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Today, the state of the economy, add-on acquisitions, and industry diversity are just a few issues at the forefront of the private equity industry. In this podcast episode, Gretchen Perkins of Huron Capital and Silver Leaf Partners' Kathleen Lauster join BDO's Todd Kinney to discuss these topics and more. Additionally, BDO's Karen Baum discusses the benefits of sell-side due diligence and the evolution of socially responsible investing.Tune into the full episode for a range of insights, including:

A board chair is perhaps the most important and meaningful job in any family foundation. If you are currently chair—or anticipate that you will be someday—you may find it’s one of the most rewarding roles you will ever have. It’s also a role of great nuance, calling for keen facilitation, leadership, and a healthy dose of self-awareness. Beyond your roles and responsibilities as board chair, there are certain qualities that can make for a more successful and enjoyable experience.

Most private equity professionals agree that a bear market correction, which is typically defined as a 20 percent decline in the broader stock market, is in sight. What no one can predict is the next recession’s duration and severity.

Eighty-nine percent of private equity executives expect a correction within 1-2 years, according to BDO's 2019 Private Equity Perspective Survey. Yet private equity funds have a lot of dry powder to deploy. How are expectations for a correction affecting deal composition and timing?

Direct investments for wealthy individuals and family offices can be challenging when competing with the experience, intellectual capital, and the deep network of relationships forged by a private equity firm. The good news is that the thoughtful structuring and the focused implementation of direct investment programs can help in setting private clients up for success.

The role of the tax function is changing. Digitization is shrinking the globe and making everything more connected. Tax regulation and legislative changes are requiring companies to have processes and systems in place in order to comply. Today’s tax professional is charged with advising senior management on the tax implications of strategic business decisions while simultaneously leading initiatives to directly support the organization’s financial objectives and help facilitate growth. Demands on tax professionals have never been higher.

National Center for Family Philanthropy recently spoke with Bill Leighty about how he’s helped keep the Leighty Foundation’s memories alive by recording its history. While many foundations use external production companies, Bill created his family’s legacy videos himself—using his own technological know-how, video equipment, and dedication.

The Internet of Things (IoT), a network of easily deployed sensors and smart devices, combined with advanced analytics platforms and cloud services, has the potential to disrupt and strengthen products and services across multiple industries. Looking to the future, the amount of data produced by IoT usage is expected to hit 4.4 zettabytes by 2020, up from just 0.1 zettabytes in 2013.

Despite the concerns regarding the amount of user data collected, the social media industry is a powerful growth engine, with one million new users reported daily. With a growing preference for a more personalized and relevant online experience, companies have come to realize they will need the insights of younger generations to better market their brands, retain customer loyalty, and be competitive and profitable. The surge points towards the monetization of social media and a long-term growth opportunity for investors.

It's clear that tax reform is just one manifestation of the changes happening across the tax function. What was once a relatively routine field now faces shifting regulations and compliance issues both at home and abroad. The role of the tax professional is changing from numbers-cruncher to strategic leader, and adept tax professionals in 2019 and beyond will need to prioritize adaptability, process efficiency, data analysis, and effective communication around total tax liability to maximize their impact.