7 keys to becoming an equity partner

woman and man silhouetted against office windowdoes everyone in your firm know what the expectations are?

by august j. aquila
what makes a great partnership

with the recent turn in the economy, equity partners are finding that there is no longer a lifelong tenure guarantee. senior managers and non-equity partners are wondering whether or not they even want to become equity partners.

more on great partnerships: five factors for measuring a partner’s value | the 6-step plan for transitioning clients | fighting restraining forces | chemistry and mutual respect matter | great cpa firm partnerships begin with trust | work together better in 11 steps | what makes a successful strategic plan? | innovate or die | partners love, hate leadership | 8 ways leaders destroy firms
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for the most part, firms have been selective about who they take into the partnership. however, when the economy was running hot and finding a warm body to fill spots was a real challenge, the partnership bar was certainly lowered in many firms. today, that bar is being raised again.
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five factors for measuring a partner’s value

word "goal" made up of four jigsaw puzzle piecesif there aren’t goals, what do you measure?

by august j. aquila
what makes a great partnership

in an accounting firm, profitability is generally the result of the firm’s combined talents, business management skills, internal systems and value proposition to its core clients.

more on great partnerships: how and why to achieve partner unity  | how you can get partners to change | why expectations must be defined | are you driving your best partners crazy? | 7 warning signs for your firm | the checks and balances your firm needs | don’t weed out the roses | back to basics: 25 ways to grow your practice | 3 ways to halt a poor leader | 8 questions that staff ask in a merger | 8 financial ducks to line up now
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therefore, many factors must be considered when determining the value of a partner to the firm, for example:
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the six-step plan for transitioning clients

number 6make the client part of the process.

by august j. aquila
what makes a great partnership

there are six steps that a firm should follow when transitioning clients from one relationship owner to another.

more on great partnerships: how and why to achieve partner unity | why accountability counts | communication goes both ways | why shared values are important | why ‘walking together’ is so important | 6 ways to pay partners | how to build a better firm through teamwork | 8 questions to analyze your pricing | 24 points for after the deal is done | 5 questions for every mp to answer honestly | 6 practical ways to innovate
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it is recommended that you transition the clients over a two- to three-year period in order to make sure that you have time to make adjustments in the transition plan.
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how and why to achieve partner unity

businesspeople joining their hands in the sign of unity8 questions to determine your firm’s culture.

by august j. aquila
what makes a great partnership

i have worked with many firms in helping them build team unity, especially when the firm is undergoing a change in managing partner, merging or just trying to implement its strategic plan.

more on great partnerships: why accountability counts | fighting restraining forces | chemistry and mutual respect matter | great cpa firm partnerships begin with trust | the 4 best ways to use pre-retirement partners | work together better in 11 steps | drop politics, be accountable | what makes a successful strategic plan? | innovate or die
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everyone knows that partner unity is one of the keys for overall success and sustainability. and, we know the benefits of having greater partner unity than the next firm – better client service, less employee turnover, superior profitability.
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why accountability counts

a young basketball player passing the ball across the courtit’s not a management fad, it’s the essence of your success.

by august j. aquila
what makes a great partnership

“professional service is an execution game.” – rob lees

lack of accountability is not a new phenomenon. there are several factors that have caused accountability to become an important element of successful cpa firms today.

more on great partnerships: fighting restraining forces | how you can get partners to change | why expectations must be defined | are you driving your best partners crazy? | 7 warning signs for your firm | the checks and balances your firm needs | how to build a better firm through teamwork | drop politics, be accountable | what makes a successful strategic plan? | innovate or die | partners love, hate leadership | 8 ways leaders destroy firms | how to combine two firms after merger: carefully
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the external environment has changed and firms find themselves in an environment of:
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fighting restraining forces

post with two signs, "same" and "change"plus 5 things we can learn from weight watchers.

by august j. aquila
what makes a great partnership

let’s examine restraining forces through a case study.

more on great partnerships: how you can get partners to change | communication goes both ways | why shared values are important | why ‘walking together’ is so important | 6 ways to pay partners | how to build a better firm through teamwork | innovate or die | 8 ways leaders destroy firms
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thomas was assigned to take over a niche area in the firm. the area had had high productivity in the past.
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how you can get partners to change

aquilaquote_planvsexecute_gbask what will happen if nothing changes.

by august j. aquila
what makes a great partnership

do you ever wonder why your best plan is never implemented? why some of your partners sabotage what you are trying to do in the firm?

more on great partnerships: communication goes both ways | chemistry and mutual respect matter | great cpa firm partnerships begin with trust | the 4 best ways to use pre-retirement partners | work together better in 11 steps | drop politics, be accountable | what makes a successful strategic plan?
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over the years i have seen firms develop great strategic, operational and compensation plans and then nothing ever happens. the plans are not implemented for a myriad of reasons.
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communication goes both ways

diagram of 2-way communication5 best practices on the way to greatness.

by august j. aquila
what makes a great partnership

the other elements of a good partnership won’t make much difference if there is not good or great two-way communication in the firm.

more on great partnerships: chemistry and mutual respect matter | why expectations must be defined | are you driving your best partners crazy? | 7 warning signs for your firm | the checks and balances your firm needs | don’t weed out the roses | back to basics: 25 ways to grow your practice | 3 ways to halt a poor leader | 8 questions that staff ask in a merger | 8 financial ducks to line up now
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

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.
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chemistry and mutual respect matter

beakers containing colorful chemicalswhy and how to evaluate chemistry among partners.

by august j. aquila
what makes a great partnership

birds of a feather flock together according to the old saying.

more on great partnerships: why expectations must be defined | why shared values are important | why ‘walking together’ is so important | 6 ways to pay partners | how to build a better firm through teamwork | 8 questions to analyze your pricing | 24 points for after the deal is done | 5 questions for every mp to answer honestly | 6 practical ways to innovate | how to combine two firms after merger: carefully
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

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.
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partner performance: defining the metrics

standard deviation curvehow do you know whether you’re working hard on the right things?

by august j. aquila
what makes a great partnership

over the last 10 years, i have conducted surveys with the pcps division of the aicpa, which dealt with performance management.

more on great partnerships: why shared values are important | great cpa firm partnerships begin with trust | the 4 best ways to use pre-retirement partners | work together better in 11 steps | drop politics, be accountable | what makes a successful strategic plan? | innovate or die | partners love, hate leadership | 8 ways leaders destroy firms

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in 2006 only 10 percent of the firms responding to the survey indicated that their partners had written goals. six years later, only 11 percent of the firms responding to the survey indicated that their partners have written goals.

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why shared values are important

happy multi-ethnic business team with thumbs up in the officebe specific to help everyone walk the talk.

by august j. aquila
what makes a great partnership

after trust, 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.

more on great partnerships: great cpa firm partnerships begin with trust | are you driving your best partners crazy? | 7 warning signs for your firm | the checks and balances your firm needs | don’t weed out the roses | back to basics: 25 ways to grow your practice | 3 ways to halt a poor leader | 8 questions that staff ask in a merger
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

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.
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great cpa firm partnerships begin with trust

chemistry formula partnership science_1000009273-120613intand the 7 other key ingredients in the cpa firm success formula.

by august j. aquila

great partnerships are like great love affairs. there needs to be chemistry. 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 great. let me share my observations about great partnerships and how they got that way.

more on great partnerships:  are you driving your best partners crazy?  |  why ‘walking together’ is so important  |  the 4 best ways to use pre-retirement partners  |  7 warning signs for your firm   |    6 ways to pay partners  |  work together better in 11 steps  |  the checks and balances your firm needs  |  how to build a better firm through teamwork  |  drop politics, be accountable  |

goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

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.

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are you driving your best partners crazy?

businessman holding two papers with happy and angry face each on themthe best firms know another way

by august aquila

professionals loathe anything bureaucratic. but we know of many firms who ask their partners to account, in detail, for every minute of their time.

more on leadership:work together better in 11 steps | drop politics, be accountable | what makes a successful strategic plan? | innovate or die | partners love, hate leadership | 8 ways leaders destroy firms | how to combine two firms after merger: carefully

yellow_key_clip_art-e1375897299811-16p-hiexclusively for pro members. log in here or 2022世界杯足球排名 today.

to ask high-need-for-achievement professionals at the top of their field to provide what, to them, is bureaucratic data immediately implies a complete lack of trust and respect for their expertise and their position. it is simply a motivational disaster, which distances the partners from the firm. partners know that they have to account for their time but we know too many firms that, often at the behest of the finance function, ask for a level of specificity that drives the partners to distraction.
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