here’s what you’re looking for: august j. aquila

pricing, fees & billing rates

five rules for a marketing orientation

smiling businesswoman offering a handshakewhy the alternatives don’t work anymore.

by august j. aquila
price it right: how to value accounting services

let’s look at the different focuses or orientations that firms can take toward managing and running their practices and see which ones the traditional pricing methods encourage.

more: the damage that traditional fee methods do | four ways to prepare for new business development | ten keys to marketing success
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any organization, whether an accounting firm or not, usually tends to have one of four focuses. they are either selling-oriented, product-oriented, production-oriented or marketing-oriented.
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pricing, fees & billing rates

the damage that traditional fee methods do

a road sign depicting falling dollarsthe rule of three and cost-plus overlook some key considerations.

by august j. aquila
price it right: how to value accounting services

the time has come for the accounting professional to rethink the paradigm on which pricing has been based. let’s discuss the traditional methods of price setting and how they can have a negative impact on a firm.

more: four ways to prepare for new business development | ten keys to marketing success
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somewhere along the line accountants began to believe that an hour of their work had a set value to their clients. as we shall see, this false assumption has led to the current state of affairs and has caused accountants to:
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marketing & sales

four ways to prepare for new business development

it’s going to take practice.

by august j. aquila

i have often been asked, “what is the best way to prepare professionals to bring in new business?” i think the people who ask this question are trying to find an easy answer to a more complex issue.

more: ten keys to marketing success
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unfortunately, there is no single approach that will do the job. now having said that let me offer you the following four approaches.
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marketing & sales

ten keys to marketing success

target, pie chart, arrowwho is your ideal customer? how will you track your interactions?

by august j. aquila

if you recently passed the cpa exam, bar or other professional designation, congratulations. you put a lot of work and time into learning about the technical aspect of your profession.

more: firms must plan ahead for partner retirement | retiring partners are valuable assets | nine ways to handle partners with strong views | rate managing partners in six areas | five ways to keep your edge as a leader | managing partner: the toughest job in the world | why partners need written goals
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unfortunately, what they didn’t teach you is how to build a professional practice, gain clients and understand client needs. these talents are just as important as being a good auditor, tax consultant or management consultant.
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pro member exclusive

succession planning spells success

older man pointing out something in a document to a younger colleaguethink it’s too early? think again.

by august j. aquila
what makes a great partnership

it’s no surprise to anyone thinking about retiring or selling a practice today that the number one issue they face is finding someone to take over the practice. there is a definite shortage of buyers and those who are buying are becoming more and more selective. many firms will find that it has now turned into a buyers’ market.

more: firms must plan ahead for partner retirement | retiring partners are valuable assets | nine ways to handle partners with strong views | rate managing partners in six areas | five ways to keep your edge as a leader | managing partner: the toughest job in the world | why partners need written goals
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there are still a few exceptions out there. first, if you happen to be a very profitable firm in a major market you are lucky. firms will continue to seek you out. second, if you have a very strong niche market presence you can be an attractive acquisition candidate. however, if you are an average firm in a secondary or tertiary market, selling the practice will take more work and time.

here are some ideas to help you plan your succession.
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pro member exclusive

firms must plan ahead for partner retirement

bonus: six steps for transitioning clients.

by august j. aquila
what makes a great partnership

the biggest danger facing the future of accounting firms today is not the economy. it is the lack of planning for partner retirement. you would think that this would be one of the most important strategic issues for firms, but unfortunately it is not.

more: retiring partners are valuable assets | how to deal with underperforming partners | when ‘quiet quitting’ hits the partner ranks | nine ways to handle partners with strong views | nine standards for partner compensation
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without proper retirement/succession planning, the firm is left directionless. and, it is not only planning for the succession of the managing partner that is essential. planning for the retirement of other key partners and non-partners in the organization is important, as well. planning for retirement becomes even more critical when the retiring partner is a founder or a key rainmaker of the firm. often, these individual do not want to leave the firm and remain working at the firm longer than necessary.
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pro member exclusive

retiring partners are valuable assets

smiling senior businesswoman holding eyeglasseswhy throw them out?

by august j. aquila
what makes a great partnership

there has been a lot of debate about the lack of future partners and how firms are going to survive from one generation to the next. and, at the same time, many firms may have an asset that they are getting ready to retire – their older partners. firms are so worried about generational differences in the workplace that they tend to forget about the value of their senior or older partners.

more: how to deal with underperforming partners | when ‘quiet quitting’ hits the partner ranks | 12 points of a good compensation plan | ten steps to a new managing partner | what managing partners must be doing | do your partners pay their own way? | how to create firm accountability
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i am not suggesting or recommending that unproductive partners should be kept in the firm. these partners should be dealt with immediately, no matter what age they are.

however, i am suggesting that we look at senior partners as valuable assets and determine how we can best employ them.
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pro member exclusive

how to deal with underperforming partners

man preparing to fly paper airplane at office deskmake sure the firm isn’t part of the problem.

by august j. aquila
what makes a great partnership

i’ve been dealing with underperforming or dysfunctional partners for a quarter of a century. while the underperformers and dysfunctional ones haven’t changed much in that time, the way firms are dealing with them certainly has.

more: when ‘quiet quitting’ hits the partner ranks | nine ways to handle partners with strong views | rate managing partners in six areas | five ways to keep your edge as a leader | managing partner: the toughest job in the world | why partners need written goals
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the so-called white gloves in the accounting profession came off many years ago when dealing with competitors. they are now off when dealing with these two types of partners. in addition, modern technology of time and billing software can and does generate every conceivable productivity report. partners are ranked from top to bottom in terms of billable hours, dollars collected, new business developed, collections, etc. there is no place for these partners to hide.
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pro member exclusive

when ‘quiet quitting’ hits the partner ranks

sad businessman sitting at desk outdoors and looking straight aheadand 11 steps to take in response.

by august j. aquila
what makes a great partnership

over the years i have been called in to firms to help address an underperforming partner. i have learned that underperforming can mean a lot of different things and the underperformer can have many different problems.

more: nine ways to handle partners with strong views | nine standards for partner compensation | five ways to keep your edge as a leader | why partners need written goals | eight criteria for partnership
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i have also learned that many managing partners waste a lot time and energy either trying to “fix” the underperformer or just ignoring the 5-ton elephant in the room.
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pro member exclusive

nine ways to handle partners with strong views

angry businessman discussing with his colleague on a business meeting in the officetake a moment to focus on learning, not winning.

by august j. aquila
what makes a great partnership

question: since recently becoming our firm’s managing director, i’ve been engaging a number of my colleagues in discussions on how we should be concerned with delivering more value to our clients. i think this is an important issue for us going forward and find that most of my partners are on board conceptually and willing to explore the issue.

more: nine standards for partner compensation | 12 points of a good compensation plan | ten steps to a new managing partner | what managing partners must be doing | do your partners pay their own way? | how to create firm accountability | five questions to ask your partners about accountability | how you can get partners to change
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however, there are a few who are have responded uncompromisingly, with rather curt, dismissive statements whenever the topic comes up. any tips for me on how you might handle the partner who holds strong beliefs on high-stake topics and demonstrates little willingness to either listen or consider alternative views?
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pay & compensation

nine standards for partner compensation

number 9 created by gaps between many small green plastic 9'splus six questions to ask about your plan.

by august j. aquila
what makes a great partnership

ever wonder what the most appropriate partner compensation system is for your firm and how to assess partner performance?

more: 12 points of a good compensation plan | rate managing partners in six areas | five ways to keep your edge as a leader | managing partner: the toughest job in the world | why partners need written goals | eight criteria for partnership | how you can get partners to change
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a firm’s compensation system is a reflection of its culture and external competitive factors. when was the last time you gave your partner compensation system a checkup?
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pay & compensation

12 points of a good compensation plan

green checks being made on checklisthow to reward partners.

by august j. aquila
what makes a great partnership

during the last 13 years i have focused a large part of my practice on helping firms develop compensation plans. a critical element in keeping partners engaged is having a compensation system that rewards them for doing the right things. here’s what i found to be some of the best practices.

more: rate managing partners in six areas | eight ways managing partners make a real difference | five reasons that leaders fail | eleven things partners must do | seven keys to becoming an equity partner | how to achieve partner unity | the seven building blocks of a great partnership
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  1. every compensation plan should be constructed to help the firm enhance its ability to service clients, achieve its strategic goals and attract, reward and retain the right people. if a firm’s plan does not accomplish these objectives, it needs to be restructured.

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rate managing partners in six areas

blue pencil on survey formincluded: six tables to help you do just that.

by august j. aquila
what makes a great partnership

according to marc rosenberg, managing partners should focus on the following six areas:

  • leadership
  • profitability
  • strategic planning
  • team building
  • learning/training
  • asset protection

more: eight ways managing partners make a real difference | ten steps to a new managing partner | what managing partners must be doing | do your partners pay their own way? | how to create firm accountability
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each of these areas is important and worthy of further discussion. the size of your firm, number of partners/owners and the existing management team will influence the areas of importance. the following rating scale applies:
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