Creating Practice Value

Solving Today's Practice Management Issues

Identifying Opportunities to Increase Growth and Profitability

The Evolving CPA Profession

CPA firms are currently facing unique challenges. In today's business environment, clients are much more sophisticated and demanding. They want a trusted advisor who knows their industry and provides value-added services. Internally, firms struggle with

• Coming changes in firm leadership
• Outgrowing their current governance structure
• Moving from "silos" to a "one-firm" concept
• Partner admissions and buy-outs
• Partner accountability and compensation
• Raising up new leaders
• Creating a long-term growth culture

Depending upon the extent of their strategic vision and plan of action, firms will either enjoy great success or be left behind. The days of just "hanging out the shingle" are long gone and partners can no longer afford to let their practice run them.

Practical Solutions - Actionable Results

How We Can Help You

We help you implement practice management concepts that provide:

• Firm wide strategic vision and a one-firm concept.
• Governance that ensures efficient & effective management.
• Leadership with an understanding of its role and responsibilities.
• The internal framework to support the firm's growth and long-term viability.

We help you recruit, retain and develop staff, thereby providing for succession by:

• Defining a culture that attracts new hires and retains talented life-long employees.
• Providing continual leadership development and soft-skill training.
• Developing various career paths providing choice and opportunity for success.
• Reviewing and discussing improvements to employee benefit programs.

We help you get the most from your partners by:

• Facilitating strategic planning sessions that plays to their strengths.
• Creating customized partner plans that provide for accountability and result in appropriate compensation.
• Coaching partners to think and act like owners.

We help you improve practice value and profitability by:

• Identifying and mitigating the risks facing your practice.
• Helping you recognize and implement service cross-selling opportunities.
• Evaluating the contribution to profit of existing service lines.
• Helping you create a profitable client base.
• Developing sound operating practices and key performance indicators.
• Helping you identify and roll out new service offerings.
• Counseling you through the acquisition of another practice.

Firms that take a strategic and focused approached to practice management will not only enjoy increased profitability, but will also see their long-term value increase substantially.

Managing Partner to Managing Partner

Timothy I. Michel, CPA is a former managing partner of a Top 100 multi-office CPA firm. He helps CPA firm owners create value in their practice by drawing on his own experiences to assist them in identifying and overcoming obstacles and focusing on opportunities to increase growth and profitability.

His experiences include 30 years in CPA firm leadership roles in both large and small office environments. For many of those years, he participated on the firm's management committee facing and solving complex practice issues. In the ten years he served as CEO, the firm's revenues tripled.