Succession Planning: Views From A Luminary

Succession Planning: Views From A Luminary

A classic TV commercial showed two businessmen talking over drinks in a noisy, wood-paneled men’s club when one says: “My broker is Smith Barney and he says…”  All of a sudden, everyone in the club leans in to hear. The

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Partners: The Issues That Keep You Up Nights

Partners: The Issues That Keep You Up Nights

CPAs seem to tend towards conservatism – they dislike change. Old school practices dominate and change is hard.  But change is inevitable.  Progressive firms will tell you they thrive on change.  They are eager to adopt new school practices.  Why

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Are You A ‘Best In Class’ Firm?

Are You A 'Best In Class' Firm?

I recently spoke at a BDO Alliance conference where the theme was identifying traits of high performing firms and their leaders.  One speaker used a bell curve to describe ‘best in class’ firms, with the majority of firms falling in

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Beware of LUBRM: Why Is it Misleading?

Beware of LUBRM: Why Is it Misleading?

Read David Maister’s Managing The Professional Service Firm. This is the first piece of advice I give to new managing partners and aspiring consultants.  Maister retired in 2009, but is considered the country’s most respected and go-to source EVER on

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What A Great Succession Plan Looks Like

What A Great Succession Plan Looks Like

The most stunning statistic today in the CPA industry is this:  80% of first generation firms never make it to the second.  Why?  They have non-existent or ineffective succession plans. What’s the one key element to a great succession plan? Effective

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