8 Steps to Small Firm Survival

Hand holding a pile of dirt with a plant growing from itGo big or go deep: Here's how.

By Domenick J. Esposito
8 Steps to Great

There are approximately 14,000 multi-partner CPA firms in the U.S. and yet, according to Accounting Today’s 2018 Top 100 Firms survey, only 100 firms had annual revenues of at least $40 million; the median revenue was approximately $86 million.

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The statistics are staggering. We have many small CPA firms in this country serving the mid-market and, regardless of size, in this emerging economy many firms are finding it difficult to organically grow their audit/tax practices at an acceptable rate (say 6 percent to 8 percent per annum). Without healthy profitable growth on the top and bottom lines, any firm will struggle and ultimately die.

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Domenick J. Esposito



About the Author

Domenick J. Esposito is the former CEO of Grant Thornton, vice-chair of BDO, national growth director at CohnReznick.

He is the author of "8 Steps to Great: The Eight Essential Strategies Driving Success at the World's Largest CPA Firms. And How to Apply the Lessons at Firms of All Sizes," published by CPA Trendlines.

His consulting firm, EspositoCEO2CEO specializes in helping managing partners and other senior partners in small and mid-sized firms evolve their firm from good to a mid-market sustainable brand. Esposito CEO2CEO, actively led by Esposito, draws upon a diverse and expansive pool of consultants with a wide range of expertise who are introduced into assignments when called upon.

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