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 | 2020 Canada Member Meeting Schedules
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Calgary
Strategies for Success Seminar
Tuesday, Sept. 13
9:00am - 5:00 pm
Toronto
Strategies for Success Seminar
Thursday, Sept 15
9:00am - 5:00pm
Speakers
Chris Frederiksen
Joel Sinkin
Paul Tyers
Jeff Borschowa
Click for Details and Registration by Location
Calgary
Mississauga
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Accounting Today
Growth & Profitability
Summit
$395
for 2020 Canada Members
(Agenda Link)
October 25-27, 2011
Las Vegas, NV
at
The Bellagio
plus
2020 Practice Management
US & Canada
Event
with
Chris Frederiksen
2020 Members Registration Link
(No Promo Code)
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| 2020 Canada Webinar Schedule and Registration
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Webinars
begin on August 30 and are scheduled for Tuesdays
at 1:00 pm Eastern
Click here for Listing and Registration Form
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| Marketing Mondays with
Thomson Reuters
| Every Monday, Jack LaRue, Senior Vice President, myPaySolutions, Thomson Reuters has a marketing tip on CS.ThomsonReuters.com . These tips are a way for tax and accounting professionals to get usable bits of marketing expertise.
Recent entries. |
In light of the US downgrading of their credit rating, we felt it fitting to include one expert's commentary on the markets.
Michael Nairne's concluding comment : "Downside risks are certainly elevated as business and investor confidence have been shaken by the events of the past few weeks so some investors may want to trim their risk exposure. Investors with customized, diversified long-term strategies should ensure their portfolios are in line with their target asset mixes and stay on course." maybe a guideline statement for you should your clients come to you for advice.
Finally, the challenge for us is to provide our membership with quality PD, with quality instructors. We believe that the line up that is available to you this year is our best yet. We look forward to your comments and your registrations.
Remember:
"It's all to do with the training: you can do a lot if you're properly trained."
Queen Elizabeth II
As always, if you have any questions or comments, please contact me at peggy.tyers@2020canada.ca .
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 The
Canadian Innovator | Greetings!
"If you do what you have always done, you will get what you have always got"
Mark Twain
We are very excited about the professional development options for the fall and beyond. We have seminars, conferences, and webinars and more webinars. 2020 Canada is running our own series of webinars in the fall that you can register for here. You will note as you read through the newsletter the new opportunity for 120 webinars from CPA Leadership for as little as US $238.21.
Our seminar series "Strategies for Success" will be in two cities this fall: Calgary, Sept.-13 and Mississauga-Sept. 15. This one day event will challenge you to look at new ways to improve the efficiency of your business, new service offerings to improve your bottom line, and structures for now and the future of your firm. Price $250.00 (including HST) for first Registrant from a firm $150.00 for each additional registrant from the same firm.
The price for the Growth and Profitability Summit has been negotiated for US $395.00 for 2020 Canada Members even though the price is now $495.00 and moves up to $695.00 after Aug. 26th. The program will feature five session tracks based on proven strategies and practices to help grow your client base and strengthen critical and profitable niches such as financial planning, tax, and technology. The conference will also present multiple networking opportunities with the profession's elite.
We have provided you with lots of options to get your minimum requirement of 20 structured PD Hours. The challenge will be to pick what is right for you and your respective firm to reach your goals for both 2011 and 2012.
As always, here a a little motivational movie for you to enjoy:
The Road to Happiness
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| 2020 Professional Development 2011
Webinars - Announcement
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2020 Canada is pleased to announce a partnership with CPA Leadership Institute, Inc. - www.cpaleadership.com
One of 2020 Canada's value propositions is to provide quality Professional Development to its Membership in a cost effective manner. That has motivated us to look at the options available to provide webinars that have professionals in their respective fields of Practice Management at a reasonable rate. We are thrilled to say we have found that place that meets both criteria. We have negotiated a deal with CPA Leadership for our members to access their membership and take advantage of 120 webinars / year. Please click here for their entire Webinar Catalog. Each webinar will last approximately 100 minutes. PD Certificates for 1.5 Hours will be issued to those registered.
CPA Leadership is promoting a sole Professional Membership price right now for $289 (Regular $329). 2020 Canada Members can have all the benefits for a discounted price of
$231.20 (20% off the already reduced price)
Pricing for multiple professionals.
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Product
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CPA Leadership Cost
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Cost to 2020 Canada Members
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1 Person Professional Membership
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$289.00 ***
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$231.20
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2 Person Professional Membership
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$445.00
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$356.00
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3 Person Professional Membership
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$595.00
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$476.00
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4 Person Professional Membership
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$695.00
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$556.00
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5+ Person Professional Membership
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$795.00
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$636.00
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Additional Webinar Attendees Over Membership #
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$79.00
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$65.00
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Recordings Regularly $79.00
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$79.00
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$65.00
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Please choose the appropriate registration link below to register for this opportunity
CPA Leadership 2020 Canada - 1 Person
CPA Leadership 2020 Canada - 2 Persons
CPA Leadership 2020 Canada - 3 Persons
CPA Leadership 2020 Canada - 4 Persons
CPA Leadership 2020 Canada - 5+ Persons
Your annual membership will be automatically renewed one year after registration at the membership rate in effect for all members at that time. You may, however, cancel the membership at any time before or after renewal for any reason.
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The Great Mystery: How Do Billing Rates and Profitability Affect a Firm's Worth?
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Joel Sinkin
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Joel SInkin & Terry Putney, CPA
(reprinted from the AICPA Private Companies Practice Section Newsletter July / Aug 2011)
When you are buying a CPA firm, historical profit is almost irrelevant. Even less relevant are the partner billing rates.
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Terry Putney
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What? How can that be? When establishing the value of any business isn't its profitability the most important metric to consider? Aren't partner billing rates the most important way to know if two firms are a good fit?
What You Really Need to Know in
an Acquisition: Net Profit
Consider this example. This scenario is extreme and simple to best demonstrate the principle. Assume the seller owns a $400,000 accounting and tax practice. You
could absorb this practice into your current infrastructure with no incremental increases in overhead because you have the excess capacity to take on the workload. Until 2010, the owner of this firm operated from his home. His spouse answered the phone, did some data inputting and basically acted as a high-end clerical/
paraprofessional. The owner did the balance of the work. The seller's profit margin was 85%.
In 2010, the seller decided to move to an office, the spouse was replaced by an office manager and a part time paraprofessional, and the owner cut back on some of his hours. With the additional overhead, the sellers' net went down to 40%. Assume you are not required to take on any of the seller's overhead or hire any of
the seller's personnel. Based on these two scenarios, at what point was the seller's practice worth more to you? When it had an 85% margin or a 40% margin? Obviously, it isn't the seller's margin that matters. It is what the incremental margin will be after you acquire the practice. However, we have seen far too many
deals passed on because the potential buyer never could get past the seller's historical margin. This is especially the case when the historical margin is lower than expected.
Click Here for Entire Article
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2011 Market Volatility
2020 Canada has been a proponent of integrating wealth management services with your accounting/tax/advisory services. It is volatile times like these when clients need a historical perspective to overcome the fears promulgated by the news media. The attached article has been provided by Tacita Capital Inc. - one of the key portfolio managers utilized by Wealth Stewards Inc. as they integrate their services with various accounting firms throughout Canada. Feel free to distribute this to your clients as you see fit.
A Commentary on the Markets - Aug. 9 2011
Michael Nairne
Tacita Capital Inc.
Global stocks had plummeted 13.9% year-to-date as of the close of market on August 8th although they have since bounced back somewhat. The speed of this decline has staggered many investors, exacerbating a sense of anxiety that has not fully dissipated since the market crash. These emotions are understandable but before acting in haste, investors need to consider the following: - Market corrections occur frequently. Since 1950, there have been 37 market declines of 10% or greater, a frequency of nearly one every twenty months.
- Most market corrections are not accompanied by recessions. In 27 of the 37 corrections - nearly three quarters - no recession ensued. The stock market frequently forecasts economic downturns that do not occur.
- Many corrections occur quickly. Just over 40% of corrections played out in 75 days or less. In the summer of 1998, for example, the market dropped 19.3% over 46 days in response to the Russian bond default crisis.
- Market corrections are always painful. The average decline for all 37 corrections was 19.7%. This decline has yet to hit this average.
- A strong recovery from market corrections is the norm. In 34 of the 37 corrections, the market was up 12 months later by an average of 26.8%.
No one can predict the path of the global economy with certainty. Unquestionably risks have been elevated by ongoing sovereign debt issues and indications of slower global growth. However, in our opinion, current economic statistics suggest that slower growth - not a double-digit recession - is still the most likely scenario. In this regard, the following facts should be noted. Click Here for the Full Article |
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| The Offseason
Dr. John Maxwell, Leadership Impact
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All leaders go through stretches when they have to work overtime to meet deadlines and deliver results. We refer to these times as "busy seasons," and they are illustrated by the following examples:
- The farmer harvesting his crop
- An event planner finalizing details on the eve of a major conference
- A student studying for final exams
- A marketer rushing to complete an ad campaign
Busy seasons for leaders are like game days for athletes. During these stages of life, victory or defeat hinges upon the leader's ability to initiate action and execute the game plan. The stakes are high, adrenaline is flowing, and everyone is watching to see what happens.
At other times, the pace of life slows, and pressure abates. We use the phrase, "offseason," to describe these less hectic phases. In the offseason, leaders do not see immediate results from their work, nor do they face pressing deadlines. During the offseason, not every action carries do-or-die consequences, and stress levels are greatly reduced. Whereas everyone tunes in to watch a leader perform during the busy season, hardly any spectators pay attention during the offseason.
Making the Most of the Offseason
Leaders are revealed during the busy seasons, but they are made during the offseason. Work done for months behind-the-scenes determines what happens onstage the night of the show. Here are five ways leaders, and the teams they lead, can make the most of the offseason.
1) Develop Stamina
During the offseason, leaders develop stamina through a mixture of rest and training. Recognizing that they're ineffective when worn out, leaders prioritize rest during the offseason to replenish energy reserves. However, leaders must also condition themselves to be ready for the rigors of the upcoming season. Much as a runner would be foolish to show up for a marathon without having trained, leaders cannot remain idle throughout the offseason and expect to be at their peak when the season arrives.
Click here for entire article
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