life isn’t always about you.
by ed mendlowitz
101 questions and answers: managing an accounting practice, the complete 2-volume set
q: i know you preach using checklists, but are they really necessary? i don’t like using them.
more: ask these 10 questions before adding financial services | selling your practice is not a retirement strategy
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a: well…
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remember it’s a new business.
by ed mendlowitz
101 questions and answers: managing an accounting practice, the complete 2-volume set
q: i am thinking of adding financial services to my practice. what are your thoughts?
more: selling your practice is not a retirement strategy | thirteen things to know before selling your practice | 10 reasons clients don’t pay
a: for starters, “financial services” means selling investment products or managing money. this is different from adding financial planning, which i see as an extension of and a next step to sound tax planning for clients.
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consider your other possible sources.
by ed mendlowitz
101 questions and answers: managing an accounting practice
q: i’ve heard you say that you shouldn’t count on anything from your practice when you decide to retire. are you serious?
more: thirteen things to know before selling your practice | 10 reasons clients don’t pay
a: i probably said that, but it was in the context of planning for guaranteed cash flow in retirement. a practice’s value is never guaranteed until the checks clear.
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timing is critical.
by ed mendlowitz
101 questions and answers: managing an accounting practice, the complete 2-volume set
q: i am getting older and want to continue working at least five more years. should i merge now to anticipate and facilitate a buyout?
a: selling means retiring. is that something you want to do?
more: 10 reasons clients don’t pay
i’ve written many times about being clear about your goals and what you really want. that being said, here is a general discussion about the reality of the value of your practice.
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and what to do about it.
by ed mendlowitz
101 questions and answers: managing an accounting practice, the complete 2-volume set
q: i always have large amounts owed to me from clients. is there anything i can do about this?
a: absolutely! my feelings are that large a/r balances are your fault. accounting fees are almost never material to a business’ cost structure, but letting fees pile up can make them somewhat material.
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four ways to deal with their decision.
by ed mendlowitz
call me before you do anything: the art of accounting
i found out many years ago that i cannot spend my clients’ money.
i used to feel that if they did not want to “buy” a service i felt they must have, it meant i did not clearly convey the value to them. i do not feel this way anymore because the value is relative and draws on many issues the client might have and that i am not privy to.
more: when good things happen | when an employee’s growth has gaps | my first trainee | the growing pains of a small firm | giving clients the best you’ve got | why map programs are essential | how to become a specialist | secrets in specialties | making sure the son got proper credit | yes, shirt logos can matter | 10 more reasons cpas quit public accounting
in my earlier days i used to do the work anyway, feeling a responsibility to the client. it took me quite a while to realize that the responsibility is the clients’ and if they did not want to spend their money for it, i should not spend part of my life doing it on a pro bono basis. there were also times i felt the work was so essential to the client that i did it expecting their recognition of the importance and willingness to pay me afterward. stupid! my bad!
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be open to unexpected opportunities.
by ed mendlowitz
call me before you do anything: the art of accounting
my friend al is a sole practitioner with seven staff members and a thriving audit practice, besides the typical tax and small business tax clients.
more: when an employee’s growth has gaps | my first trainee | the growing pains of a small firm | giving clients the best you’ve got | why map programs are essential | how to become a specialist | secrets in specialties | making sure the son got proper credit | yes, shirt logos can matter | 10 more reasons cpas quit public accounting | family trees of clients
he is getting older, and while he has no plans to retire and is actively trying to grow his practice, he periodically meets with larger firms to see if there is an interest in acquiring his practice when that day comes. by doing this he stumbled on a fantastic business development formula.
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where did all that experience go?
by ed mendlowitz
call me before you do anything: the art of accounting
we hired sam out of school and he worked for us for two and a half years and then we split up our firm. this was ages ago and sy and i left our third partner to form our new firm on jan. 1.
more: my first trainee | the growing pains of a small firm | giving clients the best you’ve got | why map programs are essential | how to become a specialist | secrets in specialties | making sure the son got proper credit | yes, shirt logos can matter | 10 more reasons cpas quit public accounting | family trees of clients | preparing for the worst (thanks to my wife)
however, there is a valuable lesson here and i think it is worth sharing. it changed the way we hired staff.
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