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Our monthly review of the most important management and leadership articles in the accounting press.
Vol. 2 No. 11, November 2010
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: With all the baby boomers starting to retire, they must transition their clients to other firm members or firms that they have sold their practice to. Step by step, how does an owner who has been the primary contact and service provider to his/her clients for many years, actually transition his/her clients to new people?
For the archive of Leadership Forum Reports, click here.
Consultants and Other Prominent Observers
| August Aquila | Aquila Global Advisor Group, LLC | www.aquilaadvisors.com [email protected] |
| ...it is important to take care of your most important clients. If you have already identified clients as “A”, “B” and “C” clients, then you have done a lot of the work... More | ||
| Larry Bildstein | The Whetstone Group | www.thewhetstonegroup.com [email protected] |
| ...During those two years, sell “the firm” to the client vs. letting them believe one partner does it all... More | ||
| Angie Grissom | The Rainmaker Consulting Group | www.therainmakeracademy.com [email protected] |
| Sooner rather than later is a best practice here. Start with a general date of when retirement is expected and then work backwards... More | ||
| Rita Keller | Keller Advisors, LLC | www.ritakeller.com [email protected] |
| ...establish a timeline and clearly document the necessary action steps. Share the written document (transition plan) with the entire staff... More | ||
| Bob Lewis | Visionary Marketing | www.thinkvisionary.com [email protected] |
| ...The exiting Partner needs to call each A and B client and set up a meeting to make the transition occur. Then they need to attend the meeting. Then they need to let go... More | ||
| Suzanne Lowe | Expertise Marketing, LLC | www.expertisemarketing.com [email protected] |
| The first step must be professional development for the younger (or newer) client-facing professional. This means both formal training and informal mentoring... More | ||
| Jay N. Nisberg | Jay Nisberg and Associates | [email protected] |
| ...Secondly a partner must be identified as the "receiving partner" and hopefully can work well with the transitioning partner. It is also conceivable that there will be more than one... More | ||
| Richard Rinehart | Grant Partners, LLC | www.grantptrs.com [email protected] |
| In my experience, the most practical and most effective approach is to identify who will become the primary contact for the client at least two years prior to retirement... More | ||
| Joel Sinkin | Accounting Transition Advisors | www.transitionadvisors.com [email protected] |
| ... The message sent is one of gain, never loss. The addition of talent, not the loss of their partner who was handling their account. In creating a strong transition plan you must understand the 4 main fears a client has... More | ||
| Joe Tarasco | Accountants Advisory Group | www.accountantsadvisory.com [email protected] |
| ...Succession planning needs to start from the top. Holding partners accountable for implementing the firm's succession plan and compensating them accordingly... More | ||
| Rick Telberg | CPA Trendlines | www.cpatrendlines.com [email protected] |
| Carefully, but always keeping in mind that the client is not in favor of the change. Partners shouldn't take it personally... More | ||
| Lisa Tierney | TIERNEY Coaching & Consulting | www.TIERNEYCoaching-Consulting.com [email protected] |
| ...Remember that you are in a relationship business, so carefully consider the potential for genuine rapport when selecting your successor for serving each account. Commonalties and mutual interests will help facilitate... More | ||
| Sandra Wiley | Boomer Consulting, Inc. | www.boomer.com [email protected] |
| ...Step 5: The partner must stand fast in the transition plan, and when the client calls and wants their advice, they must gently and firmly push the work to the new contact... More | ||