CPA Firm M&A - How To Buy a Firm, How To Sell a Firm, and How To Make the Best Deal

פרטים

Chances are you re looking to buy, sell, or merge your CPA firm. Owners at firms of all sizes are seeking solutions to fund retirements or grow their practices. And, CPA firm M&A activity is only going to increase in the coming years new deals are announced almost daily. Fortunately, there are steps you can take right now to position you and your firm for success. Written with both buyers and sellers in mind, this comprehensive resource aims to ensure that both parties to a transaction achieve their goals. Authors and transition experts Joel Sinkin and Terrence Putney demonstrate that it is possible to arrive at a reasonable deal where retiring partners are paid a satisfying price for the practice they ve built, remaining partners make more than they did before, and new owners take on a practice that is poised for continuing success and potential growth. Sinkin and Putney share their best advice on how to: * Determine your firm s value, * Get to know your potential partner in a deal, * Select a successor your clients will love, * Structure alternative deals, * Avoid roadblocks, * Prepare a practice continuation agreement, * Perform due diligence, * Execute a win-win deal, and * Time and plan for your transition. Each chapter concludes with an Action Agenda to help spur your planning. Plus, it includes a collection of practical tools to assist you through the process of buying, selling, or merging, including practice summary tools, an annual succession planning checklist, sample practice continuation agreement, sample client announcements, due diligence tools, and sample transition letters.

מידע נוסף

מידע נוסף
עמודים	272
פורמט	Paperback / softback
ISBN10	194023512X
יצא לאור ב	NC
תאריך יציאה לאור	9 בדצמ׳ 2016
תוכן עניינים	About the Authors ix Acknowledgments xi Introduction xiii 1 The Marketplace 1 What Are the Marketplace Trends? 2 The Overall Economy and CPA Firms 2 International Trends 4 Trends in CPA Firm Demographics 4 Technology Trends 7 Gender Trends 8 Where Do Firms Stand on Succession? 9 So, Is It a Buyer s or a Seller s Market? 10 Sizing Up the Seller 11 Shifts in the Mid-Size Firm Market 11 Get Ahead of the Trend 12 Exceptions to the Rule 13 Let s Talk Technology 14 Finding Alignment 15 2 Succession: Getting the Timing Right 17 Let Me Count the Days 17 Where Do Client Loyalties Lie? 19 Unique Skills 20 What Are Your Commitments? 21 Personal and Professional Roadblocks 22 Committing to Retirement or Sale of Ownership 24 Jump Start Change 25 Sooner Rather Than Later 27 Action Agenda 27 3 How to Choose a Successor You and Your Clients Will Love 29 Think About the Four Cs 30 Chemistry 30 Capacity 32 Culture 32 Continuity 33 3 How to Choose a Successor You and Your Clients Will Love continued What Is the Worst That Could Happen? 34 Smart Ways to Smooth the Transition 35 Worth the Effort 38 Action Agenda 39 4 Our Managers Will Buy Us Out, Right? Speed Bumps to Avoid on the Road to Internal Succession 41 What Is on Your Partners Minds? 42 Strengthening the Partnership Agreement 43 Protect Against Risk 44 CoverAll the Angles 45 Be Sure It Is a Workable Plan 46 Who Should Lead? 47 Training Future Leaders 47 Nonequity Partners 49 Using Mergers for Leadership Development 53 Do Not Overlook These Keys to Making a Deal Work 53 The Buyout Formula Must Be Attractive 53 Lifestyle Issues Have Become More Important to Younger Potential Successors 54 Leadership Is a Critical Attribute for Successors 54 Keep Succession in Mind With Each New Hire 55 Teamwork Is Essential to Success 55 Will the Transition Work? 55 Transitioning Client Relationships 57 Identify Critical Issues 58 Don t Forget the Safety Net 59 Action Agenda 59 5 What Is a Firm Worth? 61 External Versus Internal Sales 61 What Is the Multiple? 62 Negotiating an Internal Sale 63 A Willing Seller Still Needs a Willing Buyer 66 Effect of Tax Treatment and Interest on Deferred Payments in Buyout Terms 72 5 What Is a Firm Worth? continued Using Mergers and Acquisitions to Build a Succession Team and Preserve Value 72 Positioning the Firm for Possible Merger 75 What You Need to Know About External Sales 76 Net Tangible Assets 77 The Intangible Value 78 The Structure of an Acquisition 79 Price Equals Value Plus Terms 81 Factors That Affect Value 82 A Practice of Under $1Million 82 Negotiating a Deal for a Larger Firm 88 Types of Clients and Services 88 Staff 88 New Marketplaces 88 Capacity 89 Steps to Increase Value Before You Sell 89 Action Agenda 94 6 Alternative Deal Structures 95 Immediate Buyout 95 The Two-Stage Deal 97 The Cull Out Sale 101 Mergers Versus Acquisitions 103 Combination Deals in Mergers 104 Adding It Up 107 Relative Values of Two Firms in Mergers 107 Compensation Gaps 108 Dealing With Conflicting Policies 111 Other Postmerger Issues 112 Client Transition 112 Advising Clients 112 What Is Left Hanging 113 Perks 113 The Right Deal for You 114 Action Agenda 114 7 Managing Merger Minefields 115 Reasons Some Mergers Fail 115 Mergers for the Wrong Reasons 116 Poor Deal Structure 116 Business Plan Execution 116 Differences in Overhead and Profitability 117 Transition 118 Equity 119 Billing Rates 119 Differences in the Client Experience 120 Differences in Quality Control Systems 121 A Failure to Communicate 121 Ego 121 Timing 121 Potholes in the Partnership Agreement 123 Do Not Forget Accounts Receivable and Work in Process 125 Let s Call the Whole Thing Off 127 Terms to Address 130 When a De-merger Clause Is Definitely Not Appropriate 132 Partial De-mergers 133 Merger Costs 133 Combination Affiliations 133 Action Agenda 133 8 The Power of a Practice Continuation Agreement 135 Why PCAs Matter 136 An Exit Strategy 138 What Is in a PCA? 140 The Triggering Events 140 Compensation Terms 141 Restrictive Covenants 142 Your PCA Partner:A Trusted Internal Employee 142 Your PCA Partner:A Successor Firm 143 Capacity 144 Client Service Approach 144 Service Pricing 145 8 The Power of a Practice Continuation Agreement continued Expertise 145 Partner Demographics 145 Culture or Chemistry 145 Do Not Overlook the Small Stuff 146 Why a PCAIs Not a Good Retirement Vehicle 146 Plan for the Business of Transition 147 Planning for Leadership Interruption 148 ActionAgenda 149 9 The Keys to Due Diligence 151 Laying the Groundwork 152 What Is Due Diligence? 152 Timing:When Should the Due Diligence Review Begin? 153 Preliminary Versus Field Due Diligence 154 Protecting Proprietary Information 156 Conducting Field Due Diligence 157 Field Due Diligence for Buyers and Successors in Mergers 157 Field Due Diligence for Sellers and Firms Merging Upstream 163 Deal Terms and Due Diligence 167 Reacting to Due Diligence Findings 167 Action Agenda 167 10 Getting the Transition Just Right 169 Client Retention 170 Timing of the Announcement 170 The Message 170 Introducing the Successor 171 Involvement of Both Firms in the Communication Process 171 The Seller s Time Commitment to the Transition 171 Staff Retention 173 Inform the Most Senior Staff Members First 173 Make a Special Announcement 174 Send an Upbeat and Positive Message 174 Tackle Compensation and Benefit Concerns 174 10 Getting the Transition Just Right continued Address Employment Agreements 174 Clarify Reporting Relationships 175 Emphasize Career Opportunities 175 Orient New Employees 175 Maintain an Open Dialogue 175 The Transition Plan: Steps to Consider 175 Action Agenda 178 11 The Art of the Deal 181 When the Firm Opens Its Doors 181 If the Firm Is Already Up and Running 182 If You Are Planning on Internal Succession 183 If the Firm Is Very Small 183 When You Are Considering a Deal 184 When You Are Ready to Meet Candidates 184 When You Are Thinking About Timing 185 When the Deal Is Being Finalized 186 Embrace the Opportunities 187 Appendix Page A National Management of an Accounting Practice Survey Data 189 B Annual Succession Planning Checklist 195 C Sample Practice Continuation Agreement 199 D Sample Client Announcements 209 E Due Diligence Tools 213 F Sample Transition Letters 239 G Practice Summary Sheets 249
זמן אספקה	21 ימי עסקים