August  2004      

 CPA Leadership Report
            A free bi-monthly newsletter for the accounting profession
 

       
CPA Leadership Report  is made possible by the generous support of the sponsoring companies. 
 
Promoting Continuous Improvement in CPA Firm Leadership

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 Are American Firms Truly Providing Value Added Services? 

CPAs can help their clients deal with the reality of  foreign competition.  Much of this competition is hard to beat, but U.S. companies can compete by developing sustainable competitive advantages.  A series of simple steps outlines the process.   Included is a list of training organizations that can help your firm develop the expertise and confidence to meet the challenge of providing real value added services.

 A More Influential Role for Marketing Directors

A survey of marketing directors indicates the role of marketing directors is changing.  Just a few years ago marketing professionals were involved primarily in collateral materials, Web site content, direct mail campaigns and the like.  Today there is a trend toward a more strategic role and the responsibility for helping partners and managers attain their business development goals.
Finding Private Equity Investors

Over the last decade, the amount of private equity capital raised by private equity groups has exploded, and there is tremendous pressure on private equity funds to put money to work.  Consequently, private equity investors consider a far broader range of businesses and opportunities than in the past. Several core characteristics of the business determine which type of private equity investor might be appropriate for your client’s business.  These are explored in this article.  In a follow-up article, we will provide details on how to find the right private equity investors for your clients.

Improve Profitability by Shifting Your Focus

CPA firms “burn cash” in the off-season.  Cash reserves are accumulated and then spent on fixed personnel expenses during slower periods.  Other than letting staff go, there are three ways to reduce cash burn in the off-season:
· Find off-season compliance work
· Deliver additional advisory services to existing clients
· Supplement in-house resources with outsourced tax preparation services

This article outlines the process and the benefits of outsourcing.
 

Strategies to Acquire a CPA Firm

 “Selling” is a sensitive issue for many practitioners.  It is better to approach them with an open scope—an opportunity to explore options.  Some of the options are: practice continuation, partial sale, complete sale, merger, and alliance.  With these options in mind, consider the factors that affect the compatibility of the firms:  fees, migration path, personalities, staff, long-term contracts, etc.

Focus on these issues up front to avoid protracted discussions that will never be consummated.

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Sponsors
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 ACCPAC



 Accountants World



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 The Rainmaker Academy



 The Solomon Company



 Xpitax


Find out more about these valuable resources on our Sponsors Page 
 

Consultants to the
CPA Profession.

Resources Provided by our Sponsors

Charles R. McCann, CPA
cpasnet.com
Crosley + Company
Dugan & Lopatka, CPAs, PC
Frederiksen & Co.
Gatto Associates, LLC
Grant Partners LLC
Making Auditors Proficient
Shiffrin Management Group
The Rosenberg Associates
The Whetstone Group
Visionary Marketing
Waugh & Company, Inc.

 Click here for complete 
details at our Web site.
Should your firm be listed here? 
If it should be, or you know of other qualified firms, call
(800) 243-2132 or
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Accountants World
Internet-based community of accountants with free lifetime membership.


ACCPAC
Value-added financial analysis software.


CPAmerica
A leading network of independent
CPA and consulting firms.


The Rainmaker Academy
Premiere business development program for accounting and consulting professionals

Chicago Internet
High-end print and
Web design firm.


Xpitax
Simplified tax outsourcing solution.


Alliance of M&A Advisors
Certification program to become a CM&A (certified in mergers and acquisitions).


The Solomon Company
Need A Little Rain
In Your Business?

Forward this newsletter on to a CPA professional, associate, or friend.

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Joel Shiffrin
111 E. Wacker Dr.
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Chicago, IL  60601
(312) 540-9840
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