When thinking about mergers or acquisitions, it's important to build a solid client base beforehand - but who is responsible for client retention after the sale or merge? In many cases, the follow-up payments you receive is tied to the client retention rate.
In order to position your firm to receive its maximum value, it is worth making sure your employees are being paid a fair salary for their work. This helps ensure workers remain engaged – promising a higher client retention rate. Proper training and resources are critical to the validity of the services your firm offers. Regardless of whether you sell or merge, competent staff is easier to transition. This will be the key to ensuring a good client retention rate.
No matter where you fall on the spectrum of ownership, selling your firm can be a rewarding experience. The balance of client retention, business development, and keeping your staff knowledgeable of the ever-changing tax laws often adds up to long and tedious work hours. If you’ve wondered what it would be like to be free a management position, this article may be for you.