August 2013 Leadership Forum
Vol. 5 No. 8, August 2013
The Leadership Forum is a panel of the most prominent thought leaders in the profession. Each month we ask them to respond to a question dealing with CPA firm management and leadership.
This month we presented two questions:
Question #1 - What percentage (ballpark) of experienced staff hired by firms in the last 5 years would be considered successful? If the percentage is low, explain why.
Question #2 - What must firm leaders do if their goal is to remain independent (i.e. not merge up) in the next 5 years?
Consultants and Other Prominent Observers
Question #1 - What percentage (ballpark) of experienced staff hired by firms in the last 5 years would be considered successful? If the percentage is low, explain why.
| Paul Rich | Rothstein, Kass and Company | www.rkco.com [email protected] |
| ...The truth is, while the firm badly needs these experienced professionals in order to survive and thrive, the professionals themselves also have financial career incentives -- they're typically young, have families and dreams, and hopefully are driven to succes... More | ||
| Rita Keller | Keller Advisors, LLC | www.ritakeller.com [email protected] |
| ...I have found, from talking with my clients and audiences, as I do speeches and presentations, that Big 4 or very large regional/national experienced CPAs have a more difficult time adjusting to the cultural differences than experienced hires from other mid to small firms... More | ||
Question #2 - What must firm leaders do if their goal is to remain independent (i.e. not merge up) in the next 5 years?
| August Aquila | Aquila Global Advisor Group, LLC | www.aquilaadvisors.com [email protected] |
| If your goal is to keep your firm independent that are six specific things you need to do to engage your partners in the firm's future. If they are not engaged, then their will be no future. First, create a vision of what you want the firm to become... More | ||
| L. Gary Boomer | Boomer Consulting, Inc. | www.boomer.com [email protected] |
| They must invest is the missing structure that separates the best from the rest. The five areas of the missing structure are: leadership and management, client development,... More | ||
| Angie Grissom | The Rainmaker Consulting Group | www.therainmakeracademy.com [email protected] |
| I believe that the same measures should be taken to ensure the health of a firm whether partners choose to remain independent or choose to be acquired. Building a strong leadership team beneath the partners, implementing a strong business development effort in the firm including training,... More | ||
| Paul Rich | Rothstein, Kass and Company | www.rkco.com [email protected] |
A firm must have the following plans built into its DNA in order to grow organically and sustain itself independently:
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| Marc Rosenberg | The Rosenberg Associates | www.rosenbergassoc.com [email protected] |
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| Joel Sinkin | Transition Advisors | www.transitionadvisors.com [email protected] |
| ...A method many don't think of is a cull out sale. Recently we worked with a firm seeking to remain independent but they were facing a few partners seeking to slow down and could not identify the talent they needed to substitute for them... More | ||
| Joe Tarasco | Accountants Advisory Group | www.accountantsadvisory.com [email protected] |
| One of the best ways to avoid merging into a larger firm is developing a pro-active strategy to invest and build for the future, rather than a defensive strategy to maintain the status quo, or playing conservatively and avoiding risk. This is the key to remaining an independent and successful firm of the future that also includes:... More | ||
| Lisa Tierney | TIERNEY Coaching & Consulting | www.TIERNEYCoaching-Consulting.com [email protected] |
| ...Firms who figure it out will do so by rethinking the roles and responsibilities of all professionals at the firm. They will have to leverage their work product/processes, re-think their compensation structure and consider targeting new clients in a way that gets them the biggest bang for their buck... More | ||
| Jennifer Wilson | ConvergenceCoaching LLC | www.convergencecoaching.com [email protected] |
| Build a firm designed for the young and start changing your culture to reflect their values and norms. For more information, read my blog. | ||
Firm Leaders
| D. Paul Regan | Hemming Morse, CPAs LLP | |
| Have a viable succession plan for both client and firm leadership. | ||