Partnerships

When going back to basics, ask yourself what you would look for in a CPA if you were the client.

A buy-sell agreement between the joint owners of a closely held business or professional practice is critical for the orderly continuation of the business following a “triggering event,” such as the death, divorce, disability, bankruptcy, retirement or termination of an owner.

While one marketer is good, two or more working toward a common goal is even better.

Strategic planning is about the choices partners make about the future of the firm, both what to do and, more importantly, what not to do.

Many firms are struggling to digest and integrate mergers and are finding it difficult to make things happen.

Managing a practice is a separate business by itself and needs the care and attention you give to the professional services part of your practice.

Many firm leaders are in denial and fall short of what’s required, and that’s the principal reason why so many firms can’t get to the next level.

When I hear a partner at a midsized CPA firm say, “my client” or “my book of business,” the hair on the back of my neck stands up.

I have been in my own practice a long time and figured out early on that if I never lost a client, I would do pretty well.

Small and midsized CPA firms that are striving to stay independent need to avoid the potential “sand traps” that can stump their growth and eventually threaten their independence.