Five Priorities All Successors Share

number 5 drawn in sandEveryone wants a smooth transition.

By Ira Rosenbloom

The complexities of succession are significant no matter whether the route you take is internal or external. Either scenario requires a significant time investment, and each one has different features with associated levels of change and adjustment.

MORE: Refocus on Year-Round Best Practices | 5 Keys to M&A Success | 10 Steps to a Superior Tax Department | 10 Ways to Protect Your Best Clients from Your Competitors | Are You Overthinking an M&A Deal? | How to Put the ‘Success’ in Succession

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However, regardless of where they come from or how they got there, CPA firm successors share common ground in the five priorities below.

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Refocus on Year-Round Best Practices

Tax grinds are no reason to stop working on your business.

By Ira Rosenbloom

CPA firms commonly earn the bulk of their revenue from calendar year-end and personal tax work performed during busy season. During this period, the heavy focus on production for tax season takes too many practices away from strong practice management discipline for considerable blocks of time during the winter crunch and the September 15 and October 15 deadlines. Practice management best practices are a 365-day-a-year discipline, and those who work it every day see the difference.

FEATURED VIDEO: The Seller’s Guide to Getting the Best Price for Your Firm

MORE: 5 Keys to M&A Success | 10 Steps to a Superior Tax Department | 10 Ways to Protect Your Best Clients from Your Competitors | Are You Overthinking an M&A Deal? | How to Put the ‘Success’ in Succession | How COVID-19 Has Changed Succession Planning | Top 10 Steps to Maximizing Profitability

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Keeping your business healthy will go a long way toward improving happiness for your team. Maintaining these five best practices will also enhance your firm’s succession options, and give you more leverage in M&A.

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The Seller’s Guide to Getting the Best Price for Your Firm

Featuring Ira Rosenbloom, CPA (LR), “The Merger Master”

A CPA Trendlines Flash Briefing: Rapid-fire 30-minute how-to, followed by an all-questions-answered discussion with participants.

Stream the video or listen to the podcast: Follow CPA Trendlines Podcasts on Apple Podcasts here or grab the RSS feed here.

With Rick Telberg
for CPA Trendlines 

CPA firm M&A advisor Ira Rosenbloom presents “The Seller’s Guide to Getting the Best Price for Your Firm,” a Flash Briefing webinar hosted by Rick Telberg for CPA Trendlines.

PRO Members: Get the Top Take-Aways, the Transcript, and the slide deck download, with a bonus “12-Point Checklist for Seller Readiness:”

GoProCPA.comPRO Members: Log in here or upgrade to PRO today.

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5 Keys to M&A Success

Industrial metal number 5Learn from the paths of others.

By Ira Rosenbloom

In 2021, we worked successfully on M&A with firms ranging from $1.5 million to $250 million in annual revenue.

MORE: 10 Steps to a Superior Tax Department | 10 Ways to Protect Your Best Clients from Your Competitors | Are You Overthinking an M&A Deal? | How to Put the ‘Success’ in Succession | How COVID-19 Has Changed Succession Planning | Top 10 Steps to Maximizing Profitability
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Here are five lessons from those transactions to put you on the road to succession success:
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10 Steps to a Superior Tax Department

Number 10Share knowledge, don’t hoard it.

By Ira Rosenbloom

Running a CPA firm tax department may be a dream role for many professionals or a nightmare.

MORE: 10 Ways to Protect Your Best Clients from Your Competitors | Are You Overthinking an M&A Deal? | How to Put the ‘Success’ in Succession | How COVID-19 Has Changed Succession Planning | Top 10 Steps to Maximizing Profitability
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If it is your dream or your responsibility, here are 10 imperatives to be a successful tax department director at a CPA firm. READ MORE →

10 Ways to Protect Your Best Clients from Your Competitors

Two businessmen shaking hands in front of tall office buildingsDo they know how valuable they are … and why?

By Ira Rosenbloom

In every market, CPA firms have a wish list of clients they would like to have. Clients will change accountants for all kinds of reasons. Some changes are natural, like new decision makers, new owners and new lenders. Others change because of service.

MORE: Are You Overthinking an M&A Deal? | How to Put the ‘Success’ in Succession | How COVID-19 Has Changed Succession Planning | Top 10 Steps to Maximizing Profitability
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To keep your competitors from poaching your business, remember to always treat your best clients as your best clients! Here are 10 recommendations to keep in mind.
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Are You Overthinking an M&A Deal?

Two businessmen holding giant puzzle pieces in silhouette against a sunriseFive areas of focus.

By Ira Rosenbloom

This year so far has been a hot time for CPA firm mergers and acquisitions. Firms in the M&A mindset and process may be in turbulent times as they confront many hurdles.

MORE: How to Put the ‘Success’ in Succession
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Unfortunately, some of these hurdles are self-created, especially for those seeking to merge into another firm or establish an exit. Rather than waste mental and emotional energy overthinking – and risk walking away from a good deal for the wrong reasons – this is the time to turn that energy into smart thinking.
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How to Put the ‘Success’ in Succession

“The optimal approach for transition is to have in place a real-time written, approved succession plan that includes a process for periodically reviewing and updating it.”

By Ira Rosenbloom

CPA firms are constantly changing. Technology advances. Legislation gets rewritten. Client services are added or removed. And, of course, team members join and leave.

MORE: How COVID-19 Has Changed Succession Planning | Top 10 Steps to Maximizing Profitability
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With all of the change, the dependence on quality talent to lead and sustain the firm remains. Hiring and retaining quality staff members usually ranks as one of the top 10 critical factors firm leaders face when they are asked about challenges.
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