the partnership

six big mistakes in succession planning

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and three reasons staffers don’t want “in.”

by marc rosenberg
the rosenberg practice management library

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 a firm needs from its leaders | what prospective partners should ask their firm | what new partners should know about buyouts | comp: what new partners don’t know | making partner: 15 steps to the buy-in
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

the “it” is, of course, succession planning, with difficulties rooted in a perfect storm of causes:
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defining firm culture for partners

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with insight from our exclusive expert council: grundy, pipe, dunn.

by martin bissett
passport to partnership

the passport to partnership study collated a number of responses from existing partners of accounting practices in a conversational style. examples that really stood out on the realities of individual variances in firm culture are showcased below.

more: make firm culture work for you | checklist: partner-ready metrics | checklist: 10 keys to landing your next client | focus on your client’s concerns, not yours | 8 questions for business success
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meaning, can they hold their own intellectually in more senior circles? how would they then behave when meeting with other senior executives as a contemporary of theirs? this is a huge consideration for existing partners as the reputation, goodwill and future new business of the practice is influenced greatly by how well the firm is represented by its chosen ambassador (e.g. you).

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evaluating the managing partner

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silhouettes of three business partners talking against a window in an officethey need performance feedback, too.

by marc rosenberg
the role of the managing partner

“a rabbi whose community does not disagree with him is really not a rabbi, and a rabbi who fears his community is not really a man.” – rabbi israel salanter, museum of the diaspora, tel aviv

more: grading your managing partner | why firms conduct performance evaluations of partners | top issues for millennial managing partners | the managing partner’s secret weapon | how a good managing partner impacts profitability | how a great managing partner impacts firm growth | compensation is no way to manage partners | clarify partner expectations | herding cats: advice for managing partners
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everyone needs feedback. unfortunately, many people in all walks of life, in both personal and business settings, avoid feedback because they don’t want to deal with the reality of the messages.
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make firm culture work for you

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businesspeople chatting around a water coolerbonus: 5 ways to make sure the firm’s people believe in both themselves and the culture.

by martin bissett
passport to partnership

cultural issues are dynamic, very broad and unique in each firm. as such it is a challenge to summarize them accurately and comprehensively.

more: checklist: partner-ready metrics | making partner when competence isn’t enough | the three habits of the rich accountant | 4 reasons selling is hard | why believing in yourself matters | your first sale is to yourself
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

from our research, however, the wise choice for anyone wishing to get their passport to partnership appears to be to study

  • their firm’s existing culture,
  • that of its senior individuals and
  • that of those who have the ear of those senior individuals

to understand not only the route to partnership, but the terrain that they need to cross too.
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what a firm needs from its leaders

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red rocket rising above white hot air balloons“partner seniors” just won’t do.

by marc rosenberg
the rosenberg practice management library

a great episode from an old, award-winning tv show, “m*a*s*h,” is relevant here. the two stars, hawkeye and trapper, are captains and doctors serving in the korean war. they drive to a nearby military base on business. they have brought with them the timid but highly effective company clerk, corporal radar o’reilly.

more: what prospective partners should ask their firm | what new partners should know about buyouts | making partner: do the math | a crash course in the business of public accounting | making partner: what managers need to know | nine reasons people are promoted to partner
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

the mischievous captains decide to stop at an officers’ club for a drink, but radar tells them he can’t enter because he’s not an officer. hawkeye, ever the schemer, comes up with a solution. he takes one of his captain’s bars and pins it on radar’s lapel, and the threesome enter the club.
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when private equity blows up the cpa partnership

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a new financial model changes everything – from competing for clients and talent, to planning for growth and governance.

by dom esposito and anthony zecca

with eisneramper’s sale of a stake in the firm to private equity investors, many cpa firms may be mulling the same difficult questions, such as:

esposito and zecca
  • how does this change our strategic roadmap?
  • what steps should we take if we want to position the firm for a private equity investment?
  • how can we compete in a future without a private equity investment?

more on private equity for cpa firms: analysis by esposito and zecca: private equity the new source of growth capital for cpa firms?  |  analysis by esposito and zecca: how outside capital will remake cpa firms  |  exclusive:  ceo charly weinstein explains the private equity deal   |   flash briefing webinar: a “call to arms” after eisner private equity deal, with dom esposito and anthony zecca   |  eisneramper gets private equity backing |

esposito is author of “8 steps to great: driving success at the world’s largest cpa firms and how to apply the lessons at firms of all sizes.” more by dom esposito here.

zecca is the author of “leading from the edge – the new growth handbook with bonus toolkit.” more by anthony zecca here.

editor’s note: dom esposito passed away shortly after this article was completed. more about his life and career here.

the question is: where do you go from here?

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grading your managing partner

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two metal balls balancing at each end of seesawbonus: the 21-point managing partner evaluation form.

by marc rosenberg
the role of the managing partner

“a rabbi whose community does not disagree with him is really not a rabbi, and a rabbi who fears his community is not really a man.” – rabbi israel salanter, museum of the diaspora, tel aviv

more: why firms conduct performance evaluations of partners | the 14 trends crushing today’s accountants | 44 hard-earned tips from new managing partners | how to enforce the partner agreement | the 9 biggest merger pitfalls | 10 ways to hold partners accountable
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

everyone needs feedback. unfortunately, many people in all walks of life, in both personal and business settings, avoid feedback because they don’t want to deal with the reality of the messages.
read more →

checklist: partner-ready metrics

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confident businesswoman looking straight at camerathree questions on competence, four on branding plus a five-point checklist.

by martin bissett
passport to partnership

the passport to partnership study collated a number of responses in a conversational style.

more: making partner when competence isn’t enough | sailing the seven c’s to partner | you can’t land your next client without this | if you’re selling, you’re doing it wrong | what partners don’t tell you
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

but two brief but succinct examples on the realities of how a firm assesses an individual’s “competence” for leadership are showcased really stood out:

  1. they need to explain technical data to me in a way that i know they understand.

  2. what kind of lifestyle does this person have outside of work? we’ll be looking at facebook, twitter, and google to find out.

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what prospective partners should ask their firm

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also: what the firm should ask prospective partners.

by marc rosenberg
the rosenberg practice management library

this article should be read from the perspective of two different audiences: prospective partners and existing partner groups.

more: what new partners should know about buyouts | comp: what new partners don’t know | there are two kinds of accounting firms | how to get promoted to manager | the 17 rules for making partner at a cpa firm
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

  • prospective partners. well before accepting a partnership offer, prospective partners should ask basic, critically important questions to help them judge whether accepting it would be a smart decision.
  • existing partner group. well before extending a partnership offer, the firm should get its house in order to avoid being embarrassed by smart questions posed by partner candidates.

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making partner when competence isn’t enough

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//www.g005e.com/2016/06/11/adopt-a-marketing-mindset/four experts on what it really means.

by martin bissett
passport to partnership

the skill in producing financial reports is limited by the quality of the information presented to the cpa by the client. the motivation of the client to influence that financial information comes in many forms, some intentional and some unintentional. competence comes first in being able to resist pressure and present a true and accurate position of the client’s organization.

more: sailing the seven c’s to partner | checklist: 10 keys to landing your next client | focus on your client’s concerns, not yours | 8 questions for business success | don’t wait for business to come to you
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

sounds obvious, doesn’t it? but there’s a twist.

competence didn’t actually rank highly in the majority of partner requirements when interviewed in our study at all.
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why firms conduct performance evaluations of partners

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woman working at desktop computer5 types of evaluations plus a relentlessly thorough 16-question self-evaluation. feeling confident?

by marc rosenberg
the rosenberg practice management library

the classic purposes of a performance evaluation are:

  • to improve performance
  • to clarify what is expected of the individual and what is needed to advance
  • to provide management with information to use in making promotion and compensation decisions

more: what new partners should know about buyouts | comp: what new partners don’t know | how to get promoted to manager | the 17 rules for making partner at a cpa firm
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

the need for performance evaluations applies to partners as well as staff. contrary to what many partners may feel, partners can and must continually improve their performance.
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sailing the seven c’s to partner

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competent? great. but that’s just a prerequisite.

by martin bissett
passport to partnership

staffers aspiring to be partners must learn the key characteristics of successful partners. they also must learn how to develop their own personal plans to achieve partnership. firms and staffers alike need a clear set of procedures, processes and milestones for turning top talent into the next generation of firm leadership.

more: checklist: 10 keys to landing your next client | the three habits of the rich accountant | 4 reasons selling is hard | why believing in yourself matters | your first sale is to yourself
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

there are seven critically important criteria by which partners assess partners-to-be. i call them:

the seven c’s
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15 essential skills for managing partners

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blank organizational chartwhere do you spend your time? when is something “good enough”?

by marc rosenberg
the role of the managing partner

marie kondo is the bestselling author of “the life-changing magic of tidying up.” as a lifelong businessperson who came out of the womb highly organized, i enjoy practicing her methods, but i know they are elusive to many people.

more: the 14 trends crushing today’s accountants | 3 traits of the best managing partners | partner compensation: a potent weapon | how long should it take to make partner? | the managing partner’s role in mergers | five ways to evaluate partners | manage partners with goal setting | overarching authority that managing partners must have
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

this article is my version of how business people, especially cpas, can learn to increase their efficiency and productivity by being better organized. beware: as with all self-improvement initiatives, you must start with the right attitude. you must truly want to be an organized person, not just say it or think it. then and only then can you be successful at tidying up.
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