Rosenberg Associates Blog
Marc Rosenberg, CPAMy large firm roundtable group in Chicago recently invited Allan Koltin, President of Koltin Consulting, to share his experiences with us. If there were an election of the most highly visible, sought-after consultant to CPA firms, Koltin would be the hands-down winner. Some of his accolades: Accounting Today’s Top 100 Most Influential list for 15…
Profitable, attractive firms under $2M, and especially those under $1M, sold in a market with many potential buyers, usually fetch 100% to 150% of fees. If this is the case, why do 90%+ of CPA firms value goodwill for retirement or buyout purposes at no more than 100% of fees, averaging 80%? (Source: The Rosenberg…
I’ve always believed “when you don’t know something, find an expert who does.” So to keep myself current on IT advances in our field, I stay in close touch with Roman Kepczyk. Here are some practices that blend what I do know and what Roman tells me: Practice good email hygiene. I’ll share three tactics. …
Ever wish your staff could take a course in the basics of how a CPA firm works? Ever wish your partners could take the same course? The benefits would be immeasurable. Here are just a few examples of what the curriculum would include: CPA firms should be a high priced, low volume business. The accounting…
About 7-8 years ago, while idling away my time in an airport somewhere, I listed the Best Practices for profitability and success at CPA firms. My initial list numbered 40 or so, but I cut it down to the top 25. Since this inaugural list was created, I have bounced it off savvy MPs and…
Client work that goes beyond the original scope of the engagement – we’ve all done it.
Sometimes it’s work that the client can and should do. Sometimes the extra work results from sloppy records that need to be straightened out.
Whatever the reason, virtually every firm performs work that was not included in the original fee quotation
This past July, The Green Bay Packers installed a giant clock at the main entrance to Lambeau Field, where the Pack plays their home games. The new clock was deliberately set 15 minutes ahead of the correct time. Huh? Well, one of many infamous management tactics of legendary Packers’ coach Vince Lombardi was to expect…
A recent monthly roundtable comprised of 25 MPs from most of Chicago’s largest local firms was devoted to the group’s annual benchmarking and profitability analysis. In discussions, these highlights emerged:
MP Brian Mandell-Rice of Denver-based Hein & Associates (68th largest CPA firm on Accounting Today’s Top 100 list, with annual fees of $46M) openly admits to not being the author of his favorite strategic planning quote: “If nothing changes, nothing changes.”
Core Value statements can be very powerful for CPA firms. MPs of large, successful firms tell me the #1 reason for their exceptional performance is the partners’ commitment to the firm’s core values.
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