by Martin M. Shenkman, CPA, MBA, J.D., PFS
AICPA, 2007, 183 pp.
As accounting practices grow, they often experience similar milestones. Author Martin Shenkman’s book gives accountants a framework to guide the growth of their practice, providing details needed for careful analysis of major business, tax and planning decisions at every phase. The milestones, and book chapters, are arranged in chronological order to discuss the planning, structuring and documentation of each life cycle stage to help readers understand the specific issues involved.
The cycles are identified as setting up a solo practice, hiring staff, transitioning staff from employee to prospective partner status, adding a partner, buying a practice, growing into a multipartner practice and retirement, terminating a partner, or winding down a practice. Each chapter provides detailed instructions and resources on these topics.
The book also includes a CD of sample forms, letters and checklists that readers can use to plan and execute the outlined strategies. Armed with the details contained in this book, owners or partners can become better educated to make the necessary decisions for the longevity and success of their firms.