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what conversion really means for partners

october 30, 2015

bonus checklists: 9 business development metrics you should be measuring, plus the 7 biggest errors when trying to win new fees.

by martin bissett
passport to partnership

like it or not, the 21st century accountant is in the relationship-building business. when a qualified accountant learns the art of developing those relationships in such a way as they empower the practice to be able to forecast its new fee income each year, the accountant becomes a profit center and their value to the firm increases tenfold.

more on the passport to partnership: communication: putting it all together | the 4 winning communications habits of top accountants | gauge firm culture to move toward partner | 12 ways to determine your competence | passport to partnership: new research shows wide gap between partners and partners-to-be

our fourth “c,” conversion, has flirted with being the top answer from respondents in the passport to partnership study and has featured in over 80 percent of all firms interviewed as to what makes a senior manager stand out as a potential partner.

want to merge? ask for data

october 28, 2015

by marc rosenberg

bonus checklist: 17 data points you should exchange. and don’t forget the client list.

by marc rosenberg
cpa firm mergers: your complete guide

i have always been a big believer in the buyer and seller exchanging financial and operating information as early in the process as possible. numbers aren’t everything, but they do speak volumes. the data enables each firm to gain an understanding of the other in a manner that is not always possible in conversation.

more on mergers:merger prep: getting to know you | one times fees is a steal! | the merger process in 21 steps | plant seeds to turn up merger candidates | looking to grow your firm? how to find a seller in four steps | 13 ways to screw up a merger | 15 can’t-skip merger terms to decide | 14 keys to a successful merger | 13 reasons accounting firms merge

the data is also a good way to corroborate things that are said verbally.

when two partners isn’t enough and three is too many

october 27, 2015

by succession institute

the pitfalls of equity allocation and reallocation.

by bill reeb and dominic cingoranelli

i want to address the issue of equity – how it is commonly allocated to begin with, and then making adjustments to it over time.

for many firms, the idea in the beginning is that “all the partners are the same, so their ownership should be the same.” when the firm starts out with only a shingle, this is a very fair premise. so, for the sake of this column, let’s start out with a two-partner firm and build from there, talking through the common issues that arise in the area of distributing equity ownership.

more on performance management: 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

start with two

the most common approach would be for the two partners to split the ownership 50/50. the reason why this often works so well is because the two people who join together often are brought together because of their complementary skills. for example one might be very technically competent and the other more marketing savvy. together they make a great team – one, without the other, is less effective.

communication: putting it all together

october 23, 2015

by martin bissett

bonuses: exercises to define your worth and value, then communicate that message.

by martin bissett
passport to partnership

an advisor is trusted when they can show that they

took responsibility for their end of the bargain in the client engagement,
educated the client of their responsibilities,
offered prompting and assistance throughout but then allowed the client to ultimately govern themselves in terms of following through on their commitments.

more on the passport to partnership: communication can’t be overrated | the 4 winning communications habits of top accountants | how to read your firm’s cultural blueprint | gauge firm culture to move toward partner | what culture really means for partners | 12 ways to determine your competence | passport to partnership: new research shows wide gap between partners and partners-to-be

this then empowers the advisor to make a commercial decision when the client now faces the consequences, as to whether they want to communicate even more assistance to make things all better for the clients and gain huge appreciation and emotional capital.

merger prep: getting to know you

october 21, 2015

by marc rosenberg

bonus checklist: 18 questions to ask and answer.

by marc rosenberg
cpa firm mergers: your complete guide

all merger discussions have to begin somewhere. after merger candidates have been identified, there obviously needs to be an initial meeting for the two firms to get acquainted.

more on mergers: the merger process in 21 steps | plant seeds to turn up merger candidates | looking to grow your firm? how to find a seller in four steps | 13 ways to screw up a merger | 15 can’t-skip merger terms to decide | 14 keys to a successful merger | 13 reasons accounting firms merge | mergers 101: when negotiations aren’t really negotiations

everything is confidential and informal. no exchange of financial statements. the two parties simply spend an hour or two – you guessed it – getting to know each other. many firms like to convene this meeting over breakfast or lunch because meeting at a restaurant gives the encounter an air of informality and sociability. other firms like to do this in the larger firm’s office so that the smaller firm can get a “house tour.”

today’s top six partner compensation trends

october 18, 2015

by august j. aquila

why so many pay-for-performance plans are a flop.

by august aquila
creating the effective partnership

many of us, including myself, thought that the right compensation plan would solve the answer to underperformance and motivation. over the last ten years or so, firms have moved from a formula-based plan to a pay-for-performance plan which takes into consideration, production, business development, value enhancement and behavioral factors. and, while this has helped place more emphasis on performance, it hasn’t been a magic bullet. why are so many firms still missing the boat when it comes to motivating partners and staff to perform at a higher level?

more on leadership: 5 questions about your firm’s direction | 6 reasons to keep partners from retiring | 6 reasons why cpa firms fail in innovation | 6 steps to handle staffing problems in a merger | 7 signs your firm is headed for an implosion | it’s not always about money: 16 tweaks for your comp system | eight key goal areas for partners | like herding cats: partners must ‘walk together’ | managing partners must remember partners’ needs | new times call for new cpa firm metrics | partners have love-hate relationship with leadership | 6 things leaders must do | 8 financial ducks to line up now| partnership is about persuasion

janice kaplan, in the new book, “the gratitude diaries: how a year looking on the bright side can transform your life,” refers to a survey on gratitude in which some 80% americans say that receiving gratitude makes them work harder, but only 10% of the survey respondents managed to express gratitude to others on a daily basis.

communication can’t be overrated

october 15, 2015

by martin bissett

bonus checklist: case study and 5 questions on how well you do.

by martin bissett
passport to partnership

the passport to partnership study collated a number of responses in a conversational style. several examples really stood out as the first steps in effective communication:

would we put this person in front of a client?

meaning: the clients are our source of income; we don’t jeopardize that for anything. if we think that this person will do anything less than consolidate the perception of the firm and its people in the eyes of the client, we’ll keep them back in the office.

more on the passport to partnership: communication: it’s not about you | the 4 winning communications habits of top accountants | what communication really means for partners | gauge firm culture to move toward partner | what culture really means for partners | 12 ways to determine your competence | what competence really means for partners | passport to partnership: new research shows wide gap between partners and partners-to-be

how does this person deal with those in support roles?

meaning: let’s never forget where we came from or labor under the misguided belief that because someone has less authority in the firm or a lower pay grade, they are somehow inferior to you.

one times fees is a steal!

october 14, 2015

by marc rosenberg

the math might surprise you.

by marc rosenberg
cpa firm mergers: your complete guide

partners in accounting firms are familiar with the rule of thumb that a cpa firm’s goodwill is worth one times fees; however, like many “rules of thumb,” this notion is often incorrect.

when buyers begin to think about how much they will pay for a smaller firm, they often have this one-times-fees notion in the back of their minds. then, when sellers are bold enough to ask for a price in excess of one times fees, buyers often balk because they feel that the asking price is too rich.

more on mergers: the merger process in 21 steps | plant seeds to turn up merger candidates | looking to grow your firm? how to find a seller in four steps | 13 ways to screw up a merger | 15 can’t-skip merger terms to decide | 14 keys to a successful merger | 13 reasons accounting firms merge | mergers 101: when negotiations aren’t really negotiations | 5 steps to take before merging

the purpose of this chapter is to demonstrate that buying a small firm for one times fees is a steal (for the buyer). in fact, it’s still an outstanding investment at a premium price, say, as high as 1.3 times fees. let me illustrate.

communication: it’s not about you

october 8, 2015

by martin bissett

bonus: three outlooks from our exclusive expert council: pipe, dobek, grundy.

by martin bissett
passport to partnership

what does communication mean at the partner level?

more on the passport to partnership: the 4 winning communications habits of top accountants | what communication really means for partners | how to read your firm’s cultural blueprint | gauge firm culture to move toward partner | what culture really means for partners | firm culture is inevitable; make it work for you | 12 ways to determine your competence | what competence really means for partners | sailing through the seven c’s to partnership | passport to partnership: new research shows wide gap between partners and partners-to-be

ask yourself and answer these questions when considering the current and future communication tactics that you’ll employ.
read more →

why your firm should be a republic

october 4, 2015

by august j. aquila

dictatorship, democracy have their weaknesses.

by auqust aquila
creating the effective partnership

what checks and balances exist in your firm to keep it strong but also to protect the minority interest?

more on leadership for pro members: 5 questions about your firm’s direction | 6 reasons to keep partners from retiring | 6 reasons why cpa firms fail in innovation | 6 steps to handle staffing problems in a merger | 7 signs your firm is headed for an implosion | it’s not always about money: 16 tweaks for your comp system | eight key goal areas for partners | like herding cats: partners must ‘walk together’ | managing partners must remember partners’ needs | new times call for new cpa firm metrics | partners have love-hate relationship with leadership | 6 things leaders must do | 8 financial ducks to line up now | partnership is about persuasion

maybe it’s time for more firms to consider a republic instead of a so-called democracy. the larger firms in the country are surely run more like a republic than a democracy. smaller firms would be well advised to change their governance to mirror the larger firms. but let’s start with the dictatorial form of governance – commonly found, sometimes wildly successful, but only to a point.

the 4 winning communications habits of top accountants

october 1, 2015

by martin bissett

value your clients – and yourself.

component parts of how the other person perceives your in-person communication

by martin bissett
passport to partnership

i’ve had the benefit of meeting, speaking and observing hundreds of very successful and unsuccessful partners over the last two decades and there is indeed a set of differentiating factors that set a partner apart from the chasing pack.

more passport to partnership: what communication really means for partners | how to read your firm’s cultural blueprint | gauge firm culture to move toward partner | what culture really means for partners | firm culture is inevitable; make it work for you | 12 ways to determine your competence | what competence really means for partners | sailing through the seven c’s to partnership | passport to partnership: new research shows wide gap between partners and partners-to-be

here are the four “best-selling behaviors” that i’ve observed:

the merger process in 21 steps

september 30, 2015

by marc rosenberg

plus: 15 potential deal breakers and non-negotiables.

by marc rosenberg
cpa firm mergers: your complete guide

it’s important to understand the flow of the entire merger process.

every merger has its unique aspects. it’s impossible to choreograph, from a to z, exactly how the process for all mergers will work. the steps in the process listed below appear in the order of how they commonly occur.

more on mergers: plant seeds to turn up merger candidates | looking to grow your firm? how to find a seller in four steps | 13 ways to screw up a merger | 15 can’t-skip merger terms to decide | 14 keys to a successful merger | 13 reasons accounting firms merge | mergers 101: when negotiations aren’t really negotiations | 5 steps to take before merging

but again, because all mergers are different, the flow of the steps might vary from merger to merger.

how savvy growth firms attract the best merger candidates

september 23, 2015

by marc rosenberg

you need to be on the lookout year round.

by marc rosenberg
cpa firm mergers: your complete guide

firms that are serious about merging in smaller firms on a regular basis understand that doing mergers is all about planting seeds. a buyer has to have this attitude:

more on mergers: looking to grow your firm? how to find a seller in four steps | 13 ways to screw up a merger | 15 can’t-skip merger terms to decide | 14 keys to a successful merger | 13 reasons accounting firms merge | mergers 101: when negotiations aren’t really negotiations | 5 steps to take before merging

every day of every year, at least one firm decides to test the merger waters. if our efforts to identify sellers are made continuously throughout the year, every year, sooner or later, we will find at least one interested merger candidate and probably more than one.