New approaches to old challenges.
Source: Accounting Office Management & Administration Report via www.cpaleadership.com. To subscribe to AOM&AR, go to www.ioma.com.
Chicago-based CEB & Company LLC was formed in 2008 when Patrick O’Malley and William M. Kwit split off from their previous firm over differences regarding business and staff development. The firm now has two partners and nine employees. But O’Malley and Kwit couldn’t have chosen a tougher time to go out on their own — the beginning the Great Recession. How are they doing? O’Malley says says they’ve taken some new approaches to old challenges.
Keys to CEB’s success include:
- Training. The firm developed a significantly better staff-training program that emphasizes an open exchange of ideas and provides staff with high-level work opportunities. This approach has led to positive feedback from both clients and staff.
- Marketing. The firm is exploring new markets, including international work, new businesses started by people laid off by larger companies, and retirement plans. Regarding the retirement plan market, O’Malley feels that a smaller firm offers lower fees and other advantages over larger firms that handle retirement plans as an add-on for midsize clients. To develop this business, CEB maintains relationships with larger CPA firms and plan administrators.
- Service. The firm emphasizes the strength of its client-service teams, particularly partner-level service that isn’t available from larger firms.
- Recruiting. Recruiting is a challenge because larger CPA firms generally don’t lay off their best talent. But the firm has been able to find good people coming out of school now that bigger firms are hiring fewer recent graduates.
