partners

nine rules to creating highly effective partnership teams

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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 →

are you creating a sustainable firm?

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many cpa firms may be on the path to extinction.

by gale crosley, cpa

the world’s population is becoming increasingly aware of the importance of sustainability. for several decades we’ve developed an understanding of preserving our planet’s resources. the recent sustainability conversation has amped up the focus among corporate executives on their social responsibility to insure our world’s future.

it’s an especially relevant time, therefore, to discuss the sustainability of our firms. and that’s what this book is about. managing partners spend significant time pondering their firm’s strategy. one of their greatest challenges is engaging their partners to be as committed as they are.

adapted from the preface to “how to engage partners in the firm’s future: the secrets every leader needs to know,” by august j. aquila and robert j. lees

there are lots of reasons for the challenge. these include a “nose to the grindstone versus up to the wind” mentality, partners not spending enough time dedicated to the task, abdicating their leadership role, putting their own interests before the firm’s, or just plain apathy. it’s easy for a partner group to sit around a table and discuss their future. but talk is cheap.  after the strategic planning is done, leaders actually have to do something. it takes significant effort to develop as a leader, work as a team, subjugate one’s own interests for the greater good, learn new competencies, solve complex problems, and exhibit leadership behaviors. read more →

eight new metrics to measure managing partner performance and potential

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aquila
aquila

essential duties currently missing from most job descriptions.

most of the usual responsibilities of a managing partner can be captured in two paragraphs:

  • general responsibilities: report directly to the governing committee and the firm. responsible for the firm’s overall management and practice. supervise overall marketing and business development effort. manage the professional staff and provide guidance for the support staff.
  • specific responsibilities: coordinate the firm’s practices among the different offices and departments. implement the partnership agreement. appoint heads of various committees. represent the firm in community and professional organizations. supervise governing committee. oversee standing and ad hoc committees. provide guidance on financial policies and work with the governing committee to develop personal and administrative policies.

these are, without doubt, all good and necessary functions. but are they the ones managing partners should focus on?

august aquila, doesn’t think so.

his studies, documented in “leadership at its strongest” and “how to engage partners in the firm’s future,” show there are at least eight other areas that can make or break a managing partner and the firm.

– rick telberg

more for partnerships: the six challenges crippling progress in today’s multi-partner firms   |   the debilitating effects of denial at accounting firms    |   the five psychological hurdles that cpa firms must confront today   |   the managing partner’s secret weapon in change management    |   the 10 basic ways to boost profits at an accounting firm    |   12 must-do items for your partner retreat agenda   |   seven signs you’re working in a firm where the partners don’t trust each other   |   seven tactics to stand out from the crowd   |   achieving partner unity: the competitive advantage   |

in this report: see how you or your managing partner might compare on a new eight-point questionnaire.

read more →

the debilitating effects of denial at accounting firms

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patrick j. mckenna
patrick j. mckenna

and four other hurdles today’s accounting firms must overcome.

by patrick j. mckenna
professional services firm consultant and author

many firms are in denial, and the few that aren’t move very slowly.

if your firm gets caught behind the curve, it wasn’t because critical trends weren’t visible; it was because they were ignored. the huge challenge remains that for too many firms, unless there is acute “pain,” there is little incentive to change. history proves that laggards only grab for the new once they are totally convinced the old doesn’t work anymore.

adapted from the introduction to “how to engage partners in the firm’s future: the secrets every leader needs to know,”
by august j. aquila and robert j. lees

and the old doesn’t work anymore!

when does a firm’s strategy change? usually only in response to a crisis or because of the initiative of a new managing partner. in many firms we have a generation of stewards rather than entrepreneurs.

read more →

when is it best for partners to stay together and when is it best to part?

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making the partnership work seven ways to sunday.

by marc rosenberg, cpa

sometimes a parting of ways is best because the partners are simply incompatible. people change. their values change. their priorities change. when these changes become so huge as to produce constant conflict, it may be best to shake hands and part ways.

more marc: • pick your partners right to begin with  •  the first nine questions your partner team needs to embrace for optimal profitability  • profitability and the value of strategic thinking  • the five essential building blocks for creating a strong accounting firm • the seven signs of great leadership in a cpa firm • 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” •

what does it take for partners to stay together?

here are seven critical requirements: read more →

herding cats: change management for cpa firms

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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 →