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In the first part of this article ("Avoid being a firm of the past," Accounting Today, June 2011, page 12), we analyzed the antiquated business model of professional firms based on, "We sell time."

GROUPS BACK UNIFORM FIDUCIARY STANDARD

The sliding economy and the roller coaster securities markets over the past several years have no doubt forced financial planners to keep both aspirin and antacid in close proximity.

We all know that to grow your practice, you must be effective at building your network. The question is: What does a great networker have that puts him head and shoulders above those who are not so good? It comes down to an ability to do the following:

While this is a central issue in the sale of any business, CPAs and tax practitioners should also consider other important issues that could have an impact on professional liability, legal compliance and client relations.

IMGCAP(1)]The words "Detroit" and "success" are rarely mentioned in the same sentence these days. The Motor City has been hammered by the recession and the media has held a microscope to the city's shrinking size and business reversals.

As an attorney whose clients predominately include accountants and lawyers, I have witnessed the number of accounting malpractice claims grow considerably in the last few years. Many claims are undoubtedly byproducts of the recession. Individuals and businesses struck by these economic times are seeking new and inventive ways to recover lost money. While lawyers and financial advisors are regular victims of the disgruntled client's lawsuit, accountants are now in good company. It's a blame game with significant risk implications for the practicing accountant, and no one is safe.

I recently had the opportunity to speak to small CPA firm owners from several different states and was struck by a consistent theme voiced in the audience: "I sometimes wish I wasn't the owner."

Client lists and client loyalty are built by a number of factors, including personal relationships and satisfaction with the work completed.

Write-up software is in the midst of major changes.