governor, Sam Brownback’s veto of a tax bill, SB 30, that would repeal or roll back past income tax cuts he has championed. SB 30 is expected to raise $1.2 billion over two […]