partner

learn to read your firm’s culture

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four young business people chatting outside office buildingbonus: 3 outlooks from our exclusive expert council.

by martin bissett

the passport to partnership study collated a number of responses from existing partners of accounting practices in a conversational style.

 

more on the passport to partnership: 5 ways to get buy-in for firm culture | competence: more than technical skills | partnership: competence is just the foot in the door | are you partner material? maybe not

examples that really stood out on the realities of individual variances in firm culture are showcased below.

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how large and small firms allocate income

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dollar on question markhow many of these 8 criteria does your firm use?

by marc rosenberg
partner comp: art & science

for purposes of this post, we will group cpa firms according to five different sizes:

more on partner compensation: integrating partner comp with strategic planning | crash course: operating a compensation committee | partner pay: open vs. closed compensation systems | the 3 best partner compensation formulas | 11 points in designing a partner comp system | what partners earn and how they earn it | why most partner comp systems are performance-based

  1. the big 4. they are the ultimate of sophistication, running their firms as true, colossal corporations, regardless of their legal entity. virtually none of this post relates to big 4 firms.
  1. the top 100 firms, excluding the big 4. the 100th largest firm was $33 million in 2015.
  1. multipartner firms from $15 million to $33 million.
  1. multipartner firms from $5 million to $15 million.
  1. multipartner firms below $5 million.

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the checks and balances your firm needs

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businessman pointing to transparent board with text: governancewhy your firm should be a republic, not a democracy.

by auqust aquila
creating the effective partnership

what checks and balances exist in your firm to keep it strong but also to protect the minority interest?

more on leadership for pro members: how to build a better firm through teamwork | drop politics, be accountable | what makes a successful strategic plan? | innovate or die | partners love, hate leadership | 8 ways leaders destroy firms | today’s top 6 partner compensation trends

maybe it’s time for more firms to consider a republic instead of a so-called democracy. the larger firms in the country are surely run more like a republic than a democracy. smaller firms would be well advised to change their governance to mirror the larger firms. but let’s start with the dictatorial form of governance – commonly found, sometimes wildly successful, but only to a point.

5 ways to get buy-in for firm culture

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industrial metal number 5change management is one of the keys.

by martin bissett

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

more on the passport to partnership: competence: more than technical skills | experts advise what partnership takes | partnership: competence is just the foot in the door | are you partner material? maybe not

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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integrating partner comp with strategic planning

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businessman shooting arrows at targetwhy firms fail at strategic planning and how it relates to compensation.

by marc rosenberg
partner comp: art & science

the majority of firms under $10 million don’t have a proper written strategic plan, with partner goals, in place.

more on partner compensation: 3 non-performance-based comp systems | the 3 best partner compensation formulas | 11 points in designing a partner comp system | what partners earn and how they earn it | partner compensation: an art, not a science | why most partner comp systems are performance-based

a proper strategic plan should include these features:
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how to build a better firm through teamwork

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persuasion word cloudpartnership is about persuasion. plus 5 questions to consider.

by august aquila
creating the effective partnership

just as the partners need to engage with the firm’s vision so do the firm’s people. but, like everyone, they actually engage with people not words.

more on leadership for pro members: drop politics, be accountable | don’t weed out the roses | back to basics: 25 ways to grow your practice | 3 ways to halt a poor leader | 8 questions that staff ask in a merger | the 4 best ways to use your senior partners | 11 steps to building a better partnership team | how to combine two firms after merger: carefully

so, effective partners continually engage with their people, regardless of their level and role. they go out of their way to create a personal bond, sharing personal information and operating with honesty and integrity in all of their interactions.
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competence: more than technical skills

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businessman correcting an underling12 ways to determine your competence.

by martin bissett

the passport to partnership study collated a number of responses in a conversational style. two brief but succinct examples that really stood out on the realities of how a firm assesses an individual’s “competence” to lead are showcased below.

more on the passport to partnership: experts advise what partnership takes | partnership: competence is just the foot in the door | are you partner material? maybe not

  1. they need to explain technical data to me in a way that i know they understand it.
  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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checklist for implementing a merger

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34 action steps. got your signs and video camera ready?

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 effective date of the merger, there are quite a few administrative and procedural things that need to be attended to immediately. most firms try to get as much of a head start as possible, before the effective date of the merger.
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how to identify partner potential in staffers

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chart to assess partner potentialplus tips on how to develop them.

by marc rosenberg
cpa firm retreats

do you have staff with potential to become partner? do you know how to tell?

more on retreats: staff best practices … for the firm | staff likes and dislikes about the accounting profession | partner buyout 101 | system vs. system: partner compensation best practices | partner accountability: how and for what? | management styles: partnership vs. corporate

start with the chart at right.
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experts advise what partnership takes

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back view of a businessman holding a briefcase and walking forward on white backgrounddefining what competence means for partners.

by martin bissett

the skill in producing financial reports is limited by the quality of the information presented to the cpa by the client. 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 on the passport to partnership: are you partner material? maybe not | communication: putting it all together | what does the next generation of practice leaders face? | businesses place value on expertise

sounds obvious, doesn’t it? but there’s a twist.
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6 types of due diligence procedures

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cyfra szeavoid the temptation to concentrate on some and breeze through others.

by r. peter fontaine
newgate law

my approach in writing this post is to give you a comprehensive list of due diligence items for your consideration, and to let you select the reviews you wish to perform. the ultimate decision rests with you.

more on mergers: how to merge sole practitioners | thinking ‘downstream’ merger? check these 25 potential problems first | 20 terms to settle when merging up | 13 questions to assess an upward merger | what to discuss at the first merger negotiation meeting | what to ponder before issuing a letter of intent | one times fees is a steal! | looking to grow your firm? how to find a seller in four steps | 14 keys to a successful merger

the scope of due diligence will differ depending on the transaction, and should be appropriately tailored. however, your letter of intent combined with the six areas outlined below result in a fairly comprehensive list of due diligence procedures that should serve the needs of most cpa mergers.
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are you partner material? maybe not

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businessman holding hand upresearch shows wide gap between partners and partners-to-be.

by martin bissett
passport to partnership

have you ever wondered what the partners of your firm are looking for from you, beyond your technical abilities?

more on the passport to partnership: 9 things to stop doing now | the dna of a practice leader | why hitting your numbers isn’t enough | what do your true colors say about your commitment? | what commitment really means for partners | how well do you represent your firm? | communication: putting it all together | the 4 winning communications habits of top accountants

for full disclosure, i am not an accountant, but i have spent decades working with accounting firms of all shapes and sizes in the united kingdom, the united states and europe.
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