what it takes to prosper.
by august j. aquila
the last of the baby boomers are retiring in large numbers this year. they had a long run at managing firms, but their time is now up.
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i’m still seeing a lot of them trying to hold on and control things well into their 70s. i advise them to transfer equity while they are on the top of their game and not when they and the firm are declining. while many take this advice, those who don’t aren’t sure what they will do once they retire. i usually work out a retirement game plan for them.
labor issues continue to plague firms. this is because of the demographic shift as baby boomers leave the workforce. there continues to be a real shortage of qualified people to hire. this is going to be a long-term issue. firms with
- remote work options,
- great health and wellness benefits and
- a culture of diversity and inclusion
will prosper.
there are some early signs that the traditional work-compression period is becoming a little easier and that with the new tax law firms are finding more time to consult with clients and become more of the trusted advisor.
one trend that has haunted firms for many years is the lack of leadership, or more specifically the lack of leadership decision making. when faced with difficult issues, i have found that many cpa firm leaders are reluctant to address them head on. they will call in a consultant to help them identify the problem (which they already know) and ask for recommendations. but, then they fail to carry out the prescription. not making the hard decisions causes more internal – and sometimes external – damage than making them.
here are some thoughts to tackle this issue.
- present your plan to your partners.
- explore the alternative to not making the decision.
- deal with facts, not emotions.
- stick to our principles.
- with whom within the firm do i have a trusted relationship and hence i will listen to the advice given me?