Specialized strategies for small and mid-sized CPA firms
Strategic PlanningDeveloping a solid strategic plan is one of the first steps in building the foundation for a CPA firm’s growth. It is the key to helping a firm elevate itself from being just a ‘good’ firm to being a mid-market sustainable entity with brand recognition. Through partner retreats, webinars and strategic planning sessions ESPOSITO CEO2CEO guides firms through the plan development process, helping you envision the future, setting goals and charting a strategic course to reach them. Our process walks firms through the stages of:
- Determining a firm’s culture and market position
- Identifying the company’s strengths, weaknesses, opportunities and threats
- Planning organic growth strategies
- Envisioning a firm’s future, setting goals and charting a course to reach them
Plan ExecutionSo you have built your strategic plan, the roadmap for scaling up your firm, but now what? Many CPA firms have great plans for the future, but get so mired in serving clients that they fail at the implementation of the actual strategies to achieve growth. ESPOSITO CEO2CEO understands that, and can step in to actually guide partners and principals through the development of tactics, execution of those tools, and measurement and accountability against the plan. To assist with implementation and accountability, we provide guidance with:
- Developing timelines and action plans
- Setting goals and benchmarks
- Tactics development
- Measuring actual performance against plan
- Arriving at partner compensation based upon plan execution and analytics
Organic GrowthAchieving growth for a firm organically can be a slow and steady path to brand recognition and being able to compete against larger firms for prime clients. For a small or mid-sized CPA firm, it takes a special mix of strategies to build a brand and achieve market permission, develop niche markets, attract better quality prospects and talent. ESPOSITO CEO2CEO helps small and mid-sized CPA firms grow organically through::
- Industry specialization.
- Strategic plan development.
- Execution of and accountability for a strategic plan.
- Market and competitive analysis.
- Identification of niche proficiencies and/or new service offerings.
- Development of “best in breed” firm management practices.
- Leadership development.
Mergers and Acquisitions
Organic growth is not the only method of progressing a CPA firm’s reach, and it is not always the easiest goal to achieve. But, making the decision to acquire or merge with another firm can be a defining moment for you and your partners. ESPOSITO CEO2CEO has helped countless firms work through the decision process and integrate with other firms. Our process includes thoughtfully defining expectations, targeting just the right markets, identifying synergies, reviewing candidates, negotiation and post-merger integration. We can help firms make the right decisions by working with them through:
- Defining the firm’s goals and expectations
- Targeting the market and beginning the search
- Reviewing candidates and making an offer
- Negotiating and closing the deal
- Planning for post-merger communications, operations and cultural integration
A Suite of Practice Management ServicesESPOSITO CEO2CEO can help you identify other consulting and support services that as part of your strategic plan and tactical implementation can position you for growth. With our team’s over 100 years combined experience managing and advising CPA firms, coupled with the partnerships we have formed, we also help companies by providing practice management services. Let us help you by developing a complement of services which could include:
- Performance Management and Compensation Plans
- Client sales and services
- Marketing and branding
Building a rock solid leadership model is the foundation for a firm’s growth. ESPOSITO CEO2CEO excels at counseling firms both in identifying a balanced mix of partner talents and building effective governance and operational models which can propel organic growth and brand positioning. Our partner development consulting services can help you:
- Evaluate the implications of a transition to a mid-market sustainable brand on your Human Resources function and the impact on your people pipeline
- Outline what it takes to attract new partners, including laterals
- Define what it takes to develop existing partners
- Determine what it takes to retain the highest performing partners and “rising stars”
Dom Esposito has written a terrific book that should be read by everyone who leads a CPA firm. He has clearly and succinctly set forth what is unique about CPA firms. Most importantly, he has created a nice framework for those interested in building a mid-market sustainable brand while maintaining (or even improving) the essential culture of their firm.
Never before has there been a book by a former CEO of a CPA firm to today's CEO. The opportunity we have to grow our business is very exciting and this book, particularly the area of serving private/public capital markets, will help us navigate the waters.
Changing a CPA firm from a merely good firm to a mid-market sustainable brand requires discipline and a cultural shift as well as years of consistent and persistent leadership. This fine book summarizes the do's and dont's and the good, the bad, and the ugly on how to re-engineer a firm. I found it very insightful.
This book is a great read for CPA firm leaders. It provided me with practical insight from a professional I have respected and admired for many years. Dom Esposito is the real deal. His chapter on national and geographic reach is on the money.
In twelve easy-to-read chapters, this book captures the magic sauce that is necessary to start or continue to move a CPA firm to a sustainable brand in the mid-market. The book will give any mid-market managing partner some great takeaways and food for thought.