succession

6 Questions for Planning Your Succession

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August Aquila: "Holding on too long is the most serious sin you can commit."Make your planning spell SUCCESS.

By August J. Aquila

It’s no surprise to anyone thinking about retiring or selling a practice today that the number one issue they face is finding someone to take over the practice.

MORE ON GREAT PARTNERSHIPS: 7 Issues in Partner Retirement Planning | Solving Underperforming or Dysfunctional Partners | The 3 Types of Partners You Need | How MPs Can Make a Real Difference | 5 Reasons That Leaders Fail | 11 Things All Partners Must Do | Why Partners Need Written Goals
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There is a definite shortage of buyers and those who are buying are becoming more and more selective. Many firms will find that it has now turned into a buyers’ market.
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10 Steps to Transitioning to a New MP

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Senior businessman and another businessman talkingPlus 4 questions to answer if the MP is staying with the firm.

By August J. Aquila
What Makes a Great Partnership

One of the most difficult events that a firm faces is the transition of power from one managing partner to another, especially when it’s the first time.

MORE ON GREAT PARTNERSHIPS: 5 Ways to Keep Your Edge | 5 Reasons That Leaders Fail | 11 Things All Partners Must Do | Why Partners Need Written Goals | The 6-Step Plan for Transitioning Clients | Fighting Restraining Forces | Chemistry and Mutual Respect Matter | Great CPA Firm Partnerships Begin with Trust | The 4 Best Ways to Use Pre-Retirement Partners
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Knowing when to pass the baton and how to pass it are critical decisions every firm will have to make.
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SURVEY: Next Generation Balking at Buyouts

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"Partnership" written on two connected puzzle piecesM&A doesn’t solve succession problems.

By Terry Putney, Transition Advisors
The Rosenberg MAP Survey

Succession for retiring partners continues to be a pressing issue for many mid-size and small firms.

MORE FROM THE SURVEY: Many Firms Have Already Lost the Battle with Succession | Embracing New Technology a Must | Technology Will Solve Labor Shortages | Cybersecurity Grows in Importance | Don’t Just Win Work, Figure Out Why | Mergers Keep Racing Forward  | MAP Survey Top 10 Findings
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This is not a new trend. It is amazing how many firms are delusional about their prospects of remaining independent, while doing virtually nothing to address the core issue of acquiring and developing the talent necessary to build the new generation of owners.
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Many Firms Have Already Lost the Battle with Succession

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Older businessman sitting at desk smiling as wall clock indicates 5 minutes to retirementDoomed by outdated retirement formulas.

By Carl George
The Rosenberg MAP Survey

Firms are continuing to struggle with succession of the partner group exiting the profession.

MORE FROM THE SURVEY: Recruiting and Retention Are Challenges | Technology Will Solve Labor Shortages | Cybersecurity Grows in Importance | Don’t Just Win Work, Figure Out Why | Mergers Keep Racing Forward  | MAP Survey Top 10 Findings
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While I would hope these issues are being resolved, I really wonder if it’s not too late for many.
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Time Is Running Out for Succession Planning

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Digital visualization of a blue alarm clockBONUS: 22-point M&A due diligence kit.

By Domenick J. Esposito
8 Steps to Great

Much has been written and discussed regarding succession planning at CPA firms driven by the vast number of founders, leaders, and rainmakers who are retiring at a record pace.

MORE ON STRATEGIC PLANNING: Expand Your National and Global Geographic Reach | Using a High-Performance Business Framework | What a Client Service Plan Can Add | 36 Consulting Services You Might Be Overlooking | How to Drive Consistent Partner Behavior | CPA Firm Partner Performance: Different Activities, Different Metrics | Develop the Partners You Already Have | How Many Partners Do You Need?
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Key takeaways in this post:

  • Mid-market sustainable brands generally combine practices as opposed to acquiring or buying practices.
  • Spend time to make sure it feels right.
  • The easier part is getting the contract signed; the harder part is the integration of the two practices and to make sure 1 + 1 at least = 3.

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SURVEY: Firms Must Build Their Benches

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Ice hockey player in bench area watching actionIt’s that or watch your bright new stars bolt.

By Art Kuesel
The Rosenberg MAP Survey

In 2015, I saw a moderate shift in mindset from that of “let’s help everyone develop themselves” to “let’s target our resources at our high potentials.” Firms worked through their fears of offending lifetime managers as they saw high potentials depart at the fastest pace in recent memory.

MORE FROM THE SURVEY: New Leaders Promoting Positive Changes | Cybersecurity Grows in Importance | Don’t Just Win Work, Figure Out Why | Mergers Keep Racing Forward  | MAP Survey Top 10 Findings | CPA Firm Revenues Rise a Hefty 8%
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Only a handful of firms started the year with formal “path to partner” programs while many more had them by the close of the year. And MPs reported that the biggest gap in skill set for partner potentials continued to be business development.
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SURVEY: Mergers Spur Growth

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Five businesspeople shaking hands under office skylightLeadership, succession planning remain challenges.

By August Aquila
The Rosenberg MAP Survey

The majority of my clients had a very good year in 2015.

MORE FROM THE SURVEY: Don’t Just Win Work, Figure Out Why | Talent Wars, M&A Frenzy Continue | Next-Gen Leaders Getting Restless | Mergers Keep Racing Forward  | Do You Have a Firm or a Co-op? | Accountability, Equity, Compensation Are Concerns | MAP Survey Top 10 Findings | CPA Firm Revenues Rise a Hefty 8%
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There were two primary reasons for their growth. First, many did more mergers than the year before, and second, they were acquiring more business advisory firms. One client told me that “they had enough accounting work and didn’t want any more, but would certainly be interested in acquiring a consulting firm.”
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When Silence Is Golden … and Not

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Businesswoman with hand to foreheadA cautionary tale about commitment for partners-to-be.

By Martin Bissett
Passport to Partnership

Ask yourself and answer these questions when considering the current and future “commitment” behaviors that you’ll employ.

MORE ON THE PASSPORT TO PARTNERSHIP: What Commitment Means Now | 13 Steps to True Commitment | When to Ignore a White Lie: A Cautionary Tale | Communicate Your Worth and Value | Best Practices for One-on-One Communication | Learn to Read Your Firm’s Culture | Experts Advise What Partnership Takes
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1 – What is my first reaction to being asked to work outside of my normal hours?

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