After an exciting six years in the commercial aviation industry, including a stint in London, Liz Franz took the entrepreneurial leap and founded Altus Global Aviation.
Altus supports the airline industry from the OEMs to the engine shops, distributors and even the airlines themselves. Their focus is CFM56 engines — the most widely used aircraft engine today. Altus buys and gets engine parts on consignment, and they also tear down and sell engine parts. Today, they do business in 35 countries.
Few industries are more vulnerable to a crisis than airlines, and over the course of her entrepreneurial journey, Liz has learned to be prepared. From the terrible events of 9/11 to the global economic collapse of 2008 right through the current pandemic, her business has weathered every storm.
“The beginning of 2020 was our best quarter ever. Then, in mid-March, the U.S. government shut down flights and everything completely stopped. These things happen, and you need to be positioned well,” says Liz.
And nothing prepares a business for the unexpected like a great tax and accounting partner. Back in 2012 Liz got a call from the team at Padgett Barrington. At the time, she was working with another accounting firm, but just wasn’t getting the support she needed.
“We weren’t getting advice to manage our business or improve our tax liability - so the timing for Padgett’s cold call was just right,” says Liz.
Today, David Gribben and his team at Padgett Barrington manage Liz’s personal and business tax returns and have set her up with a modern, easy-to-use payroll platform. Dave visits regularly to review Altus Global Aviation taxes with Liz and to plan for the year ahead.
“When you start having a CPA work with you,” says Liz, “make sure that you know your tax liability and how people account for things. You need to keep good records of everything. If you set up your records well from the beginning, your life will be easier later on as your business grows”.
If you’re looking for a tax and accounting partner, please don’t hesitate to reach out to David Gribben and the team at Padgett Barrington — or your local office. Whether your business is Aviation, Real Estate, eCommerce or something different, we look forward to learning your story and helping your business succeed.