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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The Toughest Issues in Bringing In New Partners

The Toughest Issues in Bringing In New Partners

The dual-headed monster of succession planning and finding quality staff is causing anxiety at firms across the country. Retiring Baby Boomer partners feel they lack the quality bench to replace them.  This explains the fact that only 20% of first

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CPA Firm Staff Forum: Top Talents Talk

CPA Firm Staff Forum: Top Talents Talk

For 10 years Chicago area firms have sent their young staff to our annual Staff Forum where we try to learn how they see their firms, their careers and in general, how they think. This year’s Forum attracted 23 staff;

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The Right Stuff To Be Partners: 12 Must-Haves

The Right Stuff To Be Partners: 12 Must-Haves

What IS the right stuff…to earn a promotion to partner?  Ask 10 partners from different firms, you may get 10 different answers.  I have worked the following script dozens of times at partner retreats:  I ask the group everything it

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12 Signs Your Firm Is NOT Acquisition-Ready

12 Signs Your Firm Is NOT Acquisition-Ready

The massive CPA firm M&A frenzy of recent years will continue for quite some time.  But future sellers beware: the market is shifting from a seller’s to a buyers’ market.  Why?  (a) Buyers are more selective (b) Many buyers are

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