Monday, November 16th, 2015
Sacred Cow – definition:
One that is often unreasonably immune from criticism or opposition. Someone or something that has been accepted or respected for a long time and that people are afraid or unwilling to criticize or question.
If you are involved in merger discussions and are acquiring a firm, be sure to ask: What are your sacred cows?
When leaders of a firm want to be “merged-in” they might shy away from talking about their sacred cows until after the deal is done. Too late. The firm that is acquiring cannot facilitate the transition if they are not aware of the sacred cows.
What I usually observe is that it is a long-time employee who cannot be terminated. CPAs are kind and loyal. They keep some long-time employees just because “she has been with the firm for 25 years, even though she hasn’t adapted to our technology” or “he’s a partner, even though his performance hasn’t been up to par for many, many years.”
Sometimes it is tax software. “We will not change our tax package.” Period.
Remember, you are running a business. Why wouldn’t you negotiate a nice departure package and hire someone at half the salary who loves technology? Why wouldn’t you negotiate a retirement timeline and make departure easy?
As for technology and software, the entire firm should be using the exact same software and following the exact same procedures. That way any team member can work for any partner or office at any given time via remote connectivity. The same goes for basic office procedures. Of course, offices have some minor nuances and personality differences but the work gets done the same way and to meet firm-wide quality standards.
- "I don't want any vegetables thank you. I paid for the cow to eat them for me."