the partnership

four ways to increase revenue. four reasons that employees should care.

by marc rosenberg
how to bring in new partners

future cpa firm leaders must have an understanding of how their firm operates as a business, including how it makes money and what holds back profitability. with this knowledge, team members will make better decisions about how they spend their time and perform their work.

more: public accounting as a business, 101 | nuts and bolts of mentoring staff | nine ways to measure staff performance on the path to partner | sixteen duties of a partner | five people to keep out of partnership
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all businesses have economic structures unique to their industries:

• grocery stores are high volume, low profit margin.
• real estate ventures use accelerated depreciation and other tax angles to generate cash flow and healthy rois.
• professional sports teams focus on increasing the value of the franchise so it can eventually be sold for a gigantic profit.

the typical cpa firm is a low-volume, high-priced business, with a relatively high profit margin (generally 30-45 percent of revenue).
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bonus: questions for self-evaluation.

by august j. aquila
what makes a great partnership

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

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.

more: managing partner: the toughest job in the world | eleven things partners must do | seven keys to becoming an equity partner | how to achieve partner unity
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specific responsibilities include coordinating the firm’s practices among the different offices and departments, implementing the partnership agreement, appointing heads of various committees, representing the firm in community and professional organizations, supervising the functioning of the governing committee, overseeing the functioning of standing and ad hoc committees, providing guidance on financial policies and working with the governing committee to develop personal and administrative policies.

these are without doubt good areas, but are they the ones managing partners should focus on?
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you enjoy herding cats, right?

by august j. aquila
what makes a great partnership

wanted: managing partner

requirements: unique individual who can lead a group of independent-minded professionals; keep some semblance of normality; deal with super egos, unproductive partners and dysfunctional partners; grow the business, stay competitive in a rapidly changing and unfriendly environment, and figure out how to compensate everyone fairly. interested parties should send resume and salary requirements to box aa.

why would you want this job? managing a practice today has never been more difficult, but it doesn’t mean that it’s impossible or not rewarding. it all depends on your focus and your willingness to solve the important problems at hand.

more: eleven things partners must do | do your partners pay their own way? | how to create firm accountability | five questions to ask your partners about accountability
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it has been said that the “firm can never be something the leader is not.” it should be added that the “firm can never be something that the partners are not.”
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there are objective and subjective measures. bonuses are for the extraordinary.

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 coast or be unable to pay their own way. 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.

more: why partners need written goals | seven keys to becoming an equity partner | how to achieve partner unity | the seven building blocks of a great partnership
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evaluate partner performance

in the majority of firms there is no formal written evaluation of partners. while most partners don’t want to be and don’t like to be evaluated, it’s a common fact of life. how else can you fairly evaluate and compensate your partners? there is a definite trend today for firms to identify standards and have written, measureable goals for partners. this permits management to evaluate actual performance against the goals set at the beginning of the year.

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