Ed Mendlowitz

A recent podcast interview discussed how to adapt, innovate and take on the challenges of running an accounting practice along with some personal tips and tricks.

You are the role model of what many of your staff will aspire to. Ask yourself if you would enjoy working for you.

A university's peer review process for adjunct professors could be used for CPA firm partners and staff as well.

We have rigid and uniform procedures for almost every step of the tax preparation process.

Having an inexperienced staff person correct a small error has great value in their training.

When a practice is acquired, three major attributes make a difference in client retention.

Some practices are sold in their entirety, some piecemeal, some are merged, some abandoned and some are "stolen."

Usually when a practice is sold, the seller sticks around long enough to introduce the buyer to the clients and assures the client they will be available if any problems develop or to field calls when necessary.

At some point everyone has some time pressure, some much more than others, but time pressure is a reality.

There will be fewer future buyers of practices, leaving the next generation of solos who want to retire perhaps unable to find a suitable buyer.