a little at a time still gets you there.
by kristen rampe
the rosenberg map survey: national study of cpa firm statistics
retiring will continue to be difficult for many partners of small firms. even if on paper they’ve done their job of bringing in new partners, many of their successors already have a full book of business and can’t absorb all of the outgoing partner’s client bases.
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not to mention that many newer-generation partners have no appetite for the long-hours lifestyle of baby boomers. it’s not uncommon to need two new partners to replace a founder who’s been working 3,200+ hours per year. few want that job.
we’ve observed more firms lowering or eliminating business development as an admission requirement of equity partners. there’s an obvious retention play here because many accountants just don’t see themselves as skilled or interested in this aspect of running an accounting practice. remove that barrier to a leadership role, and voilà, your partner-candidate pool just tripled.
of course, there are long-term risks if firms have no one who can maintain referral relationships, bring in new leads and close a deal. but i believe that all but the least personable cpas naturally (if slowly) cultivate a business development skill set over time. it comes with growth in technical abilities, confidence in routine communication with clients, and mentoring over the years. they may not be the huge rainmaker, but they will play their part in keeping the firm growing.
some firms are still holding out on this requirement. not a bad plan, as long as you are not shutting out those with other skills (like leadership, strategy and people management) by prioritizing the need to have someone willing to feign enjoyment at a mixer.