Succession Issues Stalling Some M&A

Four businesspeople, left handshakeOwner agreements are seeing updates.

By Terry Putney
Rosenberg MAP Survey

The level of activity we're seeing in M&A deals is unprecedented.

MORE FROM THE MAP SURVEY: Firms Focus on Profitable Growth, True Leadership | Survey: Many Firms in Transition | Technology Playing Center Stage in CPA Profession
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Many firms in larger markets are often approached directly by firms interested in discussing a merger. The days of discreetly pursuing an affiliation strategy appear to be waning.

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Terry Putney

Head shot of Terry Putney

About the Author

Terrence E. Putney, CPA, is CEO of Transition Advisors, a mergers-and-and-acquisitions broker for CPA firms. Terry has more than 35 years’ experience in the CPA profession. For six years, he served as Managing Director - Mergers & Acquisitions for RSM McGladrey, the country’s fifth-largest accounting firm and held several executive posts with its corporate parent, H&R Block. At RSM, he structured and negotiated numerous deals resulting in the acquisition of accounting and consulting firms ranging in size from sole proprietors to multi-state firms with hundreds of staff and professionals. Prior to joining McGladrey, he served as Managing Partner of Donnelly Meiners Jordan Kline, a 60-person CPA firm in Kansas City.

Terry believes it’s imperative that practitioners have a clear understanding of their objectives when pursuing a sale of their practice or the merger with, or acquisition of, another practice. “I've seen deals not work or not materialize because one of the parties to the succession plan had not thought through what they really wanted to accomplish. Transition Advisors will make sure the approach to executing your plan will meet your objectives. Because we are consultants and not brokers, we can be much more flexible in helping a firm succeed with its transition plan.”

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