Here’s what you’re looking for: Terence Putney

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Private Equity at the Gates

The pandemic has accelerated our progress toward the future that was already in the offing.

By Terry Putney

The pandemic is changing where firms work. And it’s a huge issue.

MORE: 12 Shifts to Ensure Firm Success | How to Reinvent the Firm for the COVID Age | Why It’s Time for an Acquisition | Three Ways the Accounting Profession Has Changed | Ramping Up for the Year Ahead
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Office space is being downsized dramatically. Long-term office leases that must be assumed by an acquiring firm are becoming a deal killer in many M&A deals. We are seeing a significant increase in the number of firms that are going almost completely virtual. READ MORE →

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COVID-19 Shakes Up M&A Activity

Arrow rising above ever larger blocks in businessman's hand, indicating growthWant to grow? Make sure your tech stack can keep up.

By Terry Putney

We are in a fluid environment as firms adapt and learn more about what to expect. I think earlier this year there was hope that we would emerge from this economic environment by the end of 2020. It looks now like this could definitely have an impact through 2021.

MORE: 2021: You’ll Never See ‘Normal’ Again | SURVEY: We Adapted to Remote Work … Now What? | SURVEY: 2020’s Disruptions Are Only the Beginning | COVID Brought Us More and Better Client Communication
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It is a mixed bag so far for M&A. Some firms have pulled back and I suspect that is because, although this may not make sense logically, it may be hard to internally sell buying a firm and hiring more staff when the firm is laying off people and cutting back on partner draws. However, we are also seeing very motivated buyers and sellers because of the opportunities that appear to be available. One thing that can’t be avoided is the difficulty of negotiating and evaluating targets when you can’t meet face to face regularly.
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2020 Outlook: Upstream Mergers

Look forward 10 years and be realistic about succession.

By Terry Putney

There appears to be an emerging mindset among buyers that because of the possible demise of compliance services like tax return preparation, smaller firms with significant 1040 practices should be avoided. Right now, there is no evidence the demise of the 1040 business is imminent for other than the simplest returns.

MORE: 2020 Outlook: Staffing Gets Creative

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2019: Using M&A to Launch Consulting

Putney
Putney

Technology drives hours down 40%; how will your firm cope?

By Terry Putney
The Rosenberg Survey: National Study of CPA Firm Statistics

The market for mergers is clearly moving toward narrow selection criteria for the acquiring side of transactions. Part of this is because of the increasing numbers of firms seeking to be acquired that are available. However, acquiring firms are also much more strategic with their objectives for an acquisition.

MORE FROM THE MAP SURVEY: 2019: More Focused Training | 2019: Expect More Alliances | 2019 Trends: Client Service Changes | 2019: Shifts in Hiring & Office Space | 2019: Firms Grapple with Change | Staff Policies Improve, But Not Mentoring
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Strong organic growth means pure revenue acquisition is not enough anymore. Firms with a need for a near-term succession of a substantial portion of the partner group are finding fewer takers among the larger firms. Firms that can be acquired to help grow and launch non-traditional, non-compliance-oriented service lines are in high demand.
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