the partnership

does your plan pit partners against each other?

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.

more on great partnerships: how mps can make a real difference | 10 steps to transitioning to a new mp | what managing partners should be doing | do your partners pay their own way? | 7 keys to becoming an equity partner | how and why to achieve partner unity
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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.
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8 key activities.

by august j. aquila
what makes a great partnership

so, what do the truly successful managing partners do that differentiates them from their peers?

more on great partnerships: 10 steps to transitioning to a new mp | 5 ways to keep your edge | the toughest job in the world: managing an accounting practice | how to become the firm of choice | five factors for measuring a partner’s value | why accountability counts | communication goes both ways | why shared values are important | why ‘walking together’ is so important
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i will quickly summarize the results of our research, which entailed us interviewing 150 practicing and managing partners in a cross-section of consulting, accounting and law firms across europe and the u.s., before focusing on the things great managing partners did to ensure they were always at the top of their game.
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how to climb back when you’re stuck in a rut.

by august j. aquila
what makes a great partnership

have you even wondered why in good times or in bad it seems that managing partners of professional service firms fail?

more on great partnerships: 5 reasons that leaders fail | what managing partners should be doing | do your partners pay their own way? | 7 keys to becoming an equity partner | 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
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what happens to them? do they get stuck in a routine? do they fail to see the next issue coming down the road? do they stop thinking about what is critical for success? or, do they spend too much time with clients, with dysfunctional partners, or with all the other noisy, but unimportant things that can pull them from their purpose?
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how do you measure up against these 8 factors?

by august j. aquila
what makes a great partnership

the responsibilities of a managing partner can be captured in the following two paragraphs:

more on great partnerships: the toughest job in the world: managing an accounting practice | 11 things all partners must do | why partners need written goals | the 6-step plan for transitioning clients | fighting restraining forces | chemistry and mutual respect matter | the 4 best ways to use pre-retirement partners | drop politics, be accountable | what makes a successful strategic plan? | 8 ways leaders destroy firms
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general responsibilities include reporting directly to the governing committee and the firm, being responsible for the firm’s overall management and practice, supervising the overall marketing and business development effort, managing the professional staff and providing guidance for the support staff.
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included: both objective and subjective criteria.

by august j. aquila
what makes a great partnership                                                                

while times may be good for many cpa firms, we should not forget that firms cannot afford to have partners who coast or are unable to pay their own way.

more on great partnerships: why partners need written goals | 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? | partners love, hate leadership
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firms are expecting more from their partners. it doesn’t mean that partners have to work longer hours, but it does mean that partners need to contribute more to the economic value of the firm and learn how to work smarter.
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