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In the next 5-10 years, firms with less than $8 million in annual fees will pay billions of dollars to retired partners under the terms of their largely unfunded retirement/buy-out plans. Can the firms afford it? Do older partners have faith in their younger partners’ ability to keep the firm running and honor retirement obligations? Do younger partners have that ability? The issue requires a dual perspective: First, of the older partners and what they must do to assure the payment of their retirement checks, and second, of the younger partners and how they view retirement arrangements for their older partners. Financial Benchmarking and Ratio Analysis in the Health Care Industry One of the most important factors in a health care organization’s success is management’s ability to react to change and make timely, informed decisions regarding the organization’s operational direction and financial performance. Among the most useful management tools available to achieve this objective is benchmarking, an essential process for internal managers and consultants seeking to adjust business methods to optimize performance.
This article is presented in two parts. Part I, presented in our October issue, deals with sources of benchmarking data. Part II, presented here, discusses benchmarking a subject entity’s data against the industry.
Succession planning is the number one strategic issue facing CPA firms today. Members of the fabled baby boomer generation have now entered their retirement years. Partners have made a nice living at their firms for 20 to 30 years, or even more. They find themselves in their middle 50s or 60s with substantial value in their firms built from their life’s blood, with no exit strategy. They wish they could promote some of their staff to partner, but few, if any, have the right stuff. Or if they have it, they don’t want to be partners. Or the partners wish they could hire the near mythical young manager in a big firm looking for a great opportunity to become a partner right away in a smaller firm. These people are scarce commodities. This issue is affecting firms of all sizes. Two Choices:
Sales Tips for CPAs
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Charles R. McCann,
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