SUCCESSION & RETIREMENT

Secret to Success? A Growth and Abundance Mindset

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Transformation Talks: Mike Maksymiw, CPA, CGMA, says the secret to success and transformation in accounting is to be willing to learn, believe there’s enough work for everyone…and allow yourself to be vulnerable.

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Transformation Talks
With Bill Penczak
Center for Accounting Transformation

Center for Accounting Transformation
Center for Accounting Transformation

After 16 years of working in firms, Mike Maksymiw, CPA, CGMA, was done.

He went to his employer with his concerns about wanting to do something else. Instead of encouragement to pursue another area in the firm, he was persuaded to remain on the partner track he was on. Maksymiw decided he’d rather move on.

MORE on Aprio: Why Tax Work Yearns To Be Free | The FinTechFlood: Accounting Will Never Be the Same | Top Issues for 2022: Talent, Time and Transformation | What’s in a (Firm) Name?

MORE: Five Lead Generation Mistakes to Avoid | Five Post-Tax Season Growth Ideas | Five Better Ways to Say No | Are You Solving Your Clients’ Problems? | Five Ways to Grow: Talent New Service Lines | Business Development and Sales Aren’t Scary
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“I didn’t have anywhere to go when I left. I just knew I needed to go,” he said. “So, after, you know, a couple pandemic busy seasons, learning about the Cares Act, being a national leader at the firm at that, like I was toast. So, my family and I just went to Hawaii stayed there for two weeks.”

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From Tax to Transformation

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Transformation Talks: Paul Mueller, CPA, took a leap of faith when he left a national accounting firm at the apex of his career to start a new firm serving small- and medium-sized businesses.

^ Click to play video | > Play the podcast and follow CPA Trendlines Podcasts on Apple Podcasts here or grab the RSS feed here.

Center for Accounting Transformation
Center for Accounting Transformation

Transformation Talks
With Bill Penczak
Center for Accounting Transformation

Paul Mueller was at a crossroads. As a national manager for the tax group of a large firm, he should have felt like Leonardo DiCaprio, yelling, “I’m the king of the world!” Yet, something just wasn’t right.

MORE: Five Lead Generation Mistakes to Avoid | Five Post-Tax Season Growth Ideas | Five Better Ways to Say No | Are You Solving Your Clients’ Problems? | Five Ways to Grow: Talent New Service Lines | Business Development and Sales Aren’t Scary
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Today, he is the managing director of his own firm, Mueller Pye & Associates, CPA LLC in Loveland, Colo. His is a story of a late-life career transformation.

Takeaways

  • There is life—a really fulfilling one—after a departure from a large national firm into a small firm in rural Colorado.
  • In order to effect transformation either as a firm, or as a professional, it’s important to have a support network you can trust and open up to about your challenges
  • While firms do a great job of advising their clients on succession planning, that’s not always the case for themselves.

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EisnerAmper CEO Explains the Firm’s Private Equity Deal

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CPA Trendlines Podcasts: The next paradigm shift?
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EisnerAmper CEO Charly Weinstein calls the firm’s deal to take on private equity a new wrinkle in the profession’s decades-old struggle to secure fresh capital for expansion in an increasingly competitive marketplace.

Why Founders Balk at Their Buyouts

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Blocking dominos from falling.Solutions for when succession planning didn’t happen as it should have.

By Marc Rosenberg and Kristen Rampe

Over the years, we have worked with a number of small firms that had the following dilemma: What to do when the partners are all in their 60s and none wishes to buy out the other?

MORE: When CPA Partner Votes Go Wrong | Why Billing Less May Mean Earning More | Don’t Let Exiting Partners Double Dip | How Covid Impacts Partner Retirements |  COVID-19: How Your Firm Can Respond
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This problem is particularly acute with two-partner firms, though can be troublesome for other firms with multiple partners wanting to retire on a similar timeframe.

We have distilled this dilemma into a case study to guide firms to a solution. This case is based on real facts.
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Six Big Mistakes in Succession Planning

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And three reasons staffers don’t want “in.”

By Marc Rosenberg
The Rosenberg Practice Management Library

Accounting firms worldwide are dealing with an enormously difficult challenge today – one that has topped every firm’s list of critical issues since the turn of the century and will continue to be a high priority for years to come. The vast majority of firms struggle with it. Failure to solve it causes hundreds of firms to merge out of existence every year.

MORE: What a Firm Needs from Its Leaders | What Prospective Partners Should Ask Their Firm | What New Partners Should Know About Buyouts | Comp: What New Partners Don’t Know | Making Partner: 15 Steps to the Buy-In
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The “it” is, of course, succession planning, with difficulties rooted in a perfect storm of causes:
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Exclusive: Eisner CEO Charly Weinstein Explains the Private Equity Deal 

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is this the next paradigm shift for the profession?

By CPA Trendlines Research

EisnerAmper CEO Charly Weinstein calls the firm’s deal to take on private equity a new wrinkle in the profession’s decades-old struggle to secure fresh capital for expansion in an increasingly competitive marketplace.

MORE on PRIVATE EQUITY for CPA FIRMS:

Flash Briefing Webinar: A “Call to Arms” after Eisner Private Equity Deal, with Dom Esposito and Anthony Zecca

Analysis by Esposito and Zecca: How Outside Capital Can Remake CPA Firms

Analysis by Esposito and Zecca: Private Equity the New Source of Growth Capital for CPA Firms?

EisnerAmper Gets Private Equity Backing

“Embrace change. Disruption is coming to the profession. Be ready for it. Build a platform that keeps you sustainable, relevant, and important,” he tells CPA Trendlines in this exclusive video interview with editor Rick Telberg. READ MORE →

Flash Briefing: A “Call to Arms” after Private Equity Deal

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EisnerAmper move augurs a new path forward for firms seeking capital for growth.

With Dom Esposito and Anthony Zecca

EisnerAmper’s deal to take on private equity and spin off its attest firm represents a new path forward for firms seeking capital to remain competitive in talent and in technology, according to Dom Esposito and Anthony Zecca, two veteran big-firm leaders, in this exclusive CPA Trendlines Flash Briefing webinar.

DOWNLOAD the slide deck here (PDF)

MORE on PRIVATE EQUITY for CPA FIRMS:

Exclusive: CEO Charly Weinstein Explains the Private Equity Deal

Analysis by Esposito and Zecca: How Outside Capital Can Remake CPA Firms

Analysis by Esposito and Zecca: Private Equity the New Source of Growth Capital for CPA Firms?

EisnerAmper Gets Private Equity Backing

Esposito is author of “8 Steps to Great: Driving Success at the World’s Largest CPA Firms And How to Apply the Lessons at Firms of All Sizes.” More by  Dom Esposito here.

Zecca is the author of “Leading from the Edge – The New Growth Handbook with Bonus Toolkit.” More by Anthony Zecca here.

It’s “a call to arms,” says Zecca. “Whether you’re a $30-million firm or a $300-million firm, it doesn’t matter. You need to step back and say, Okay, how is this going to affect me? How’s this going to affect how we get our clients? How is this going to affect how we’ve gotten our talent? And what do you need to do to change in this changing landscape?”

For Esposito, “The takeaway is an understanding that you have options. And private equity is now an option that you should consider if you have the right mix of services and the right size.” READ MORE →