Going Solo; Helpful hints from those who've done it.

• Author: English, Damien B.M.
• Position: Cover story

Going SOLO Can be the most liberating--and most difficult--business decision a CPA chooses. Depending on your specialty, the minutiae of what's required to make the transition to launch your own practice can vary widely. However, no matter your focus, there is some basic advice and taclics to consider when going solo.

The Decision

"I thought about what I wanted for myself and it boiled down to what my priorities were," says Rob Seltzer, who owns and operates Robert Steven Seltzer CPA in Beverly Hills. "If I had sucked it up and stayed where I was, I know I'd be making a lot more money than I am now, but I wanted to have the independence of doing my own thing and calling my own shots without having to deal with office politics."

Seltzer made that decision 15 years ago and, today, has the freedom that allows him to enjoy his hobbies in Lake Tahoe and elsewhere.

"When you decide to go into business for yourself, there are many administrative things to think of and take care of," says Lynette Atchley, who went solo in 1999. "That's one of the areas, as CPAs, we are well-prepared to advise clients about, but when we sit down to do it ourselves, it's often more work than anticipated."

Until her workload grew, Atchley handled things herself. After a while, she hired a part-time assistant to help her spend more time doing what she's best at: working with clients.

"I fully encourage CPAs to start out on their own--if they have the personality to do it," says Michael Eiscnberg, who has been on his own for the last 30 years.

"I've worked with plenty of CPAs who are very comfortable working in a big office environment, but might not be able to go solo," he says."You need to make sure your personality is suited to being your own boss. You need to be a self-starter, self-motivator--be able to pat yourself on the shoulder when things go well and also be able to accept negative feedback constuctively. We're human, and we make mistakes, and you need to be prepared for the times when the client gets unhappy. You can't let that drag you doen."

The Transition

Clientele, overhead, income and rent: these are all things that must be considered when hanging your own shingle.

"What matters is not what you make, but what you keep," says Seltzer."You have to realize, if your firm was billing you out at $ 150 hour, but only paying you $50 an hour, when you go solo, you only have to have one-third as much business to make as much as you were before."

Seltzer recommends...