Career Tips for the New M&A Era
Do you know the 14 signs that your accounting firm is headed for a merger? And how to plan your career for the next M&A wave.
March 18, 2010
The next 15 years could see as many mergers or acquisitions among accounting firms as we’ve seen in the last 100, according to conventional wisdom.
The reasons, of course, are well-known: simple demographics. The baby boomer generation that built today’s CPA industry is facing retirement. And the accounting business is not alone. Indeed, U.S. industries across the spectrum are facing the same issues of wealth transfer, knowledge shortage and looming changes in ownership control and management culture.
So every CPA and finance executive could be affected by this megatrend in one way or another.
If you’re planning to retire any time soon, the rest of this article is not for you. You either know what you need to do or it’s too late to help you.
But if you belong to the next generation of CPAs, the generation that’s going to take over from today’s retirement-minded partners and managers, then read on. This post is for you.
While the baby boomer generation plots its exit strategies, many among the Millennials, Gen X-ers, and Gen Y-ers are chomping at the bit.
Dominic Cingorelli and Bill Reeb are here to help you catch the signs of an impending merger at your firm.
Both are CPAs and consultants to the profession through The Succession Institute and the new two-volume set on succession planning, Securing the Future, from the AICPA. The set may be as relevant for up-and-coming partners-in-training as it is for anyone structuring a firm strategically for the future.
Look for these eight signs that your firm will be shopping for an upstream merger when the partners-in-control come to believe:
And look for these six signs that your firm will be looking to acquire another firm when you start hearing:
Whether your firm is looking upstream or downstream, you can tell from just looking at those lists, what you need to do. Starting with:
NOW IT’S YOUR TURN: What’s your story? What advice do you have for colleagues? E-mail me with your comments, ideas, rants, raves or questions.
Copyright © 2010 CPA Trendlines/BSG LLC. All Rights Reserved. Used by Permission. First published by the AICPA.
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