Source: CPA2Biz

For years, firms have been advised to nurture the talents of individual members of the firm to become experts in their fields, create a following and a strong book of business. Reeb calls that the "superstar" model of firm management. When the "superstar" moves, so does the revenue.

But businesses with long-term viability, like it or not, cannot depend on "superstars." Instead, long-lasting businesses are built around systems--systems that are proven, replicable and scalable. He calls this the "operator" model

Securing the Future's premise is that CPA firms should be managed as businesses with the ultimate goal being to maximize enterprise value. The book’s unique content not only shows you how to best position the firm for succession or transition, it shows you how to avoid common pitfalls, and guides you through the development and execution process. In developing Securing the Future, Bill Reeb surveyed over 500 CPA firms and conducted in-depth interviews with 30 managing partners representing firms in transition or about to grapple with succession. This intelligence has been distilled into a hands-on, tactical guidebook for CPAs wishing to develop a successful practice transition plan. In this guide, you'll find details on:

·      Structure and Leadership – Get guidance on organizational structure options that will increase your firm's value; guidance on identifying and clarifying employee roles and responsibilities; and guidelines for training, developing, compensating and rewarding employees.

·      Operations and Growth—Get successful business development suggestions, and ideas for profitable client management.

·      Creating Plans—Review the plan development fundamentals, and learn how to plan around the pitfalls.

·      Succession Strategies—Get sample plans for practitioner retirement, firm succession, or mergers and acquisitions.

From AICPA Insider from cpa@biz, May 9, 2005. For the complete article and book review, click on the following links:

https://www.cpa2biz.com/News/Telberg/Are+You+an+Operator+or+a+Superstar.htm,

https://www.cpa2biz.com/CS2000/Products/CPA2BIZ/Publications/Securing+the+Future+Building+a+Succession+Plan+for+Your+Firm.htm.