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• W344016592 abstract "A down-to-earth approach to family businesses has been successful for one practitioner. Stanley Person has always counseled his many family-business clients to avoid long-term financing and to shun leverage if they could build from within instead. Ten years ago, that advice made him sound out of touch in some circles. Today, it makes him sound like a hero. After all the abuse of leverage in the last decade, when I tell people my philosophy it sounds like the greatest thing going, says the managing partner of a 12-person New York CPA firm. Person's practice is made up in large part of low-profile but highly successful family business with immigrant roots that have quietly built small empires from a grandparent's storefront or on the basis of a great-uncle's skill. As clients, family businesses can be volatile, difficult and unconventional, but Person has retained his through economic ups and downs and successive generations. His secret has been to stick to a few rules of his own--such as discouraging leverage--that frequently contradict popular opinion on how should approach their client's businesses and their own practices. KNOW THE DIFFERENCE BETWEEN SMART ADVICE AND GOOD ADVICE While still in college, Person worked as an office boy for a CPA firm whose name partner taught him an important lesson about the idiosuncracies associated with money. The partner was the first at work in the morning and the last one out at night. A meticulous man, he made it his mission to go around the office picking up dropped paper clips to save money. At the same time, he paid to keep a limousine on call all day outside the building in case he needed although he never left the office except to go home. The partner's strange priorities taught Person you can't be a reformer. You can't tell people how to spend their money, because people are crazy. Don't try telling them to forget the paper clips and get rid of the limo instead because people will do what they want. In dealing with family businesses, Person learned it's fruitless to try to impose his own philosophies and ideas on clients. Instead, it's wiser to play the role of someone who can identify the owners' own needs and ideas to run their businesses the way they feel most comfortable. CPAs sometimes try to fit people into boxes in terms of what they should spend and how they should spend it, he says. It's not always possible. You have to remember the human side. With small businesses in particular, Person believes it is the accountant's personal traits--such as perceived honesty, loyalty and even humility--in addition to his or her knowledge that clients value. A company patriarch who many years ago virtually turned over his business to Person during an illness ttold him he had done so because Person was too young and too native to do anything but the right things. the owner assumed that competence accompanied any CPA certificate, his next priority was finding a person he could trust. BE SKEPTICAL OF EXPANSION Person worked for two CPA firms and for a future client's family business before opening his own shop in 1970. Each CPA firm had no more than 15 members and served as full-service accountants for small privately owned companies that depended on them for financial guidance. The focus for both firms was on providing service and on controlling expansion. Although the latter is considered a potentially risky practice management strategy, the stability of the clients they chose and the nature of their relationships made it a profitable one. Person modeled his own firm after his two early employers and has had the same success. Since 1987, each year we have remained within 2% to 5% of the goal for maximum growth that I set in 1981, he says, despite troubles in the local economy. His clients have confirmed his belief that a conservative, narrow focus is not always a mistake. …" @default.
• W344016592 created "2016-06-24" @default.
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• W344016592 date "1993-11-01" @default.
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• W344016592 title "Taming the Wild Client" @default.
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