One of the most challenging problems of leading a CPA firm in this very competitive environment is the ability to implement succession strategies and initiatives with a “sense of urgency.”
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During these unprecedented times, it is difficult to predict the future. Thus, the leaders of today’s CPA firms should focus on planning for various options based upon as many possible scenarios as possible. This type of planning explores plausible potential business models and implementation processes for impending unknowns.
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As the economic recession and health concerns in our nation are at a pivotal point and closely linked in a "Perfect Storm," strategic-oriented CPA firm leaders will take more of a holistic approach to manage and lead their firms.
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The COVID-19 pandemic has forced many changes in the accounting industry and its clients. Some of these changes were ad hoc, temporary, and unpolished, and unfortunately, we will need to continuously address the effects of the pandemic for quite some time.
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A quick scan of an accounting industry newsletter, periodical, blog, or other related media will reveal one common trend of business activity – mergers and acquisitions of CPA firms.
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Most merger and acquisition deals typically go through five stages: preliminary discussions; transactional detail meetings and negotiations; an initial agreement outlined in a memo of understanding or letter of intent; due diligence; and the transaction agreement and signing of the partner/shareholder agreement.
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Now more than ever, firms need to be proactive and pivot as we all address many new daily challenges and do our best to continue operating in a ‘new normal,’ which is nothing close to being ‘normal.’ Most businesses are being forced to move to a remote working environment.
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