maybe you can name them. can you live them?
by august j. aquila
what makes a great partnership
great partnerships are like great love affairs. there needs to be chemistry.
exclusively for pro members. log in here or 2022世界杯足球排名 today.
after more than 36 years of consulting with large and small professional services firms, i’ve seen all sorts of chemistry. some partnerships were almost toxic, most were tolerable and a few were really great. let me share with you my observations about great partnerships and how they got that way.
many new firms, and some longtime firms, unfortunately don’t give a lot of thought to “what makes a great partnership?” their main concern is survival. but the sooner a firm starts focusing on what makes it a great partnership, the better off it will be. think about this for a moment. if you don’t address this critical question, how will you know …
- if you are admitting the right types of partners?
- if they have the technical and personal skills they need?
- if their personal values (character) are compatible with the existing partnership?
- if you are attracting the next generation of owners?
so, what makes a great partnership? it has been my experience that the following seven characteristics form the foundation of a great partnership. if you are missing any of them or if you merely need to improve in some areas, now is the time to start strengthening your firm’s foundation.
1. trust
partnerships have to start with trust. without it there can never be a productive and efficient partnership or solid relationship. you ask, how do we know if we have a culture of trust? is there a way to measure it?
you can see trust or lack thereof in a firm. for example, if management has to micromanage that is usually an indication of low trust. if there are a lot of hallway or closed-door conversations by the partners, that usually indicates a low level of trust. the first thing you need to do is simply observe partner behavior in the firm.
there are also surveys that measure the amount of trust in a firm. these give you a better idea of specific areas that you need to address.
individuals earn trust through their behavior. if a leader is not transparent or has a hidden agenda, these characteristics will count against his trust account. the same holds true for partners. if partners do not do what they say they are going to do, then they lose trust in the eyes of the other partners, employees and firm leadership. patrick lencioni places “lack of trust” at the base of all team problems in his book “the five dysfunctions of a team.” without trust there can be no productive conflict, commitment or accountability.
2. shared values
the second building block for a successful partnership is having shared values. it does not mean that partners are clones of one another, but partners agree upon the firm’s shared values, on how they are going to treat each other, the clients and the employees. shared values are what bring a group of individuals together to achieve something that they could not achieve individually.
the concept of core or shared values gets a lot of press and most professional service firms’ websites promote their core values to prospects, clients and recruits. but, like so many management ideas that are on the soft side, shared values are often more talk than reality. for too many firms, their espoused core values don’t actually represent what the firm stands for and don’t guide individual behavior. often, in fact, neither the partners nor the employees know the firm’s core values and no one in the firm is evaluated or rewarded on how well they live them. in short, there is no execution.
in 1962, thomas j. watson, jr., the then-president of ibm, was invited to share a bit of how the company’s success was achieved. his comments were later turned into a short book called “a business and its beliefs – the ideas that helped build ibm.” watson illustrates one of ibm’s values by telling a story from his father’s early career. the elder watson went out on weeks of sales calls and came back empty-handed. he had to tell the boss that he had nothing to show for his work. the boss, of course, wasn’t happy, but he then volunteered to go on the road with watson the next week. at least, if they fail, the boss said, they will have failed together.
that is the kind of lesson that leaves a lasting impression on people. shared values do count!
watson went on to explain in his lectures that executives who hoped to see their company endure had to be prepared to change just about everything – except core principles that were important in building the company in the first place.
the more a firm lacks shared values, the more dysfunctional it becomes because people in the firm do not behave in a common and consistent manner. if you want to strengthen your partnership, here is what you need to do:
- identify the shared values that the firm is committed to,
- explain why each individual value is important to the success of the firm,
- define your core values and then
- provide examples of how each core value is lived in the firm.
here’s an example of what i mean.
respect/teamwork
what does this mean?
teamwork – members share common goals and responsibilities. we help team members no matter what level. teamwork is providing overall assistance, when asked or needed, to reach the team’s goal. teamwork is helping each other to be successful.
respect – showing politeness and courtesy to the individual and appreciation of them, highly regarding the work and opinions of others, and respecting decisions and each other.
why is it important?
the impact of modeling respect and teamwork on the firm is that clients will notice that the team is working together and client work will be more accurate and done more efficiently.
great things can be accomplished if these two values can work hand in hand. this firm would be a better place if we had consistency, fairness, and we were all respected no matter what level.
here are the key behaviors:
| level 1
entry-level team members |
• exhibits a positive attitude and manner
• helps out whenever needed • listens attentively to others • is concerned about others • volunteers to work on a project even though not assigned to it |
| level 2 seniors supervisors experienced administrative team members | • consistently performs level 1 behaviors
• is tactful when dealing with others • does not badmouth others • has empathy for the other’s opinion • stays late to help finish a project • supports each other’s talents |
| level 3 managers shareholders | • consistently performs levels 1 & 2 behaviors
• appreciates the assistance they receive • respects opinions of others, even if not in agreement • encourages trust and emotional risk-taking • treats others the way they would want to be treated |
3. defined expectations
over the last 10 years i have conducted surveys with the pcps division of the aicpa that dealt with performance management. in 2006 only 10 percent of the firms responding to the survey indicated that their partners had written goals. six years later, i again asked firms if their partners had written goals and only 11 percent of the firms responding to the survey indicated that their partners had written goals.
it is not that firm leaders don’t believe that partners should have written goals. in both surveys 85 percent of the respondents indicated that they agreed that if partners had written goals that the firm would be profitable.
when partners, or any of us, don’t have defined expectations, we tend to make up our own. for example, partners in a firm without defined expectations may work extremely hard during the year, but are not doing the right thing to help the firm become successful. the fault here lies with the management of the firm. management needs to communicate with each partner what is expected of them. partners can then agree or disagree with the expectations. if they disagree they should be able to begin a dialogue with management as to what they can do.
not all firms are going to be great. that’s a statistical impossibility. professional services firms, just like any other organization or group, will fall somewhere on a normal standard deviation curve. this tells us that not all firms can be exceptional. nevertheless, that does not preclude firms from striving to be the best.
if you want to create a great partnership, start setting goals for each of the partners at the beginning of the year. and don’t try to make all the partners do the same things. look to leverage each partner’s strengths. make sure that each partner knows his role on the team and its corresponding value. in a high-performing partnership, the ceo and the partners jointly develop goals and the corresponding rewards. performance is reviewed at least quarterly and the partners help each other become successful because they realize it is not a zero-sum game.
4. chemistry
birds of a feather flock together according to the old saying. you can generally judge your chemistry with someone in the earliest minutes of meeting them. it’s often best to trust your first impressions, which are based on a lifetime of experience interacting with other people. however, i have found that it takes time for the chemistry to work. a good chemistry comes about as we learn more about the other person.
how do you feel about the other person over a business dinner or in a group setting? does a different person come through on the golf course or over dinner with spouses?
what clues do you see in the person’s interactions with others in your organization? how does the partner treat employees?
if you are not comfortable with a current partner, it’s best to take heed and address the issue. when firms make people partners they are looking for individuals with whom they feel a good connection, a shared sense of values, work ethic and trust. these characteristics are really as important in a business relationship as they are in a personal relationship.
i have also found that the same goes with clients. if you have a good connection and chemistry with a client, it makes your work a great deal more fulfilling and enjoyable. having a great chemistry with your partners certainly will give you a solid reason to get up and go to work each morning.
here is what you need to do. write down the names of each of your partners. then create as many qualities as you want in the columns. use this form to get started:
| partner name | shares values | similar work ethic | trust | accountable | similar goals | etc. |
| partner a | ||||||
| partner b | ||||||
| partner c | ||||||
| etc. |
now, in each cell on a scale from 1 to 5, 1 being low and 5 being high, evaluate each of your partners. for example, you and partner a share the same values, you have the same work ethic, trust each other and are accountable. you would probably rate partner a a 5 in each cell.
partner b, however, doesn’t share the firm’s values or the firm’s work ethic, but is trustworthy and accountable. you need to decide what to do with partner b. this could be a difficult call, especially if partner b is very productive.
partner c, you rate a 1 or 2 in each cell. this partner may need to be counseled out of the firm.
if you are not comfortable with a current partner, it’s best to take heed and address the issue sooner than later. there is a reason why birds of a feather flock together. the key question as a leader of a firm is this: “how do you feel about each of your fellow partners?” would you still make them a partner today? is the required chemistry still there?
5. mutual respect
it is hard to have a great partnership if there is no mutual respect. firms with a high degree of mutual respect don’t have room for the prima donnas or the egomaniacs. firms with mutual respect realize that it takes a team to win and every member of the team has a valuable role to play.
when partners have defined expectations and understanding of each other’s strengths, they develop a mutual respect for each other. as partners meet or exceed their goals, the feelings of respect for those partners only increase.
here are specific behaviors that show you have mutual respect for your partners and co-workers:
- treats everyone equally and with respect
- accepts responsibility
- is courteous to everyone
- gives and accepts constructive criticism
- is open to change
- is a team player
- has a positive attitude
- strives to be the best
of course, underperforming partners quickly lose respect of their team members in this environment and will quickly self-select themselves out of the partnership. respecting your partner is a key to open dialogue and constructive disagreement, and is indispensable to making a partnership work.
6. synergy
great partnerships create more than the sum of the whole. they are able to match one partner with another whose skills and experience are different. and when they are added together they create a synergy where 1 + 1 = 3 or more.
where would bert of sesame street be without ernie? if you are a big-picture person, then you want to be partnered with a detail-oriented person. if you are a strategic thinker, then you want a partner who is a good implementer.
synergy in the better partnerships works like this: the firm has a new potential client. two partners go out to meet the prospect. one partner is a technical guru while the other is more of a big thinker. when they meet with the client to uncover her needs, they are able to provide more specific and potential insights and options for the prospect to think about.
synergy in a firm gets the best out of each individual. clients are better served, the firm is more profitable and the partners and staff feel rewarded because they provide greater service to the client and enjoy working with each other.
7. effective communications
the above elements of a good partnership won’t make much difference if there is not good or great two-way communication in the firm. managing partners and partners need to communicate frequently and effectively to make a partnership work. poor communication is often at the root of many a partnership’s problems.
the secret of two-way communication is that it always includes feedback from the receiver to the sender. the feedback is critical because it lets the sender know if the message came across clearly and accurately. if there is no feedback or mechanism for feedback, then there is no two-way communication. the below chart shows how two-way communication typically flows.
what makes two-way communication so much better than one-way communication is that in two-way communication, the communication is always negotiated. the sender and the receiver actually listen to each other. they don’t try to win an argument. they are both willing to make changes. their ultimate intent is to negotiate the best solution to the problem at hand.
great partnerships often have short, but robust, meetings in order to address important projects and priorities. progress toward the firm’s strategic goals is often on top of the agenda. they use both structured meetings and unstructured communications such as e-mails, voicemails and office stop- bys.
learnings
the biggest barrier to having a great partnership is learning how to communicate. just because one person is the managing partner, does not mean that that person has all the answers. we know that great partnerships are built over time. start developing two-way communication in your practice today if you want it to become a great partnership tomorrow. here are some best practice strategies in implementing two-way communication:
- make sure that your partners and managers in the firm effectively relay information and project requests to their subordinates.
- no one in the firm should have to guess what is expected of them, what they need to accomplish. expectations should be communicated clearly and repeated if necessary. creating an action plan with specific timelines, employee roles and final due dates will eliminate the probability that staff members misunderstand assignments.
- firms that truly respect and treat everyone equally also encourage open communication. these firms encourage everyone to ask questions, discuss concerns and suggest ways to problem solve.
- senior leadership should try to uncover any communication concerns employees might have. there should never be any backlash when someone in the firm reveals unfavorable information. firms often use anonymous employee surveys to find out what their current communication style is and how well it is working.
- firms need to actively listen to employees and partners. don’t dismiss their viewpoints. take time to understand what the individual is trying to say before passing any judgment.