A new chapter.

• Author: Pomerantz, Irwin
• Position: Practicemanagement

I'm 82 years young and I still enjoy my job. Being in public accounting all of my professional life has been exciting and rewarding. I've been a sole practitioner, a partner with two other CPAs and a partner with a non-CPA accounting professional. I've helped large clients, famous clients and small clients. And I've been deeply involved with GalGPA.

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A few years ago, I realized that T could no longer do it all. Being the positive sort. I focused on what I could do, instead of what I couldn't. I lured an adviser to help me clarify my value to other CPA firms. I wanted to know my options. What could I do for others? How could I fit into another organization?

It took a while to decide on and execute a plan, and it wasn't simple. I had to understand the value of my client base and my practice for myself and others. I needed to clarify the condition of my practice. How technologically sophisticated were we? How efficient were we? What was needed to become most attractive to other firms?

To continue my career, I knew I needed to change for myself not just for new associates. I had to understand my value to clients, a different firm and myself. As we progressed, I realized more changes were to come--within myself and my practice,

My learning process included three major avenues:

* Put my personal house in order. I'd been a smaller practitioner for much of my life and I needed lo revise my way of doing business as part of a larger firm.

* Make changes in the practice so that, when we did transition, it wouldn't be a shock lo clients or staff. To help ease the transition, and ensure more clients and stair stayed with me as I moved, I involved them in the process.

* Understanding my options and the pros and cons of each. I had to look at whether I was combining with this new firm or being purchased. How was I going to be paid? What was I going to do for the firm? What was I going to learn? How would I contribute? What would the intangible benefits be, such as more intimate client time and additional value-added services, including estate and succession planning?

An Orderly House

Putting my house in order was most important. I had to consider my financial needs and how much flexibility I had in my cash How to explore new opportunities. What kind of deal did I need? What was I willing to give up for a new career?

Also, T had to address key issues:

* How strong were my client relationships? Would my clients follow me?

* Had 1 been...