partner accountability: seven signs your firm may be in trouble
do you have the courage to change the firm’s culture?
partner
herding cats: change management for cpa firms
eight good tips for getting everyone on board when change is scary.
change is inevitable. but with a crashing a crashing economy, it is also treacherous, which makes these suggestion from august aquila all the more urgent.
1. know where you want to go. what are you trying to achieve as a firm and a partner group? while it’s always difficult to address the elephant in the room, now is the time to take advantage of the economic turmoil and bring all issues to the table.
2. get others involved. if you are the only one in the firm who is pushing for the change, you might as well forget about it. when others get involved they also get committed. they provide you with feedback so that you can develop the best steps in the change process. read more →
how to identify your firm’s core values
and some examples to consider.
by marc rosenberg, cpa
author of how to operate a compensation committee
core values are the attitudes and beliefs that define a firm’s culture and a critical ingredient in a successful compensation plan.
more marc rosenberg practice management trends and guidance: three ways to break partner gridlock in an accounting firm | what partners are entitled to, and what they’re not entitled to | how to make partner? | why accounting firm partners are “popping prozac like m&m’s” | the 15-item checklist for your next partner retreat | five key responsibilities for a new partner| planning a partner retreat for real results | 6 steps to get your business to the next level | the 10 biggest mistakes in reading map statistics | re-engineering partner accountability | marc rosenberg: why cpas aren’t making more money [video] | marc rosenberg: slow learners need not apply | 10 to-do’s for a partner buyout
partners talk about the firm’s core values all the time, pointing out instances when someone’s behavior has clearly been impacted by them. these values are incorporated in processes throughout the firm, such as in the development and evaluation process, in the way income is allocated to partners, and in what raises are given to staff.
when identifying your firm’s core values, consider: read more →
the keys to success for compensation committees
why firms need comp committees and how some of them do it right.
by marc rosenberg, cpa
author of how to operate a compensation committee
cpa firms are increasingly turning to the use of formal compensation committees for a number of reasons. chief among them: it’s the best way to achieve a balance between recognizing traditional production accomplishments and rewarding intangibles.
the compensation committee approach aligns the firm’s (1) strategic plan and core values with how partners are (2) evaluated and how they are (3) compensated. it motivates partners to produce what the firm needs them to produce.
related: compensation issues for the new managing partner | 20 decisions for your firm’s new partner compensation committee | three ways to break partner gridlock in an accounting firm | what partners are entitled to, and what they’re not entitled to | how to make partner? | why accounting firm partners are “popping prozac like m&m’s” | more…
at most firms, there is a disconnect between these three functions. but at the better managed firms, they are integrated.
cpa firm compensation plans and the law of unintended consequences
“unintended,” maybe. but not altogether unforeseeable.
with a new generation of cpas taking over as managing partners comes a host of new questions and issues. marc rosenberg addresses some of the concerns in compensation issues for the new managing partner, which inspires gary zeune, managing director at the pros & the cons llc, to weigh in on the kind of comp issues that he sees all too often as a fraud-fighter.
zeune comments:
don’t tell anyone but the problem with cpa firms is they’re run by accountants who don’t understand the unintended consequences of decisions.
compensation issues for the new managing partner
five factors to consider in their new compensation plan. and five key responsibilities for the new managing partner.
by marc rosenberg, cpa
author of how to operate a compensation committee
baby boomer partners are rapidly approaching retirement age, creating a huge demographic shift. one result of this is a dramatic increase in new managing partners at firms.
many firms are skipping a generation and turning the reins over to “younger” partners. firms are also asking their new mps to divest themselves of a significant part of their client base to enable them to focus more on managing the firm.
how should the new mp be compensated?
three ways to break partner gridlock in an accounting firm
when one-partner, one-vote isn’t working.
by marc rosenberg, cpa
author of how to bring in new partners
most firms vote on a one-person, one-vote basis despite varying ownership percentages.
more marc rosenberg practice management trends and guidance: what partners are entitled to, and what they’re not entitled to | how to make partner? | why accounting firm partners are “popping prozac like m&m’s” | the 15-item checklist for your next partner retreat | five key responsibilities for a new partner | planning a partner retreat for real results | 6 steps to get your business to the next level | the 10 biggest mistakes in reading map statistics | re-engineering partner accountability | marc rosenberg: why cpas aren’t making more money [video] | marc rosenberg: slow learners need not apply | 10 to-do’s for a partner buyout
but is that always the best way? here are three better ways.
what partners are entitled to…
…and what they’re not entitled to.
partners are entitled to a lot. at some firms, they are virtually royalty. but that’s no way to run a firm these days.
here, marc rosenberg, cpa, and author of how to bring in new partners and a 卡塔尔世界杯常规比赛时间 affiliate, lists what every partner – especially new and wanna-be partners – need to understand.
more from marc rosenberg: how to make partner? | why accounting firm partners are “popping prozac like m&m’s” | the 15-item checklist for your next partner retreat | five key responsibilities for a new partner | planning a partner retreat for real results | 6 steps to get your business to the next level | the 10 biggest mistakes in reading map statistics | re-engineering partner accountability | marc rosenberg: why cpas aren’t making more money [video] | marc rosenberg: slow learners need not apply | 10 to-do’s for a partner buyout
a partner is entitled to:
1. attend partner meetings and retreats.
2. have access to all confidential firm financial data.
3. receive a return on capital; repayment of capital when he/she leaves the firm. read more →
how to make partner?
five key responsibilities for a new partner
it starts with how to make a successful senior manager.
by marc rosenberg, cpa
how to bring in new partners
how are the duties and responsibilities of a new partner different from those of a manager? this is one of the grayest areas in bringing in new partners. read more →
planning a partner retreat for real results
and why the best firms make them regular events.
by marc rosenberg, cpa
author of guide to planning the firm retreat
retreats are critically important to a firm’s success.
a retreat provides an opportunity for key people to meet off premises to plan for the future, devise strategies, form goals and address problem areas. another objective of a retreat is less tangible, but equally as important: to enhance the quality of the relationships among co-workers and improve communications between them.
6 steps to improving accountability in your firm
start with planning and coaching.
by steve erickson
steve erickson llc
improving partner and staff accountability is essential in these economic times.
review notes and backward looking evaluations might well have some influence on future performance but do not have any impact on what has already taken place. there is a better way to get to get your partners and staff to take ownership and agree to be accountable.
here’s how you can immediately improve accountability and performance in your firm: read more →
can you really change a partner?
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.