Originally published in the Journal of Accountancy by the AICPA March 2006
A sequenced transition can smooth a firm’s ownership transfer.

Originally published in the Journal of Accountancy by the AICPA December 2004
You've worked hard for many years to build equity in your practice. Now you want to sell. Business valuation (BV) and practice succession procedures will help you prepare your practice or share of it for acquisition, but arriving at a final price for your equity will depend, in part, on the art of the deal.

Every news story reinforces the idea that we are in economically challenging times. How will these turbulent times affect the mergers and acquisitions market among CPA firms? What other practice management considerations could it raise? While no one knows with certainty what will happen down the road, a look at the past sometimes can give you a sneak peek into the future.

Originally published in the Journal of Accountancy, March 2009. Despite the best intentions of all involved parties, some CPA firm mergers and acquisitions are not as successful as originally planned; indeed, some end as failures. When viewed in perfect hindsight, it often seems that simple common sense, or lack thereof, was the reason for the success or failure of a deal. Unfortunately, there is no specific formula for structuring a perfect deal, but a good understanding of the potential hazards relating to the variables involved and planning for the unexpected can help your firm prepare a better deal structure and business plan.

Originally published in the Journal of Accountancy, April 2009. Retirement, health issues for an owner, the desire to grow—all
of these are reasons firms engage in mergers or acquisitions. Most
firms decide to merge or acquire only after considerable analysis
of financial and professional outcomes. In last months issue we gave general
advice for ensuring a merger or acquisition goes smoothly. But a firm’s
ability to make a successful deal depends not only on deal structure
and due diligence but also on the successor firm’s ability to retain clients
and staff. Unfortunately, an agreement between the partners of two firms
to combine has nothing to do with whether staff and clients stay or leave.

Many firms are wondering how the economy should impact a decision to go forward with M & A deals right now or in the near future.

Originally published in the AICPA SMALL FIRM SOLUTIONS, Fall 2008. If you ever wonder what you’re missing by staying small, here’s a review of the reasons for merging and the best way to handle a transition.

Originally published in the AICPA SMALL FIRM SOLUTIONS, Summer 2007
When should you commence your Succession Plan

Reprinted with permission from Inside Public Accounting December 2007
A look at how the market is changing and why to start planning succession earlier then in the past

Originally published in the Journal of Accountancy by the AICPA October 2007
Creating a de-merger plan

Originally published in Today’s CPA November/December 2007
The Whys/Why Nots/How/When and With Whom?

Reprinted with permission from Accounting Today Vol. 20 No. 2 Jan 30-Feb. 12 2006
Now may be the best time to sell – but it won’t always be a seller’s market.

Originally publishes in Florida CPA Today Nov/Dec 2006
You have devoted years to building your practice. With proper planning, you can maximize the value of your firm through a sale where everyone wins: you, your clients and the successor firm.

Originally published in Insight, the magazine of the Illinois CPA Society August 2007
Practice Continuation Agreements: how they work, who should have them.

Originally published in Leaders Edge, the Michigan State Society of CPAs March/April 2007
An overview of the varying considerations in planning for an internal or external succession.

Originally published in the MNCPA Footnote Dec06/Jan 07
What are the factors that are driving what seems to be an unprecedented level of activity in the accounting profession for mergers and acquisitions? How are deal structures being affected?

Originally published in The CPA Journal by the New York State Society of CPAs November 2006
Many professionals think of their transition to retirement in black-in-white terms. However, there are a plethora of ways to address succession that allow professionals to make a change in their organization and career short of the finality associated with an outright sale. One option is a cull-out sale.

Originally published in MSCPA's The Asset July 2006
You’ve identified the firm you are going to buy, sell or merge with, worked out the terms of the deal, and know how you will operate after the closing. How do you transition clients and staff to maximize retention?

Reprinted courtesy of INSIGHT Magazine, the magazine of the Illinois CPA Society, August 2006
The need for succession security, client growth and staff talent continues to drive the desire for mergers and acquisitions.

Reprinted with permission from Inside Public Accounting November 2005
Succession planning is one of the most urgent issues facing accounting firms today. While firms often look for internal solutions to succession, mergers and acquisitions are alternative solutions.

Reprinted with permission from the NATP TAXPRO Quarterly Journal Spring 2006
Lately there’s been a tremendous amount of news about the buying and selling of accounting and tax practices. Regardless of your intentions its important to examine valuation techniques and market evaluations. Here’s some M & A Q & A’s to consider.

Originally published in New Jersey CPA January/February 2006
Whether you are selling or buying an accounting firm, no proposal is truly complete until each party understands and agrees on the treatment of payments for tax purposes.

Originally published in Insight, the magazine of the Illinois CPA Society August 2005
Are you considering buying or selling your practice? Then you’ll need to understand the criteria for valuing the firm in today’s marketplace. It’s all about variables when it comes to valuing an accounting firm for merger or acquisition.

Reprinted with permission from the CPA Leadership Report October 2006
Acquisitions of small accounting practices has become common recently. Small practices are also increasingly becoming purchasers. Know the reasons for increased activity, how deals are structured and what buyers should consider.

Originally published in the EAJournal July-August 2005
As tax and accounting professionals, we advise and help our clients plan years before they retire or sell their businesses. Yet so many of us fail to take our own advice and wait too long to start the process of succession planning.

Original manuscript as submitted and provides the basis for the article "Adding Financial Services to Your Practice" published by the CPA Wealth Provider supplement to Accounting Today April 2005
Either you have decided to offer financial services to your clients or you want to grow the talent pool of your existing financial services practice. Should you acquire a firm that already offers those services to accomplish that goal?

Reprinted with permission from MACPA March 2005
You have devoted years to building a practice. With proper planning, you can maximize the value of this asset through a sale where everyone wins: the successor firm, your clients, and you.

Originally published in the CPA Journal by the New York State Society of CPAs February 2005
Many think that due diligence is the first step before negotiating the purchase or sale of a professional practice. This is not necessarily correct.

Originally published in Insight, the magazine of the Illinois CPA Society August 2004
With labor shortages looming, internal succession planning couldn't have come at a better time. Is your practice ready for internal succession?

Originally published in the Sum News by the Massachusetts Society of CPAs Summer 2004
When do I start the process? While we are constantly reminding our clients to plan for their retirement in advance, we frequently delay making our own succession plans. There are several key items that will dictate when to start the transition process.

Originally published in Insight, the magazine of the Illinios CPA Society July 2003
That's the question facing many CPA practices...trust your instincts to find the right answer.

Originally published by TAXPRO Quarterly Journal Spring 2003
As tax professionals, we provide the guidance our clients need to plan for retirement. As in the old story "The Elves and the Shoemaker," it is amazing how often we neglect ourselves and fail to plan appropriately for our largest intangible asset, our practice.

Originally published by TAXPRO Quarterly Journal Spring 2002
You worked long and hard. Finally, it's over. Another tax season is behind you. Like many of your colleagues, you're probably wondering what comes next...the following steps to selling your business should apply to almost all practices and hopefully supply you with more than just a starting point.

Originally published in the Practicing CPA by the AICPA March 1999
CPAs planning for a successful future always consider and reconsider various growth opportunities, and never before in the history of the profession have there been so many of them available. One very popular method of expanding a firm is acquiring or merging with another CPA firm.

Originally published in the CPA Journal by the New York State Society of CPAs September 1997
Is your firm thinking about a merger or acquisition or maybe an acquisition disguised as a merger? Whichever it really is or whatever you want to call it, problems can arise for the parties on both sides of the transaction for any number of reasons...

Originally published in the CPA Journal by the New York State Society of CPAs August 1996
What do you have to contemplate when the time comes to sell your accounting practice? Among other things, the author discusses personal considerations, transition problems, how to choose a successor, and structuring the transfer.

Originally published in the AICPA SMALL FIRM SOLUTIONS, Summer 2008
For many smaller practitioners, their firm is one of their largest assets. They have worked for years to develop and nurture this practice and want to receive a reward for their sweat equity and loyalty. How do you value this assett?

Originally published in the AICPA SMALL FIRM SOLUTIONS, Winter 2008. Effectively transitioning your client relationships to a successor firm should also maximize the value of your practice.