Out of the Mouths of Babes!

Like many of you, I’m old enough to recall when there were just 7 channels on television and you actually had to muster the energy to get out of your chair to change the program. Like on Thursday nights for example, we went straight from F-Troop to Ironside.  

Flash forward a few decades or so and hundreds of cable stations later.

Since our business revolves around succession and aging partners approaching retirement or in some instances putting it off, you can imagine I do not regularly conduct lengthy conversations with younger folks or “Millienials” employed at CPA firms.

But after this week I’m rethinking that strategy.

Recently, I’ve felt a lot like Ryan Bingham, the frequent flyer character in the movie “Up in the Air” as conference season for the CPA profession hits its final crescendo before the inevitable wave of 1040s. During that time, our travel and speaking itineraries often run several pages long.

So in that often lengthy period between flight check in and boarding, you occasionally engage other impatient travelers in brief but lively conversations.

Recently, I had the rare opportunity to speak to two young professionals – one in audit the other in tax at larger multi-partner firms. After exchanging the normal pleasantries, I asked each point blank what they liked and more importantly, what they didn’t like about their firms.

What ensued was candid with a capital C.

Both agreed that there were facets of their firms that they loved and frankly, others that were not so enamoring. Unanimously they complained that their respective firms were blatantly top heavy, too many older partners not carrying their fair workload while commanding large compensation packages. Another complained of not being involved enough in special projects. And more importantly, there didn’t seem to be any urgency in either firm to step back and perhaps change the respective situations.

Both offered cogent plans on how to reformat what was wrong but were not sure everyone – if anyone – was listening.

Stop me if you heard this before!

Can you spell discouraging with a capital D?

Here in front of me was a microcosm of the future of public accounting firms – young vibrant staff with unquestionable partner potential, getting discouraged just a few short years into their hitches.

With succession and ownership issues at such a critical point and survey after survey highlighting just what a problem it has become, it would be an incalculable waste if these young professionals abruptly decided to ply their skills elsewhere – such as private industry.

So the next time I hear a firm complain that good help is hard to find and more importantly, retain, I just may point out that maybe the good help felt the same way about good management.