bonus: 27 suggestions.
by marc rosenberg
the rosenberg practice management library
cpa firm partners keep lots of things secret at their firms that should be open. one of them is a written document stating the firm’s criteria for making partner.
more: fifteen big questions for your next strategy session | five steps to transition to partnership | disturb the present to improve the future
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the main explanation we hear for not having such a document is that they are afraid creation of this document will backfire. they are afraid that an underperforming staff will wave this document in front of the managing partner’s face, informing him/her that they have fulfilled all the criteria for making partner and demanding a date for coronation.
by avoiding formalization of partner criteria, and thus making it “secret,” this gives partners some “wiggle room” in making decisions on partner promotions.
but this secrecy creates problems in the leadership development area. if talented staff don’t know what it takes to become partner and have minimal conversation with partners about becoming a partner, this will greatly hinder the firm’s ability to develop their young staff into partners.
being a partner in a cpa firm is a great job! the pay is fabulous. opportunities to help clients abound. every day presents a new challenge. partners need to communicate this loud and clear to their staff. when this is done, it’s inevitable that your staff will want to know how they can become a partner.
discuss with your partners the benefits of creating a written document that clarifies what it takes to become a partner.
here are a few things to think about:
intangibles
1. trust. integrity, honesty and sound ethical behavior/judgment
2. credibility with partners and staff
3. encourages client confidence: clients are comfortable calling the partner-potential first rather than the originating partner.
4. strong work ethic
5. loyalty and commitment
6. team player
7. able to pass the “beer/wine” test
8. communication and interpersonal skills
9. leadership skills
financial and legal
1. is willing and able to buy in
2. is willing to take on retirement obligation
3. is willing to sign a non-solicitation agreement
4. demonstrates personal financial stability
practice development
1. originates x amount of business
2. constantly pursues meetings with clients, prospects and referral sources to get new business
3. actively seeks opportunities to cross-sell additional services to existing clients
4. has been active for at least several years in building up network of business contacts
5. has distinguished him/herself as an expert in at least one service or industry
production and client management
1. manages x number of clients (billing, relationship and engagement management)
2. achieves x billable hours …
3. … at x realization
technical
1. demonstrates a high level of analytical and problem-solving skills; solves clients’ problems
2. exhibits high level of technical skill so the firm is comfortable that once the partner candidate has finished a client project, no one else needs to review it to make sure it was done right. candidate has proven his/her ability to complete highly technical projects with minimal assistance from others.
supervision
1. has solid experience supervising staff
2. is a delegator
3. is able to develop others
administration
1. follows and complies with all firm policies, procedures and deadlines