Entrepreneur’s Story: Cohen & Company– December 07, 2017 by Randy Myeroff

This installment of Entrepreneur’s Story highlights the successful journey of a remarkable entrepreneur very close to our hearts: Ron Cohen. And his story is, of course, our firm’s story.
 
We tell the tale of Ron’s unique and thoughtful approach to helping entrepreneurs find more tax savings and run more profitable businesses — even before there was a Cohen & Company. From cultural bedrocks to determination and pure grit, learn what has made Ron and Cohen & Company successful for the past 40 years and well positioned for the future. Below is an excerpt from “Success Is a Riddle, Solved:  How Cohen & Company Founder Ron Cohen Uniquely Built a CPA Firm Like No Other from the fall 2017 issue of Taxonomics.
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In 1977 at the founding of his namesake firm, Ron made a seemingly unorthodox and rather visionary business decision. He offered three young rising stars — Kerry Gubics, Reed McGivney and Mike Good — the opportunity to join him as owners. Together they would become the foundation of Cohen & Company. More importantly, Ron put the trust and confidence in the new firm literally into the hands of its first employees. He shared not only equity and dollars, but decision-making power.
 
“Ron could have said, ‘Congratulations, I want to bring you with me and you can each have one percent of the firm,” says Randy Myeroff, the current CEO of Cohen & Company, shaking his head at this transaction legendary within the firm. “Or maybe two percent if he were feeling generous.”
 
Instead, Ron offered 17% of the firm to each of the CPAs, giving 51% of the firm to the three, leaving him with a 49% minority share of equity and voting power.
 
“All three were bright — no, brilliant,” Ron says, explaining his curious decision. “They had their own expertise and management potential. I wanted them to be incentivized, yes, but more importantly I felt if there were an important issue facing the firm, and all three of them disagreed with me, they were probably right.” 
 
Read the full story about how Ron uniquely built what is now one of the fastest-growing CPA firms in the country.
 
Cohen & Company is not rendering legal, accounting or other professional advice. Any action taken based on information in this blog should be taken only after a detailed review of the specific facts and circumstances.