Dom Esposito, Author at CPA Trendlines

Mine Vs. Yours Vs. Ours

15 ways to take an entrepreneurial approach instead.

By Domenick J. Esposito
8 Steps to Great

It is a very prevalent view that midsized law firms are not particularly well led and well managed.

MORE ON STRATEGIC PLANNING: Pitching Vs. Pursuing | Focus On an Enhanced Client Experience | New Year’s Resolution: Solve the Partner Comp Problem | 6 Rocks in the Path to Growth | Use Compensation to Shape Partner Behavior | The Importance of M&A Culture Due Diligence | Are You Attracting the New Breed of Equity Partners?
Exclusively for PRO Members. Log in here or upgrade to PRO today.

Many of their partners operate as silos and refer to clients as “my clients” and “my book of business.” Sure, they share space and other overheads but they do not institutionalize clients for the long-term benefit of the firm.
READ MORE →

FEATURED

Getting New Business: Pitching Vs. Pursuing

To present, or not to present. That is the question.

By Domenick J. Esposito
8 Steps to Great

The firm’s business development plan is in place. Strategic targeting is complete. Contact with the first prospective client has been made. An impressive value proposition has been shared. Interest in an in-person meeting has been expressed by the prospect.

MORE ON STRATEGIC PLANNING: Focus On an Enhanced Client Experience | 22 Things Leaders Must Do | 21 Questions to Help Unlock Accelerated Growth | M&A Candidates: Valuations and Vetting | AI Likely to Accelerate Merger Mania | Get Your Money’s Worth from Non-Billable Time
Exclusively for PRO Members. Log in here or upgrade to PRO today.

Et voila! It’s time to gear up for a “pitch meeting.”
READ MORE →

CLIENT SERVICE OPPORTUNITIES

Focus On an Enhanced Client Experience

You may be doing the opposite of what clients want.

By Domenick J. Esposito
8 Steps to Great

When choosing a mid-market CPA firm, many clients pay more attention to the ability to “connect” with the client service partner and staff than to the quality of the work performed as many clients are unable to distinguish between outstanding technical work and competent technical work. And even if clients are sufficiently sophisticated and able to distinguish between outstanding and competent work, their technical needs may simply require competency.

MORE ON STRATEGIC PLANNING: 22 Things Leaders Must Do | The Top 11 Reasons CPA Firm Mergers Fail | Growth: The Difference between the Disruptor and the Disrupted? | M&A: Sometimes Bigger Is Better | What a Value Proposition Truly Is (and Isn’t) | Does Your Firm Need an Independent Executive Committee Member?
Exclusively for PRO Members. Log in here or upgrade to PRO today.

As a result, when it comes time for an evaluation of the firm, it’s my observation that many, if not most, clients place more emphasis on an enhanced client experience – including responsiveness, attitude and other non-technical “service” criteria – and not the quality of the technical work.
READ MORE →

GROWTH STRATEGIES

22 Things Leaders Must Do

BONUS: 4 ways NOT to choose a managing partner.

By Domenick J. Esposito
8 Steps to Great

In his 2008 book “Strategy and the Fat Smoker,” David Maister wrote that we often (or even usually) know what we should be doing in both our personal and professional life. We also know why we should be doing it and (often) how to do it.

MORE ON STRATEGIC PLANNING: The Top 11 Reasons CPA Firm Mergers Fail | New Year’s Resolution: Solve the Partner Comp Problem | 6 Rocks in the Path to Growth | Use Compensation to Shape Partner Behavior | The Importance of M&A Culture Due Diligence | Are You Attracting the New Breed of Equity Partners?
Exclusively for PRO Members. Log in here or upgrade to PRO today.

Figuring all that out is not too difficult. What is very difficult is actually doing what you know to be good for you in the long run, despite short-run temptations.
READ MORE →

CHECKLIST

The Top 11 Reasons CPA Firm Mergers Fail

Plus: Four questions to self-assess your due-diligence efforts.

By Domenick J. Esposito
8 Steps to Great

Even as mergers and acquisitions among CPA firms are moving at a hectic pace, many, if not most, are falling short of expectations.

MORE: New Year’s Resolution: Solve the Partner Comp Problem | 21 Questions to Help Unlock Accelerated Growth | M&A Candidates: Valuations and Vetting | AI Likely to Accelerate Merger Mania | Get Your Money’s Worth from Non-Billable Time | Stay Independent But Keep Looking Upward
Exclusively for PRO Members. Log in here or upgrade to PRO today.

Some are even winding up in divorce, with costly breakup costs as morale drops, go-to-market opportunities fail to materialize, and key partners and potential partners leave for other opportunities.

For every transaction that actually does happen, it is also apparent that handfuls of potential deals die at the altar.

MANAGEMENT

Solve the Partner Comp Problem

Now is the time to take a hard look at your partners and your compensation model.

By Domenick J. Esposito
8 Steps to Great

Let’s take a deep dive into both a firm’s partner mix and its compensation model.

MORE ON STRATEGIC PLANNING: 21 Questions to Help Unlock Accelerated Growth | Growth: The Difference between the Disruptor and the Disrupted? | Use Compensation to Shape Partner Behavior | The Importance of M&A Culture Due Diligence | Are You Attracting the New Breed of Equity Partners?
Exclusively for PRO Members. Log in here or upgrade to PRO today.

In a “Good to Great” research study on high-performing organizations performed by Jim Collins, it was concluded that the method of compensation, as a causal factor for high and sustained performance, is largely irrelevant. The study concluded that whatever system is in use, it simply must be rational and equitably managed and that high sustained performance is largely the result of doing many things well.
READ MORE →

CHECKLIST

21 Questions to Help Unlock Accelerated Growth

There’s a downward spiral going on. Follow the traditional model and your firm could get stuck in it.

By Domenick J. Esposito
8 Steps to Great

When it comes to growth, two of my core beliefs are:

size matters, and
service line diversification (the professional services model) is better than the traditional accounting firm model.

MORE ON STRATEGIC PLANNING: Growth: The Difference between the Disruptor and the Disrupted? | 6 Rocks in the Path to Growth | What a Value Proposition Truly Is (and Isn’t) | Does Your Firm Need an Independent Executive Committee Member? | 10 Ways to Link Compensation and Strategy
Exclusively for PRO Members. Log in here or upgrade to PRO today.

The proof is in the pudding.
READ MORE →

FEATURED

Growth: The Difference between the Disruptor and the Disrupted?

The 5 key ingredients.

By Domenick J. Esposito
8 Steps to Great

I was recently asked, “Why is growth important?”

MORE ON STRATEGIC PLANNING: 6 Rocks in the Path to Growth | M&A Candidates: Valuations and Vetting | AI Likely to Accelerate Merger Mania | Get Your Money’s Worth from Non-Billable Time | Stay Independent But Keep Looking Upward | Ineffective Partners and How to Address Them
Exclusively for PRO Members. Log in here or upgrade to PRO today.

My short answer was that it comes down to perspective – do you want your firm to be relevant and be a disruptor or do you want your firm to be irrelevant and be disrupted because, without growth, your firm will certainly be the latter.
READ MORE →

SEARCH CPA TRENDLINES

Dom Esposito

MORE AT STORE.CPATRENDLINES.COM

Domenick J. Esposito was the CEO of Grant Thornton, vice-chair of BDO, and national growth director at CohnReznick.

He is the author of "8 Steps to Great: The Eight Essential Strategies Driving Success at the World's Largest CPA Firms. And How to Apply the Lessons at Firms of All Sizes," published by CPA Trendlines.

A Life in Public Accounting

In 2016, Esposito, then a former CEO of BDO, moved from a 46-year career in public accounting into the next phase of his professional life – consulting to CPA firms, launching a boutique advisory firm, Esposito CEO2CEO, that provides advice to CEOs, managing partners and other senior partners of CPA firms focused on the mid-market throughout the U.S.

With the launch, Esposito authored “8 Steps to Great," a guide for CEOs, managing partners, and other senior partners on how to move their firm to the next level.

CohnReznick National Growth Director

Esposito was one of the most qualified individuals in the country to advise CPA firms on growth and profitability. Through 2015, he was National Practice & Growth Director and an Executive Board member of CohnReznick, LLP, a mid-market sustainable brand and the tenth-largest CPA firm in the United States. He oversaw CohnReznick’s go-to-market industry specialization and consulting and advisory service lines. He was also intimately involved in the firm’s mergers and acquisitions and strategic and tactical activities for its public company and capital markets initiatives. Dom joined the predecessor firm of J.H. Cohn in 2002 as the Chief Operating Officer and Executive Board member.

Dom was also an independent director of Ethan Allen Interiors Inc. For several years (through 2014), Dom was a member of the NASDAQ Listing and Qualifications Committee to the organization’s Board of Directors. He formerly served as the leader of the New York State Society of CPAs Committee for Large and Medium-Sized Firms Practice Management. He also was an Adjunct Accounting Professor at C.W. Post/Long Island University.

BDO and Grant Thornton

Through October 2002, Dom was Vice Chairman at BDO, a mid-market sustainable brand and the seventh-largest international accounting and consulting firm in the U.S., with almost 50 offices and 3,400 employees. During his brief time with BDO, he was responsible for the Alliance Distribution Network (at the time consisting of over 80 CPA firms, 10 law firms, and 25 consulting firms). He was also responsible for attracting and servicing a number of clients.

From 1979 through 2001, Dom was with Grant Thornton, another mid-market sustainable brand and the sixth-largest international accounting and consulting firm in the U.S., with over 50 offices and 4,500 employees. He joined Grant as an audit manager, became a partner in 1981, led the Long Island Office from 1984 to 1986, became assistant managing partner of the New York Office in 1986, and from 1988 to 1999, led the New York Office. In 1999, Esposito became a regional managing partner and for two years, through 2001, was the firm’s Chief Executive Officer.

CPA, Partner, MBA, Leader, Influencer, Media Celebrity

Between 1996 and 1998, and while he was CEO, Esposito was on the Partner Board and was also on the Board of Grant Thornton International – the worldwide umbrella organization. In these capacities, he developed strong experience in strategic thinking and execution, international relationships, corporate governance, partnership matters, branding, expense control, client relationships, and new business development.

As CEO, he took Grant Thornton to record earnings, consummated the largest line-of-business sale in the firm’s history, developed a major joint venture with AXA Financial, and made the largest practice acquisition in the firm’s history. From 1969 to 1979, Esposito was with Price Waterhouse (now PwC), servicing IBM when he was promoted to manager in 1976.

Dom was a CPA, has been quoted in national and local media, and has appeared on radio and cable TV.

Esposito also testified before the Securities and Exchange Commission.

He received his M.B.A. from St. John’s University and his B.S. from Ferris State University. AccountingToday, one of the leading trade journals for the accounting profession, named Esposito one of the most influential people in the profession for two consecutive years.

He passed away in 2021 at the age of 74.

Here’s what you’re looking for: Dom Esposito