Don't Overlook Personal Brand Equity

Source: CPA Practice Management Forum

According to author Alan Vitberg, few CPA firms have addressed succession, and among those that have, few have considered the impact of losing a retiring partner's personal brand equity (PBE). Vitberg defines PBE as a combination of tangible contributions to firm revenue and growth and intangible value derived from a partner's ability to influence others by leveraging his or her experience, expertise, and reputation. Partners build PBE, Vitberg says, through a “combination of thought leadership and relationship building.”

As partners approach retirement, it's critical for firms to have a plan for replacing the loss of their PBE. Fortunately, in today's digital world, social media and other technological developments have made it easier (and faster) for firms to build the PBE of younger partners. Vitberg offers several tips for incorporating PBE into a firm's succession planning strategy:

• Position younger partners to become industry or subject matter experts.
• Build an infrastructure that supports PBE development. For example, develop a database of clients, prospects, and referral sources — as well as media contacts, civic and trade associations, and social media groups — that can help partners build PBE.
• Identify though leadership opportunities, such as white papers, articles, and speaking engagements.
• Take advantage of your website bios, newsletter, collateral materials, and other components of your marketing program to position young partners as rising stars.

For the complete article, read “Does Your Firm's Succession Plan Account for the Loss of Personal Brand Equity?

From CPA Practice Management Forum, CCH Incorporated, 800-449-8114, October 2010, p. 5.