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• W302721042 abstract "What an a firm do in the face of increasing competition for traditional services clients? Sotomayor & Co., a 14-person firm in Southern California, transformed its practice to take advantage of the opportunities available to CPAs who understand the growing market for CPA services in Latin America. Economies in the region are flourishing, which means that businesses and CPA firms in Latin American countries are eager for help in bringing their accounting and management practices up to the highest international standards. A RADICAL DEPARTURE Ivan J. Sotomayor came to the United States from Ecuador when he was 16, receiving his formal education in this country. Despite Sotomayor's heritage, his professional efforts were not always directed toward Latin America. Even four years ago, his firm performed mainly traditional services for local U.S. businesses. However, Sotomayor began to notice two troubling developments. First, he saw that companies outside the profession were beginning to compete for clients like his own, turning professional services into commodities. He also worried about the increasing competition among CPA firms. There is a commercial street here called Ventura Boulevard that passes through about seven cities. On the length of that street, there must be 3,000 or 4,000 CPAs and the same number of attorneys. I decided I didn't want to be chasing the same business as every other CPA in the he says. Sotomayor chose to make a drastic change in his firm's business. Up until about three years ago, a large part of his practice was made up of trust tax work performed for banks, an outgrowth of his early experience managing a trust tax department for a large bank. Despite his extensive background and contacts in the field, he found the pressure to lower fees as competition intensified was an overwhelming reason to exit this niche. To reposition his firm, Sotomayor resigned his unprofitable trust tax engagements. We lost a substantial amount of billings, but we believed it was necessary. He thought the business would be lost to the competition sooner or later and preferred to orchestrate his own transition rather than have it forced on him. The firm reallocated resources and invested money and time in new areas. The change affected firm personnel as well. A partner in the trust area, as well as staff members, left to go to a large firm. were replaced with people who had experience in either international business or in health care. Sotomayor had decided the firm would focus on the latter service both in the United States and in Latin America. His reasoning for choosing the two specialties was simple. In these areas, there was not that much competition and no reason for large companies outside the profession to try to compete. For example, while a large financial services company might want to get involved in trust taxation work because of the related investment business opportunities, health care management is too complicated a discipline for a corporation not already specializing in that On the international side, Sotomayor believed a small firm would always be able to find a niche because personal relationships are so important in Latin American culture. To effect its transition, the firm hired a principal with 20 years' experience in health care. Sotomayor also continued his membership in associations, such as the National CPA Healthcare Network, which offers seminars and conferences and the use of resources among the 34 U.S. member firms. We didn't have to reinvent the wheel, he notes. They provided us with all the information we needed about this field. Most of the firm's U.S. engagements in that area involve helping doctors and hospitals with business management and adapting to new payment systems. To broaden his international practice, he has made good use of joint ventures with other CPA firms or businesses. …" @default.
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• W302721042 title "An International Accent: One Firm Took a Radical Turn from Traditional Services to a Focus on the Latin American Market" @default.
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