TfP 004. ESOP Insights: Unlocking the Future of Firm Ownership

In this episode with Dan O’Hare, CPA, CGMA, Principal at Glenn Burdette, we explore why CPA firms might choose to implement an Employee Stock Ownership Plan (ESOP). With Dan's insights and expertise, we explore how ESOPs can facilitate smooth succession planning, boost employee retention and engagement and offer significant tax benefits. Additionally, we discuss how this alternative practice structure can improve performance and make the firm more attractive to potential hires. This conversation will help you understand the potential power of ESOPs in reshaping your firm’s future.   Want more? Dive into our business model transformation resources. To get more insights on business model transformation and access new podcast episodes automatically and free, follow our show via our podcast homepage. This is a podcast from AICPA & CIMA, together as the Association of International Certified Professional Accountants. To enjoy more conversations from our global community of accounting and finance professionals, explore our network of free shows here. Your feedback and comments welcomed at [email protected]  

Are you curious about how to empower your employees and fuel your firm’s growth? Listen as we explore employee stock ownership plans (ESOPs) with Mike Bannon, vice president at CSG Partners. You’ll discover how this powerful tool can help your firm achieve its long-term goals and implementation plans, from planning and financing to valuation and ownership transition. This episode offers insights into the benefits of leveraged ESOPs, which include not only tax advantages but also the ability to boost employee engagement and create lasting value for accounting firms. Discover why more firms are turning to this innovative ownership model and how it can shape the future of your business. Tune in and unlock the potential of shared ownership. Follow our show to get new episodes automatically and free. Head over to our podcast homepage to explore more insights on business model transformation.  Want more? Dive into business model transformation resources. This is a podcast from AICPA & CIMA, together as the Association of International Certified Professional Accountants. To enjoy more conversations from our global community of accounting and finance professionals, explore our network of free shows here. Your feedback and comments welcomed at [email protected]        

Erin Hartman from the AICPA & CIMA PCPS section introduces a special compilation of conversations on the evolution of accounting firms and the modernization of accounting practices through the "Transforming Your Business Model" initiative. It contains valuable insights and motivation for accounting professionals looking to innovate and create sustainable business models while maintaining a healthy work-life balance. In these condensed exerpts from previous podcasts, the conversation features insights from Chet Buchman, managing partner of Swindell, Jansen Hawk and Loyd, and Sandy Johns, a small firm owner based in Atlanta. Chet shares his firm's journey towards reducing work hours to 45 hours per week, highlighting the challenges and successes along the way. He emphasizes the importance of maintaining a balance between reducing hours, increasing profitability, and having more fun at work. Sandy discusses her firm's transition to a fully remote team and their focus on subscription-based client accounting services, sharing her experience of eliminating one-off tax returns to reduce stress and improve work-life balance. Both practitioners highlight the importance of understanding what you want for yourself and your firm, committing to a common vision, and being willing to make changes and learn from mistakes. They also stress the value of networking and seeking support from peers and professional groups.  For the full episodes from both Chet Buchman and Sandy Johns and other articles and resources regarding right-sizing and hours reduction, check out the following resources: PCPS Right-Sizing Your Client Base Toolkit, A Revolution in ‘right-sizing’ a client base,   Why and how: right-sizing client base and revenue modeling,   Business model transformation - advisory and hours,   Is right-sizing the right move for your firm?, and Right-sizing your firm: A commitment to clients and staff. Visit these and other resources at www.aicpa-cima.com/TYBM. This is a podcast from AICPA & CIMA, together as the Association of International Certified Professional Accountants. To enjoy more conversations from our global community of accounting and finance professionals, explore our network of free shows here. Your feedback and comments welcomed at [email protected]  

How are forward-thinking firms adapting to the profession’s changing landscape? We're joined by Abbey Bemis and Mike Miller from Payne Nickles & Company to hear their transformative insights. They investigate how firms adapt to shifts in tax seasons and the broader profession because of new technology and AI. Abbey and Mike also tackle the talent shortage challenge, sharing strategies for attracting top talent and positioning their firm as a desirable workplace.  From discussions on the evolving role of the COO and the importance of effectively communicating value to clients, tune in for a fresh take on how to navigate changes in the profession and leverage innovation for firm growth.  Check out our business model transformation resources for more guidance on aligning your client base with your firm’s goals.   This is a podcast from AICPA & CIMA, together as the Association of International Certified Professional Accountants. To enjoy more conversations from our global community of accounting and finance professionals, explore our network of free shows here. Your feedback and comments are welcome via email to [email protected]  

Jeff Wald, CEO of Pinion, shares his insights and expertise on the importance of corporate governance. He uncovers strategies for managing major firm transformations, securing stakeholder buy-in and crafting transparent strategic plans. Jeff also highlights the importance of building strong relationships at the board level, humanizing business disagreements and empowering your firm to make effective business decisions. Tune in to learn how to enhance your firm’s governance practices and drive impactful business model transformations. Check out business model transformation resources for more guidance on aligning your client base with your firm’s goals. https://www.aicpa-cima.com/resources/landing/transform-your-business-model This is a podcast from AICPA & CIMA, together as the Association of International Certified Professional Accountants. To enjoy more conversations from our global community of accounting and finance professionals, explore our network of free shows here. Your feedback and comments welcomed at [email protected]

The look and feel of your podcast is about to evolve. We’re excited to share that the Small Firms Philosophy podcast is becoming "Transforming, tales of Business Evolution". New episodes start later in November 2024.

In this podcast episode, we explore with Jonyce Bullock, CEO of Squire, how evolving governance structures can revolutionize your business model. Jonyce shares her journey through governance challenges, emphasizing the value of external support and diverse perspectives in navigating complex decisions.   You’ll discover strategies for enhancing decision-making, implementing changes effectively and creating alignment within your firm. If you want to address your firm’s unique needs, this can’t-miss episode will show you how to articulate the “why” behind governance changes and choose the right model to foster agility.   For more guidance on aligning your client base with your firm’s goals, check out the "PCPS Right-Sizing Your Client Base Toolkit" and other business model transformation resources.

Are you facing a talent shortage? Offshoring may be the answer. Our guest Laurence Whittam of Impact Global Solutions discusses tapping into global talent pools to boost your firm’s capabilities. From selecting the right offshoring model to building successful remote teams, Laurence shares practical advice for small firms. Discover various offshoring models, practical implementation steps, process efficiencies, strategies for driving client growth and more. Discover how to transform your business with the PCPS Outsourcing Toolkit for CPA Firms.  Connect with our guest Laurence Whittam via LinkedIn. This is a podcast from AICPA & CIMA, together as the Association of International Certified Professional Accountants. To enjoy more conversations from our global community of accounting and finance professionals, explore our network of free shows here. Your feedback and comments welcomed at [email protected]

In this episode of the Small Firm Philosophy podcast, Ingrid Goldbloom-Bloch, Director of Career Development and Engagement at AAFCPAs, talks with PCPS manager Erin Hartman to share how her firm is making waves and doing things differently in the profession. When Ingrid joined AAFCPA, she was tasked with elevating the people and culture pillars of the firms strategic plan. Ingrid’s day to day focus is to uncover challenges that get in the way of teams feeling happy, engaged, and productive at work. It is this work, and how it transformed AAFCPAs business model, that Ingrid and Erin discuss in detail.   SFP is produced by AICPA & CIMA’s firm services team, aka the Private Companies Practice Section (PCPS). This episode is part of an ongoing series on accounting firm business model transformation that PCPS is leading for AICPA & CIMA. For more on the series, check out the Transforming Your Business Model landing page. 

Accounting firms planning for future success may want to rethink their approach to new opportunities. In this episode of the Small Firm Philosophy podcast, Elizabeth Hale, founder and CEO of eeCPA, shares with PCPS manager Erin Hartman how her firm is revolutionizing the traditional CPA model by putting people first and driving client success. SFP is produced by AICPA & CIMA’s firm services team, aka the Private Companies Practice Section (PCPS). This episode is part of an ongoing series on accounting firm business model transformation that PCPS is leading for AICPA & CIMA. For more on the series, check out the Transforming Your Business Model landing page.