Plan For Changes In A Corporate Tax Department Every Year, Smart Management

For many of you who have been following my tax search expertise for years, you know that my background is in helping tax professionals and tax organizations be more successful. This is precisely why I built www.taxconnections.com… to continue to help tax professionals promote their tax expertise worldwide. Thousands of members from more than 100 countries are now utilizing TaxConnections to build tax brand identity, attract new clients, identify staff and consultants for their tax departments, and find a wide range of tax expertise around the world. I also know large tax organizations turnover at the rate of 25%-30% a year so tax executives leading tax organizations today must constantly be prepared for the inevitable changes.

The first change you can expect annually is turnover in your tax organization – change is natural in any business and changes come even faster today. It is never a good time to lose a great performer in your tax organization. However, people leave for many reasons including: 1) no upward growth potential in the organization (i.e. their boss is not going anywhere)  2) management and culture is not the right fit for them 3) there is one person in the tax organization who is just making everyone’s life miserable, you would be very surprised how much turnover one bad hire can create 4) parents want to spend more time with family 5) medical reasons ( i.e. having babies, ailing parents or disease) and many other unforeseen situations.

The second change to plan for is a change in executive management. Having kept track of all the CFO emails for many years, I am astounded at the turnover rate as they change companies. CFOs have a very tough job and when something goes wrong they often get blamed and move on; or they just decide to move on to a better situation. Either way, it is so surprising to those of us in the trenches to see many CFOs turn over so quickly and often within 2-3 years. A change in CFO in a corporate tax organization creates a lot of uncertainty for many corporate tax executives and tax teams. The question is how does the CFO perceive the tax organization? Do they look at tax as a profit center or a cost center? Every well-run company today recognizes their tax teams create tax savings for the organization.

The third change to plan for is a potential transaction of a merger or an acquisition. There is a great deal of merger and acquisition activity today unlike I have ever seen during my lifetime. If your company is active they are looking at deals all the time. What does that do for a tax organization? It makes everyone in the tax organization uncertain about their future. They are all thinking “How will this affect my current role in the organization? Will I have a job if the company goes through with this transaction? Will they even tell me what is happening? After thirty years working with tax organizations, I can tell you that some of you will have 2 week notice, some 2 months and some a bit more. This is the life of a corporate tax executives today. Here is my advice for you and I do hope you will listen. Get noticed for your tax expertise now! Do not wait for tomorrow when it comes to build an identity for your tax expertise. If you are in a corporate tax organization you are largely hidden behind the scenes and you must build a reputation for yourself online now. Tax professionals who start building brand identity online today will be leading tax organizations tomorrow.

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This is a continuation of a series of posts focused on Corporate Taxes. Click the links below to see the first 2 articles in the series.

  1. Questions You Should Ask Of Everyone In Your Tax Department
  2. How To Get The Tax Team You Need

 

Kat Jennings, TaxConnections, CEO and Founder and Advisory Team provides three areas of services: 1) Internationally recognized, retained executive search services for multinational corporations, public accounting firms, and law firms; 2) Introductions of sellers to buyers of small and medium size accounting firms; and 3) Provide brand building and education services that support and prepare accounting firm owners to buy/sell an accounting practice. We focus on educating the journey to sell a practice and how to increase firm revenue prior to any sale. Our program ensures you start years prior to a sale by learning what is expected of you during the selling process, and introducing firm Partners to cross selling opportunities that are easy to implement and reduce your workload at the same time. We introduce you to value added connections to smartly grow revenue in your accounting practice.

Kat Jennings has been retained by organizations worldwide to locate tax professionals with highly specialized tax knowledge and expertise. She has a thorough understanding of the tax business community, with a proven record of stellar performances matching professionals with organizations. Bringing two parties together to work successfully is the art of understanding personalities, cultural fit, expectations by both parties, flexible or inflexible work environments, understanding what drives and motivates each party, and revolves around the personality and ethics of each executive team.

Kat is a widely recognized expert in high level, tax executive search, as well as connecting buyers and sellers of accounting firms. TaxConnections provides and educates small to medium size accounting firms owners and Partners how to prepare and sell their firms so they can build a succession plan for their retirement. With larger firms seeking to acquire smaller accounting practices, there is a real need to help firm owners prepare to be acquired. Most firm owners are unaware they are not ready to sell when they decide to retire. TaxConnections educates firm owners’ what they need to do years in advance of selling an accounting firm practice.
Senior tax executives expect the utmost privacy when being introduced to multinational organizations about a new tax opportunity under consideration. Having said that, companies searching for a new head of tax expecting tax executive candidates to submit their resume through a resume portal, will never see a full slate of outstanding tax executives available due to a candidates’ desire for greater privacy. This is why privacy focused Uber Tax Recruiters consistently outperform in-house recruiters on tax executive searches.

We offer our clients a Performance Retainer Agreement arrangement so their HR department can still recruit and compete with the tax candidates we present on Head of Tax searches. The client pays us a partial fee upfront, and if they find a candidate they deem better than we introduce to them, we forfeit the final fee. Most of the time, they love and prefer our private introductions to tax executive candidates better than what they source through their own resume portals.

When we represent selling/buying small to medium-sized firms, firm owners/partners also demand greater privacy when considering the sale of their practice. TaxConnections provides a safe place to discuss their business needs, elevate their practices’ online reputation, and increase revenue through new streams of business development by outsourcing work and partnering with other firms. Over three decades, we have worked tirelessly to build relationships between firm owners most organizations rarely have access to in the world of tax. There are numerous possibilities you may never have considered previously to bolster the value of your practice and service offerings.

As a globally recognized consultant to multinational organizations, accounting firms, and law firms searching for tax expertise, Kat has been retained by public accounting firms, law firms, and corporations worldwide including Apple Computer, AC Neilson, Accenture, Agilent Technologies, Allergan, Alza, American Express, American Media, Aon, Baker & McKenzie, Barclays Bank, Bechtel, Cargill, Carl Zieuss Vision, Century Aluminum, Chevron, Clorox, Citigroup, Commercials Metals, Constellation Energy, Countrywide, Del Monte, Deloitte Touche, DFS, DLA Piper, E&J Gallo Winery, Electronic Arts, Ernst &Young, Fox Entertainment, Fremont Investments, General Electric,General Motors, Herbalife, Hewlett Packard, Hyatt, Intel, Jones Lang LaSalle, Kimco Realty, KLA Tencor, Koch Industries, KPMG, Levi Strauss, Liberty Mutual, LKQ, Loews, Logitech, Lucas Film, Maersk, McKesson, Nalco, Newell Rubbermaid, Nissan, Oracle, Orbitax, Pacific Gas & Electric, PwC, QAD, SAIC, SanDisk, Sanmina, Sempra Energy, SONY, Synopsys, Ticketmaster, Trimble Navigation, Toyota, Univar, Wal-Mart, Wells Fargo, Vertex, Yahoo, Xilinx, and many more not listed here.
Contact Kat at 858,999.0053 Office/858.232.4415 Cell or kat@taxconnections.com to request a private consultation regarding the sale of your practice, adding top talent to your organization, or merging your practice with another firm owner with a book of business. The possibilities are endless; if you have a dream of a new vision for your professional life; we will scout opportunities throughout the market to make it happen.

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