today's features
growth strategies

it’s time to think about your exit strategy

businessman thinking with hand on his chin

it’s never too early to consider your legacy.

by jackie meyer
the balanced millionaire: advisor edition

building a successful advisory practice is a significant achievement. but have you considered what happens next once you’ve reached your current goals? it’s easy to get caught up in the day-to-day operations and growth of your firm without thinking long-term. however, true freedom and peace of mind come from knowing you have a plan for the future of your business and the impact you’ll leave behind.

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this article delves into the critical topics of exit strategy and legacy. we’ll explore why it’s essential to plan for the future even in the early stages of building your firm, discuss various options for eventually selling or transitioning your business, and get you thinking deeply about the legacy you want to create. planning your exit isn’t about wanting to quit – it’s about building a business that’s a valuable asset and ensuring your hard work carries on according to your wishes.
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marketing & sales

where to focus marketing for your consulting practice

there are three types. where have your efforts been?

by august aquila
max: maximize productivity, profitability and client retention

there is no silver bullet when it comes to marketing. that does not mean that having a focused marketing plan is not of critical importance to the success of your consulting practice. at last count, there were more than 15 different marketing tools that you can use to support your sales efforts, to generate leads and to get prospects to select your firm.

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the first question that comes to mind is, “which of the marketing tools should my firm use?” only you can answer that question, but here are some other things to consider in reaching your decision:

  • what do i or my consultants like to do when it comes to marketing?
  • what are we trying to accomplish? do you need leads, name recognition, publicity, promotional material, online presence, etc.?

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client service opportunities

be open to unexpected opportunities

gift box wrapped in dollar bills and red ribbon

good things can happen in surprising ways.

by ed mendlowitz
call me before you do anything: the art of accounting

my friend al is a sole practitioner with seven staff members and a thriving audit practice, besides the typical tax and small business tax clients.

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he is getting older, and while he has no plans to retire and is actively trying to grow his practice, he periodically meets with larger firms to see if there is an interest in acquiring his practice when that day comes. by doing this he stumbled on a fantastic business development formula.
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mergers & acquisitions

merging in a smaller firm: 33 questions to ask

young businesswoman using smartphone and tablet at outdoor cafe

bonus: a telephone screening form.

by marc rosenberg
cpa firm mergers: your complete guide

even though these questions are primarily intended for larger firms to ask smaller firms, some of the questions may be appropriate for the smaller firm to ask larger firms. these are general questions; based on your review of the other firm’s data, you will certainly have specific questions to ask in addition to those below.

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an important goal of these interviews is to get open, honest and brutally candid responses. at most firms, this is virtually impossible if you interview two or more partners together. only rarely, where two or three partners appear to be “joined at the hip,” is it acceptable to do group interviews.

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pro member exclusive

why accounting firm culture matters

our exclusive expert council offers insight.

by martin bissett
passport to partnership

the passport to partnership study collated a number of responses from existing partners of accounting practices in a conversational style.

examples that really stood out on the realities of individual variances in firm culture are showcased below.

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“our partners have articulate minds, and that’s what we want to be demonstrated by any new appointees.” meaning, can they hold their own intellectually in more senior circles?

how would they then behave when meeting with other senior executives as a contemporary of theirs?
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