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Securing the Future, Volume 2
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Table of Contents

1 Getting Started 1
How to Use This Workbook 1


Organization of This Workbook 1


Key Themes from Securing the Future, Volume 1: Building Your Firm’s Succession Plan, Chapter 1 2


Dealing With the Barriers 2


The Barrier Scale™: Barriers to Overcome for Succession Planning 2


Getting Buy-In 5


Wrap-Up 7


Tools and Resources 8


Crisis Succession Planning Aid 8


Additional Learning Resources 8


Building Your Firm’s Robust Succession Plan 9


2 Developing and Implementing Your Strategy 11


Key Themes from Securing the Future, Volume 1: Building Your Firm’s Succession Plan, Chapter 2 11


Developing Your Plan 11


Monitoring and Accountability 12


Tools and Resources 13


Planning to Plan™ Worksheet 13


Additional Learning Resources 26


3 Monitoring Your Practice With Metrics 27


Key Themes from Securing the Future, Volume 1: Building Your Firm’s Succession Plan, Chapter 3 27


Benchmarks to Consider 27


Tools and Resources 29


Comments on Key Performance Metrics for CPA Firms 29


Marketing / Net Revenues 37


Technology / Revenues 38


Training (CPE) / Revenues 39


Billing Worksheet 41


Using the Billing Worksheet 43


Multipliers 45


Additional Learning Resources 46


4 Determining Which Business Model Your Practice (Mostly) Follows 47


Key Themes from Securing the Future, Volume 1: Building Your Firm’s Succession Plan, Chapter 4 47


Tools and Resources 48


Determining Your Present Business Model 48


Additional Learning Resources 50


Building Your Firm’s Robust Succession Plan 50


5 Exploring Valuation and Related Considerations 53


Key Themes from Securing the Future, Volume 1: Building Your Firm’s Succession Plan, Chapter 5 53


Using Book of Business as a Valuation Method 53


Use the Correct Type of Buy-Sell Agreement for Your Business Model 54


Buyout, Retirement, and Business Model 54


Using Multiple of Salary as a Valuation Method 55


Using Ownership Percentage Times Revenue as a Valuation Method 57


Tools and Resources 61


Additional Learning Resources 61


Building Your Firm’s Robust Succession Plan 61


6 Establishing Roles and Responsibilities 67


Key Themes from Securing the Future, Volume 1: Building Your Firm’s Succession Plan, Chapter 6 67


Client Classification Scheme 67


Marketing and Its Impact on Roles and Responsibilities 68


Client Relationship Management and the Marketing Component 68


Marketing—Active or Passive? 69


Active Marketing for “A” and “B” Clients 69


Marketing for “C” Clients 70


Dealing with “D” Clients 70


Rainmaking and the Referral Process 71


The Downside of Typical Rainmaker Models 71


Growth by Adding Rainmakers 72


Growth by Adding Infrastructure and Emphasizing Partners’ Roles and Responsibilities 72


Tools and Resources 74


Illustration of Partner Roles and Responsibilities 74


Illustration of Managing Partner Roles and Responsibilities 77


Partner Group Roles and Responsibilities 79


Tax Department Head Roles and Responsibilities 80


Policy Committee’s Roles and Responsibilities 82


New Client and New Work Acceptance SOP 83


Additional Learning Resources 85


Building Your Firm’s Robust Succession Plan 85


7 Establishing Voting Rights, Decision Making, and Equity Distribution or Redistribution Processes 91


Key Themes from Securing the Future, Volume 1: Building Your Firm’s Succession Plan, Chapter 7 91


Tools and Resources 92


Voting When a Partner Is Removed From the Vote 92


Equity Reallocation 93


Four-Step Process for Equity Reallocation 94


Additional Learning Resources 99


Building Your Firm’s Robust Succession Plan 101


8 Defining the Managing Partner Role 107


Key Themes from Securing the Future, Volume 1: Building Your Firm’s Succession Plan, Chapter 8 107


Structuring the Managing Partner Position 107


Tools and Resources 109


Chairman of the Partner Group Roles and Responsibilities 109


Additional Learning Resources 111


Building Your Firm’s Robust Succession Plan 111


9 Building Capacity for Long-Term Sustainability 115


Key Themes from Securing the Future, Volume 1: Building Your Firm’s Succession Plan, Chapter 9 115


Annual Performance Reviews Are a Waste of Time 115


Tools and Resources 118


What You Can Start Doing Now to Develop Your People 118


Examples of Competency Definitions 121


Example of an Action Plan 126


Additional Learning Resources 128


Building Your Firm’s Robust Succession Plan 128


10 Transitioning Client and Referral Relationships 133


Key Themes from Securing the Future, Volume 1: Building Your Firm’s Succession Plan, Chapter 10 133


Transitioning Relationships 133


Sample Transition Plan 134


Tools and Resources 135


Additional Learning Resources 142


Building Your Firm’s Robust Succession Plan 142


11 Defining Admission to Ownership and the Development Process 145


Key Themes from Securing the Future, Volume 1: Building Your Firm’s Succession Plan, Chapter 11 145


Knowing When and If to Admit Someone to Partnership—Remove the Guesswork 145


Getting Your Partners-to-Be the Development They Need 146


Tools and Resources 148


Sample Partner Competencies 148


Shareholder-in-Training Program Checklist 150


Admission of Non-Equity Partner Policy 154


Share Purchase Policy 154


Clarification of Non-Equity and Income Partner Status 154


Additional Learning Resources 155


Building Your Firm’s Robust Succession Plan 155


12 Dealing With Partner Departures 161


Key Themes from Securing the Future, Volume 1: Building Your Firm’s Succession Plan, Chapter 12 161


Tools and Resources 162


Policy on the Termination of a Partner 162


Separation or Severance 164


Additional Learning Resources 170


Building Your Firm’s Robust Succession Plan 170


13 Establishing Processes and Procedures for Retired Partners 175


Key Themes from Securing the Future, Volume 1: Building Your Firm’s Succession Plan, Chapter 13 175


Tools and Resources 176


Sample Terms for a Retired Partner Employment Contract Policy 176


Additional Learning Resources 178


Building Your Firm’s Robust Succession Plan 178


14 Defining the Maximum Payout Process and Other Buyout-Related Issues 181


Key Themes from Securing the Future, Volume 1: Building Your Firm’s Succession Plan, Chapter 14 181


What About Mergers and Sales? 182


Typical Acquisitions of CPA Firms 182


Typical Mergers of CPA Firms 187


Tools and Resources 192


Policies for Consideration 192


Maximum Payout of Guaranteed Payments for Retired Partners Policy 192


Sale or Upstream Merger of the Entire Firm Policy 193


Purchase Price of Other Companies Policy 194


Using the Transfer of an Accounting Practice Checklist 196


Transfer of an Accounting Practice Checklist 197


Sample Practice Summary for a Firm That Is Being Sold 200


Sample Mutual Confidentiality Agreement 201


Press Release Sample 202


Client Letter From the Mergee 203


Client Letter From the Mergor 204


Sample Letter Notifying Client of Change in Firms 205


Sample Letter Notifying Client of Change in Firms (Not Seeking Appointments or Meetings With a New CPA Firm) 206


Steps to Consider When Selling Your Practice 207


Additional Learning Resources 209


Building Your Firm’s Robust Succession Plan 209


15 Creating a Partner Accountability and Compensation Plan 213


Key Themes from Securing the Future, Volume 1: Building Your Firm’s Succession Plan, Chapter 15 213


The Managing Partner Goal-Setting Process—Detailed Steps and Samples 214


An Example of the Process 216


Conclusion of the Goal Process—Monitoring 221


Tips for Providing Performance Feedback 222


Tools and Resources 225


Steps Normally Required to Establish or Strengthen Partner Accountability 225


Sample Managing Partner Good Worksheet 226


Additional Learning Resources 226


Building Your Firm’s Robust Succession Plan 227


16 Addressing Death and Disability in Your Buy-Sell and Retirement Policies 229


Key Themes from Securing the Future, Volume 1: Building Your Firm’s Succession Plan, Chapter 16 229


Tools and Resources 230


Sample Terms for a Policy Addressing Partner Death or Disability 231


Additional Learning Resources 233


Building Your Firm’s Robust Succession Plan 233


17 Conclusion 235


It’s About Choices 235


It’s About Success, Not Perfection 236


Things Change 236


Enjoy the Journey 236

About the Author

Bill Reeb has been consulting for over three decades to all sizes of businesses, from mom and pop operations to Fortune 100 companies. Prior to his life as a CPA, he worked for IBM in sales in the late 1970s. As an entrepreneur, he has founded seven small businesses, from retail to software development to advisory work. An award-winning public speaker, Reeb lectures throughout the United States. and Canada to thousands of executives and CPAs each year. As an award-winning author, he is internationally published, with numerous magazines, journals, newspapers, and books to his credit. Besides Securing the Future, Reed and his partner Dom Cingoranelli have also authored Becoming a Trusted Business Advisor: How to Add Value, Improve Client Loyalty, and Increase Profits.


Dom Cingoranelli is a  consultant whose engagements over the last three decades includes organizational development work for CPA firms and associations, as well as on construction projects for the Big Three auto makers; for regional, national, and international contractors; and for organizations in a variety of other industries. He has performed strategy consulting and planning; process improvement studies; management consulting, training, and development; team building; coaching; and group process facilitation for a variety of groups. He co-authored Securing the Future and Becoming a Trusted Business Advisor: How to Add Value, Improve Client Loyalty, and Increase Profits, as well as the AICPA PCPS Succession Resource Center and Trusted Business Advisor Resource Center. Cingoranelli has also written numerous articles and CPE offerings on executive recruiting, performance management, leadership, planning, and organizational culture. He speaks frequently on management and consulting topics throughout the country.

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