Hiring to Replace the Retiring BV Partner

TAGS:

continuity, hiring, hiring process, practice growth, retirement, succession

By John Borrowman, CPC
Borrowman Baker, LLC, BV Staffing + Consulting
Gallatin, TN

Years ago, BV/LS practices inside many CPA firms across the country got started when an Audit or Tax Partner decided to take on that work and, at the same time, kept existing clients/work. Now, the BV/LS revenue stream is too valuable to let go and the Partner is inching toward retirement. What to do?

One option is bringing in a full-time, credentialed professional to grow that pipeline even further. Doing it successfully means being prepared for a few things.

Sticker shock. If you grew into the BV Leader role along the way and really never added staffers from outside the firm, you might be surprised at base salaries. That’s because the market for BV/LS talent is national in scope. There is no localized labor market – with localized compensation expectations – like you find with audit and tax. You can get ahead of the game by ordering your copy of our BV Salary Survey Report. Click here

National search. After salary, your willingness to think nationally is the variable that most impacts the size of your universe of candidates. Obviously, the smaller the city you’re in the more this is true, because of the challenges of finding someone to relocate to a smaller market. A national approach can make a material difference, even for practices in larger cities.

Relocation assistance. If you’re prepared to consider candidates from across the country, you’re only tying your hands unnecessarily by not including relocation assistance. It doesn’t have to be as much as you might think. And there are ways to put “a leash” on that assistance through an employment agreement. (We can advise you on both.)

The best advantage you can give yourself, though, is to plan ahead. Schedule a confidential discussion with us about your situation. Let us answer your questions so you’re better prepared for what’s ahead.