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| Upcoming Events
Chris Frederiksen's Driving Revenue
Seminar Series
4 Key Initiatives- Identify sources of revenue that have significant growth potential
- Offer your clients more services
- Get More (and Better) Clients
- Build infrastructure to expand your practice efficiently and profitably
Wednesday, July 28
Ottawa, ONTuesday, Sept. 14 Toronto, ON
Wednesday, Sept. 15
Hamilton, ON
Friday, Nov. 12
Las Vegas, NV
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 | Technology Tip -
Roman H. Kepczyk,
CPA.CITP | The busy season is over and
the extension season provides a small
respite in which practitioners can tune up their processes and
implement
new hardware and software that will make them more productive in the
future.
One change to consider is whether to move to Windows 7, Microsoft's latest operating system, destined to replace Windows XP
and
Vista. If your computers are more than three years old, we feel this
is a definite must for practitioners, particularly those working with
multiple monitors.
The Windows 7 task bar shows images of each open application, allowing
users to access data measurably faster, which translates into getting
work done more quickly and accurately. New PCs should have at least
3Gb
of RAM so that the user can have more applications open, which
naturally
happens as the second and third monitor are added. Please note that if
your computer is less than two years old and you are only using a
single
monitor, you would be better off adding a second monitor and
increasing
RAM to at least 2Gb, then moving to Windows 7 when it's time to
replace
that computer.
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| Fall Conference -
Las Vegas
| We are recommending that 2020 Canada Members attend November 17 & 18, 2020
Las Vegas, NV
2020 Canada Members are being offered the full 2 day seminar rate at the early-bird rate of $295 with rooms at the 5 Star Wynn Hotel for $119 per night! To obtain this price for the Resort Room, you must call the hotel directly at 1-877-321-9966 and use the Promo code "8SOU1110". With return fares from Toronto at approximately $550 and from Vancouver for as low as $320, you can get 2 full days of PD from some of the best speakers in the US, as well as 4 nights in Vegas, for under $800 plus your flight. 2020 Canada can't run a conference of this scope for that price. On the Friday morning, Chris Frederiksen will be conducting the "Driving Revenue" seminar with 2020 members from across the US and Canada. Please contact Peggy for more registration information |
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 The
Canadian Innovator | Greetings!
Successful Succession!
"The question isn't at what age I want to retire, it's at
what income."
George Foreman
Last month we talked about achieving success in your firm through new business development using the New Business Success Kit. This month we are focusing on the importance of planning a succession path for your firm and for your clients. The process is not only key to our older members who may be looking to transition into reduced or different roles with their clients over the next 5 to 10 years but it is important to the younger members who are looking to acquire these client relationships and continue the relationship for many years into the future.
As always, we have a new inspirational movie for you. As you move through the summer and have just a little more time to think about how to direct your firm and your life ahead, here is a movie to help you put things into perspective.
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| Mergers and Acquisitions of Accounting Firms
Succession Planning - Two Stage Deals
We were recently doing some research on the demographics of Accountants in Public Practice in smaller firms across the GTA and found that approximately 38% are over the age of 60. This will have a great impact on the market as more and more firms look to transition their clients to other firms as the partners look to reduce their involvement in the day to day opperation of the firm.
A successful succession and transition plan takes time. The general rule of thumb is to start planning five years prior to when you, or a partner, plan to start transitioning value. One way to accomplish this is by affiliating with your successor in advance of your planned phase-out, whether it is to spend more time consulting or in wealth management or even to cut back to reduced hours in the office. A technique called a "two-stage deal" allows you to maintain your earnings, come and go as you see fit, have back-up support, and have a deal in place when you are ready. This technique can be used with an internal successor, as well as an external successor firm, or even a combination of the two. Your practice has it greatest value when you are still around to assist in the transition and when it is running at top efficiency - not when you are forced into succession with inadequate planning.
by Joel Sinkin and Terrence Putney, CPA, partners in Accoutning Transition Advisors, LLC which exclusively consults on the merger and acquisition of accounting and tax practices in North America.
Visit their website at
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| Transition Matters -
Top 8 Retirement Tips That Have Nothing To Do With Money
Hilary Lochhead
Certified Executive Coach |
A Google search of the word "retirement" on June 21, 2010 yielded 88,600,000 hits. Approximately 95-98% of those hits are on the topic of finance - estate planning, financial planning, tax planning. These are clearly important, but do not show the whole picture.
How can you be as intentional about the non-financial planning and dreaming as you are with the financial?
Here are some tips that can make the difference between success and mediocrity.
1) Don't put off what you want to do until the magical day, start now.
Would you like more time to enjoy the cottage? Ask for a cut in pay in return for more time off.
Always wanted to climb Kilimanjaro? Go for it!
Interested in Photography? Join the local club.
What is our your "When I retire, I will ... " list? Give yourself the permission and time now.
2) Have a retirement plan and discuss it with loved ones.
It might look something like this:
Category Item Measurement
Leisure Travel 2 New Places requiring
flights
One Family Trip
Finances Giving Back Give Grandchildren $1000
surprise
Personal Education French Cooking School
Growth Learn Spanish
Balance Philanthropy Volunteer on a Board
Mentor new Immigrants
3) Have the Right Attitude
Your attitude can and often does determine you altitude.
"If you think you can do a thing or think you can't do a thing, you're right.:
Henry Ford
4) Take Care of your Health Now
Your health may be the one thing that stands in the way of you living your retirement dream and prevent you from moving forward. Thank about what you can do now to ensure that you are not only willing, but able to live your retirement dreams.
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If you need further information on Mergers and Acquisition, please call us as we have lots of information to share in that area. We have set up a list of firms that are interested in acquisitions in their areas as well as several firms that are looking to enter into "Two Stage Deals". If you are interested in receiving information on available firms for sale or conversely interested in information on selling your own practice , please call me or email . I would be happy to discuss the process.
2020 Canada will be closing its doors for a few weeks while we take a vacation. Paul and I and Richard and his wife Melanie are going to Italy and Croatia for 3 weeks, leaving this weekend and returning to the office on August 9. We will be checking in for e-mail occasionally when we have access.
Sincerely,
Peggy Tyers
2020 Canada
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