Northern Nevada Business Weekly: Tell us about your company.
Richard M. Teichner: I decided to establish my own firm three years ago after having been with a local CPA firm. Prior to that I was a partner in the Los Angeles office of a large regional CPA firm, where I was in charge of the office's litigation consulting practice. My firm's main area of focus is providing forensic accounting and business valuation services in potential and active business litigation and family law matters. Also, we provide business valuation services for business owners and those wanting to purchase a business, as well as in other situations where a business valuation is needed. I employ and subcontract staff persons on an as-needed basis.
NNBW: What role do you play in the company?
Teichner: I am the sole owner and I oversee all engagements, consult with clients and attorneys, and provide expert witness testimony when called upon.
NNBW: How did you get into this profession?
Teichner: I started off with an electrical engineering major but, at the time engineering jobs were drying up, and I decided that I would be better off with a business degree. I thought an accounting curriculum along with other business courses would give me the most options after graduating. It so happened that I had a student deferment from the military and was going to have to fulfill my obligation when I graduated, which was during the Vietnam war. That, coupled with the fact that I was engaged, forced me to decide what I was going to do when I got out of the Army. I took a job with a large firm in Beverly Hills. From that point on, everything went well for me, so I stuck with public accounting.
NNBW: What are some of the skills and abilities necessary for someone to succeed in this job?
Teichner: In my opinion, to be a forensic accountant, the person must (1) have a very strong foundation in accounting and tax, (2) have investigative skills, including having a nose for recognizing significant and relevant elements contained within documents and from other information, (3) be able to look at each situation objectively, (4) be creative so that the facts and other evidence can be presented in a manner that is most advantageous, without lacking credibility, and (5) be able to prepare reports that communicate findings and conclusions in a clear and thorough manner.
NNBW: What are some of the important trends you see in your industry?
Teichner: Like most other businesses and professions, the economy has taken its effect. Certainly, the number of people or businesses litigating matters and the number of couples divorcing have declined. Where couples do divorce, marital estates are not what they used to be, so they may have little or no need for accounting or valuation services. However, I have recently seen a trend of a greater need for forensic accounting and business valuation services, somewhat in family law but more so in the area of business litigation.
NNBW: What do you like to do when you're not working?
Teichner: Many people I know say I work too many hours. When you have your own business, you need to do what's necessary. Plus I write articles and give presentations, and spend a fair amount of time at professional reading. I try to work out at least five days a week. I like being outdoors and I especially like to go hiking and sometimes bike riding. Certainly, I spend time with my wonderful wife, and I always love being around my dogs. In whatever time left, I will do crossword puzzles and leisurely reading and watch a couple favorite programs on TV.
NNBW: Would you rather be younger, thinner, richer or smarter? Why?
Teichner: I can't become any younger, becoming thinner is within my control, and becoming richer might be possible. I guess my answer is younger, because if I were younger and know what I know today, just think how much more I would know when I would reach my present age. Plus, if I were younger, I might be richer by having done some things differently.
NNBW: What are five things you can't live without?
Teichner: My wife, my dogs, being mentally stimulated, being physically active, flavorful food.
NNBW: If you could have one superpower, what would it be and why would you want it?
Teichner: Rid the world of ruthless dictators and oppressive regimes. The probable result is that countries would be less hostile toward one another, and by the people of these countries being liberated, they would benefit by having a chance to live the kinds of lives that they desire.
NNBW: What does the content of your refrigerator say about you?
Teichner: That I don't spend enough time at home.
The basics:
Name: Richard M. Teichner, sole member, Teichner Accounting Forensics & Valuations PLLC
How long have you been in this job? Have had own firm for three years
How long in the profession? 43 years
Education: University of Southern California
Best book you've read?: "The Complete Sherlock Holmes"
The best movie ever? "Stalag 17"
Spouse, kids or pets? Wife Cris (short for Cristabel); two grown kids; wife has three grown kids; three dogs.
