strategy

how to find a partner’s replacement

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man choosing someone's face from a photo arrayshould you add a partner … or capacity? they’re not the same thing.

by bill reeb and dominic cingoranelli
卡塔尔世界杯常规比赛时间 / succession institute

let’s assume you have a retiring partner. you have decided how to pay the partner for his/her value in the firm, you have pinned down the mandatory sale of ownership date (mso) so you can phase that partner out of his or her leadership role in the firm, and you have covered the single most abused part of the succession process, which is client transition. it is now time to discuss how to find replacements for the retiring senior partners.

more on performance management: action plans for transitioning partners | partner retirement and the war for clients | succession: the questions to care about | the pitfalls of equity allocation and reallocation | cpa firm performance assessments: 15 core competencies, 21 questions | how to target what skills to develop now

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the most commonly asked question on this topic is “how can we find people with the same technical skills, management ability, client service capacity and vision for the firm’s future as those who are leaving?” the simple answer is “you won’t, so stop looking for that exact combination.”
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action plans for transitioning partners

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four people meeting for business lunchthe transition process is about making the retiring partner less attractive as the client’s first point of contact.

by bill reeb and dominic cingoranelli
卡塔尔世界杯常规比赛时间 / succession institute

the key to the client transition process is the action plan that the transitioning partner needs to follow for each client.

more on performance management: partner retirement and the war for clients | how retirement issues affect succession planning | 7 succession questions to ignore for now | the pitfalls of equity allocation and reallocation | how to target what skills to develop now | job 1 for the practice owner: client management

for a small tax client, the directive could be as simple as a one-year transition and turning it over to whoever has been assigned to take over that account. for example, the action plan might be something like:

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partner accountability: how and for what?

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13 things to hold partners accountable for, 10 ways to do it and 12 questions to ask. bonus: example of a personal accountability plan.

by marc rosenberg
cpa firm retreats

partner accountability means different things to different people. some quotations:

“if there are no consequences to failing to achieve a goal, then it is less likely that the goal will be accomplished.” – marc rosenberg

“if people are not prepared to be held accountable for what they do, it is unlikely they will achieve much.” – david maister

more on retreats: 30 marketing and growth questions to cover at a retreat | how marketing for cpa firms is different | why create a marketing plan? | thinking of merging? discuss it at a retreat | how to take action after a retreat | 12 simple rules for a retreat | leave your retreat with a to do list | every retreat needs a leader, but who? | retreats are no place for clowns | who should participate in a retreat? | retreat logistics: how long, what kind? | what should cpa firms discuss at retreats? | why do cpa firms conduct retreats?

“i’m a partner in this firm. that gives me the right to do whatever i darn well please, whenever i want to do it.” – firm partner to whom “accountability” is a dirty word
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best practices for client transition

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man watching handshake between two womenimproper transitions can lead to reduced retirement benefits.

by bill reeb and dominic cingoranelli
卡塔尔世界杯常规比赛时间 / succession institute

when a partner is retiring, there is a transition process that we recommend. let’s break it down into a few simple steps:

more on performance management: how client transition is abused | best practices for mandatory retirement | how retirement issues affect succession planning | succession: the questions to care about | 7 succession questions to ignore for now | how partner ratings factor into equity | hazards of not reallocating equity | the pitfalls of equity allocation and reallocation | develop your employees or suffer the consequences | cpa firm performance assessments: 15 core competencies, 21 questions | how to target what skills to develop now | what having your employees’ backs means | 5 harmful management attitudes (and how to fix them) | do cpa firms need management or leadership? |  job 1 for the practice owner: client management

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18 essential management questions to cover at a retreat

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illustration with some employee symbols standing in circlesresponsibilities of the mp and other positions.

by marc rosenberg
cpa firm retreats

before formally beginning the discussion part of a retreat session, it’s always a good idea to begin by asking the participants what they want to be sure to cover.

more on retreats: 30 marketing and growth questions to cover at a retreat | how marketing for cpa firms is different | why create a marketing plan? | thinking of merging? discuss it at a retreat | how to take action after a retreat | 12 simple rules for a retreat | leave your retreat with a to do list | every retreat needs a leader, but who? | retreats are no place for clowns | who should participate in a retreat? | retreat logistics: how long, what kind? | what should cpa firms discuss at retreats? | why do cpa firms conduct retreats?

as issues are suggested, the facilitator should write them down on a flipchart, starting with: read more →

partner retirement and the war for clients

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retirement plan label on folderbonus checklist: 8 best uses for a retiring partner.

by bill reeb and dominic cingoranelli
卡塔尔世界杯常规比赛时间 / succession institute

once a firm is ready to phase out a partner in retirement, it’s time to move on to the client transition process. but this is the single most abused part of the entire succession process.

more on performance management: best practices for mandatory retirement | how retirement issues affect succession planning | 7 succession questions to ignore for now | how partner ratings factor into equity | the pitfalls of equity allocation and reallocation | cpa firm performance assessments: 15 core competencies, 21 questions | what having your employees’ backs means | 5 harmful management attitudes (and how to fix them)

the reason why this part of the process is the most abused is because both sides – the partner nearing mso (henceforth referred to as retiring partners or retired partners) and the remaining partners – are motivated to do the wrong things. for example, it is in the best interest of retiring partners to not transition their clients because if they don’t, the firm will need to keep them around to continue to work on them after mso. if this isn’t bad enough, because they did not transition their clients properly, the retired partners have a great deal of leverage since they are now entitled to their full retirement pay and still have control over some or most of their client base. this allows the retired partners to gain additional benefits from the partner group by basically reselling their clients to them again. unfortunately, this situation is more the norm than the exception.
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2016 outlook: no end to mergers in sight

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2016-roundtable-outlook-for-rosenberg-map-commentary-vf-240x219a buyer’s market is on the horizon.

they say “past results are no indication of future performance.” maybe. maybe not. but if anyone should know, it’s our panel of experts, their comments drawn from the new edition of the rosenberg map survey. these are their bullet points and comments, verbatim, looking back at the last 12 months and looking ahead to 2016. – rick telberg, ceo

by gary adamson
adamson advisory

lessons from 2015:

merger mania continued over the last year for several reasons:

  • continued slow post-recession organic growth,
  • thousands of baby boomers with no internal succession plans in place and
  • competition heating up for middle-market clients (the big firms want our biggest and best clients!).

more from the rosenberg map survey: why outsourcing beats unicorn hunting | 2016 battleground: aging leaders vs. emerging leaders | private clouds on the rise | firms growing, still face talent challenges | outlook 2016: another economic storm coming? | how succession issues are driving desperation mergers | outlook 2016: change catches up with auditors | strategic plans undermined by out-of-control partners | growth, succession plans critical for firms | talent wars go from white gloves to boxing gloves | trend outlook 2016: change agents needed

firms are improving profitability with per-partner income rising while the talent wars that we saw pre-recession are returning.
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why outsourcing beats unicorn hunting

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2016-roundtable-outlook-for-rosenberg-map-commentary-vf-240x219on the horizon: more saas and friday closings.

they say “past results are no indication of future performance.” maybe. maybe not. but if anyone should know, it’s our panel of experts, their comments drawn from the new edition of the rosenberg map survey. these are their bullet points and comments, verbatim, looking back at the last 12 months and looking ahead to 2016. – rick telberg, ceo

by chris frederiksen
2020 group

lessons from 2015:

the last 12 months have been good for accountants. the economy is expanding and the demand for service is increasing. most firms report little trouble in getting new clients, particularly those firms with a robust and consistent internet presence.

more from the rosenberg map survey: 2016 battleground: aging leaders vs. emerging leaders | private clouds on the rise | firms growing, still face talent challenges | outlook 2016: another economic storm coming? | how succession issues are driving desperation mergers | outlook 2016: change catches up with auditors | strategic plans undermined by out-of-control partners | growth, succession plans critical for firms | talent wars go from white gloves to boxing gloves | trend outlook 2016: change agents needed

progressive firms have invested in better websites and are focusing on what makes them different. as dan hood noted recently in accounting today magazine, every firm promotes
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best practices for mandatory retirement

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time to retire clock facethe work retired partners should – and shouldn’t – do if they stay on.

by bill reeb and dominic cingoranelli
卡塔尔世界杯常规比赛时间 / succession institute

once “fair” retirement benefits have been determined, for this moment in time, we can move on to the next step in building our succession plan. the reason i mention that we are simply putting stakes in the ground is because as we set additional stakes in the ground, those new stakes might require us to rethink a decision made when setting a previous stake.

more on performance management: how retirement issues affect succession planning | how partner ratings factor into equity | the pitfalls of equity allocation and reallocation | develop your employees or suffer the consequences

for example, if the firm later establishes premium perks for past owners who want to continue to work for the firm after sale of ownership, then that might require reassessing the retirement benefit calculation agreed to when setting that earlier stake (because in the end, the retirement benefit is about the whole package offered, not just one component).
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2016 battleground: aging leaders vs. emerging leaders

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2016-roundtable-outlook-for-rosenberg-map-commentary-vf-240x219there’s no time left to procrastinate about the firm’s future.

they say “past results are no indication of future performance.” maybe. maybe not. but if anyone should know, it’s our panel of experts, their comments drawn from the new edition of the rosenberg map survey. these are their bullet points and comments, verbatim, looking back at the last 12 months and looking ahead to 2016. – rick telberg, ceo

by rita keller
keller advisors

lessons from 2015:

while the talent wars continue to rage, during the last 12 months i have seen a lot more aggressiveness from firms seeking lateral hires.

more from the rosenberg map survey: private clouds on the rise | firms growing, still face talent challenges | outlook 2016: another economic storm coming? | how succession issues are driving desperation mergers | outlook 2016: change catches up with auditors | strategic plans undermined by out-of-control partners | growth, succession plans critical for firms | talent wars go from white gloves to boxing gloves|trend outlook 2016: change agents needed

if you are an experienced cpa with a niche focus and a successful track record you are more than likely being courted by several firms.
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private clouds on the rise

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2016-roundtable-outlook-for-rosenberg-map-commentary-vf-240x219security breaches will be a heightened concern.

they say “past results are no indication of future performance.” maybe. maybe not. but if anyone should know, it’s our panel of experts, their comments drawn from the new edition of the rosenberg map survey. these are their bullet points and comments, verbatim, looking back at the last 12 months and looking ahead to 2016. – rick telberg, ceo

by roman kepczyk
the rosenberg map survey

lessons from 2015:

firms overall remained cautiously optimistic, with those that were more specialized/niched seeing solid leaps in growth in both personnel and revenue. these firms brought us in to direct their investments in upgrading their infrastructures, focusing not only on the physical it components, but in optimizing their internal production processes with the applications they had in place.

more from the rosenberg map survey: firms growing, still face talent challenges | outlook 2016: another economic storm coming? | how succession issues are driving desperation mergers | outlook 2016: change catches up with auditors | strategic plans undermined by out-of-control partners | growth, succession plans critical for firms | talent wars go from white gloves to boxing gloves | trend outlook 2016: change agents needed

much of our consulting last year trended toward helping firms implement streamlined workflow tools (xcm, thomson firmflow, cch workstream) and toward adopting “lean tax” production processes, which continues to be the latest buzz. m&a it consulting was another big focus as we helped firms actively build “private cloud” infrastructures so they could

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