tell our stories and listened well. They did not promise an outcome but did thank us for our
input. We could have asked for nothing more. My mindset walking out of that meeting was
completely unexpected to me. Rather than a brick wall, I found an intelligent, thoughtful room
interested in hearing about my nonpublic company and how FASB standards affected me and my
I believe FASB heard us. Last week FASB issued a change and indefinitely suspended the
portion of the standard that would have forced companies like ours, who have mandatory
redemption clauses with an uncertain date and value of redemption, to book it. In summary,
there is no change to my financial statement. But, the other shoe has yet to drop because it is
FASB’s apparent intention to address this issue again in the future. The uncertainty of not
knowing what will happen, if anything, will undoubtedly continue to cause heartburn for lots of
folks currently contemplating buy-sell agreements.
I intend to remain available to FASB if I can be of further assistance. Having been through this
process now, I know I will find the doors of FASB wide open to the concerns of my company
and to small businesses in general as they move forward. It appears to me that FASB board
members and staff are incredibly interested in how their standard will affect all the users of the
financial statement, and willing to hear from everyone.
So, FASB’s process worked, but it is unfortunate that it came down to the eleventh hour. The
small business community is certainly partly to blame for our late involvement in this issue.