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• W331881449 abstract "When one firm offered its professionals a chance to become owners, everyone benefited. When Saltz, Shamis & Goldfarb was founded in 1987, the owners wanted, among other things, to challenge the traditional and conservative hierarchy and career path of public accounting. They believed that forcing staff to make the usual choice between moving up toward partnership or out of the firm failed to provide motivation--or a viable future--for the majority of CPAs. Many accounting professionals today don't want to be owners because of the commitments, demands and liabilities that it brings. The same people, however, are most likely qualifiied accountants who want a satisfying career. In light of today's changing family values and the high percentage of women CPAs, the up-or-out philosophy and lack of an alternative career path hurt the profession. What's wrong with being a senior manager for life, earning a fair wage--and having the opportunity to make an investment in the firm? The partners thought it made good business sense. As a result, the firm introduced an employee stock ownership plan (ESOP) that has turned out to be good for everyone. It returned 32% to participants in the first year, brought in $100,000 in employee investment in that time and has given the 120-person firm an important advantage in recruiting and retaining employees. DESIGNING THE PLAN The idea behind the plan was to allow any CPA to purchase stock in the firm, thus participating in the economic benefits and challenges of ownership. Since the concept was new, there was no book to read or consultant to call to develop the initial plan. One partner, Gary Shamis, wrote the first draft based on general business knowledge gained from working with clients through the years; it was then critiqued and challenged by another partner, Mark Goldfarb. The firm next hired Jay Nisberg, a nationally recognized consultant to the profession, to review the plan and concept and engaged its legal counsel to draft the final documents. The next step was to bring the employees into the process (about 50 were eligible). As a group, they engaged their own outside legal counsel to review the plan and brought the owners a list of questions, suggestions and concerns. All of their items were addressed and 100% of their suggested changes were implemented. We had been thinking about implementing such a plan for about eight or nine years. When we set out to launch one, it took about six months to complete. In August 1994, the final plan was unveiled at a firm meeting attended by the staff plus the firm's outside consultant and attorney, who were there to answer any questions. The consultant discussed the plan's uniqueness in the profession and listed the benefits it offered employees. In October 1994, employees were asked whether they were interested in participating in the plan, which was slated to start up in January 1995. Many worried that their careers at the firm would be damaged if they didn't invest, given the partners' level of enthusiasm. Consequently, the partner group ceased active solicitation of plan contributions. Ironically, however, in focus groups held after the plan's strong first-year returns were announced, many employees said they wished the partners bad done more to push the plan. THE DETAILS The ESOP itself is very simple. It is designed to allow the most employees to join. It provides a fixed return and a valuation-related return to the participants. Here are some of the basic components: Eligibility. Participants must * Be CPAs (based on existing Ohio law barring non-CPA ownership). * Have one year of continuous employment with the firm (full- or part-time employees). Investment vehicle. * Ninety percent of investment is unsecured debt with a fixed interest rate (to allow the firm a deduction for interest expense). The firm's interest expense has not been affected because the investment was used to pay off borrowed capital. …" @default.
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• W331881449 title "A Piece of the Action: When One Firm Offered Its Professionals a Chance to Become Owners, Everyone Benefited" @default.
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