the partnership

tell potential partners what it takes

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businesswoman walking up stairsdon’t forget to add what they could make.

by marc rosenberg
how to bring in new partners

accounting firms worldwide are dealing with an enormously difficult challenge today – one that has topped every firm’s list of critical issues since the turn of the century and will continue to be a high priority for years to come. the vast majority of firms struggle with it. failure to solve it causes hundreds of firms to merge out of existence every year.

more: what prospective partners should ask their firm | what new partners should know about buyouts | comp: what new partners don’t know
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the “it” is, of course, succession planning, with difficulties rooted in a perfect storm of causes: read more →

good enough is not enough

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three darts hitting a target bull's-eyeare your projections sending your firm backward?

by martin bissett
passport to partnership

how do you react to challenges?

more: a list is not a pipeline | what the next generation of practice leaders faces | five ways to show commitment | selling isn’t hard | selling happens all the time | do you make your firm look good?
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

ask yourself and answer these questions when considering the current and future “challenges” behaviors that you’ll employ.
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what the next generation of practice leaders faces

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woman's hand pressing words "ask an expert"“now, more than ever before firms need to be clear regarding their roi proposition to clients.”

by martin bissett
passport to partnership

the passport to partnership study collated a number of responses in a conversational style. the need for professionals who can remain calm in the storm is showcased below and was repeated many times in various different ways.

more: consistency is key to business development | prepare the next generation now | are you committed to your firm? | nine points to check before hello | why clients struggle with growth | nine biz-dev metrics for making partner | communication isn’t about you
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the expert council

what is going to be the single biggest challenge for the next generation of practice leaders?
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cherry-pick your merger partner

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young businesswoman putting hand out in "stop" gesture while sipping coffeeit’s ok to walk away.

by marc rosenberg
cpa firm mergers: your complete guide

for anything really important in your life, do you opt for the first choice that comes your way? did you marry the first person you had a crush on? how many jobs did you accept without checking out other opportunities? when looking to hire someone, did you interview only one person? do you make an investment without considering alternatives? i trust the answer to all of these is a resounding no.

more: 34 steps to implement a merger | m&a: the six types of due diligence | twelve tips for negotiating mergers | buying a solo | why merging in smaller firms is fabulous | 13 reasons to merge up | thinking merger? first ask why.
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the same advice applies to mergers, whether you are a buyer or a seller. the more firms you talk to and negotiate with, the more expertise you acquire with the merger process. as the saying goes, “information is king.” more knowledge, information and experience are always better than less.
read more →

the three challenges on the road to partnership

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stylized photo of businessman running on a trackand why we need them.

by martin bissett
passport to partnership

now we move on to our sixth “c” in the passport to partnership – challenges.

more: prepare the next generation now | five ways to show commitment | selling isn’t hard | do you make your firm look good? | 4 top communication habits | making partner when competence isn’t enough
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again the heading has more than a single application, which we’ll explore here.
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34 steps to implement a merger

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your staff will be much more comfortable.

by marc rosenberg
cpa firm mergers: your complete guide

most firms find that it takes three to four years to fully implement a merger. but during the first few months after the merger’s effective date, there are quite a few administrative and procedural issues that need to be attended to immediately.

more: m&a: the six types of due diligence | why solo cpas need pcas | mergers: one stage or two?
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most firms try to get as much of a head start as possible before the effective date.
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thirteen choices for true commitment

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high angle view of business people stacking hands in a teamwork gesturehow to show the partners you mean business.

by martin bissett
passport to partnership

rising from senior manager to partner often means being promoted ahead of our peers and contemporaries. it creates a gap in earnings, stature and influence compared to those who were our colleagues on a level playing field just yesterday.

more: selling happens all the time | five questions about your network | seven things that good advisors skip | internal communication can’t be overlooked | the seven levels of communication management | make firm culture work for you | sailing the seven c’s to partner | you can’t land your next client without this
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

it can also mean that if we are coming into a firm from the outside, we are being promoted over people who have served at that firm for many years and understand the firm’s culture much better than we do now. we may have to lead these people as the head of a department and if so, they’d better be on our side.
read more →

why partner retreats are worth the cost

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send your toughest questions to ed at emendlowitz@withum.com

new environment, new ideas.

by ed mendlowitz
managing an accounting practice, the complete 2-volume set – 202 questions and answers, the 650-page encyclopedia of practice management

q: is there any value to a retreat?

more: why checklists? | ask these 10 questions before adding financial services | selling your practice is not a retirement strategy | thirteen things to know before selling your practice | 10 reasons clients don’t pay
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send your toughest questions to ed at emendlowitz@withum.com

a: absolutely! retreats are very important to reconnect with your partners and reassert why you are in business and what you hope to accomplish, in addition to making a living and not having to work for a boss who isn’t as good or nice as you are.
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one times fees isn’t the only way

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check the math.

by marc rosenberg
cpa firm mergers: your complete guide

partners in accounting firms are familiar with the rule of thumb that a cpa firm’s goodwill (excluding capital) is worth one times fees. however, like many rules of thumb, this notion is often incorrect.

more: thinking merger? first ask why. | why do you want to merge? be honest. | four reasons to fear a merger
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when buyers begin to think about how much they will pay for a smaller firm, they often have this one-times-fees notion in the back of their minds. then, when sellers are bold enough to ask for a price in excess of one times fees, buyers often balk.
read more →

from senior to manager in 12 quick questions

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what it takes to get promoted.

by marc rosenberg
the rosenberg practice management library

cpa firms have many different titles or positions.

more: making partner: the essential metrics | what makes a partner | want to be a partner? meet these 17 expectations | five reasons not to make someone a partner | yes, you need another partner | six big mistakes in succession planning | what a firm needs from its leaders
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today, we’ll address the most common:

  • staff
  • senior
  • manager

i often use the term “staff” to refer to anyone who is not at the partner level. this is different from a “staff-level” associate, who typically has only a few years or less of experience in public accounting. but exactly what does it take to advance from staff to senior and from senior to manager?
read more →

inside a partner comp committee

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how buyout was affected.

by marc rosenberg
the rosenberg practice management library

we worked with a 10-partner cpa firm a few years ago to change their income allocation method from an incredibly complicated formula that was deeply flawed to a compensation committee (cc). we talked to the partner group recently to get their feedback on how things worked out.

more: rewarding partners for seniority: pros and cons | what if founders don’t want to buy each other out? | when cpa partner votes go wrong | why billing less may mean earning more
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why did you adopt the cc? it embraces the fundamental concept that an accounting firm’s success depends on its partners’ production and intangible attributes such as management, leadership, mentoring staff, and teamwork, among others.
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making partner: the essential metrics

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from mastering business-building skills to people-building skills.

by marc rosenberg

there are many ways to measure the performance of staff on the path to making partner.

more: making partner: what managers need to know | the 17 rules for making partner at a cpa firm | who shouldn’t be a partner? | nine reasons people are promoted to partner | how to make partner?
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as is my style, i will present far more measures than most firms actually use. but i doubt you’ll perceive any of the methods here as unimportant. they are not listed in any particular order of importance.

read more →

what makes a partner

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checklist: the 16 big responsibilities for any partner.

by marc rosenberg

when managers become new partners, they face numerous changes.

more: the 17 rules for making partner at a cpa firm | who shouldn’t be a partner? | nine reasons people are promoted to partner | how to make partner
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

those include some things they’re entitled to … and not. read more →