cherry-pick your merger partner

young businesswoman putting hand out in "stop" gesture while sipping coffeeit’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.
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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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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?
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most firms try to get as much of a head start as possible before the effective date.
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why partner retreats are worth the cost

send your toughest questions to ed at emendlowitz@withum.com

new environment, new ideas.

by ed mendlowitz
managing an accounting practice, the complete 2-volume set – 202 questions and answers, the 650-page encyclopedia of practice management

q: is there any value to a retreat?

more: why checklists? | ask these 10 questions before adding financial services | selling your practice is not a retirement strategy | thirteen things to know before selling your practice | 10 reasons clients don’t pay
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send your toughest questions to ed at emendlowitz@withum.com

a: absolutely! retreats are very important to reconnect with your partners and reassert why you are in business and what you hope to accomplish, in addition to making a living and not having to work for a boss who isn’t as good or nice as you are.
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one times fees isn’t the only way

check the math.

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 (excluding capital) is worth one times fees. however, like many rules of thumb, this notion is often incorrect.

more: thinking merger? first ask why. | why do you want to merge? be honest. | four reasons to fear a merger
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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.
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from senior to manager in 12 quick questions

what it takes to get promoted.

by marc rosenberg
the rosenberg practice management library

cpa firms have many different titles or positions.

more: making partner: the essential metrics | what makes a partner | want to be a partner? meet these 17 expectations | five reasons not to make someone a partner | yes, you need another partner | six big mistakes in succession planning | what a firm needs from its leaders
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today, we’ll address the most common:

  • staff
  • senior
  • manager

i often use the term “staff” to refer to anyone who is not at the partner level. this is different from a “staff-level” associate, who typically has only a few years or less of experience in public accounting. but exactly what does it take to advance from staff to senior and from senior to manager?
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inside a partner comp committee

how buyout was affected.

by marc rosenberg
the rosenberg practice management library

we worked with a 10-partner cpa firm a few years ago to change their income allocation method from an incredibly complicated formula that was deeply flawed to a compensation committee (cc). we talked to the partner group recently to get their feedback on how things worked out.

more: rewarding partners for seniority: pros and cons | what if founders don’t want to buy each other out? | when cpa partner votes go wrong | why billing less may mean earning more
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why did you adopt the cc? it embraces the fundamental concept that an accounting firm’s success depends on its partners’ production and intangible attributes such as management, leadership, mentoring staff, and teamwork, among others.
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making partner: the essential metrics

from mastering business-building skills to people-building skills.

by marc rosenberg

there are many ways to measure the performance of staff on the path to making partner.

more: making partner: what managers need to know | the 17 rules for making partner at a cpa firm | who shouldn’t be a partner? | nine reasons people are promoted to partner | how to make partner?
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as is my style, i will present far more measures than most firms actually use. but i doubt you’ll perceive any of the methods here as unimportant. they are not listed in any particular order of importance.

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what makes a partner

checklist: the 16 big responsibilities for any partner.

by marc rosenberg

when managers become new partners, they face numerous changes.

more: the 17 rules for making partner at a cpa firm | who shouldn’t be a partner? | nine reasons people are promoted to partner | how to make partner
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those include some things they’re entitled to … and not. read more →

what do you expect from your senior associates?

expectations graph.do they know?

by kristen rampe

we polled a group of senior associates recently and asked what they believed the top five expectations of their role were. that is, what do the partners of the firm expect these seniors to do all day? they were not given time to research answers from any company documents describing expectations of seniors, just a moment to jot down what they felt was most important.

more: rewarding partners for seniority: pros and cons | what if founders don’t want to buy each other out? | when cpa partner votes go wrong | why billing less may mean earning more | what smaller firms must do to become firms of the future | when managing partners can’t | don’t let exiting partners double dip | the 13 signs you have a partner problem
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

before reading further – what are your top five expectations of your senior associates?

write them down on a piece of paper or blank word doc and you can compare them to their responses below. looking at your list, how consistent would these expectations be across different partners or managers at your firm?
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want to be a partner? meet these 17 expectations

//m.g005e.com/2021/03/23/17-basic-expectations-of-partners/plus four super basics.

by marc rosenberg
the rosenberg practice management library

we’ve all heard the names given to various generations of people over the past century. the lost generation. the greatest (wwii) generation. the silent generation. baby boomers. gen x. millennials. gen z. though i don’t know of any studies on this, i’m quite sure that every generation of cpa firm ownership has complained – bitterly – about the younger generation.

more: five reasons not to make someone a partner | yes, you need another partner | what prospective partners should ask their firm | making partner: 15 steps to the buy-in | drive your profits with only four metrics
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baby boomers and gen xers love to complain that today’s staff don’t want to be partners. they cite this as a major reason why it’s so difficult to bring in new partners.
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