2019: using m&a to launch consulting
technology drives hours down 40%; how will your firm cope?
by terry putney
the rosenberg survey: national study of cpa firm statistics
merger
succession issues stalling some m&a
owner agreements are seeing updates.
by terry putney
the rosenberg map survey: annual national study of cpa firm statistics
the importance of m&a culture due diligence
a 6-point blueprint.
by domenick j. esposito
time is running out for succession planning
bonus: 22-point m&a due diligence kit.
by domenick j. esposito
8 steps to great
much has been written and discussed regarding succession planning at cpa firms driven by the vast number of founders, leaders, and rainmakers who are retiring at a record pace.
more on strategic planning: expand your national and global geographic reach | using a high-performance business framework | what a client service plan can add | 36 consulting services you might be overlooking | how to drive consistent partner behavior | cpa firm partner performance: different activities, different metrics | develop the partners you already have | how many partners do you need?
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key takeaways in this post:
- mid-market sustainable brands generally combine practices as opposed to acquiring or buying practices.
- spend time to make sure it feels right.
- the easier part is getting the contract signed; the harder part is the integration of the two practices and to make sure 1 + 1 at least = 3.
survey: mergers spur growth
leadership, succession planning remain challenges.
by august aquila
the rosenberg map survey
the majority of my clients had a very good year in 2015.
more from the survey: don’t just win work, figure out why | talent wars, m&a frenzy continue | next-gen leaders getting restless | mergers keep racing forward | do you have a firm or a co-op? | accountability, equity, compensation are concerns | map survey top 10 findings | cpa firm revenues rise a hefty 8%
there were two primary reasons for their growth. first, many did more mergers than the year before, and second, they were acquiring more business advisory firms. one client told me that “they had enough accounting work and didn’t want any more, but would certainly be interested in acquiring a consulting firm.”
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survey results: it’s now a buyer’s market in mergers
retirements both inside and outside the firm cause problems.
by marc rosenberg
the rosenberg map survey
for the last 10 years or so, every year’s merger activity seems more frenetic than the year before. 2015 and 2016 continued that trend.
more from the survey: do you have a firm or a co-op? | accountability, equity, compensation are concerns | map survey top 10 findings | cpa firm revenues rise a hefty 8%
buyers are getting pickier in deciding which mergers to pursue:
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more merger questions than you imagined
there’s a lot to consider whether merging up, down or laterally.
by bill reeb and dominic cingoranelli
although we find that an internal ownership transition often can be your best bet, a merger makes sense in many cases. so, if this is the direction you are heading, we’ve highlighted some of the issues below that we think you ought to consider, with the first one being to really take a close and hard look at the compatibility of the organizations courting each other.
more on performance management: how to compensate your managing partner | the job of managing partner: empowered or emasculated? | how the best managing partners turn ideas into reality | make accountability a process | accountability requires clear expectations | base retirement on today’s operations
who is a likely candidate for a merger?
if you are going to consider a merger, which firms would seemingly be a good fit for your practice – i.e., your clients and your employees and if, applicable, partners? the better the fit, the more likely you will be able to retain clients and employees, and the greater the chance for overall success of the merged firms.
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merging for all the wrong reasons
first: get your house in order; don’t expect someone else to do it for you.
by bill reeb and dominic cingoranelli
for at least the past 10 years, the merger market among cpa firms has been pretty active. while the market volume has waxed and waned a little several times during this period, mergers have been a topic in almost every strategic planning retreat we have facilitated.
more on performance management: how to compensate your managing partner | mps: how to elect them … and fire them | partners as role models: the good, bad & ugly | managing the managing partner | pay varies when performance varies | accountability is for everyone | who decides what?
checklist for implementing a merger
34 action steps. got your signs and video camera ready?
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 effective date of the merger, there are quite a few administrative and procedural things that need to be attended to immediately. most firms try to get as much of a head start as possible, before the effective date of the merger.
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6 types of due diligence procedures
avoid the temptation to concentrate on some and breeze through others.
by r. peter fontaine
newgate law
my approach in writing this post is to give you a comprehensive list of due diligence items for your consideration, and to let you select the reviews you wish to perform. the ultimate decision rests with you.
more on mergers: how to merge sole practitioners | thinking ‘downstream’ merger? check these 25 potential problems first | 20 terms to settle when merging up | 13 questions to assess an upward merger | what to discuss at the first merger negotiation meeting | what to ponder before issuing a letter of intent | one times fees is a steal! | looking to grow your firm? how to find a seller in four steps | 14 keys to a successful merger
the scope of due diligence will differ depending on the transaction, and should be appropriately tailored. however, your letter of intent combined with the six areas outlined below result in a fairly comprehensive list of due diligence procedures that should serve the needs of most cpa mergers.
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practice continuation agreements and why solos need them
it’s a favor, so treat it like one.
by marc rosenberg
cpa firm mergers: your complete guide
why due diligence is done
and the five steps you can’t skip.
by r. peter fontaine
newgate law
few cpas enjoy the due diligence part of a merger. it’s like proofreading legal agreements or checking the answers to a test before handing it into the teacher. it’s not very exciting.
more on mergers: how to merge sole practitioners | 13 questions between merger equals | 18 concerns about merging in smaller firms | what to expect when merging up | 16 reasons merging up causes anxiety | 14 provisions to include in a letter of intent | want to merge? ask for data | the merger process in 21 steps | 13 ways to screw up a merger | 13 reasons accounting firms merge
by the time due diligence begins, the parties have usually decided they want to come together and due diligence is viewed as a process to confirm a decision which, for the most part, has already been made.
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how to merge sole practitioners
21 issues to consider.
by marc rosenberg
cpa firm mergers: your complete guide
when considering a merger of sole practitioners, there are numerous critical issues to negotiate. twenty-one, in fact.
more on mergers: merging in smaller: what to ask | 12 reasons to merge in a smaller firm | 3 factors that always affect negotiations | mergers: assessing compatibility | case studies reveal potential loi issues | merger prep: getting to know you | plant seeds to turn up merger candidates | 15 can’t-skip merger terms to decide | mergers 101: when negotiations aren’t really negotiations
1. method/system for splitting the profits. keep in mind that if you devise a system that essentially revolves around making each solo a profit center, as if they still had their own firms, it will tend to discourage the two of you working together as one firm.
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