when returns should be submitted for review
three times it’s appropriate.
by ed mendlowitz
how to review tax returns: the field-tested update
mergers & acquisitions
five business models for wealth management
choosing the wrong one could be detrimental to your firm.
by russ alan prince
your $5 million high-net-worth practice
five ways to put success into succession planning
a robust mentoring program can be critical.
by bill penczak
merging? protect your staff
if your people matter, show it.
by marc rosenberg
cpa firm mergers: your complete guide
merger minded? go out on top!
it’s time to be realistic.
by marc rosenberg
cpa firm mergers: your complete guide
private equity heats up m&a
firms competing in the buyers’ market need to put on some polish.
by 卡塔尔世界杯常规比赛时间 research
the rosenberg map survey: national study of cpa firm statistics
the accounting industry is seeing an upswing in mergers and acquisitions after a slowdown during the pandemic confusion.
more: why solo cpas need pcas | where mergers go wrong | what your merger letter of intent needs | 61 things buyers should explore with sellers | thirteen ways to woo potential firm buyers | one times fees isn’t the only way | four reasons to fear a merger
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the reasons, according to consultants quoted in the 2022 rosenberg survey, are several:
- sellers are looking for viability as partners retire.
- sellers are looking for funding to upgrade tech and shift to cas.
- buyers are looking for scarce personnel.
- buyers are looking for specialized niches.
- buyers are looking for something to tempt private equity investment.
what kinds of tips are available for buyers and sellers?
cherry-pick your merger partner
it’s ok to walk away.
by marc rosenberg
cpa firm mergers: your complete guide
for anything really important in your life, do you opt for the first choice that comes your way? did you marry the first person you had a crush on? how many jobs did you accept without checking out other opportunities? when looking to hire someone, did you interview only one person? do you make an investment without considering alternatives? i trust the answer to all of these is a resounding no.
more: 34 steps to implement a merger | m&a: the six types of due diligence | twelve tips for negotiating mergers | buying a solo | why merging in smaller firms is fabulous | 13 reasons to merge up | thinking merger? first ask why.
the same advice applies to mergers, whether you are a buyer or a seller. the more firms you talk to and negotiate with, the more expertise you acquire with the merger process. as the saying goes, “information is king.” more knowledge, information and experience are always better than less.
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outlook 2023: the unstoppable forces behind m&a
is it the pot size or the players?
by gary adamson
the people challenges will intensify with firms looking more to offshoring and beefing up their campus recruiting efforts to chase fewer graduates. remote work is here to stay – the focus will be on doing it better in terms of work management and people expectations/management.
more: outlook 2023: top five trends | outlook 2023: compensation gets creative | outlook 2023: the office is over | 2023 outlook: private equity comes for accounting firms
firms will be evaluating how to “keep our culture” in the face of a remote work environment or perhaps the question is what does our new culture look like. m&a is off to the races with pent-up demand because of covid-19 and the private equity money entering the market. the people portion of the deal will be more important than the client portion.
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34 steps to implement a merger
your staff will be much more comfortable.
by marc rosenberg
cpa firm mergers: your complete guide
most firms find that it takes three to four years to fully implement a merger. but during the first few months after the merger’s effective date, there are quite a few administrative and procedural issues that need to be attended to immediately.
more: m&a: the six types of due diligence | why solo cpas need pcas | mergers: one stage or two?
most firms try to get as much of a head start as possible before the effective date.
read more →
m&a: the six types of due diligence
bonus: ten surprises at the end of negotiations that can threaten a deal.
by marc rosenberg
cpa firm mergers: your complete guide
the scope of due diligence will differ depending on the deal and should be tailored appropriately. the letter of intent issues, combined with the six areas outlined here, result in a comprehensive list of due diligence procedures that should serve the needs of most cpa mergers.
more: why solo cpas need pcas | where mergers go wrong | what your merger letter of intent needs | 61 things buyers should explore with sellers | thirteen ways to woo potential firm buyers | one times fees isn’t the only way | four reasons to fear a merger
the six types of due diligence are financial and operational, clients and services, technical product and work quality review, personnel, risk management and legal.
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the abc’s of pcas for cpas
it’s a favor. treat it like one.
by marc rosenberg
cpa firm mergers: your complete guide
a practice continuation agreement (pca) is a written contract between a sole practitioner and another firm for the latter to take over the solo’s practice, either permanently or temporarily, in the event of a sudden, unexpected event (most commonly a health issue) that prevents the solo from working.
more: where mergers go wrong | twelve tips for negotiating mergers | buying a solo | why merging in smaller firms is fabulous | 13 reasons to merge up | thinking merger? first ask why.
logically, it would make total sense for every one of the 30,000 sole practitioners in the u.s. to have a pca in place. after all, solos have no partners to take their place, and in the vast majority of cases, their staff doesn’t have the skill level or the certifications needed to run the practice in the absence of the owner.
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fourteen rules for lateral partner hires
be clear about their client base.
by marc rosenberg
cpa firm mergers: your complete guide
it’s fairly common for law firms to hire partners from other firms, a practice termed “lateral partner hires.” cpa firms do this but much less often.
more: where mergers go wrong | twelve tips for negotiating mergers | buying a solo | why merging in smaller firms is fabulous 13 reasons to merge up | thinking merger? first ask why.
the main reason for this difference is that law firms cannot legally have nonsolicitation or noncompete covenants in their partner agreements. most cpa firms do have such provisions, which severely restrict the movement of partners from firm to firm.
despite these nonsolicitation provisions, cpa firms do sometimes make lateral partner hires (lps). there are several variations:
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where mergers go wrong
don’t be rushed by deal fatigue.
by marc rosenberg
cpa firm mergers: your complete guide
few cpas enjoy the due diligence part of a merger. it’s like proofreading legal agreements or going back to our school days when we had to double-check our answers before turning in a test.
more: mergers: one stage or two? | what your merger letter of intent needs | 61 things buyers should explore with sellers | thirteen ways to woo potential firm buyers | thinking merger? first ask why.
by the time due diligence begins, the parties have usually reached a handshake agreement on the deal terms and decided they want to merge. due diligence is a process that confirms a decision that, for the most part, has already been made. it’s like checking references after you’ve interviewed someone and decided to make the hire.
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