{"id":94804,"date":"2022-03-03t12:00:06","date_gmt":"2022-03-03t17:00:06","guid":{"rendered":"\/\/www.g005e.com\/?p=94804"},"modified":"2023-12-13t17:18:26","modified_gmt":"2023-12-13t22:18:26","slug":"four-reasons-that-cpa-firms-fear-mergers","status":"publish","type":"post","link":"\/\/www.g005e.com\/2022\/03\/03\/four-reasons-that-cpa-firms-fear-mergers\/","title":{"rendered":"four reasons to fear a merger"},"content":{"rendered":"<p><strong><a href=\"https:\/\/cpatwpe.s3.amazonaws.com\/cpatrendlines\/wp-content\/uploads\/2015\/11\/4purplebilliardbill_dollarphotoclub_24920664.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright  wp-image-46073\" src=\"https:\/\/cpatwpe.s3.amazonaws.com\/cpatrendlines\/wp-content\/uploads\/2015\/11\/4purplebilliardbill_dollarphotoclub_24920664-424x436.jpg\" alt=\"purple no. 4 billiard ball\" width=\"201\" height=\"207\" \/><\/a>and eight ways to tell that one was successful.<\/strong><\/p>\n<p><em>by marc rosenberg<\/em><br \/>\n<a href=\"\/\/www.g005e.com\/shop\/how-to-negotiate-a-cpa-firm-merger\/\" target=\"_blank\" rel=\"noopener\"><em>cpa firm mergers: your complete guide<\/em><\/a><\/p>\n<p>as a generation of aging baby boomer partners continues its relentless march toward retirement, thousands of firms are seeking the only exit strategy available to them: merge into another firm.<\/p>\n<blockquote><p><strong>more:\u00a0<\/strong> <a href=\"\/\/www.g005e.com\/2021\/11\/29\/12-shifts-to-ensure-firm-success\/\">12 shifts to ensure firm success<\/a>\u00a0|\u00a0\u00a0<a href=\"\/\/www.g005e.com\/2021\/11\/21\/eisneramper-ceo-explains-the-firms-private-equity-deal\/\">eisneramper ceo explains the firm\u2019s private equity deal<\/a> \u00a0|\u00a0\u00a0<a href=\"\/\/www.g005e.com\/2021\/11\/17\/why-its-time-for-an-acquisition\/\">why it\u2019s time for an acquisition<\/a> \u00a0|\u00a0\u00a0<a href=\"\/\/www.g005e.com\/2021\/10\/08\/are-you-overthinking-an-ma-deal\/\">are you overthinking an m&amp;a deal?<\/a> \u00a0|\u00a0\u00a0<a href=\"\/\/www.g005e.com\/2021\/04\/08\/the-9-biggest-merger-pitfalls\/\">the 9 biggest merger pitfalls<\/a> \u00a0|\u00a0\u00a0<a href=\"\/\/www.g005e.com\/2021\/04\/07\/will-the-new-tax-rates-have-you-cashing-out\/\">will new taxes push you to cash out?<\/a> \u00a0|\u00a0\u00a0<a href=\"\/\/www.g005e.com\/2021\/04\/01\/the-managing-partners-role-in-mergers\/\">the managing partner\u2019s role in mergers<\/a> \u00a0|\u00a0\u00a0<a href=\"\/\/www.g005e.com\/2022\/02\/27\/what-its-like-changing-to-a-compensation-committee\/\">inside a partner comp committee<\/a> \u00a0|\u00a0\u00a0<a href=\"\/\/www.g005e.com\/2022\/01\/25\/making-partner-the-essential-metrics\/\">making partner: the essential metrics<\/a> \u00a0|\u00a0\u00a0<a href=\"\/\/www.g005e.com\/2021\/11\/30\/want-to-be-a-partner-meet-these-17-expectations\/\">want to be a partner? meet these 17 expectations<\/a> \u00a0|\u00a0\u00a0<a href=\"\/\/www.g005e.com\/2021\/11\/09\/five-reasons-not-to-make-someone-a-partner\/\">five reasons not to make someone a partner<\/a> \u00a0|\u00a0\u00a0<a href=\"\/\/www.g005e.com\/2021\/11\/02\/yes-you-need-another-partner\/\">do you really need another partner?<\/a> \u00a0|\u00a0\u00a0<a href=\"\/\/www.g005e.com\/2021\/10\/26\/two-things-to-tell-potential-partners\/\">six big mistakes in succession planning<\/a> \u00a0|\u00a0\u00a0<a href=\"\/\/www.g005e.com\/2021\/10\/17\/new-non-compete-laws-dont-affect-cpa-firms\/\">new non-compete laws don\u2019t affect cpa firms<\/a> \u00a0|\u00a0\u00a0<a href=\"\/\/www.g005e.com\/2021\/10\/14\/evaluating-the-managing-partner-2\/\">evaluating the managing partner<\/a> \u00a0|\u00a0\u00a0<a href=\"\/\/www.g005e.com\/2021\/10\/12\/final-pearls-of-wisdom\/\">what a firm needs from its leaders<\/a> \u00a0|<\/p>\n<p><strong><img loading=\"lazy\" decoding=\"async\" class=\"alignleft wp-image-49700 size-full\" src=\"https:\/\/cpatwpe.s3.amazonaws.com\/cpatrendlines\/wp-content\/uploads\/2016\/08\/yellow_key_clip_art-e1375897299811-36p-hi-1-e1603911598474.jpg\" alt=\"goprocpa.com\" width=\"39\" height=\"16\" \/><span style=\"color: #b79c00;\">exclusively for pro members. <\/span><\/strong><span style=\"color: #b79c00;\"><a style=\"color: #b79c00;\" href=\"\/\/www.g005e.com\/wp-login.php?redirect_to=\/\/www.g005e.com\/2022\/03\/03\/four-reasons-that-cpa-firms-fear-mergers\/\">log in here<\/a> or <a class=\"external\" style=\"color: #b79c00;\" href=\"http:\/\/goprocpa.com\/\" target=\"_blank\" rel=\"noopener\">2022世界杯足球排名 today<\/a>.<\/span><\/p><\/blockquote>\n<p>thus has a voracious appetite for mergers been created at all size levels, particularly:<\/p>\n<ul>\n<li>sellers who are very small firms \u2013 sole practitioners (remember, 30,000 of the u.s.\u2019s 44,000 cpa firms are solos, and a huge percentage of those are at an advanced age) and multipartner firms under $3 million<\/li>\n<li>buyers with annual revenues of $3 million and larger<\/li>\n<\/ul>\n<p><!--more--><\/p>\n<h3>do mergers work?<\/h3>\n<p>ask a partner from a smaller firm that merged upward whether the match has proven successful, and the likelihood is you\u2019ll get a less-than-enthusiastic response. why isn\u2019t this partner jumping for joy? is it because the merger didn\u2019t work? rarely.<\/p>\n<p>albert einstein famously said, \u201cif only i could think of the right questions\u201d (i.e., not the right answers). well, that\u2019s what doing a merger successfully is all about: asking the right questions.<\/p>\n<p>look at the reasons why the merger was done in the first place and see if those goals were met. here are some of the right questions a partner could ask after a merger is completed to determine if it was successful:<\/p>\n<ol>\n<li>did you solidify your buyout?<\/li>\n<li>did your clients react well to the merger and were they retained?<\/li>\n<li>did your staff react well to the merger and were they retained?<\/li>\n<li>did the firm you merged with provide you with younger partners and bright young staff you didn\u2019t have before the merger?<\/li>\n<li>has being part of a larger firm given you more ways to satisfy your clients and attract new customers?<\/li>\n<li>will the merger get you closer to achieving your growth objective?<\/li>\n<li>are you making more money?<\/li>\n<li>do you have fewer headaches now than when you were independent?<\/li>\n<\/ol>\n<p>if the answers to most of these questions are \u201cyes,\u201d then the merger was a success. but don\u2019t conclude that the merger didn\u2019t work simply because you are not jumping for joy.<\/p>\n<p>here are some reasons we\u2019ve heard over the years why firms are reluctant to pursue upward mergers:<\/p>\n<p><strong>reason #1: we fear a loss of control.<\/strong><\/p>\n<p>response: what do you fear? name one thing. i have yet to talk to a \u201chesitant\u201d firm that can name even one specific <strong>valid<\/strong> fear. the loss of control issue is usually a mindset or fear of the unknown that dissipates once the merger takes place. however, if you fear being held accountable for things you know you <strong>should <\/strong>be held accountable for (like collecting your receivables, billing your wip on time, getting your timesheet in on time), then the fear may be valid.<\/p>\n<p><strong>reason #2: we\u2019ve been independent for so long, we\u2019ve gotten used to it. we won\u2019t be happy at a larger firm where they \u201ctell us what to do.\u201d<\/strong><\/p>\n<p>response: if you are productive, manage a decent-sized client base, have acceptable technical skills, maintain good relationships with clients and firm personnel and have no skeletons in the closet, the buyer isn\u2019t going to tell you what to do. at least not in ways that will cause you unhappiness.<\/p>\n<p><strong>reason #3: we feel like we\u2019ve failed the firm by merging out of existence.<\/strong><\/p>\n<p>response: what\u2019s the alternative, dying in your chair? seeing the firm deteriorate to a shadow of itself while the partners hang on in their dotage? by merging, the partners are being proactive about preserving their clients, providing jobs for their staff and giving themselves a way to retire gracefully. there\u2019s no shame in merging up. you\u2019ve got lots of company: 80 percent of all firms never make it to the second generation. it\u2019s been done before and will be done again and again.<\/p>\n<p><strong>reason #4: we hear from a lot of other firms that mergers just don\u2019t work.<\/strong><\/p>\n<p>response: our experience is that mergers <strong>do<\/strong> work \u2026 if you do them right. doing mergers \u201cright\u201d means:<\/p>\n<ol>\n<li>carefully assessing the extent to which the reasons for doing the merger will be realized.<\/li>\n<li>examining the fit of the two firms\u2019 personalities and cultures.<\/li>\n<li>doing your due diligence, really thoroughly.<\/li>\n<li>getting crystal clarity on what will be expected of you at the new firm.<\/li>\n<\/ol>\n<p>your merger <strong>will<\/strong> work if you do your homework! ask the right questions.<\/p>\n<p>when a smaller firm merges up, that poignant \u201cend of an era\u201d feeling is to be expected. it\u2019s a natural emotional response. but merging with another firm is no reason for remorse. when done right, it\u2019s a courageous step forward.<\/p>\n<p>of course, when a merger is done wrong, just as with any decision made poorly, you are bound to be unhappy with the outcome.<\/p>\n<h3>some definitions of terms<\/h3>\n<p>there are three merger types:<\/p>\n<ul>\n<li>smaller firm merging into a larger firm (upward merger)<\/li>\n<li>larger firm merging <strong>in<\/strong> a smaller firm (downward merger)<\/li>\n<li>mergers of equals or close to equals (rare):\n<ul>\n<li>two firms close in size merging together (sideways merger or merger of equals)<\/li>\n<li>two firms of different sizes merging together when the gap in size is small enough that the smaller firm can negotiate terms freely<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p>though there are obvious differences among the mergers above, there are many similarities as well.<\/p>\n<p><strong>negotiation<\/strong><\/p>\n<p>\u201cnegotiation\u201d can take on two different meanings in the realm of cpa firm mergers:<\/p>\n<ol>\n<li>full-scale negotiation in the true sense of the word: most or many aspects of the merger are open for discussion. neither firm enters the negotiations with the intent to stubbornly impose or force the other firm to do it their way.<\/li>\n<\/ol>\n<p>examples of issues commonly open to negotiation in the true sense of the word:<\/p>\n<ul>\n<li>deal terms<\/li>\n<li>partner income allocation method<\/li>\n<li>partner agreement, including partner buyout plan<\/li>\n<li>how the firm will be managed<\/li>\n<li>tax prep application that will be used<\/li>\n<li>format of client financial statements and workpapers<\/li>\n<\/ul>\n<p>this type of negotiation is the <strong>less<\/strong> common of the two because most \u201cmergers\u201d are acquisitions in substance, if not in form. accordingly, terms are, to a large extent, dictated by the buyer.<\/p>\n<ol start=\"2\">\n<li>minor negotiation, where the smaller firm won\u2019t have much ability to influence the terms. this is the most common negotiation scenario. the partners of the smaller firm are under no illusion that they will be able to get the larger firm to change its policies and practices. instead, the smaller firm goes through a process of learning what the larger firm&#8217;s practices are and assessing whether it can live with them. it&#8217;s possible that a few minor items could be compromised on.<\/li>\n<\/ol>\n<p><strong>merger vs. acquisition<\/strong><\/p>\n<ul>\n<li><strong>a true<\/strong> <strong>merger<\/strong> is a transaction where two companies join forces to form a new company. cash is rarely paid to the owners of either firm.<\/li>\n<li><strong>an acquisition<\/strong> occurs when one firm purchases a smaller firm for cash, with payments paid over a fixed period of years.<\/li>\n<\/ul>\n<p>in reality, the vast majority of \u201cmergers\u201d are really acquisitions in substance, though not necessarily in form. in these mergers, there is no doubt that the larger firm is the \u201csurviving\u201d firm and the smaller firm will cease to exist.<\/p>\n<p><strong>buyer and seller<\/strong><\/p>\n<p>the larger firm is considered the \u201cbuyer\u201d and the smaller firm is considered the \u201cseller\u201d even though legally in a merger there may be no sale or acquisition.<\/p>\n<p><strong>partner<\/strong><\/p>\n<p>there are two kinds of partners at cpa firms: equity and non-equity. some firms prefer the term \u201cincome partner\u201d instead of non-equity partner; the two terms are synonymous. equity partners are owners of the firm. non-equity partners are partner in name only and rarely have an ownership interest in the firm.<\/p>\n","protected":false},"excerpt":{"rendered":"<p><strong>and eight ways to tell that one was successful.<\/strong><br \/>\n<em>by marc rosenberg<\/em><br \/>\n<a href=\"\/\/www.g005e.com\/shop\/how-to-negotiate-a-cpa-firm-merger\/\" target=\"_blank\" rel=\"noopener\"><em>cpa firm mergers: your complete guide<\/em><\/a><\/p>\n","protected":false},"author":1339,"featured_media":52068,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_relevanssi_hide_post":"","_relevanssi_hide_content":"","_relevanssi_pin_for_all":"","_relevanssi_pin_keywords":"","_relevanssi_unpin_keywords":"","_relevanssi_related_keywords":"","_relevanssi_related_include_ids":"","_relevanssi_related_exclude_ids":"","_relevanssi_related_no_append":"","_relevanssi_related_not_related":"","_relevanssi_related_posts":"","_relevanssi_noindex_reason":"","footnotes":""},"categories":[1363,2371,3120,3002,11],"tags":[3993],"class_list":["post-94804","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-mergers-acquisitions","category-pro-member-exclusive","category-special","category-research","tag-private-equity"],"acf":[],"yoast_head":"<!-- this site is optimized with the yoast seo plugin 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