longevity takes planning.
by sarah johnson dobek
inovautus consulting
do you have a strategy for replacing your aging clients? cpa firms and their clients have the same options when it comes to aging leadership. those who choose to continue their business will do so through internal succession or by merging or selling. then there are those who face unplanned succession or just choose to close up shop.
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every accounting firm will face one of these situations at some point, so here are four things your accounting firm should consider as they look at client replacement.
exceptional client services
clients don’t stick around for multiple lifetimes anymore. client retention requires work; it’s not an assumed thing. today, cpa firms should be working diligently to secure their client relationships through exceptional client service. exceptional client service means:
- making periodic (annual or more) calls/visits to your clients to talk about their business;
- proactively reaching out to clients with ideas to help their business;
- providing industry insights; and
- overcommunicating with clients about what you do for them and how you are focused on their best interests.
build relationships across the client’s organization
as your clients transition their leadership teams, they will begin to onboard the next leaders of their organization. to grow your firm and your client’s business, your next generation of leaders should be building and/or securing relationships with their counterparts. the best way to start this process is to bring your next generation of leaders to key client meetings and interactions that fall outside of regular audit and tax meetings. go a step further and encourage your next generation of leaders to reach out to their next generation of leaders to meet over lunch or coffee if they haven’t already met.
bring on new clients
transitioning leadership only works well if you have clients to transition. (after all, retention is often what funds retirement.) everyone in the firm needs a proactive and concerted effort to bring on new clients and grow the business. it can’t be left to just one or two rainmakers. many of the businesses that exist now are likely to dissolve or merge with the transition of leadership over the next 15 years. you will need revenue to replace those businesses to stay ahead of these changes. it’s easy to become complacent toward the end of your career, but it’s critical for the future of your firm and your clients to ensure you keep growing.
attract young businesses
there is a wave of new entrepreneurs opening businesses. some of these include the talent who didn’t have the opportunity to progress in their cpa firms. either way, these folks are expecting a new way of doing things. being attractive to this new wave of entrepreneurs means embracing new ways of communicating and delivering service. you should be investing in the technology and business practices that will attract these people and help you secure and retain them as clients.
as your accounting firm looks at its longevity, consider what you are doing to replace your aging clients.