succession & retirement

outlook 2023: grow your own partners

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a little at a time still gets you there.

by kristen rampe
the rosenberg map survey: national study of cpa firm statistics

retiring will continue to be difficult for many partners of small firms. even if on paper they’ve done their job of bringing in new partners, many of their successors already have a full book of business and can’t absorb all of the outgoing partner’s client bases.

more: outlook 2023: authenticity comes to the workplace | private equity pumps up paychecks | look who’s making money now | compensation gets creative | the office is over | accounting firms face up to private equity
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not to mention that many newer-generation partners have no appetite for the long-hours lifestyle of baby boomers. it’s not uncommon to need two new partners to replace a founder who’s been working 3,200+ hours per year. few want that job.
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five ways to put success into succession planning

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a robust mentoring program can be critical.

three climbers helping each other up a hill

by bill penczak

legendary general electric ceo jack welch is reported to have lamented the choice he’d made in his successor, choosing someone based on their personality and ability to navigate the politics of the position instead of someone who could successfully lead the company into a brighter future. welch was correct. today, ge is a shell of its former self because of its leadership choice.

more: o.d. lanier: stepping into advisory | secret to success? a growth and abundance mindset | future firm growth requires a mindshift |the great resignation: five reasons accountants are quitting | five global cpa leaders: four survival strategies | planning for success in 2021 | do you have the guts to beat the covid crisis?
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welch’s one gaping failure as an otherwise stellar executive started me thinking about the current state of baby boomer-led and owned cpa firms, and how many of them are likely to commit the succession errors of ge. or worse, do nothing at all in terms of creating and sustaining a cpa firm into its next iteration.

as firms are giddy with the prospect of a new year and with covid in our rear-view mirrors, here are five considerations for generational succession of a middle market firm:

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donny shimamoto: future firm growth requires a mindshift

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we can’t keep going the way we’re going.

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the disruptors
with liz farr for 卡塔尔世界杯常规比赛时间

donny shimamoto, cpa.citp, cgma, says that one of the covid pandemic’s benefits is accelerating technology adoption.

more: jennifer wilson: empower young workers to build the firm everyone loves | mike whitmire: re-think your hiring and training practices | hector garcia: success strategies of a quickbooks youtube superstar | blake oliver: why tax work yearns to be free| private equity explodes in u.k. | brannon poe: the status quo must go  | accounting nerds, unlock your super powers  | disruptor: jason statts shakes up the status quo | think small to think big with matt wilkinson | when financial statements go extinct with corey schmidt | can geraldine carter save accountants from themselves? | re-inventing accounting with tyler anderson

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with the ongoing talent crunch, technology is one of the ways firms can get the work done with fewer people, as firm owners seek to create a sustainable balance “because we can’t keep going the way that we’re going.”

pro members always get all the top takeaways, details on the guest, and the full transcript.

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who wants to be partner? not enough

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anybody? anybody? bueller? please?

by 卡塔尔世界杯常规比赛时间 research

as if the general and long-term shortage of accountants isn’t bad enough, now we’re seeing a widespread reluctance to take the final step in an accounting career, the step into partnership.

more: outlook 2023: compensation gets creative | what new leaders want in ownership | getting partners to accept a new pricing philosophy | survey results: partners rejoice on surging fee growth | headcounts grow 5%; pay rates surge at 7% pace | fourteen rules for lateral partner hires

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this is serious. according to the 2022 rosenberg survey, a quarter of all partners are over the age of 60 and either near or past many mandatory retirement ages. many have sold their equity yet continue to work just to help their own firms grapple with personnel shortages.

but nobody works forever.

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what new leaders want in ownership

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is your firm ready to pass the baton?

by terrence e. putney

buying into a firm as a new owner involves great opportunity, but also significant risk. it is reasonable for ownership candidates to evaluate the potential for professional and financial rewards before taking such a step. therefore, firms must be willing to honestly assess the potential risks and benefits for candidates as they seek to attract new partner-owners who can contribute meaningfully to the firm’s continued success.

more: what’s the why? | learn how to let go and let someone else step up | how to close the generation gap | how to encourage firm ownership | each generation must change
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most of the firms we work with on succession planning start off with a strong preference to remain independent. they want to avoid having to sell or merge in order to address the need to pay off and replace retiring owners. the common reasons we hear cited are:
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secret to success? a growth and abundance mindset

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transformation talks: mike maksymiw, cpa, cgma, says the secret to success and transformation in accounting is to be willing to learn, believe there’s enough work for everyone…and allow yourself to be vulnerable.

^ click to play video | > play the podcast and follow 卡塔尔世界杯常规比赛时间 podcasts on apple podcasts here or grab the rss feed here.


transformation talks
with bill penczak
center for accounting transformation

center for accounting transformation
center for accounting transformation

after 16 years of working in firms, mike maksymiw, cpa, cgma, was done.

he went to his employer with his concerns about wanting to do something else. instead of encouragement to pursue another area in the firm, he was persuaded to remain on the partner track he was on. maksymiw decided he’d rather move on.

more on aprio: why tax work yearns to be free | the fintechflood: accounting will never be the same | top issues for 2022: talent, time and transformation | what’s in a (firm) name?

more: five lead generation mistakes to avoid | five post-tax season growth ideas | five better ways to say no | are you solving your clients’ problems? | five ways to grow: talent new service lines | business development and sales aren’t scary
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“i didn’t have anywhere to go when i left. i just knew i needed to go,” he said. “so, after, you know, a couple pandemic busy seasons, learning about the cares act, being a national leader at the firm at that, like i was toast. so, my family and i just went to hawaii stayed there for two weeks.”

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from tax to transformation

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transformation talks: paul mueller, cpa, took a leap of faith when he left a national accounting firm at the apex of his career to start a new firm serving small- and medium-sized businesses.

^ click to play video | > play the podcast and follow 卡塔尔世界杯常规比赛时间 podcasts on apple podcasts here or grab the rss feed here.

center for accounting transformation
center for accounting transformation

transformation talks
with bill penczak
center for accounting transformation

paul mueller was at a crossroads. as a national manager for the tax group of a large firm, he should have felt like leonardo dicaprio, yelling, “i’m the king of the world!” yet, something just wasn’t right.

more: five lead generation mistakes to avoid | five post-tax season growth ideas | five better ways to say no | are you solving your clients’ problems? | five ways to grow: talent new service lines | business development and sales aren’t scary
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today, he is the managing director of his own firm, mueller pye & associates, cpa llc in loveland, colo. his is a story of a late-life career transformation.

takeaways

  • there is life—a really fulfilling one—after a departure from a large national firm into a small firm in rural colorado.
  • in order to effect transformation either as a firm, or as a professional, it’s important to have a support network you can trust and open up to about your challenges
  • while firms do a great job of advising their clients on succession planning, that’s not always the case for themselves.

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what makes a partner

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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 →

eisneramper ceo explains the firm’s private equity deal

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卡塔尔世界杯常规比赛时间 podcasts: the next paradigm shift?
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eisneramper ceo charly weinstein calls the firm’s deal to take on private equity a new wrinkle in the profession’s decades-old struggle to secure fresh capital for expansion in an increasingly competitive marketplace.

why founders balk at their buyouts

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blocking dominos from falling.solutions for when succession planning didn’t happen as it should have.

by marc rosenberg and kristen rampe

over the years, we have worked with a number of small firms that had the following dilemma: what to do when the partners are all in their 60s and none wishes to buy out the other?

more: when cpa partner votes go wrong | why billing less may mean earning more | don’t let exiting partners double dip | how covid impacts partner retirements |  covid-19: how your firm can respond
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this problem is particularly acute with two-partner firms, though can be troublesome for other firms with multiple partners wanting to retire on a similar timeframe.

we have distilled this dilemma into a case study to guide firms to a solution. this case is based on real facts.
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six big mistakes in succession planning

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and three reasons staffers don’t want “in.”

by marc rosenberg
the rosenberg practice management library

accounting firms worldwide are dealing with an enormously difficult challenge today – one that has topped every firm’s list of critical issues since the turn of the century and will continue to be a high priority for years to come. the vast majority of firms struggle with it. failure to solve it causes hundreds of firms to merge out of existence every year.

more: what a firm needs from its leaders | what prospective partners should ask their firm | what new partners should know about buyouts | comp: what new partners don’t know | making partner: 15 steps to the buy-in
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the “it” is, of course, succession planning, with difficulties rooted in a perfect storm of causes:
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exclusive: eisner ceo charly weinstein explains the private equity deal 

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is this the next paradigm shift for the profession?

by 卡塔尔世界杯常规比赛时间 research

eisneramper ceo charly weinstein calls the firm’s deal to take on private equity a new wrinkle in the profession’s decades-old struggle to secure fresh capital for expansion in an increasingly competitive marketplace.

more on private equity for cpa firms:

flash briefing webinar: a “call to arms” after eisner private equity deal, with dom esposito and anthony zecca

analysis by esposito and zecca: how outside capital can remake cpa firms

analysis by esposito and zecca: private equity the new source of growth capital for cpa firms?

eisneramper gets private equity backing

“embrace change. disruption is coming to the profession. be ready for it. build a platform that keeps you sustainable, relevant, and important,” he tells 卡塔尔世界杯常规比赛时间 in this exclusive video interview with editor rick telberg. read more →

flash briefing: a “call to arms” after private equity deal

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eisneramper move augurs a new path forward for firms seeking capital for growth.

with dom esposito and anthony zecca

eisneramper’s deal to take on private equity and spin off its attest firm represents a new path forward for firms seeking capital to remain competitive in talent and in technology, according to dom esposito and anthony zecca, two veteran big-firm leaders, in this exclusive 卡塔尔世界杯常规比赛时间 flash briefing webinar.

download the slide deck here (pdf)

more on private equity for cpa firms:

exclusive: ceo charly weinstein explains the private equity deal

analysis by esposito and zecca: how outside capital can remake cpa firms

analysis by esposito and zecca: private equity the new source of growth capital for cpa firms?

eisneramper gets private equity backing

esposito is author of “8 steps to great: driving success at the world’s largest cpa firms and how to apply the lessons at firms of all sizes.” more by  dom esposito here.

zecca is the author of “leading from the edge – the new growth handbook with bonus toolkit.” more by anthony zecca here.

it’s “a call to arms,” says zecca. “whether you’re a $30-million firm or a $300-million firm, it doesn’t matter. you need to step back and say, okay, how is this going to affect me? how’s this going to affect how we get our clients? how is this going to affect how we’ve gotten our talent? and what do you need to do to change in this changing landscape?”

for esposito, “the takeaway is an understanding that you have options. and private equity is now an option that you should consider if you have the right mix of services and the right size.” read more →