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MERGERS & ACQUISITIONS

Win at M&A without Overpaying

https://cpatrendlines.com/2021/11/09/why-its-time-for-an-acquisition/

Seven tips for being a strong acquirer.

By Ira Rosenbloom

In today’s hyperactive CPA firm M&A market, buyers are circling many of the same opportunities. Private equity and alternative investors can often offer more cash but that doesn’t mean they always win – or that the highest offer does.

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Securing the deal you want depends on the right ingredients for a strong outcome. Based on our knowledge of the success factors for winning, we offer the following recommendations – especially if you are a more traditional acquirer:
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FEATURED

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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FEATURED

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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FEATURED VIDEO

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:”

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FEATURED

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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FEATURED

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 →

CLIENT SERVICE OPPORTUNITIES

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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FEATURED

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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FEATURED

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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FEATURED

How COVID Changes Succession Planning

Overhead view of people solving a large jigsaw puzzleLarger firms want to drive scale; smaller firms want more distribution and leverage.

By Ira Rosenbloom

Even as the pandemic rips through the world with horrific tragedy, it is also spawning some new ideas, some critical imperatives, and some unforeseen opportunities, especially in the area of CPA firm succession.

MORE: Top 10 Steps to Maximizing Profitability
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We are witnessing a heightened interest in firms committing sincerely to mergers and other practice combinations, and there is now a shifting business culture that aligns better with internal practice succession than we have seen in a long while.

These shifts in succession potential are largely a function of technology, quality of life, client needs (and demands), and resources.

Let’s break it down:

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CHECKLIST

Top 10 Steps to Maximizing Profitability

How to manage your most important metrics.

By Ira S. Rosenbloom

Given the significant responsibilities that accountants in public practice carry, it is only right that they should be rewarded with strong earnings and maximum profitability.

MORE: Seven Smart Ways to Make This Your Best Tax Season Ever | Eight Steps for Re-engineering the Role of Managing Partner | New Rules: Covid Shifts M&A Landscape | Assessing Your Firm | Spend Your Time on the Most Profitable Tasks | Seven Performance Boosters for Your Firm | Gary Cokins: The Truth about Activity-Based Costing | How to Decide on Your Firm’s CAS Pricing | What Really Makes CPA Firms Profitable? |

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However, maximizing profitability is not as simple as raising billing rates and controlling costs. It is a disciplined process that will influence your culture and become part of your everyday routine.

 

Optimize your profit potential with these 10 steps.

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CHECKLIST

New Rules: Covid Shifts M&A Landscape

Checklists: Top 10 Tips for Buyers and Sellers.

By Ira Rosenbloom

Many CPA firms go into merger conversations thinking that, because they have done deals before, they can do what they’ve done in the past. But in this Covid-impacted economy, the tolerance for risk is low—and changing day-to-day.

MORE IRA ROSENBLOOM: Seven Smart Ways to Make This Your Best Tax Season Ever | Eight Steps for Re-engineering the Role of Managing Partner | Ten Steps to a Better Tax Season | Feeling the Urge to Merge? First, Consider the Angles

Coronavirus crisis updates: Start here for a guide to all our coverage.

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We’re seeing every day how much the pandemic can impair and alter both daily life and business fundamentals, so the more efficient you can be in getting ready for a merger, the better. These days, you need to move fast or risk losing out.

Here are some recommendations crucial for getting both buyers and sellers properly prepared for their next step in M&A negotiation.

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BUSY SEASON MANAGEMENT

Seven Smart Ways to Make This Your Best Tax Season Ever

How to make tax season work for you and not just your clients.

By Ira S. Rosenbloom, CPA

Tax season is a fantastic business cycle for accounting firms but too few leverage all of their hours to capitalize on its value. The time has come to maximize the value of tax season and make this your best tax season yet.

Here are seven vital agenda items to achieve the kind of success you deserve: READ MORE →