Whitepaper: Growth and Ownership Transition Strategies
With years of economic turmoil behind the Professional Service (PS) industry, firms have taken numerous precautions to weather the storm. Understandably, slow industry growth and increased market competition has forced many firms to slash costs. The challenge moving forward, experts say, is that the cost cutting party is over. Simply put, the days of firms cutting their way to profitability are a thing of the past.
So how can PS firms position themselves for future growth and meet the challenges of potential ownership transitions? To help shed insight on this growing trend, this White Paper provides expert opinions from Deltek, Rusk O’Brien Gido + Partners and DiCicco Gulman and Company (DCG).
The overwhelming consensus amongst the these PS experts is that today’s success-minded firms require a laser-like focus on strong project and financial management practices—the kind that can carry their long-term growth goals to fruition. With the next decade posing as the most demographically challenging for firms looking at potential ownership transitions, this advice becomes even more critical; putting strong financial controls in place now is an important ingredient to ensuring that your firm has a successful ownership transition in the future.