no timesheets. no titles.
by kayleigh padar
from success to significance: the radical cpa guide
“the position makes the person,” said carl famiglietti, managing partner of moody, famiglietti & andronico, a 160-person firm located in tewksbury, ma. his firm has undergone radical changes since he took the helm in 2004, a time that he calls “the reset.”
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famiglietti has learned a lot as he has focused on building an organization for perpetuity.
it began with his acceptance of fiduciary duty to the firm. famiglietti saw the need for firm leadership to put down their wallets and focus on the future by putting a dollar investment into the firm. it’s paid off immensely.
he believes that if a partnership team isn’t willing to change, then it might be time for a new team. for him, a business model must begin with a partner compensation plan and a new partnership agreement. luckily, they were all on board, and are moving with grace toward a utopian firm.
famiglietti said that everyone in his firm has an equal voice and an equal opportunity to make a valuable contribution. at mfa, there are no titles, and every team member can be a leader. it is an egalitarian model.
he’s found that his organization is more collaborative, open, filled with self-discovery, and a learning enterprise since before the reset. he said the profession “self-selects” highly ethical people, and if given the freedom, a great culture can metastasize and grow. his team exercises good judgment and the firm has a less than 5 percent turnover rate. as a result, they have no worries recruiting talent. they are growing organically and he will tell you the proof is in his bottom line. he is happy with their healthy p&l.
mfa is a value pricing firm and doesn’t keep time. everything is priced up front and famiglietti said this is key. from his point of view, many firms understate and don’t price for their value. he said timesheets and utilization rates are demeaning to customers, team members and everyone involved. they squash innovation and don’t work when selling intellectual capital. there is little harmony in a firm with timesheets because they cannibalize.
mfa has undergone significant changes since the reset; famiglietti said that changing stimulates more changes and that change management attracts a line of customers who are open and forward-thinking and want professionals who help with their businesses. it’s because of this mfa customers “come for impact,” and know that they will get it.