Name: Securing the Future, Volume 1 By William Reeb
SKU: 9781940235585
Price: 25.93 USD
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Securing the Future, Volume 1 Summary

Securing the Future, Volume 1: Building Your Firm's Succession Plan by William Reeb

Is your firm poised for long-term success and viability? Do you even know what that looks like for your firm? The reality is that most CPA firms have their work cut out for them if they want exiting partners to retire comfortably and future leaders to flourish. In the new edition of this popular book and its companion workbook, Reeb and Cingoranelli impart the same no-nonsense advice on succession planning and management that they share with their clients, providing you with the benefits of their years of experience, research, and methodologies. Volume 1 covers fundamental succession and management concepts to ensure that every partner and manager is on the same page and working toward a shared vision. After reading this book you will be able to: * Take steps to maximize your firm s value * Shore up your business strategy and operations * Remove personal preferences and entitlements from partner discussions * Build a strong partner group * Ensure your firm survives the departure of key people by creating or improving your succession plan, and more!

About William Reeb

Bill Reeb has been consulting for over three decades to all sizes of businesses, from mom and pop operations to Fortune 100 companies. Prior to his life as a CPA, he worked for IBM in sales in the late 1970s. As an entrepreneur, he has founded seven small businesses, from retail to software development to advisory work. An award-winning public speaker, Reeb lectures throughout the United States. and Canada to thousands of executives and CPAs each year. As an award-winning author, he is internationally published, with numerous magazines, journals, newspapers, and books to his credit. Besides Securing the Future, Reed and his partner Dom Cingoranelli have also authored Becoming a Trusted Business Advisor: How to Add Value, Improve Client Loyalty, and Increase Profits. Dom Cingoranelli is a consultant whose engagements over the last three decades includes organizational development work for CPA firms and associations, as well as on construction projects for the Big Three auto makers; for regional, national, and international contractors; and for organizations in a variety of other industries. He has performed strategy consulting and planning; process improvement studies; management consulting, training, and development; team building; coaching; and group process facilitation for a variety of groups. He co-authored Securing the Future and Becoming a Trusted Business Advisor: How to Add Value, Improve Client Loyalty, and Increase Profits, as well as the AICPA PCPS Succession Resource Center and Trusted Business Advisor Resource Center. Cingoranelli has also written numerous articles and CPE offerings on executive recruiting, performance management, leadership, planning, and organizational culture. He speaks frequently on management and consulting topics throughout the country.

1 Why Now? 1 Why Does This Matter, and Why Now? 1 Why CPAs Don t Develop Successors As They Should 4 Crisis Succession Planning 5 Orderly Succession Planning 6 Component Parts of an Orderly Succession Plan 7 Chapter 2 Start With Strategy 7 Chapter 3 Clean Up Your Operations 7 Chapter 4 Identify and Describe Your Business Model 8 Chapter 5 Examine Retirement Benefits 9 Chapter 6 Describe Governance, Roles, and Responsibilities 10 Chapter 7 Establish Voting Rights, DecisionMaking, and Equity Distribution or Redistribution 10 Chapter 8 Define theManaging Partner Role 10 Chapter 9 Build Capacity for Long-Term Sustainability 11 Chapter 10 Transition Client and Referral Relationships 11 Chapter 11 Describe the Admission to Ownership and Development Process 11 Chapter 12 Build a Strong Partner Group 11 Chapter 13 Establish Processes and Procedures for Retired Partners Still Working for the Firm 12 Chapter 14 Define the Maximum Payout Process and Other Buyout-Related Issues 12 Chapter 15 Create a Partner Accountability and Compensation Plan 12 Chapter 16 Address Death and Disability in Your Buy-Sell and Retirement Policies 13 In Conclusion 13 2 Start With Strategy 15 Strategy Should Drive the Rest of Your Decisions 15 Thinking Strategically 16 Strategic Planning Overview 17 Getting Started 17 Core Philosophy 18 Long-Term Vision 18 Strategies, Action Plans, and Metrics 20 Some Typical Strategic Initiatives 21 PartnerAccountability and Compensation 21 Attracting, Retaining, and Developing People 21 Growth, Business Development, and Client Retention 22 2 Start With Strategy continued Infrastructure, Consistency, and Efficiency 22 Improved Communication and Transparency 22 In Conclusion 23 3 Clean Up Your Operations 25 Get the Basics Right 25 Information Systems and Performance Metrics 26 Performance Metrics 26 Strategies for Improvement That Will Yield High Return on Investment 29 Create Capacity at the Top 29 Improve Your Overall Profit Stream 32 Charge Clients a Fair Fee 33 Manage Through the Trough 36 In Conclusion 36 4 Identify and Describe Your Business Model 39 Eat What You Kill Versus Building a Village 39 The Problem With Replacing the Superstar 42 Modes of Operation Within the EWYK and BAV Models 43 Survival Mode 44 Safety Net Mode 44 Success Mode 44 Continuation Mode 45 TheMost Commonly Found Disconnect 46 Modes of Operation Summary 46 Important Distinctions Between the EWYK and BAV Models 47 In Conclusion 49 5 Examine Retirement Benefits 51 The Nuances of a Fair Retirement Benefit 51 Determining the Value 52 Other Issues to Consider 53 Mandatory Sale of Ownership 54 The Importance of Vesting 56 Actions That Should Negatively Affect Value 59 In Conclusion 60 6 Describe Governance, Roles, and Responsibilities 61 Creating Accountability 61 Enabler One: Decision-MakingAuthority 62 The Problem 62 The Solution 63 Enabler Two: Standard Operating Procedures Foundation 63 6 Describe Governance, Roles, and Responsibilities continued Enablers and Synergy 64 Enablers and Firm Size 66 Enablers in Firms of Up to $2Million to $3Million 66 Enablers in $3Million to $10Million Firms 67 Enablers in Firms in Excess of $10Million Dollars 69 Decision-MakingAuthority 70 Voting Control Properties 70 Organization Infrastructure Properties 70 SOP Infrastructure Properties 71 Administrative Policies 71 Accountability Policies 72 Processes 73 Avoiding Common Traps 73 In Conclusion 74 7 Establish Voting Rights, Decision Making, and Equity Distribution or Redistribution 75 Voting and Decision Making 75 To Vote or Not to Vote: That Is the Question 75 Formal or Informal Votes 76 Types of Votes 77 Equity Ownership andWhy ItMatters 78 Equity Reallocation 78 Equity Allocation and Reallocation:What,Why, and How 78 Determining EquityAllocations 83 In Conclusion 86 8 Define the Managing Partner Role 87 Defining the Managing Partner s Role 87 Why the Managing Partner Is the One ChargedWith Implementation and Accountability 89 Electing and Dismissing the Managing Partner 92 The Term of the Managing Partner 93 Firing the Managing Partner 94 The Managing Partner Compensation System 95 In Conclusion 95 9 Build Capacity for Long-Term Sustainability 97 The Importance of Building Capacity Through Your People 97 Developing Real People-Management Skills 98 Learning How to Develop PeopleMore Quickly 99 Motivating Your People 100 Culture and People Development 101 9 Build Capacity for Long-Term Sustainability continued Competencies Form the Foundation 101 Examples of Some Competency Definitions 103 People Development in Three Steps 104 Setting People Up for Success Through Clear Expectations 104 The Effect of Your Expectations on Others Performance 107 Values Matter 108 Reporting Models 108 In Conclusion 109 10 Transition Client and Referral Relationships 111 Why You Need Solid Transitioning 111 Benefits of Proper Transitioning 112 A Transitioning Process 113 Penalties for Not Transitioning 115 Referral Sources 116 Sample Transitioning Plans 116 Transition Compensation Plan 117 In Conclusion 118 11 Describe theAdmission to Ownership and Development Process 119 Who Should Become Owners in Your Firm? 119 Career Paths for Prospective Owners 120 New PartnerAdmission 121 Admission to Equity Ownership 122 Nurturing New Partners 122 Dead Weight 123 In Conclusion 124 12 Build a Strong Partner Group 127 Turnover Basics 127 Cranking the Vise 127 Terminating a Partner 128 Leaving and Going to Work in Industry 129 Leaving and Competing 130 Other Issues 131 Employment Agreements 131 Total Loss of Retirement Benefits 131 Terminations for Cause 131 Severance Packages 132 In Conclusion 132 13 Establish Processes and Procedures for Retired Partners Still Working for the Firm 133 Continuing to Work After Sale of Ownership 133 Boundaries Are Necessary 133 13 Establish Processes and Procedures for Retired Partners Still Working for the Firm continued Annual Contracts 135 Retired Partner Employee Compensation 136 In Conclusion 137 14 Define the Maximum Payout Process and Other Buyout-Related Issues 139 Personal Liability of Remaining Owners for Retired Owners Full Payout 139 Specific Recourse or Cures Should a Retired Owner Not Be Paid in Full 140 Sale orMerger of a Practice 140 Ability of Retired Owners to Block Mergers or Total Sale of the Business Unless Retirement Obligation Is Paid in Full Prior to Transaction 141 Ability of Retired Owners to Block the Sale of a Line of Business Unless Retirement Obligation Is Paid in Full Prior to Transaction 142 Partially Funded Retirement Plans 142 Maximum Payout Provision 143 Purchase Price of Other Companies and Real Estate 143 In Conclusion 144 15 Create a Partner Accountability and Compensation Plan 145 Accountability: It Should Apply to Everyone 145 Setting Clear Expectations to Create Accountability 146 Commitment to Results 147 Delegation or Dumping? 147 Revisiting the Notion of Accountability 147 Accountability for Partners 148 Accountability Requires Action and Commitment 149 Accountability and Performance Variability 150 Objective Performance Criteria 150 Subjective Performance Criteria 151 Establishing the Accountability Process 151 Benefits of Implementing the Accountability Process 152 Who s in Charge? 153 Performance Pay for the Managing Partner s Allocation 155 In Conclusion 156 16 Address Death and Disability in Your Buy-Sell and Retirement Policies 157 Now Is the Time 157 Policies Dealing With the Death of a Partner 157 Policies Dealing With Disability 159 Policies Dealing With Partial Disability 159 In Conclusion 160 Conclusion 161

Additional information

Sku

CIN1940235588A

ISBN 13

9781940235585

ISBN 10

1940235588

Title

Securing the Future, Volume 1: Building Your Firm's Succession Plan by William Reeb

Author

William Reeb

Condition

Used - Well Read

Binding type

Paperback

Publisher

John Wiley & Sons Inc

Year published

20161227

Number of pages

176

Prizes

N/A

Cover note

Book picture is for illustrative purposes only, actual binding, cover or edition may vary.

Note

This is a used book. We do our best to provide good quality books for you to read, but there is no escaping the fact that it has been owned and read by someone else previously. Therefore it will show signs of wear and may be an ex library book

Securing the Future, Volume 1 William Reeb

Securing the Future, Volume 1 by William Reeb

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Securing the Future, Volume 1 Summary

Securing the Future, Volume 1: Building Your Firm's Succession Plan by William Reeb

About William Reeb

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