After the Merger

Source: CPA Practice Management Forum

Lisa Rhatigan, vice president of The Whetstone Group, Inc. (www.thewhetstonegroup.com) addresses important issues of the combined firm:

• The new firm should have a new set of goals incorporating its new strengths and opportunities.
• Growth goals should be categorized as new business from existing clients, new clients, one time projects, and fee increases.
• Don’t simply set goals as a percentage over the prior year.
• Create a plan for communicating your new service strengths to the client base, prospects, referral sources, the media, and schools.
• Redefine your target market based on your new capabilities.
• Analyze your current client base to determine opportunities to provide services with your newly acquired service capabilities.
• Train your staff so they understand new capabilities.
• Make sure staff has a story to tell about the merger. Do this before you make a public announcement of the merger.
• Be sure to tell clients (meet with A clients in person, others by letter or phone call):
  • That partners are staying.
  • Existing clients are important to the new firm.
  • About fee changes.
  • Whether the service team will remain the same.
• Keep in touch with clients quarterly to let them know how the merger is going.

From CPA Practice Management Forum, CCH Incorporated, 800-449-8114, November 2006, p 8.