Like
most people I hope that whatever happened in 2021 stays in 2021. If I get
handed another facemask when entering a store or have someone tell me that I am
standing too close to them, you may very well see that vignette re-enacted on
an episode of “Cops.”
Nevertheless,
as many of us prepare to croon an off-key version of “Auld Lange Syne” in a week
or so, I have compiled my personalized wish list that if all is holy – or even
if not – will come to fruition in the coming year – particularly as it relates to
the CPA profession.
So,
in the spirit of the season and knowing full well some of you might take a
slight offense here goes:
1. In the ensuing 12 months I do not want
to hear another practitioner rationalize that their succession plan will work
if they can just locate a young CPA who can take over the controls and steer
the ship into the future. It is not going to happen. EVER. Fifty thousand firms
around the country and most a lot bigger and with deeper pockets than yours
have the same strategy. Want to take a chance? Play Powerball. Your odds are
about as good and think of the payoff.
2. I realize that many of you have worked
hard to build up your practice but let’s wake up and face north when it comes
to how much your firm is really worth and please don’t ask me to find a buyer
willing to pay as high as 1.5. A figure like that has not been seen since NSYNC
was at the top of the billboard charts or Member’s Only jackets were considered
stylish.
3. Far be it from me to prevent someone
from working based on their date of birth but in the sometimes-harsh reality
that is M&A absolutely no successor firm is going to allow someone well
north of 65 to continue working full time for 5-10 years. Not gonna happen. So
be realistic about your full-time working timeline. Ditto for an aging
practitioner looking to merge in a firm with younger folks. Again, when many of
you were in their early to mid-30s would you affiliate with someone 75? Didn’t
think so.
4. Working remotely is here to stay.
Period. The traditional workflow has changed so change with it. Several
practitioners I know declined to invest in the needed technology to accommodate
off-premises staff and as a result they lost staff to more progressive firms.
Gee who could have seen that coming.
But
enough grousing for the moment. Here’s wishing everyone a happy and healthy
holiday season and a great 2022. Keep telling yourself it has to get better.
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