PhilHearne

As managing owner, Phil serves as the firm’s lead accountant and consultant on the more
complicated accounting and tax issues. Phil is uniquely qualified to consult with business owners on
several fronts, including succession and estate planning, internal controls and accounting related
matters, profitability management, budgeting, personal financial planning and wealth building, as well
as integrated tax planning.

Phil has experience in tax deferred exchanges, family limited partnerships and has prepared
numerous estate & trust as well as gift tax returns. Phil has assisted with and reported on the
formation and liquidation of holding companies and their subsidiaries. He has experience in
consultation regarding buying and selling a business and can evaluate proposals. He has assisted in
negotiating financing and has prepared numerous forecasts and projections.

After graduating from Marist High School, Phil attended the University of St. Mary’s in Winona, MN. Phil
graduated in 1984 with a double major with concentrations in Accounting and Business Management.
He spent 2 years working at a regional CPA firm in LaCrosse, WI, in the Accounting & Auditing
department, where he audited profit and non-profit organizations. In 1986, Phil moved back to the
south suburbs, passed the CPA exam, and joined the firm of Hearne & Associates, with his father
David J. Hearne, Jr.

Phil is well established in the local business community and has developed a network of contacts in
many industries including, law, banking, insurance, and investing. He is an active member of the
Mokena Chamber of Commerce and the Illinois CPA Society