Thriving During Challenging Times: Secrets of One Firm's Success

Source: Accounting Office Management & Administration Report

Chicago-based CEB & Company LLC was formed in 2008 when Patrick O'Malley and his current partner split off from their previous firm over differences regarding business and staff development. CEB has two partners and nine employees. O'Malley attributes the firm's success during the current recession to new approaches to old challenges. Keys to CEB's success include:

• Training. The firm developed a significantly better staff-training program that emphasizes an open exchange of ideas and provides staff with high-level work opportunities. This approach has led to positive feedback from both clients and staff.
• Marketing. The firm is exploring new markets, including international work, new businesses started by people laid off by larger companies, and retirement plans. Regarding the retirement plan market, O'Malley feels that a smaller firm offers lower fees and other advantages over larger firms that handle retirement plans as an add-on for midsize clients. To develop this business, CEB maintains relationships with larger CPA firms and plan administrators.
• Service. The firm emphasizes the strength of its client-service teams, particularly partner-level service that isn't available from larger firms.
• Recruiting. Recruiting is a challenge because larger CPA firms generally don't lay off their best talent. But the firm has been able to find good people coming out of school now that bigger firms are hiring fewer recent graduates.

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From Accounting Office Management & Administration Report, Institute of Management and Administration, Inc., Newark, NJ, [email protected], April 2010, p. 4, "Case Study: Building a Thriving New CPA Firm -- Even in a Recession."