Latest New York Metro Area CPA Trend

Analysis and Commentary by Robert Fligel, CPA

Latest New York Metro Area CPA Trend

Dear Friends and Colleagues:

First, let me wish everyone a very happy and safe Thanksgiving. For most people I know, this is their favorite holiday of the year. What could be better?

A long weekend away from work and ideally away from most e-mail.
Time with family and friends.
Lots of food and eating; a favorite pastime for many.
Plenty of sports action - NFL, NHL, NBA and more.
Last, and absolutely the most important - gratitude. It is a good time to give thanks in general. I don't think about it nearly enough, but I'm truly grateful for my family, friends, health and relationships with valued long-time business colleagues.

Today's topic is the newest trend I am seeing in the public accounting profession: more and more current and near-term partners seeking to either start their own firms or join small firms to become the successor leader or part of the next-generation leadership.

This topic was highlighted recently in a November 2, 2014, Crain's New York article:

Accounting Entrepreneurs Becoming Successors

I think this trend is welcome news to the many sole practitioners nearing retirement, as well as the firms with two or more partners who don't have internal successors or succession plans, and would rather not sell or merge.

It is also good news for experienced CPAs working in public accounting at the manager and higher levels who may not realize the amazing opportunities that can exist. They can join a successful, established practice and achieve substantial equity reasonably quickly, and at a modest cost, or perhaps on a "sweat equity" basis.

We should talk if you are a CPA owner who might be interested in a person like this or an entrepreneurial up and coming CPA that seeks ownership.