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HLB North American Annual Conference© May 21-24, 2017 Page 1

© 2017 Accountants Advisory Group, LLC

Accountants Advisory Group, LLCwww.AccountantsAdvisory.com

© 2017 Accountants Advisory Group, LLC© 2017 Accountants Advisory Group, LLC

Unlocking Growth Potential with Advisory Services

Unlocking Growth Potential



Revenue Contribution

Firm of the Future

Consulting and Advisory

40%

Investment in Non PA Business

20%

Audit and Tax Compliance

40%


Integrated Advisory Sservices



Innovation


CohnReznick Opens Unique, State-of-the-Art Innovation Labto help clients navigate disrupted landscape and transform business models for future growth.

“Studies suggest that those organizations which successfully nurture an innovation culture realize increased profit compared to their peers. Unfortunately, many growth companies lack the capability, including access to the latest tools and frameworks and the trained professionals to implement them, to create break through growth,” said Keith Denham, Managing Principal and National Director of CohnReznick Advisory. “This unique Innovation Lab will help clients build a ‘renewed’ business culture that’s fast and nimble, seizing opportunities before the competition, to get ahead and stay there.”




“A critical issue for any firm is innovation. In fact, innovation is in

many ways tied to growth,” explained Andy Armanino, MP of

California’s Armanino. “If a firm remains stagnant and isn’t

looking for ways to innovate, it will quickly lose market share . . .

Successful firms welcome this challenge and continue to

engineer a better mousetrap to sell to clients, which will drive

revenue for the firm and create value for clients.”

Innovation


Even Kramer on Seinfeld understands the importance of Innovation!

Innovation



Freed Maxick’s Stebbins was also bullish on

innovation: “It is the lifeblood of a CPA firm’s culture

that is committed to growth.” His firm has established

an internal innovation committee to vet ideas from all

levels of the firm.

Innovation


“Our objectives include the creation and fostering of a firm-

wide culture that encourages and rewards innovative

thinking, and is viewed as a business function. We also want

to increase firm revenue by identifying, creating, testing and

launching new products and/or services; improve versions of

current products and spinoffs of existing products. Our

expectations for innovation at the firm is that it be strategic,

systematic, measurable and accountable.”

- Mark Stebbins, Vice Chair of Freed Maxick

Innovation



— Big 4 % of Firm Revenues

2017 Accounting Today


Up to 1500s - Accepted the Earth was the Center of the Universe

The Old World



The Firm Skill Set Was the Center of the Universe

Firm Skill Set

Staff

Clients

Market-place

Services

The Old World


Build and Align to the Marketplace

The Old World



The New World—The Market Demand is the Center

Market Demand

Staff

Marketing

Services

Partners

The New World


– Jack Welch



At Ohio-based Hill, Barth & King, CEO and Managing Principal

Christopher Allegretti explained that even as the firm’s strategy is to

grow its service regions through M&A. He said, “One of our primary

challenges is adding value by anticipating the needs of our clients

and prospective clients. This includes showing entrepreneurial insight

by forecasting the industry and regulatory trends, which will directly

impact the bottom line for our clients’ businesses.”

Anticipatory


Top 100 Firms Large % of Consulting - 2017

Accounting Today

Consulting A&A TaxHorne $79 57 33 10Sikich $146 58 26 16SC&H $48 62 21 17FGMK $96 49 17 34Blue & Co $78 47 28 25Crowe $789 46 29 25Armanino $195 46 21 33

Revenue ($Millions)

% of Revenues

*38 Firms in the Top 100 have 20% or more Consulting Revenue



Firms Under $30 mil and > 20% Advisory - 2017

Accounting Today

Consulting/ Advisory

A&A Tax

Whittlesey & Hadley — Hartford, CT 22.1 20% 55% 25%

Gray, Gray, Gray — Canton, MA 18.9 24% 46% 30%

Macpage — South Portland, ME 13.25 30% 37% 33%

Gross Mendelsohn & Associates —Baltimore, MD 20 30% 40% 30%

Smith Elliott Kearns & Co.—Hagerstown, MD 17.4 32% 34% 34%

Squire & Co.— Orem, Utah 15.42 35% 35% 30%

Mountain

Firm: Rev. ($mil)

New England

Capital Region

Fee split


Firms Under $30 mil and > 20% Advisory - 2017

Accounting Today

Consulting/ Advisory

A&A Tax

Porter Keadle Moore – Atlanta, GA 13.31 33% 47% 20%

Somerset CPAs‚— Indianapolis, IN 30.16 38% 38% 32%

Marks Nelson — Kansas City, MO 20.8 22% 44% 34%

Seim Johnson — Omaha, NE 16.63 27% 42% 31%

Mueller Prost — St. Louis, MO 7.47 25% 30% 35%

KPM — Springfield, MO 15.2 22% 40% 33%

Olsen Thielen & Co.— St. Paul, MN 15.42 26% 41% 33%

Firm: Rev. ($mil)Fee split



Top Client Categories - 2017

58

62

68

68

68

71

72

72

78

84

0 10 20 30 40 50 60 70 80 90

Pension plans

Healthcare Facilities

Professional services

Nonprofit organizations

Individuals

Technology

Real Estate

Construction

Midsized businesses

Manufacturing

Accounting Today


23

40

40

40

42

48

54

55

56

58

0 10 20 30 40 50 60

Entertainment

Retail trade

Colleges and universities

Brokers/dealers

Banking and Thrift Companies

Small businesses

Hotels and restuarants

State and Local Government

Wholesale distributors

Large businesses

Accounting Today

Top Client Categories – 2017 (continued)



62

63

65

70

70

70

70

77

79

80

0 10 20 30 40 50 60 70 80

Litigation Support

Nonprofits

Forensics/Fraud

Industry Specialization

M & A

International Tax

Estate/Trust/Gift Tax Planning

SALT

Business Valuations

Attest

Accounting Today

Top Niche Services - 2017


41

43

49

51

55

58

58

59

60

61

0 10 20 30 40 50 60 70

CFO/Project Staffing Services

Business Mgmt for Small Business

Employee Benefits

Cost Segregation

CAS/Business Process Outsourcing

Succession Planning/Family Office

Business Mgmt for Wealthy Indiv

Retirement Plans

SOX Compliance Management

Tech Consulting

Accounting Today

Top Niche Services – 2017 (continued)



Fastest Growing Firms in the IPA Survey

• On average derived 26% of total revenue in non-traditional services and these services increased by 22%

• Firms range in size from $5 million to $100 million in revenue (average size $35 million)

The Future is Now


Advisory and Innovative Services

Career Development and Succession Planning

State of The Art Technology

Target Marketing and Lead Generation

Practice & engagementmanagement

Training, career

development, succession planning, partner

and staff performance management

Leadingedge services,

industry specialization

and niches

Efficientand timely

deliveryof service

Recruiting the best talent

possible at all levels either directly or

through M&A

Future Ready Firms – Driving Growth and Profitability



Advisory Services - Strategies





Accounting Firm Examples




Sikich - ERP & CRM Solutions




Sikich - Marketing & Public Relations


Withum - Operational Transformation




EideBailly - Transaction Services



Gravier - Global China Services




Smith & Gesteland - Profit Enhancement Solutions



BMC - Full Spectrum Consulting




Green Hasson Janks - Transaction Advisory Services



Berry Dunn - Exit Planning Services




Warren Averett - Personal Services








Horne - Cyber and Horne Wealth Advisors




Marks Nelson - Location Strategies Practice



Schenck - Operations Consulting




Armanino - Business Application Consulting



Plante Moran - ERP Consulting Solutions




Crowe Horwath — Financial Advisory Services

• Transaction advisory services

• Merger and acquisition integration services

• Restructuring and bankruptcy insolvency services

• Valuation services

• Forensic services



Plante Moran —Talent and Organizational Development

Talent and organizational development consultants can help align your people, strategy, and processes to create a high-performance organizational culture.




CliftonLarsonAllen — CLA Intuition®



Moss Adams - Research and Benchmark Studies

Moss Adams research services team conducts annual studies across a wide range of industries, producing financial, operational and compensation benchmarks.




Barnes Denning

ForevisorTM Financial Services completely integrates a series of financial products to strengthen and build your business operations in a future-oriented system that allows you to see greater potential in your business through forecasting and improved communication.



Armanino’s AMF Media Group





Gross Mendelsohn CPA’s and Advisory









Advisory Services Through M&A





Firm: Newly Created Service

Armanino Acquired Rose Business Solutions

Carr, Riggs & Ingram Acquired an audit consulting firm — “Auditeverx” and a Texas based wealth management firm

CliftonLarsonAllen Acquired MA based Bankers Advisory Inc.

CohnReznick Acquired real estate consultants—NOI Strategies

MountJoy Chilton Medely Acquired KY based HR consulting firm Personnel Profiling, Inc.

Prager Metis Merged in NYC based family office services boutique Polakoff & Michelson

Wipfli Acquired Chicago based Regulatory Compliance Associates

Sikich Merged in Illinois based supply chain consulting firm, Achieve Consulting




Eide Bailey Acquired a NetSuite Solutions provider.

Glass Jacobson Merged in One Source Financial

BKD Acquired Kacinsky & Associates, which provides loan review services to Texas financial institutions.

Aprio In November 2016, acquired Atlanta-based Retirement Plan Services Co.

Armanino In January 2017, merged in California-based Financial Strategies Consulting Group

BerganKDV In October 2016, acquired Eldora, Iowa-based Agribusiness Resources.

Raffa Launched Raffa Social Capital Advisors to offer leadership coaching and financial advisory for social entrepreneurs.

RKL In October 2016, acquired Radnor, PA-based GTM Risk Management.



Using M&A for Advisory Services


RubinBrown In January 2017, merged in Denver-based Business Manager.

SikichIn November, acquired Glendale, Calif.-based Microsoft Dynamics reseller SCS, and acquired custom developer Hale Solutions and tech firm Solution Partners.

WipfliIn January 2017, merged in Northbrook, Ill.-based Steinberg Advisors. In May, merged in Reston, Va.-based Brittenford Systems. In August, merged in Oakland, Calif.-based health care consultancy HFS Consultants.

Firm: New & Value Added Services

HorneInitiated training for all team members on offering “anticipatory in-sights” to clients. Launched cyber solutions practice. Opened a project office in South Carolina, and a permanent office in Washington, D.C.

Macias Gini & O’ConnellLaunched wealth advisory firm, and cannabis compliance and taxation service for municipal governments.


Anticipating Future Opportunities




Steve Jobs



Growth Areas

• Outsourced CFO/Controller/Accounting Department

• International Tax for Individuals & Companies• M&A Consulting• Accounting, Tax & Advisory Services for the

LGBT Community• Family Office and Personal Financial Business

Management for Wealthy Individuals & Families• Start-up Technology Companies• Industry Specialization• Cyber Security Consulting• Cuba• Medical Marijuana

Future Business Opportunities



Cuba



• Imagine the opportunities for construction companies with a country with a crumbling infrastructure.

•Selling agricultural methods to satisfy both domestic demand and export possibilities (Cuba currently imports 90 percent of its food).

•Tremendous possibilities in housing — Cuba is at least a million units short on housing. That’s a lot of doorknobs, windows and steel!

•Foresee service companies (IT, legal, architects, accounting, etc.) offering immensely better wage and benefit packages, and still seeing their labor costs plunge.

•Picture thousands of beachfront condos being built for American retirees, just a 35-minute flight from the United States.


Cuba



Anticipating Future Consulting Opportunities















Levy & Levy, CPAsAccounting, Tax & Consulting Services

Marijuana AccountingAfter years of providing services for businesses small and large, we are now focusing our attention on the emerging legal cannabis industry. We currently work with marijuana retailers and growers in several states, to help them navigate the inconsistencies between state and federal laws. Our CPAs have spoken at industry events nationwide, and are at the forefront of the financial issues affecting these businesses.Whether you are a medical or recreational business, a dispensary, grower, or processor, we are proud to offer you the following services:• Tax planning & preparation• IRC Section 280E consulting & strategies• Representation before the IRS & state agencies• Payroll & bookkeeping services• Budgeting, projections, & transaction analysis



Integrated Business Solutions by BundlingExisting Compliance & Advisory Services


Bundling Services



Creating a New Service Line/Niche by Bundling Existing Services

•The process of offering multiple services together using a new name.

•Move clients from “commodity” buyers to intrinsic “value” buyers.

•Easier to position, market, and brand.

Bundling Services


Examples of Firms BundlingCompliance & Advisory Services








Accounting, Tax and Advisory Services for the LGBT Community



Accounting, Tax and Advisory Services for the LGBT Community

Examples of Firms Bundling Compliance & Advisory Services



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Strategic Positioning



Geographic Territory

Niches & Specialty

Areas

Marketplace Demands

Marketing & Sales Capabilities

Firm Size

Budget

NecessaryTechnical

Abilities of Partners and

Staff

Attract, Retain, and Develop Staff






Target Marketing and Lead Generation



•Define your target markets• Industries & Specialty Practice Areas•Services•Size•Revenue•Geography

•Opportunities in the marketplace—what does the marketplace want, need and demand?

•Expertise – Existing and Need to Acquire•Existing Clients•Referral Sources


Where Do We Start



• Strategic Positioning• What are your best talents?• What talents do we need to

acquire?• What are your areas of expertise

and specialties?• Which areas of expertise and

specialties do we need to implement and/or acquire?

Define Your Target Market



• Strategic Positioning

• Location• Client size• Competition• Number of potential

targets• Investment of time

and money• Profitability/ROI

Analysis

Define Your Target Market




It’s time to Supercharge your Marketing & Lead Generation!




Ride the waves of change!




Thank you HLB!


Joe TarascoCell: 914-924-1450

[email protected]

Nancy DamatoCell: 917-921-6768

[email protected]


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