dom esposito, author at 卡塔尔世界杯常规比赛时间

will new taxes push you to cash out?

it might be time to implement plan b.

by domenick j. esposito
8 steps to great

the new administration faces global uncertainties. biden officials have set the stage for higher corporate and individual tax increases.

more from dom esposito: keep your firm from biting the dust | the six ingredients for firm value | four ways to add $100,000 in new business fees every year | eight steps to small firm survival | no partner candidates? whose fault is that? | prune your firm: ‘rightsize’ managers and partners | how partners fail | ineffective management is hazardous to your firm’s health | profitability requires discipline |

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at the same time, if your midsized cpa firm has not at least started to move away from a general “compliance shop” to either:

a specialized niche firm that has established a brand in the marketplace that transcends size and locations, or
a professional services firm that provides advisory/consulting, accounting, tax and assurance services to marquee clients in specialized industries,

its worth or valuation in the marketplace continues to diminish from the historical one times revenue payable upon individual partner retirements over 10 to 12 years.

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why so many m&as fall short

plus: the 3 prongs of culture and why they matter.

by domenick j. esposito
8 steps to great

principally because of the “post covid-19 blues” and anticipated difficulty in growing organically at an acceptable rate and because of the ever-increasing number of baby boomer retirements, there is a sense that small and mid-sized firms will continue to merge at a healthy pace.

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to illustrate, in just the past few weeks, we learned that anders cpas + advisors picked up cummings, ristau & associates (both of st. louis), adams, brown, beran & ball chtd (great bend, kansas) added jonesboro, arkansas office of egp pllc and hancock askew & co. (georgia and flordia) acquired capa (miami). these are noteworthy transactions and we believe that there are more to come.
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charts & graphs

retired cpa partners face pay cuts from covid

**facing the fallout from the covid crisis, 10 percent of small and midsized firms are already trimming compensation for retired partners.**

firms target annual net profit caps, early retirement provisions, and mandatory retirement ages.

by domenick esposito

with profits likely to take a short-term hit, retired partners at many cpa firms are facing cuts to their payouts, according to our straw poll of 30 leading firms.

more from dom esposito: keep your firm from biting the dust | the six ingredients for firm value | four ways to add $100,000 in new business fees every year | eight steps to small firm survival | no partner candidates? whose fault is that? | prune your firm: ‘rightsize’ managers and partners | how partners fail | ineffective management is hazardous to your firm’s health | profitability requires discipline |

exclusively for pro members. log in here or 2022世界杯足球排名 today.

coronavirus crisis updates: start here for a guide to all our coverage.

with covid-19 hurting revenues and bottom lines, firms of all sizes are reconfiguring their staff loads and renegotiating their space requirements.

but we haven’t heard much about what firms are doing about their obligations for deferred compensation partner retirement plans. until now.

checklist

keep your firm from biting the dust

checklist: the 12 key objectives and 23 day-to-day responsibilities of successful managing partners.

by domenick j. esposito
8 steps to great

while there are lots of reasons why small and midsized cpa firms don’t realize their full potential – and, in some situations, fail or bite the dust – we have found that the downward spiral of a firm usually starts with the managing partner.

more on strategic planning: 6 ingredients for firm value | 4 ways to add $100,000 in new business fees every year | prune your firm: ‘rightsize’ managers and partners | ineffective management is hazardous to your firm’s health | profitability requires discipline | pitching vs. pursuing
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the managing partner is the heart and soul of any cpa firm – the shepherd, orchestra leader, or quarterback, if you prefer, of the partner group – who didn’t fully understand the key objectives and day-to-day responsibilities of his or her role, and therefore, failed to operate on all cylinders.

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6 ingredients for firm value

should you merge? what can you offer your people?

by domenick j. esposito
8 steps to great

i am often asked two questions by small and midsized cpa firms:

how do we create significant firm value?
if we can get there, should we sell or stay independent?

more on strategic planning: 4 ways to add $100,000 in new business fees every year | 8 steps to small firm survival | 10 roles of an executive committee | why do we accept poor new business results? | the link between strategy and winning on value
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the answers to these questions, of course, depend on a firm’s particular facts and circumstances and one size does not fit all. nevertheless, i am happy to share my perspective based on best practices.
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4 ways to add $100,000 in new business fees every year

help others to help you.

by domenick j. esposito
8 steps to great

all partners and partner candidates in small and midsized cpa firms are very aware that they need to originate new business each and every year. some are very successful at this aspect of the business; others not so much.

more on strategic planning: 8 steps to small firm survival | don’t have partner candidates? whose fault is that? | how partners fail | is it time to manage your receivables like a real business? | mine vs. yours vs. ours
exclusively for pro members. log in here or 2022世界杯足球排名 today.

many of those who are not very successful at originating new business haven’t developed the necessary skills to be effective at it. as a result, it isn’t an awful lot of fun.
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8 steps to small firm survival

go big or go deep: here’s how.

by domenick j. esposito
8 steps to great

there are approximately 14,000 multi-partner cpa firms in the u.s. and yet, according to accounting today’s 2018 top 100 firms survey, only 100 firms had annual revenues of at least $40 million; the median revenue was approximately $86 million.

more on strategic planning: don’t have partner candidates? whose fault is that? | how partners fail | is it time to manage your receivables like a real business? | mine vs. yours vs. ours | 22 things leaders must do | 21 questions to help unlock accelerated growth | m&a candidates: valuations and vetting
exclusively for pro members. log in here or 2022世界杯足球排名 today.

the statistics are staggering. we have many small cpa firms in this country serving the mid-market and, regardless of size, in this emerging economy many firms are finding it difficult to organically grow their audit/tax practices at an acceptable rate (say 6 percent to 8 percent per annum). without healthy profitable growth on the top and bottom lines, any firm will struggle and ultimately die.
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no partner candidates? whose fault is that?

8 competencies to develop.

by domenick j. esposito
8 steps to great

as i travel across the country working with small and midsized cpa firms, one of the most common concerns expressed by managing partners and other senior partners at these firms is, “we don’t have a sufficient number of partner candidates who can help perpetuate the firm into the next generation.”

more on strategic planning: prune your firm: ‘rightsize’ managers and partners | 10 roles of an executive committee | why do we accept poor new business results? | the link between strategy and winning on value | the top 11 reasons cpa firm mergers fail
exclusively for pro members. log in here or 2022世界杯足球排名 today.

when i ask the question, “what are you doing to develop the next generation?” i usually hear a lot of lip service and superficial things that, in most cases, don’t add up to a hill of beans.
read more →

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prune your firm: ‘rightsize’ managers and partners

benchmarks for measuring your firm, plus 5 ways that firms get upside down.

by domenick j. esposito
8 steps to great

is rightsizing partners and managers that difficult? the simple answer is no!

more on strategic planning: 10 roles of an executive committee | how partners fail | is it time to manage your receivables like a real business? | mine vs. yours vs. ours | 22 things leaders must do | 21 questions to help unlock accelerated growth | m&a candidates: valuations and vetting
exclusively for pro members. log in here or 2022世界杯足球排名 today.

while i acknowledge that it is not easy to rightsize your small or midsized cpa firm, i believe that many firm leaders can do (must do) a much better job when it comes to outplacing unproductive partners and managers.
read more →

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10 roles of an executive committee

plus who should serve and for how long.

by domenick j. esposito
8 steps to great

every small and midsized cpa firm requires an executive committee that serves as the key corporate governance mechanism within a firm.

more on strategic planning: how partners fail | ineffective management is hazardous to your firm’s health | profitability requires discipline | pitching vs. pursuing | the top 11 reasons cpa firm mergers fail | growth: the difference between the disruptor and the disrupted? | m&a: sometimes bigger is better | what a value proposition truly is (and isn’t)
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said simply, an effective executive committee keeps its nose in but its hands out. in other words, an effective executive committee has the responsibility to be the check and balance over a firm’s operations but isn’t responsible for running the day-to-day activities. that is the responsibility of the firm’s ceo and the firm’s operating or management committee.
read more →

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how partners fail

and why: the metrics every cpa needs to know.

by domenick j. esposito
8 steps to great

“status quo, you know, is latin for the mess we’re in.”

– ronald reagan

you have heard it many times before. worse yet, you are living it today.

more on strategic planning: ineffective management is hazardous to your firm’s health | why do we accept poor new business results? | the link between strategy and winning on value | focus on an enhanced client experience | 22 things leaders must do | 21 questions to help unlock accelerated growth | m&a candidates: valuations and vetting
exclusively for pro members. log in here or 2022世界杯足球排名 today.

today, many small and midsized cpa firms are being challenged by slow organic growth coupled with:

an unprecedented pace of technological change
very intense margin pressure
too many competitors
a shortage of qualified talent (particularly in the tax area)

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ineffective management is hazardous to your firm’s health

9 warning signs, plus 4 things a managing partner should not be.

by domenick j. esposito
8 steps to great

hard to believe but every year there are a number of small and midsized cpa firms that either “die on the vine,” break up or merge up as “damaged goods” if a well-run firm is willing to take them on.

more on strategic planning: why do we accept poor new business results? | is it time to manage your receivables like a real business? | mine vs. yours vs. ours | 22 things leaders must do | 21 questions to help unlock accelerated growth | m&a candidates: valuations and vetting | ai likely to accelerate merger mania
exclusively for pro members. log in here or 2022世界杯足球排名 today.

why is it that so many firms continue to spiral into a slow death? it’s because they are aware of the danger signals but little, if anything, is done about them or because they are not paying attention to the warning signs including the following:
read more →

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why do we accept poor new business results?

5 critical steps to turn things around.

by domenick j. esposito
8 steps to great

the question to ask is why do so many firms accept poor performance from so many of their partners relative to growth and generating revenue?

more on strategic planning: is it time to manage your receivables like a real business? | profitability requires discipline | pitching vs. pursuing | the top 11 reasons cpa firm mergers fail | growth: the difference between the disruptor and the disrupted? | m&a: sometimes bigger is better | what a value proposition truly is (and isn’t)
exclusively for pro members. log in here or 2022世界杯足球排名 today.

there isn’t a firm in existence that does not depend on constant growth to be successful and to generate enough profit to pay its staff and partners well. yet, so many firms accept the old bell-shaped curve argument that they are winning if just 20 percent of their partners are good at generating business.
read more →

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dom esposito

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domenick j. esposito was the ceo of grant thornton, vice-chair of bdo, and national growth director at cohnreznick.

he is the author of "8 steps to great: the eight essential strategies driving success at the world's largest cpa firms. and how to apply the lessons at firms of all sizes," published by 卡塔尔世界杯常规比赛时间.

a life in public accounting

in 2016, esposito, then a former ceo of bdo, moved from a 46-year career in public accounting into the next phase of his professional life – consulting to cpa firms, launching a boutique advisory firm, esposito ceo2ceo, that provides advice to ceos, managing partners and other senior partners of cpa firms focused on the mid-market throughout the u.s.

with the launch, esposito authored “8 steps to great," a guide for ceos, managing partners, and other senior partners on how to move their firm to the next level.

cohnreznick national growth director

esposito was one of the most qualified individuals in the country to advise cpa firms on growth and profitability. through 2015, he was national practice & growth director and an executive board member of cohnreznick, llp, a mid-market sustainable brand and the tenth-largest cpa firm in the united states. he oversaw cohnreznick’s go-to-market industry specialization and consulting and advisory service lines. he was also intimately involved in the firm’s mergers and acquisitions and strategic and tactical activities for its public company and capital markets initiatives. dom joined the predecessor firm of j.h. cohn in 2002 as the chief operating officer and executive board member.

dom was also an independent director of ethan allen interiors inc. for several years (through 2014), dom was a member of the nasdaq listing and qualifications committee to the organization’s board of directors. he formerly served as the leader of the new york state society of cpas committee for large and medium-sized firms practice management. he also was an adjunct accounting professor at c.w. post/long island university.

bdo and grant thornton

through october 2002, dom was vice chairman at bdo, a mid-market sustainable brand and the seventh-largest international accounting and consulting firm in the u.s., with almost 50 offices and 3,400 employees. during his brief time with bdo, he was responsible for the alliance distribution network (at the time consisting of over 80 cpa firms, 10 law firms, and 25 consulting firms). he was also responsible for attracting and servicing a number of clients.

from 1979 through 2001, dom was with grant thornton, another mid-market sustainable brand and the sixth-largest international accounting and consulting firm in the u.s., with over 50 offices and 4,500 employees. he joined grant as an audit manager, became a partner in 1981, led the long island office from 1984 to 1986, became assistant managing partner of the new york office in 1986, and from 1988 to 1999, led the new york office. in 1999, esposito became a regional managing partner and for two years, through 2001, was the firm’s chief executive officer.

cpa, partner, mba, leader, influencer, media celebrity

between 1996 and 1998, and while he was ceo, esposito was on the partner board and was also on the board of grant thornton international – the worldwide umbrella organization. in these capacities, he developed strong experience in strategic thinking and execution, international relationships, corporate governance, partnership matters, branding, expense control, client relationships, and new business development.

as ceo, he took grant thornton to record earnings, consummated the largest line-of-business sale in the firm’s history, developed a major joint venture with axa financial, and made the largest practice acquisition in the firm’s history. from 1969 to 1979, esposito was with price waterhouse (now pwc), servicing ibm when he was promoted to manager in 1976.

dom was a cpa, has been quoted in national and local media, and has appeared on radio and cable tv.

esposito also testified before the securities and exchange commission.

he received his m.b.a. from st. john’s university and his b.s. from ferris state university. accountingtoday, one of the leading trade journals for the accounting profession, named esposito one of the most influential people in the profession for two consecutive years.

he passed away in 2021 at the age of 74.

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