Top Challenges for MPs

Source: The Marc Rosenberg Blog

The following includes excerpts, reproduced with permission, from a blog entry by Marc Rosenberg. 

These issues are filling up retreat agendas across the country: 

Baby Boomer partners are retiring in droves and looking forward to the payday they have anticipated their entire careers. Billions of dollars nationwide are at stake. The supreme challenge of “older” partners: How can I retire with dignity, keep the firm intact AND receive my retirement checks?

Merging in a smaller firm? Want to merge into a larger firm? How do you identify merger candidates? What data should you review? What questions should you ask? How should you do your due diligence?

You want to bring in a new partner. You haven't done this in quite a while. Maybe never. What should the buy-in be? How do we determine ownership percentage? How should we compensate the new partner? How should voting work? What role does the new partner play in the firm's partner buyout plan?

Effective firm management and leadership is the number  one determinant of success. Is your firm structured properly for optimal management effectiveness?

How can we get our staff more committed to the firm, more engaged in their work and more energized by the firm?

Up to 80 percent of all CPA firms never make it to the next generation. There are many reasons for this, but the common thread: No viable succession plan. Implementing succession plans is made harder with every passing day because of the avalanche of Baby Boomer retirements coupled with an endemic shortage of young replacements – a Perfect Storm.

Rosenberg offers monographs that provide firms with guidance on addressing these and other practice management issues.

For the complete entry, read “Managing Partners: What's Keeping You Up at Night? 

From The Marc Rosenberg Blog, September 22, 2014, blog.rosenbergassoc.com.