Page 26 - May-June-guide BI

MICHIGAN ASSOCIATION OF CERTIFIED PUBLIC ACCOUNTANTS | MAY – JUNE 2017
THE CULTURE TEST
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By Mark Hughes, CPA, CFE, Partner, ShindelRock
THREE WAYS TO ENSURE CULTURAL
FIT WHEN MERGING YOUR BUSINESS
It’s no secret: accounting rms in Southeast Michigan are eyeing each other with interest lately. Mergers between rms in our industry have been growing steadily over the past decade. If you’re considering the sale of your business as an approach to retirement, succession planning, or for strategic reasons, it’s important to consider the number one factor that can cause otherwise great rms to fail post-merger: cultural shock.
Cultural fit when merging two CPA firms is critical but difficult to assess before the teams actually start working together. Going into a potential sale, you should examine carefully the acquiring firm and how well your staff and clients will fit in their new home. Some points to consider:
Finding a merger partner is easy—finding the right merger partner whose culture and clientele fit well with yours is harder, but it’s hard work that will pay off. By dedicating time to your firm’s merger now, you’ll secure the success of the sale and guarantee continuity for your clients and staff in the years ahead.
LOOKING FOR A SUCCESSION PLAN?
If you decide selling your business is the right decision for you, consider Metro Detroit-based ShindelRock as part of your plan.
As a strategic and forward-thinking accounting firm, ShindelRock is looking to acquire public accounting firms with 5-15 staff members in Oakland, Wayne or Livingston County. We can offer maximum value for your business, continuity for your clients, and a supportive work environment where your staff can grow and thrive. And
because you know your business best, we’ll invite you to stay involved as well.
For more information, please contact Mark Hughes at 248-855-8833 or mhughes@shindelrock.com.
Mark Hughes, CPA, CFE,
Partner, ShindelRock
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POLICIES & PROCEDURES: You can learn a lot about a firm by examining its written policies on things like employee dress code, billable hours required, client billing procedures and owner vs. staff compensation. If your staff is used to a relaxed atmosphere, the transition to a more formal office environment may be difficult and result in a loss of staff (and clients).
CLIENT & STAFF DEMOGRAPHICS: Firms that specialize in one industry or service area may have trouble accommodating your clients if they come with drastically different needs. To retain your firm’s clients post-merger, make sure the acquiring firm has staff and capabilities that suit your clients’ needs.
PARTNER MENTALITY: Does the acquiring firm manage clients through a team approach or a partner-take-all sense of ownership of individual clients? If your firm takes a shared responsibility for all clients and the acquiring firm encourages partner-loyal clients, your migrating clients may feel lost in the shuffle and leave quickly.
ShindelRock | 28100 Cabot Drive, Suite 102 | Novi, MI 48377 | P: 248.855.8833 | www.shindelrock.com
26 855.594.4273 | MICPA.org
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