should retired partners take staffers with them?
is your plan upside down?
by bill reeb and dominic cingoranelli
卡塔尔世界杯常规比赛时间 / succession institute
cpa billing rates
4 ways to create more capacity
consider creating two classes of partners.
by bill reeb and dominic cingoranelli
卡塔尔世界杯常规比赛时间 / succession institute
when partners plan to retire, how do we go about creating additional capacity or freeing up the necessary capacity to handle the client transitions that need to occur?
more on performance management: partner retirement and the war for clients | succession: the questions to care about | 7 succession questions to ignore for now | develop your employees or suffer the consequences | what having your employees’ backs means | 5 harmful management attitudes (and how to fix them) | job 1 for the practice owner: client management
first, all of the “c” clients, which is our shorthand way of describing the smallest clients the firm serves – who while profitable, don’t have much opportunity to hire us for additional services – should not be transitioned to partners, but rather to managers.
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how to find a partner’s replacement
should you add a partner … or capacity? they’re not the same thing.
by bill reeb and dominic cingoranelli
卡塔尔世界杯常规比赛时间 / succession institute
let’s assume you have a retiring partner. you have decided how to pay the partner for his/her value in the firm, you have pinned down the mandatory sale of ownership date (mso) so you can phase that partner out of his or her leadership role in the firm, and you have covered the single most abused part of the succession process, which is client transition. it is now time to discuss how to find replacements for the retiring senior partners.
more on performance management: action plans for transitioning partners | partner retirement and the war for clients | succession: the questions to care about | the pitfalls of equity allocation and reallocation | cpa firm performance assessments: 15 core competencies, 21 questions | how to target what skills to develop now
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the most commonly asked question on this topic is “how can we find people with the same technical skills, management ability, client service capacity and vision for the firm’s future as those who are leaving?” the simple answer is “you won’t, so stop looking for that exact combination.”
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action plans for transitioning partners
the transition process is about making the retiring partner less attractive as the client’s first point of contact.
by bill reeb and dominic cingoranelli
卡塔尔世界杯常规比赛时间 / succession institute
the key to the client transition process is the action plan that the transitioning partner needs to follow for each client.
more on performance management: partner retirement and the war for clients | how retirement issues affect succession planning | 7 succession questions to ignore for now | the pitfalls of equity allocation and reallocation | how to target what skills to develop now | job 1 for the practice owner: client management
for a small tax client, the directive could be as simple as a one-year transition and turning it over to whoever has been assigned to take over that account. for example, the action plan might be something like:
best practices for client transition
improper transitions can lead to reduced retirement benefits.
by bill reeb and dominic cingoranelli
卡塔尔世界杯常规比赛时间 / succession institute
when a partner is retiring, there is a transition process that we recommend. let’s break it down into a few simple steps:
more on performance management: how client transition is abused | best practices for mandatory retirement | how retirement issues affect succession planning | succession: the questions to care about | 7 succession questions to ignore for now | how partner ratings factor into equity | hazards of not reallocating equity | the pitfalls of equity allocation and reallocation | develop your employees or suffer the consequences | cpa firm performance assessments: 15 core competencies, 21 questions | how to target what skills to develop now | what having your employees’ backs means | 5 harmful management attitudes (and how to fix them) | do cpa firms need management or leadership? | job 1 for the practice owner: client management
accounting industry expands at 5% annual rate
payroll agency hiring surges. wage growth slows at cpa firms.
who’s hiring? who’s not?
join the survey. get the answers.
by 卡塔尔世界杯常规比赛时间
the u.s. tax, accounting and bookkeeping industries are turning out to be one of the brightest spots in the nation’s economy, growing at about 5 percent a year, with payroll agencies now turning in the strongest performance.
wage growth, on the other hand, is showing signs of slowing down.
this month’s 卡塔尔世界杯常规比赛时间 jobs report covers:
- current hiring trends in each of the bookkeeping, tax, payroll and cpa segments of the industry.
- average hourly wages for key segments.
- typical hours worked per week.
- and trends concerning women in the accounting workforce.
partner retirement and the war for clients
bonus checklist: 8 best uses for a retiring partner.
by bill reeb and dominic cingoranelli
卡塔尔世界杯常规比赛时间 / succession institute
once a firm is ready to phase out a partner in retirement, it’s time to move on to the client transition process. but this is the single most abused part of the entire succession process.
more on performance management: best practices for mandatory retirement | how retirement issues affect succession planning | 7 succession questions to ignore for now | how partner ratings factor into equity | the pitfalls of equity allocation and reallocation | cpa firm performance assessments: 15 core competencies, 21 questions | what having your employees’ backs means | 5 harmful management attitudes (and how to fix them)
the reason why this part of the process is the most abused is because both sides – the partner nearing mso (henceforth referred to as retiring partners or retired partners) and the remaining partners – are motivated to do the wrong things. for example, it is in the best interest of retiring partners to not transition their clients because if they don’t, the firm will need to keep them around to continue to work on them after mso. if this isn’t bad enough, because they did not transition their clients properly, the retired partners have a great deal of leverage since they are now entitled to their full retirement pay and still have control over some or most of their client base. this allows the retired partners to gain additional benefits from the partner group by basically reselling their clients to them again. unfortunately, this situation is more the norm than the exception.
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record pre-season hiring surge: ready for biggest tax season ever?
new jobs pace sets stage for record-high revenues – or disastrous disappointment.
who’s leading the charge?
join the survey. get the results.
by 卡塔尔世界杯常规比赛时间 research
tax and accounting industry growth is on a tear with no signs of slowing down, according to 卡塔尔世界杯常规比赛时间 sources.
in most segments, people are working less and earning more, with payroll a notable exception.
and new data show the industry gearing up for a huge tax season, with tax prep employment leaping 22.5 percent over the same period last year.
here 卡塔尔世界杯常规比赛时间 reports on:
- current hiring trends in each of the bookkeeping, tax, payroll and cpa segments of the industry.
- average hourly wages for key segments.
- typical hours worked per week.
- and trends concerning women in the accounting workforce.
best practices for mandatory retirement
the work retired partners should – and shouldn’t – do if they stay on.
by bill reeb and dominic cingoranelli
卡塔尔世界杯常规比赛时间 / succession institute
once “fair” retirement benefits have been determined, for this moment in time, we can move on to the next step in building our succession plan. the reason i mention that we are simply putting stakes in the ground is because as we set additional stakes in the ground, those new stakes might require us to rethink a decision made when setting a previous stake.
more on performance management: how retirement issues affect succession planning | how partner ratings factor into equity | the pitfalls of equity allocation and reallocation | develop your employees or suffer the consequences
for example, if the firm later establishes premium perks for past owners who want to continue to work for the firm after sale of ownership, then that might require reassessing the retirement benefit calculation agreed to when setting that earlier stake (because in the end, the retirement benefit is about the whole package offered, not just one component).
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survey results: client retention drives today’s pricing strategies
maximizing revenue comes second. profits, third.
by rick telberg
卡塔尔世界杯常规比赛时间 research
the 卡塔尔世界杯常规比赛时间 pricing strategy study
join the survey. get the details.
raising rates is risky. but so is not raising rates. you have to raise them right and at the right time. and not on a willy-nilly whim. you need to think about it. you need a rationale.
in search of reasonable rationales—rationales that work—卡塔尔世界杯常规比赛时间 is asking practitioners for the rationale behind their pricing strategy. and they are being generous in their response. most say that strategies were lacking or could be improved. read more →
how retirement issues affect succession planning
if you believe your firm will be dysfunctional without you, now is the time to fix it.
by bill reeb, dominic cingoranelli, and tommye barie
the succession institute
when we take our clients through succession planning, eventually the focus turns to implementing the best practices for running a firm – but first we normally have to start with short-term retirement issues.
more on performance management: succession: the questions to care about | how partner ratings factor into equity | the pitfalls of equity allocation and reallocation | cpa firm performance assessments: 15 core competencies, 21 questions | what having your employees’ backs means
why? because typically you won’t get any buy-in for change until the partners have looked at whether the current retirement system is paying at least roughly a fair market value to the near-term retiring partners.
survey results: chaos in tax & accounting pricing
consistently inconsistent strategies.
by 卡塔尔世界杯常规比赛时间
if there’s one especially surprising result from the new 卡塔尔世界杯常规比赛时间 price strategies and trends survey, it’s that over a third of responding accountants say they lack a consistent strategy for setting rates.
the survey remains open as we continue to gather more in-depth data. join the survey. get the results
but to put it another way, they have a consistent strategy of adjusting rates as necessary to accommodate the needs of both the cpa firm and any given individual client.
succession: the questions to care about
bonus checklists: 5 rules to govern a succession plan. 8 keys to an effective compensation system.
by bill reeb and dominic cingoranelli
we’ve seen a lot of frequently shared, misdirected advice on commonly discussed succession issues. we would rather stop focusing on symptoms and start focusing on resolving the root cause issues that a good succession plan should address.
more on performance management: 7 succession questions to ignore for now | hazards of not reallocating equity | develop your employees or suffer the consequences | how to target what skills to develop now | what having your employees’ backs means
our solution: the robust succession framework
first and foremost, good succession management is a function of good business operating practices. over and over, we find successful firms – including many that have even effectively retired partners in the past – that are overlooking some very important best practices.
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