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fourteen rules for lateral partner hires

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two women in office shake handsbe clear about their client base.

by marc rosenberg
cpa firm mergers: your complete guide

it’s fairly common for law firms to hire partners from other firms, a practice termed “lateral partner hires.” cpa firms do this but much less often.

more: where mergers go wrong | twelve tips for negotiating mergers | buying a solo | why merging in smaller firms is fabulous 13 reasons to merge up | thinking merger? first ask why.
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the main reason for this difference is that law firms cannot legally have nonsolicitation or noncompete covenants in their partner agreements. most cpa firms do have such provisions, which severely restrict the movement of partners from firm to firm.

despite these nonsolicitation provisions, cpa firms do sometimes make lateral partner hires (lps). there are several variations:
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csr for cpas: the missing ingredient

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`transformation talks: it all starts with transparency.

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center for accounting transformation
center for accounting transformation

transformation talks
with donny shimamoto, cpa, citp, cgma
center for accounting transformation

accountants have the power to change the world, according to james ross, the corporate responsibility and sustainability executive for buzzacott, one of the largest accounting firms in the united kingdom, in this interview with donny shimamoto.

more: secret to success? a growth and abundance mindset | o.d. lanier: stepping into advisory | from tax to transformation | early adopters gain an edge in audit | why the future is in risk advisory | four strategies for a future ready firm
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“we want to walk the walk before we talk to talk,” ross says. “we don’t want to necessarily be delivering to clients something or an expectation that we’re not actually able to do ourselves. it’s just about being really honest about where you are in that process and continuing to take the next steps to improve more widely across the organization.”

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eight things to stop doing now

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superhero businesswoman wearing shadow capesometimes work belongs in other hands.

by penny breslin
it’s not just the numbers

a firm we worked with in philadelphia has a dedicated administrative assistant for their teams.

more: keep the accountants focused on accounting | which kind of team do you have? | you don’t have to do everything | what do you want advisory services to be? | meet the new bos | why ai is not the enemy
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she is not a bookkeeper. however, she is very organized and a dedicated team player. after she had been doing it for a while, i asked her what she now saw her function to be. her answer is: read more →

telling prospects too much

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know when to stop.

by ed mendlowitz
202 questions and answers

q. i usually give away too much info at a meeting to get a new client. we simply answer too many of their questions during the initial meeting.

more: how to improve quality control | how to get into your own cpa practice | when not to charge for an initial consultation | what good managers know about bad judgment
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we don’t know how much info to give away, so the possible new client will get hooked and not take the information and run to somebody else. usually, somebody else is cheaper.

how do i find the right balance?

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rule #1: start with cash

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lots of information is lurking there.

by ed mendlowitz
77 ways to wow! the checklist handbook for small-business advisory services.

one time i was asked to audit a hotel in florida that was going to be foreclosed on by the mortgagor and for which i was paid in advance. the audit was planned and scheduled, and it looked like we had everything under control from our end as much as we could.

more: organization minutes too often overlooked | five cash reports you can’t live without | when an audit is a great thing | which kpis do you need?
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i received a call on a friday morning that the foreclosure was going to take place sooner than expected, and i had to either do my work monday through wednesday or return the retainer because the foreclosure was going to take place on thursday. i took a sunday evening flight with a senior accountant. when i walked into the hotel, i got really nervous. this was not a small motel but a big hilton hotel – not what i anticipated.
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your client’s instincts are wrong

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dollar being built of blockshow you as the personal cfo can help.

by anthony glomski

let’s examine in detail some key drivers of investment success:

  1. diversification can provide a smoother investment journey – and greater
    wealth.
  2. global exposure adds value.
  3. diversity with fixed income.
  4. control what you can control.

more: when clients don’t listen | what clients need to know | what level of advice do entrepreneurs need? | three components of collaborative wealth management
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andrew carnegie’s advice for growing assets – put all your eggs in one basket and watch the basket – is sage wisdom when it comes to building a great enterprise. that strategy has worked for you as an entrepreneur, and it’s likely why your clients are successful, too
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the new tax opportunities in real estate

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maximize deductions and increase cash flow for real estate and construction clients.

by hank berkowitz

with a new tax landscape on the horizon, there’s never been more pressure (and more opportunities) for cpas to help their real estate and construction clients maximize deductions and increase cash flow.

more in tax practice: new small firm cost seg opportunities | what gig workers want |survey: big worries for u.s. and small business  |  working harder for every dollar  |  for a few: why busy season 2022 beats 2021 |  can the r&d tax credit be used to offset the amt?  |  21 reasons tax clients fire accountants  |  unhappy about tax season?  |  individual tax refunds up 13%  | shut down the tax charlatans   | eight quick, easy ways to fix irs filing   |  a tax season worse than 2021?  |  16 traits of the best tax clients  | irs under covid: heroes or goats?

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“we’re looking at some of the biggest changes to the tax regulation, code, stimulus in a generation,” observed rick telberg, founder and ceo of 卡塔尔世界杯常规比赛时间, at the ct society of cpas virtual real estate conference, produced in association with bedford cost segregation /source advisors.

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marketing: not just for partners anymore

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let people at all levels show their strengths.

by bonnie buol ruszczyk
bridging the gap

firmwide initiatives that bridge generations aren’t limited to process refinements and lean-style efficiency efforts. dramatic changes in marketing have accompanied the digital revolution, and today’s most successful firms are embracing their new opportunities. marketing is yet another avenue for bringing together old and young firm members and enhancing mutual understanding as everyone works to benefit the firm’s growth.

more: how to close the generation gap | eliminate mystery through communication | leadership growth is a two-way street | how to encourage firm ownership | change when? continuously | win with an intentional culture | each generation must change
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marketing in the accounting industry has an interesting, and fairly short, history. it is not unusual to find partners who still remember when it was against aicpa rules to advertise, market, directly solicit or even participate in competitive bidding. virtually non-existent for most of the 20th century, accounting marketing has evolved at a rather slow pace even since the rules were changed with the bates ruling in 1978.
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six steps to spreading cas awareness

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number 6your clients may not know how it would help them.

by hitendra patil
client accounting services: the definitive success guide

what is stopping you from offering client accounting services? maybe your clients aren’t asking for it. no matter. unless you are providing only tax return preparation services only to individuals, you can, and should, make sure your clients learn about the many benefits of cas.

more: why firms shy away from cas | how to tell who fits cas | cut cost by three quarters with cas? yes, please | client wants vs. needs | the big money in cas for small firms | the mindset you need for client accounting services
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i sent a quick one-question poll to randomly selected people. i had no clue if such people bought any services from accountants. the question was simple: “what word comes to your mind when you hear the word ‘accountant‘?”
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make the value curve work for you

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older businessman leaning back thinkingdoes your position match client perception?

by august j. aquila

there is a completely different way of looking at value and it is tied into the type of accounting or consulting work that is available in any given market and the type of accounting or consulting work that your firm provides. thirty-plus years ago william c. cobb wrote “the value curve and the folly of billing-rate pricing,” providing a great deal of insight into the concept of pricing and value. many of the ideas that follow are based on cobb’s article.

more: how competitors drive pricing | how to leverage demand in your pricing | the four phases of service life | what we know about pricing strategies | make the most of your marketing mix | marketing orientation is what firms need | when hourly billing hurts profits
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in discussing legal services, cobb notes that sophisticated clients do not tie benefits to hours. rather, there are certain types of services that have a significant impact on the client’s business. the key words here are “sophisticated” and “impact.”
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where mergers go wrong

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industrial metal number 5don’t be rushed by deal fatigue.

by marc rosenberg
cpa firm mergers: your complete guide

few cpas enjoy the due diligence part of a merger. it’s like proofreading legal agreements or going back to our school days when we had to double-check our answers before turning in a test.

more: mergers: one stage or two? | what your merger letter of intent needs | 61 things buyers should explore with sellers | thirteen ways to woo potential firm buyers | thinking merger? first ask why.
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by the time due diligence begins, the parties have usually reached a handshake agreement on the deal terms and decided they want to merge. due diligence is a process that confirms a decision that, for the most part, has already been made. it’s like checking references after you’ve interviewed someone and decided to make the hire.
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