partner

what commitment really means for partners

by

high angle view of business people stacking hands in a teamwork gesturebonus checklist: 13 steps to true commitment.

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 just yesterday were our colleagues on a level playing field.

more on the passport to partnership: how to build your pipeline | how well do you represent your firm? | communication can’t be overrated | how to read your firm’s cultural blueprint | sailing through the seven c’s to partnership

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 culture of the firm a lot better than we do right 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 →

what to discuss at the first merger negotiation meeting

by

four businesspeople greeting each othersmaller, larger firms likely have different concerns.

by marc rosenberg
cpa firm mergers: your complete guide

mergers succeed in direct proportion to the effort made by both firms to

  1. ask lots of questions,
  2. agree on as many merger implementation issues as possible before the merger takes place and
  3. openly share as much of their “dirty laundry” as possible to minimize surprises.

more on mergers: 14 provisions to include in a letter of intent | case studies reveal potential loi issues | want to merge? ask for data | plant seeds to turn up merger candidates | looking to grow your firm? how to find a seller in four steps

don’t assume anything. when you sit down for your first merger negotiation meeting:
read more →

how to build your pipeline

by

man with pipe dollarphotobonus checklist: 5 questions to evaluate your network and skills.

by martin bissett
passport to partnership

ask yourself and answer these questions when considering the current and future “conversion” tactics that you’ll employ.

  1. if i were to start today, could i name four businesses that i’d like to reach out to?
  2. what is our firm’s net fee growth goal this year and what can i do to contribute to it?
  3. what do i need to do to be able to handle the tough stuff like negotiation, pricing and handling objections? what start to learning these skills can i make today?

more on the passport to partnership: businesses place value on expertise | how well do you represent your firm? | 6 keys to the perfect proposal | the 4 winning communications habits of top accountants | gauge firm culture to move toward partner

building your pipeline

record the businesses you’d ideally like to work with or believe you can add value to below, for future inclusion in your personal pipeline.

read more →

14 provisions to include in a letter of intent

by

smiling businessman holding clipboardavoid promising to “negotiate in good faith.”

by marc rosenberg
cpa firm mergers: your complete guide

letters of intent should be drafted cautiously and with as much detail and precision as possible. this avoids potentially fatal misunderstandings or disagreements around key terms later in the process.

more on mergers: case studies reveal potential loi issues | what to ponder before issuing a letter of intent | want to merge? ask for data | one times fees is a steal! | the merger process in 21 steps | plant seeds to turn up merger candidates | 13 ways to screw up a merger | 15 can’t-skip merger terms to decide | 13 reasons accounting firms merge | 5 steps to take before merging

an loi is too often seen as a non-binding jumping-off point, with no real consequences. this is not exactly true. for starters, an attempt by one party to change a material term in the loi can be characterized by the other party as an act of bad faith or a breach of trust, which can
read more →

7 succession questions to ignore for now

by

serious-looking businessman in front of empty conference roomthere’s some misdirection in succession management out there.

by bill reeb and dominic cingoranelli
卡塔尔世界杯常规比赛时间 / succession institute

you can’t go a week without seeing some article or blog focused on succession management and everyone seems to have a different opinion as to what is important when addressing succession. so, we thought it was time we challenged some of the more common misconceptions.

more on performance management: how partner ratings factor into equity | hazards of not reallocating equity | the pitfalls of equity allocation and reallocation | develop your employees or suffer the consequences | 5 harmful management attitudes (and how to fix them) | do cpa firms need management or leadership?

the first thing most authors want to focus on with succession is the development of future leaders. then the dialogue will shift quickly to mentoring programs, leadership training and more. well, it would be hypocritical for us to disagree with this because we actually develop and conduct these kinds of programs. however, training such as this is only valuable after many other issues are addressed first. so, while it is important, i guess the best phrase to describe this is “first things first,” and this is not first by any stretch of the imagination.

read more →

businesses place value on expertise

by

woman's hand pressing words "ask an expert"shift thinking from “we” to “you.”

by martin bissett
passport to partnership

please start understanding, valuing and respecting your own value in the marketplace with clients who could not reach their goals without you.

businesses are in need – sometimes desperate need – of your technical expertise and caring approach.

more on the passport to partnership: how well do you represent your firm? | 6 keys to the perfect proposal | what conversion really means for partners | passport to partnership: new research shows wide gap between partners and partners-to-be

take that to them instead because, speaking as one who is looked after well myself, we love it and we are prepared to pay a premium without ever asking for discounts.

read more →

case studies reveal potential loi issues

by

model train derailed as model workers look on8 ways to drive a merger off the rails.

by marc rosenberg
cpa firm mergers: your complete guide

as you will see from reading these examples of issues i have seen arise at second meetings, touchy or sensitive items are much more easily dealt with before the letter of intent is prepared than after.

more on mergers: what to ponder before issuing a letter of intent | want to merge? ask for data | merger prep: getting to know you | one times fees is a steal! | the merger process in 21 steps | 13 ways to screw up a merger

the discussion at this second meeting steers the parties closer to a mutually acceptable transaction in the direction that the seller is looking for, thus minimizing contentious issues that often arise when an loi is issued that amounts to a “stab in the dark” by the buyer.

here are some agenda items for second meetings i have recently led:

read more →

how partners view compensation: it’s not all about the money

by

businessman on the ladder attracts dollar notes using a magnet. sky with clouds on the background.

it’s more than a dollar figure – it’s a ranking.

by marc rosenberg

in an ideal world, partners could objectively discuss and debate the firm’s partner compensation system without regard for its impact on their individual earnings. but of course, we don’t live in an ideal world. it’s almost impossible for partners to weigh in on the system without thinking about its impact on their individual earnings.

more on partner compensation: why most partner comp systems are performance-based

this is the essence of why partner compensation is such a sensitive and critically important topic to partners.

read more →

nine factors for dividing the partner pie

by

cut pie chart on plate flanked by fork and knifehow to decide who gets how much voting power.

by bill reeb and dominic cingoranelli

people who can lead, develop, train and supervise others are worth much more than those who can just make themselves faster, better and stronger.

equity ownership allocation is a critical success factor if you expect your firm to continue after you leave.  for many firms, reallocation of equity ownership is or will be an important part of succession planning.  while it can cause some anxiety for your owners’ group as you go through the process, it’s better to confront the issues now, to help ensure that your firm is in good hands after your leave. it’s not necessarily easy, but it must be addressed for long-term success.

more on performance management: hazards of not reallocating equity | the pitfalls of equity allocation and reallocation | develop your employees or suffer the consequences | cpa firm performance assessments: 15 core competencies, 21 questions | do cpa firms need management or leadership?

when you are deciding which partners should have more say (or less say, which is just as important), you need to consider issues such as whose judgment partners trust, who is pulling the wagon, who consistently acts in the firm’s best interest, or who is viewed as a current or future leader. with this in mind, here are nine areas to evaluate or each partner: read more →

what to ponder before issuing a letter of intent

by

generic business letter of intentthe difference between the first and second meetings.

by marc rosenberg and peter fontaine*
cpa firm mergers: your complete guide

for now, let’s define the letter of intent as a written offer made by the buyer to merge in or acquire the seller. (a thorough definition is given later in this post.) it is a relatively short, simple, non-binding offer, subject to

  • further negotiations,
  • performance of due diligence and
  • a formal vote by the buyer’s partners.

more on mergers: want to merge? ask for data | merger prep: getting to know you | one times fees is a steal! | the merger process in 21 steps | looking to grow your firm? how to find a seller in four steps | 13 ways to screw up a merger | 15 can’t-skip merger terms to decide | 14 keys to a successful merger | mergers 101: when negotiations aren’t really negotiations | 5 steps to take before merging

before the loi is prepared

the first meeting was the “get-to-know- you” meeting. the purpose of this meeting was simply to introduce each firm to the other, give each a chance to “kick the tires,” get a feel for the personality and style of the other and to share some very basic information, all of which is designed to help each firm decide if they wish to go to the next stage. read more →

how well do you represent your firm?

by

angry boss in chair staring down at tiny businessmana cautionary case study.

by martin bissett
passport to partnership

the passport to partnership study collated a number of responses in a conversational style. the main example that really stood out as the major indicator of a need for each future leader to be able to “convert” new business is showcased below and was repeated many times in various different ways.

if this person wants to be considered for partnership in the future, we look at how are they promoting the firm to potential clients now.

meaning: if you’re trusted enough to represent the firm publicly, what perception are clients and potential clients getting about the firm based on their interactions with you?

more on the passport to partnership: 6 keys to the perfect proposal | what conversion really means for partners | the 4 winning communications habits of top accountants | 12 ways to determine your competence | sailing through the seven c’s to partnership 

a case study

michael had done well. his profile was rising as he became one of the firm’s leading “rainmakers” due to his natural ability to engage and gain the confidence of business owners and influencers alike.

read more →

6 keys to the perfect proposal

by

six vintage keysbonus checklist: 7 things that trusted advisors don’t need to do.

by martin bissett
passport to partnership

what makes a written proposal become accepted by the potential client – every time?

more on the passport to partnership: what conversion really means for partners | communication: putting it all together | the 4 winning communications habits of top accountants | what communication really means for partners | what culture really means for partners | what competence really means for partners | passport to partnership: new research shows wide gap between partners and partners-to-be

proposal writing is a micro-science in its own right but here are the proven principles that it takes to get proposals accepted. read more →

why most partner comp systems are performance-based

by

handshake

to perform well, partners need to work hard every year.

by marc rosenberg
partner comp: art & science

any discussion of partner compensation must start with a fundamental concept: should a partner group’s income allocation system be performance-based?

more on partner compensation: what partners earn and how they earn it | partner compensation: an art, not a science | how partners view compensation: it’s not all about the money | why most partner comp systems are performance-based

goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

the fact is: compensation motivates performance.

read more →