the partnership

expectations 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
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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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business 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
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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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it’s a culture, not a checklist.

by august j. aquila
what makes a great partnership

traditionally, becoming a partner in a cpa firm meant the end of a long, hard slog of grunt work and extended hours. but in today’s competitive environment, making partner is only the beginning of a new chapter of risks and challenges. and the work isn’t getting any easier.

more: 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
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today’s top cpa firm leaders are looking for new ways of building successful, enduring organizations. the culture of collegiality that gave way to a culture of entitlement is giving way to a new culture of performance and accountability.
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plus seven things that partners are entitled to … and 12 that they’re not.

by marc rosenberg
how to bring in new partners

there are a number of realities that go along with being a partner in an accounting firm.

you’re an owner. as such, you get paid based on the firm’s earnings, not as an employee.

more: 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
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you pay for your ownership. new owners in any business must pay money to acquire their ownership. at cpa firms, this is called a new partner buy-in. because cpa firms have a substantial street value, it’s reasonable that new partners should be required to purchase their interest in the firm.
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bonus: a basic partner evaluation form.

by august j. aquila
what makes a great partnership

one major result of the great recession is that firms can no longer afford to keep partners who are unable to pay their own way and help the firm grow. i say this because firms have already cut staff to maintain their level of profitability and there is no additional fat to cut. competition and fee pressure from larger firms in every market continues to put a squeeze on profits. in addition, employment opportunities are surfacing again for the employees in your firms.

more: 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
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there is only one area left that should be considered for possible cuts, or better yet, for improvements – the partners. as a professional services firm, you are a business. and like any other business, you need to be profitable in order to continue to exist.
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develop staff, develop business, develop yourself.

by marc rosenberg
how to bring in new partners

the following apocryphal vignette plays out at partner retreats on a regular basis: the partners brainstorm what is expected of partners at their firm. they have a spirited, productive discussion that results in a dozen items written on a flipchart.

more: 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 takesexclusively for pro members. log in here or 2022世界杯足球排名 today.

all of a sudden, one of the partners yells, “oh, no!” the startled partners ask him what’s wrong. he points at the flipchart: “none of us qualify!”

there is not one firm whose policy on what a partner is reads exactly like the list below. this is a collection of what i have seen at many great firms i have had the pleasure of working with.
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plus five ways that don’t work.

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: five questions to ask your partners about accountability | how you can get partners to change | the seven building blocks of a great partnership
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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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you’ll resent them later.

by marc rosenberg
how to bring in new partners

many firms make the mistake of admitting to the partnership someone who will not be a strong contributing member of the group. they miss the signs that this person will be a bad fit.

more: nine ways to woo a prospective partner | tell potential partners what it takes
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the following red flags may signal a potential future challenge in the partnership. consider whether your candidate
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if they don’t want to, why keep them?

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: the seven building blocks of a great partnership
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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. one managing partner told me he had too many other issues to address, another was waiting for the management team to give its final blessing and still another just blamed everyone else in the firm rather than looking at himself in a mirror. and, another managing partner even told me the firm could not afford to make the changes!

if you are planning to tackle an issue in the firm and make a change, the first thing you need to do is clarify what the real problem is. next, describe your overall approach by creating a roadmap. then you need to gather facts and work together with other partners in the firm. finally, develop your recommendations and identify the next steps.

“firms are better at planning than executing.” – august aquila

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