In Our Opinion, many small and mid-sized CPA firms have the potential to fail post-COVID-19 if they don’t address the red flags that will inevitably pop up post the pandemic. Here are ten very common red flags to avoid:
If your firm is experiencing one or more of these red flags, it behooves you to do what is obvious and address the issues head-on. These are very common reasons why firms fail or at least fail to reach their maximum potential. All of these issues can be fixed although some will take several years before they are fully corrected. The good news is that others were smart enough to recognize that they had a problem and did something about it. Are you that firm or are you the firm that will continue to keep its head in the sand?
After 47 years in the accounting profession (with responsibilities that included CEO of Grant Thornton and COO of CohnReznick), Dom Esposito, CPA, launched ESPOSITO CEO2CEO, LLC — a boutique advisory firm that consults to leading CPA and other professional services firms on strategy, succession planning, mergers, acquisitions, and integration. Dom, voted as one of the most influential people in the profession for two consecutive years by Accounting Today, authored a book, published by www.CPATrendlines.com., entitled “8 Steps to Great” which is a primer for CEOs, managing partners, and other senior partners. In Our Opinion, is a continuing series of perspectives for leading CPA firms where Dom and his colleagues share insights, experiences, and wisdom with firm leaders who want to “run with the big dogs” and develop their firms into sustainable brands.
This has been prepared for information purposes and general guidance only and does not constitute professional advice. You should not act upon the information contained in this publication without obtaining specific professional advice. No representation or warranty (express or implied) is made as to the accuracy or completeness of the information contained in this publication, and ESPOSITO CEO2CEO, LLC, its employees, and its independent contractors accept no liability, and disclaim all responsibility, for the consequences of you or anyone else acting, or refraining to act, in reliance on the information contained in this publication or for any decision based on it.