the partnership

forged in fire: the pains of leadership

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businessman bursting through flames and fireworksthink of it as an upward spiral.

by martin bissett
passport to partnership

unhappy and difficult clients help our firms to improve our client management skills and present opportunities to refine our leadership skills.

more: perception is reality, client version | your website promises. do you deliver? | five reasons firms don’t thrive | four biz dev tasks to start the new year | what the next generation of practice leaders faces | nine points to check before hello | why clients struggle with growth | nine biz-dev metrics for making partner
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

it is tough for us to build a successful firm without difficult clients or internal personnel issues in order to provide learning experiences for us to build a robust and commercially successful infrastructure.
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nuts and bolts of mentoring staff

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three people: woman between two men pointing at desktop computer screen in explanationfour keys to being a great mentor. ten skill areas to develop. eight training best practices.

by marc rosenberg
how to bring in new partners

firms have two levels of expectations of new partners. many firms aren’t consciously aware of these alternatives, but they exist nonetheless, and they are quite different from each other.

more: it shouldn’t take so long to make partner | 16 steps to creating a partnership path | six ways new partners differ from managers | the four essentials for every new partner | tell potential partners what it takes
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expectation 1: the new partner is qualified for the job.

new partners must drive the firm by

  • increasing revenue by bringing in new clients.
  • retaining clients and expanding services to them.
  • developing staff, helping them learn and grow.
  • providing proactive, world-class service to clients.
  • having the leadership skills to take over the firm from existing partners.

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what managing partners must be doing

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young man facing image of himselfbonus: 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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it shouldn’t take so long to make partner

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group of four young professionalsbonus: a 15-point checklist for the path.

by marc rosenberg
how to bring in new partners

not too long ago, accounting today published a very interesting piece of research titled “the long path to partner.” the polling question: how many years does it take to make partner at your firm?

more: 16 steps to creating a partnership path | nine ways to measure staff performance on the path to partner | five people to keep out of partnership
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

the results:

  • less than 5 years: 9%
  • 5-7 years: 12%
  • 8-9 years: 12%
  • 10-13 years: 30%
  • more than 13 years: 17%
  • don’t know: 20%

why does it take so long?

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managing partner: the toughest job in the world

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five cheetahs strolling on a pathyou 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
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

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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16 steps to creating a partnership path

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bonuses: 12 questions to ask staff about the future. advancing from staff to senior to manager.

by marc rosenberg
how to bring in new partners

“i think nothing is more important than what a firm does to create partners. i mean from day 1 of someone’s career. or maybe when a person is identified as a star. it’s critical what the firm does to nurture that person so that they become a partner someday.” – harry steindler, partner, michaelsilver (chicago)

more: nine ways to measure staff performance on the path to partner | three types of skills you need to become a partner | seventeen basic expectations of partners | nine ways to woo a prospective partner
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here is what the best firms do to create a path to partnership. these practices are not ranked strictly, but items at the top of the list are more common and effective than those toward the bottom. however, all the items are important.
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do your partners pay their own way?

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

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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three types of skills you need to become a partner

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senior businessman mentoring two younger workerswhat is your firm doing to help staff develop these?

by marc rosenberg
how to bring in new partners

the old-school way of developing staff into partners was very simple:

  • staff are bountiful. those with the right stuff move up; we’ll move the others out and hire a new crop to replace them.
  • it’s up to the staff to pull themselves up by their own bootstraps and make their mark. nobody showed us how to make partner. nobody held our hands.

more: six ways new partners differ from managers | sixteen duties of a partner | seventeen basic expectations of partners | the four essentials for every new partner | five people to keep out of partnership | nine ways to woo a prospective partner | tell potential partners what it takes
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

  • it’s up to the staff to tell us that they want to be partners. unless and until they show us this ambition, we won’t talk to them about becoming a partner.
  • bringing in business can’t be taught. you’re either born with it or you’re not.
  • and while we are on the subject of business development, we all know from experience that marketing must be done nights and weekends. clients are too busy during the day. and we need the days to get our billable hours in. so a partner must commit to working long hours, including nights and weekends, and be willing to sacrifice his or her personal life for the firm.

not much of a clear or easy path in those days, was there?
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why partners need written goals

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businessman pole vaulting toward his goalthree questions to answer about each one.

by august j. aquila
what makes a great partnership

“if you aim at nothing, you will hit it every time.” – zig ziegler

if we achieve what we measure, then it is true that we become what we think about most of the time. philip e. humbert, ph.d. wrote, “the human brain is a goal-seeking, problem- solving machine, and the things we think about, focus on, and worry about inevitably shape our destiny.”

more: seven keys to becoming an equity partner | how to create firm accountability | eight criteria for partnership | how to achieve partner unity | five questions to ask your partners about accountability | how you can get partners to change | the seven building blocks of a great partnership
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

brian tracy says the four main excuses people make as to why they don’t have written goals are:
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seven keys to becoming an equity partner

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hand using key to unlock doorexpectations are high. as they should be.

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: how to create firm accountability | eight criteria for partnership | how to achieve partner unity | five questions to ask your partners about accountability | how you can get partners to change | the seven building blocks of a great partnership
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

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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six ways new partners differ from managers

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two businessmen talking across a deskbusiness development is a determining factor for some firms.

by marc rosenberg
how to bring in new partners

this is one of the grayest areas in bringing in new partners. it has perplexed cpa firms for decades.

more: sixteen duties of a partner | seventeen basic expectations of partners | the four essentials for every new partner | five people to keep out of partnership | nine ways to woo a prospective partner | tell potential partners what it takes
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

here is the typical scenario. the firm has had one or more managers on board for 10 to 20 years. they have made their mark primarily with their technical skills, doing great work with clients, showing tremendous loyalty and work ethic. they generally lack business development and to a lesser extent, leadership skills, but they have become indispensable to the partners, who rely on them heavily to service their clients. the partners would have heartburn if these managers left the firm.
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