Note: The following post was written by Ira S. Rosenbloom, CPA, chief operating executive at Optimum Strategies, a consulting firm focused on helping small and medium-sized CPA firms enhance business performance, profitability, and foster practice continuity.
If you are like most CPAs in public practice, your clients frequently ask you about the value of their businesses and the steps they can take to maximize that value. Now more than ever, as the owner of a CPA firm, you should be asking yourself these same questions, since they relate to your practice. The healthier your bottom line, the greater your options − including the opportunity for your firm to garner increased outside interest.
Whether this will be your last tax season or one of many more to come, you should always run your practice as though you are positioning it for sale. Not only will you be prepared to earn the maximum return on your practice when you decide to sell or combine, you will also reap the rewards of running your firm in a way that optimizes the professional and financial satisfaction for you, your partners, and your employees.
These three factors can help you see the win–win in bolstering your bottom line:
Optimizing the performance of your practice will produce near-term and long-term benefits. Given the responsibility, challenges, and effort associated with owning a CPA firm, a maximum return on your investment is the only result you should accept.
Want to learn more?Don’t miss Ira Rosenbloom’s Jan. 21 program “CPA Firm M&A Workshop: Comprehensive Options for a Sale, Merger, or Independence.” Rosenbloom will focus on the ground rules to enhancing your firm’s ROI and multiplying your succession planning options. The four-hour program will be held from 8 to 11:30 a.m. at the MACPA’s Towson Center. Get complete details and register here.