by august j. aquila and robert j. lees
how to engage partners in the firm’s future
managing partners always ask us what it takes to achieve sustained, consistent partner performance.
more on partnership management: audacious vision and grand purpose prove essential to cpa success | are you creating a sustainable firm? | the debilitating effects of denial at accounting firms | the five psychological hurdles that cpa firms must confront today
while the answer is easy, maybe simplistic, the implementation is difficult in most firms. read more →
by marc rosenberg
cpa firm management & governance
one of the most common agenda items at partner retreats is the question of what it means to be a partner in the firm.
more cpa firm management & governance: 17 ways to measure a partner | how the structure of an accounting firm changes through the years | congratulations! your firm needs a human resources director | the 19-point marketing director job description | checklist: how the best managing partners and firm admins work in concert | 21 questions for managing the managing partner | no partner vote needed: 17 decisions best left to the managing partner alone | new rules: 13 items that should be in your managing partner’s job description | when is it time to shift your firm from partnership-style to corporate-style governance? | not every firm needs a general patton |
so, what is a partner? here are 17 metrics. read more →
with 18 key clauses and 24 essential ingredients.
by marc rosenberg
cpa firm management & governance
a partnership agreement contains clearly defined terms and conditions of the firm including, but not limited to, each partners’ responsibilities, their pay and their roles within the business. it also includes rules and regulations that are to be followed by the partners in the business. it is essential for a cpa firm to have a partnership agreement, regardless of how collegial and friendly the partners are with each other.
more cpa firm management & governance: how the structure of an accounting firm changes through the years | congratulations! your firm needs a human resources director | the 19-point marketing director job description | checklist: how the best managing partners and firm admins work in concert | 21 questions for managing the managing partner | no partner vote needed: 17 decisions best left to the managing partner alone | new rules: 13 items that should be in your managing partner’s job description | when is it time to shift your firm from partnership-style to corporate-style governance? | not every firm needs a general patton |
a partnership agreement can prevent potential future disagreements that could occur pertaining to the objectives and responsibilities of the firm.
a number of years ago, i was engaged by the managing partner of a firm to draft their first-ever partnership agreement. the firm had three partners: the 57 year old founder, who was a dominant, rainmaking managing partner, and two other younger partners who performed at a much lower level than the founder. read more →
the right way and many wrong ways that firms handle non-equity partner strategies.
a new analysis of data in the current rosenberg map survey shows that the number of firms adopting non-equity partners is surging. some 78% of firms over $20 million now have non-equity partners, as well as 61% of firms from $10 million to $20 million.
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percentage of firms with non-equity partners
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> $20m |
$10–20m |
$2–10m |
all firms |
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2012-2013 report
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78% |
61% |
39% |
46% |
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2008-2009 report
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47% |
33% |
37% |
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in this report by marc rosenberg:
with more firms adopting a compensation committee system to sort out a partnership’s touchiest issues, marc rosenberg provides a 12-item checklist of best practices.
the list covers how to frame the committee’s mandate (“full reign”) to how its decisions should be treated (“no appeals. no approval needed.”). read more →
by august aquila
author of “leadership at its strongest”
and “how to engage partners in the firm’s future“
research shows that managing partners and marketing directors are still facing some major challenges when it comes to getting their firms to implement change. why?
here are four key issues firm leaders today face.
1. getting partners to buy in.
2. creating a firm vision that gets all partners on the same page.
3. helping develop a culture of accountability.
4. being asked to accomplish too many goals.
when the managing partner and the chief marketing officer work together they have a better chance of being successful in these areas. you may ask what do these four factors have to do with the marketing director? and i would answer – everything.
overcoming these four issues will make the firm more competitive, efficient and profitable. here’s how the best managing partners work with their marketing directors: read more →
survey data show the right answer is counter-intuitive.
by marc rosenberg
rosenberg map survey
the genesis of this question comes from one of the most hotly debated issues in cpa firm practice management: is it better for partners to have high or low billable hours?
here are billable hour facts for partners in multi-partner firms, based on the rosenberg map survey: read more →
and 12 retreat topic no-no’s.
by august aquila
author of “leadership at its strongest”
the purpose of the retreat should be clearly thought out early in the year. articulate one or two goals for the retreat. you need to be very specific as to what you want to accomplish. for example, the purpose of the retreat is to develop a succession plan for the firm. you many not know exactly what it will look like, but you know what the end product of the retreat will be.
if you cannot do this, don’t hold the meeting. ask yourself this one question: “what would happen if we did not hold this retreat?” if the answer is “nothing,” you’ll know what to do.
retreat topic no-no’s
let’s look at common retreat topics that should not be discussed at a retreat. you may or not agree with the list, but i urge you to strike the following items from your retreat agendas. read more →
especially in these trying times, partners must show leadership by accepting the consequences of their actions – or their inaction.
accountability is the essence of your success, according to management consultant august aquila, author of “leadership at its strongest: what successful managing partners do.”
“i don’t think that the average partner takes accountability seriously,” aquila says. “if they did, they would take their individual goals more seriously and not let their fellow partners down.” read more →
10 important factors to be taken into consideration.
by marc rosenberg
author of “cpa firm management and governance.”
how to slice the profits pie.
ever wonder about revamping the partner compensation system for your firm? but how to assess partner performance? and how to reward the right things?
a firm’s compensation system is a reflection of its culture and competitive realities, according to august aquila, a regular 卡塔尔世界杯常规比赛时间 contributor and leading practice management consultant.
more for cpa firm partner groups at 卡塔尔世界杯常规比赛时间 pro members: seven ways to build the right culture | how to change a partner | how a founding partner passes the baton to a new managing partner | six reasons not to plan for succession | how to apply sam walton’s 10 rules for success at your firm | nine steps to effective succession planning for the small firm | thinking merger? look before you leap
if it’s been a while since you gave your comp system a checkup, then you might be interested in aquila’s 16-point partner compensation checkup questionnaire to get you thinking about how effective your current compensation plan is:
and five ways how not to implement a system of partner accountability.
august aquila, a veteran practice management consultant, works globally with accounting firms on leadership and management issues. if you’re thinking about the quality of leadership at your firm, think on this.
five wrong ways to make partners more accountable:
take a lesson in change management from weight watchers.
by august aquila
aquilaadvisors.com
david maister in “strategy and the fat smoker” notes that there are two elements needed in order for us to change. the first is a willingness to do it. the second is determination. but alas, we know the path to hell is paved with good intentions.
there are a multitude of platitudes about change. but unless we change we don’t grow and the skills that got us to where we are, won’t get us to the next level. none of us can achieve more unless we become more. if i fail to change, i will not produce different or better results, but only the same thing. this is extremely dangerous because the world around us – our clients, our employees, the market place continue to change.
take a quick acid test. what do you know today that you did not know five years ago? ten years ago? if your list is short, you haven’t changed much. if your list is long, congratulations! the longer the list, the better.
is there a change process?
the quick answer to the question is yes. read more →