they work for one of the nation’s leading cpa firms. now put them to work for you.
by rick telberg
at large
heading into the worst economic crisis in a generation, cpas and cpa firms are being tested to provide more than impeccably accurate work. they are being challenged as never before to add new value and create new opportunities for their clients and their companies.
“it could be a tough deal for cpas,” mack lawhon, chief executive of the fort worth-based weaver & tidwell, was saying in his genteel texas drawl. when i talked to him a few days ago, lawhon had just closed on the acquisition of another cpa practice, bringing his firm to 42 partners, 375 staffers and an annualized run rate of $60 million.
weaver and tidwell, already the largest accounting firm in the southwest, is acquiring polansky mcnutt perry & co. of san antonio. the deal gives weaver and tidwell three more partners (including former texas cpa society chairman ed polansky), 25 staffers and revenues of $2.8 million in cpa services, plus another $500,000 a year in investment advisory services. for weaver and tidwell, the deal also gives the firm an outpost in four of the five top markets in texas; austin is next.
but the “deal” that lawhon was really talking about is the “deal” all cpas make with clients – the deal to add real value. in this crashing economy, many accountants like lawhon are wondering if clients will give cpas the chance to go beyond cost-cutting and fee-chopping to offer bigger solutions and new opportunities.
“in this economy,” lawhon was saying, “clients are looking to buy just the minimum. they want to pay as little as possible. and that’s understandable. but it’s difficult to add value in this environment if people just want the cheapest price. the cpa has to help the client understand the difference between a reduction in the price of something and the reduction in the value they could be getting.”
take state and local taxes as an example. most companies treat out-of-state tax filings as an afterthought. but hard-pressed local governments will now be looking for every nickel and dime in income. “if you just let those states come tax you, they will,” lawhon said. “but if you can keep your records right, then maybe we can save you more money than you might be paying in tax.”
in his eight years as chief executive of weaver and tidwell, lawhon has given up day-to-day client responsibilities to focus on his one big client – the firm. the ceo’s chair gives lawhon a broad, strategic view of the business. after a lifetime in the profession, some of lawhon’s core strategies for weaver and tidwell could serve any cpa well:
- recruit best-in-class talent and show them real opportunity.
- leverage your special skills and experiences for new growth.
- never stop improving client service.
- rely on your core values to guide you.
recession or no recession, those four ideas could easily make up the beginnings of a great list of new year’s resolutions.
copyright © 2008 卡塔尔世界杯常规比赛时间/bsg llc. all rights reserved. used by permission. first published by the aicpa.