February 2012 Leadership Forum
Vol. 4 No. 2, February 2012
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's question is: Are firms generally implementing initiatives to create internal buyouts vis-a-vis merger or sale? If so, what are the major initiatives?
Consultants and Other Prominent Observers
| August Aquila | Aquila Global Advisor Group, LLC | www.aquilaadvisors.com [email protected] |
| ...A recent survey by the Connecticut CPA Society showed that 52 percent have not decided what succession approach the firm wants to take and 44 percent indicated that no one working at my firm qualifies to become a successor... More | ||
| Bob Lewis | Visionary Marketing | www.thinkvisionary.com [email protected] |
| ... firms are trying to create internal partner buyouts through a mix of the old way of staff buying into partnership to fund the buyout(s) of existing partners. However, that process is not as easy as it used to be ... More | ||
| Marc Rosenberg | The Rosenberg Associates | www.rosenbergassoc.com [email protected] |
| The latest Rosenberg Practice Management Survey showed that nearly 25% of small and mid-sized CPA firms do not have a written partner retirement/buyout plan... More | ||
| Joel Sinkin | Transition Advisors | www.transitionadvisors.com [email protected] |
Internal succession requires less change and the partners feel like they will be more in control. However, in order to make this work firms have to accomplish four things:
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| Douglas H. Thompson, Jr. | CPA Choice, LLC | www.cpamerica.org [email protected] |
| ... The half creating internal solutions usually must readdress old buyout/retirement provisions in firm agreements. Needless to say, these are very sensitive negotiations... More | ||
| Jennifer Wilson | ConvergenceCoaching LLC | www.convergencecoaching.com [email protected] |
| Most firms hope to remain independent and are focused on programs to develop internal up-and-coming leaders to replace those who will retire... More | ||
Firm Leaders
| Bob Knight | Lane Gorman Trubitt, PLLC | |
| Internal buyouts. Investment in emerging leadership training is the biggest item. | ||