succession

the invisible hazards of book of business.

as we stated in our last column, balancing “book of business” is one of the largest stumbling blocks for cpa firms.

more on performance management: how small ‘books’ hurt firms | the four basic parts of cpa firm partner agreements | younger partners see succession differently | how to compensate your managing partner | the job of managing partner: empowered or emasculated? | how the best managing partners turn ideas into reality | make accountability a process | accountability requires clear expectations | base retirement on today’s operations | how involved should retired owners be? | how to find a partner’s replacement
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it is difficult to resolve because it is symptomatic, for most firms, of some real trouble brewing.
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rfps: 7 things not to do

september 8, 2016

plus 6 keys to the perfect proposal.

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: 7 mistakes to avoid when going after new work | communicate your worth and value | best practices for one-on-one communication | learn to read your firm’s culture | experts advise what partnership takes
exclusively for pro members. log in here or 2022世界杯足球排名 today.

proposal writing is a micro-science in its own right but here are the proven principles that it takes to get proposals accepted.
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how small ‘books’ hurt firms

september 6, 2016

leverage, capacity and overservice are just some of the issues.

balancing “book of business” is one of the largest stumbling blocks for cpa firms. it is difficult to resolve because it is symptomatic, for most firms, of some real trouble brewing.

more on performance management: the four basic parts of cpa firm partner agreements | developing a three-year vision [video] | mps: how to elect them … and fire them | managing the managing partner | accountability is for everyone | firms say what would change retirement pay | how retirement issues affect succession planning | develop your employees or suffer the consequences | job 1 for the practice owner: client management
exclusively for pro members. log in here or 2022世界杯足球排名 today.

optimal book size

the optimum condition for firms to flourish is for books of business to be balanced throughout the firm. from the largest book to the smallest, the percentage gap between them should be fairly small (about 20-25 percent or less than a couple hundred thousand in fees).
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7 mistakes to avoid when going after new work

september 1, 2016

plus 9 business development metrics you should be measuring when checking your conversion rates.

by martin bissett
passport to partnership

like it or not, the 21st-century accountant is in the relationship-building business. when a qualified accountant learns the art of developing those relationships in such a way as they empower the practice to be able to forecast its new fee income each year, the accountant becomes a profit center and their value to the firm increases tenfold.

more on the passport to partnership: communicate your worth and value | 5 ways to evaluate your communication | 7 levels of communication management | 5 ways to get buy-in for firm culture | partnership: competence is just the foot in the door | are you partner material? maybe not
exclusively for pro members. log in here or 2022世界杯足球排名 today.

our fourth “c,” conversion, has flirted with being the top answer from respondents in the passport to partnership study and has featured in over 80 percent of all firms interviewed as to what makes a senior manager stand out as a potential partner.
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when partners leave: what to do today, to be prepared for tomorrow

august 30, 2016

set policies now based on business, not emotion.

let’s review departure/termination policies.

more on performance management: the four basic parts of cpa firm partner agreements | developing a three-year vision [video] | mps: how to elect them … and fire them | firms say what would change retirement pay | action plans for transitioning partners | how retirement issues affect succession planning
exclusively for pro members. log in here or 2022世界杯足球排名 today.

these may include:
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communicate your worth and value

august 25, 2016

put it all together for both clients and coworkers to see.

by martin bissett
passport to partnership

an advisor is trusted when they can show that they

took responsibility for their end of the bargain in the client engagement,
educated the client of their responsibilities,
offered prompting and assistance throughout but then allowed the client to ultimately govern themselves in terms of following through on their commitments.

more on the passport to partnership: 5 ways to evaluate your communication | why communication matters so much | 3 questions to evaluate your firm culture | competence: more than technical skills | are you partner material? maybe not
exclusively for pro members. log in here or 2022世界杯足球排名 today.

this then empowers the advisor to make a commercial decision when the client now faces the consequences, as to whether they want to communicate even more assistance to make things all better for the clients and gain huge appreciation and emotional capital.
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the four basic parts of cpa firm partner agreements

august 23, 2016

it’s complicated. but proper policies ease buyouts and transitions.

here is a list of common policies regarding partner/shareholder agreements that we cover with our firms, as well as some common issues that are important to address in the policies.

more on performance management: developing a three-year vision [video] | why the partner agreement matters | younger partners see succession differently | how to compensate your managing partner | the job of managing partner: empowered or emasculated? | how the best managing partners turn ideas into reality | how retired partners are robbing their own firms | action plans for transitioning partners | how retirement issues affect succession planning | develop your employees or suffer the consequences
exclusively for pro members. log in here or 2022世界杯足球排名 today.

the sop (standard operating policy) categories are:
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30-item checklist: getting people to listen to you

august 11, 2016

lessons in effective communication for partners and wanna-be partners.

by martin bissett
passport to partnership

the passport to partnership study collated a number of responses in a conversational style.

more on the passport to partnership: 3 questions to evaluate your firm culture | competence: more than technical skills | partnership: competence is just the foot in the door

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

a couple examples really stood out as the first steps in effective communication: read more →

why the partner agreement matters

august 9, 2016

many agreements have long outlived a reasonable foundation for the firm’s current success level and size.

most of the time when we are called in to work with firms, it is to help them plan for or implement significant change. the dialogue may start out with a general firm retreat, or it might simply be a session devoted to solving a few specific problems.

more on performance management: younger partners see succession differently | how to compensate your managing partner | the job of managing partner: empowered or emasculated? | how the best managing partners turn ideas into reality | make accountability a process | accountability requires clear expectations | base retirement on today’s operations

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

visionary firms are always looking to make changes long before their operating environment forces them to, from enhancing their ability to compete, making changes to improve profitability, building infrastructure to support succession, upgrading their people development, modifying the compensation process, increasing revenues and more.
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why communication matters so much

august 4, 2016

the experts weigh in. hint: it’s not about you.

by martin bissett
passport to partnership

what does communication mean at the partner level?

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

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

ask yourself and answer these questions when considering the current and future communication tactics that you’ll employ.
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four problems that prompt mergers

august 2, 2016

and three ways you win by tackling them now.

when firms first start considering the idea to merge into a larger firm, they do it with the intent to solve a problem. common problems distressing enough to motivate this transaction are:

more on performance management: younger partners see succession differently | more merger questions than you imagined | mps: how to elect them … and fire them | partners as role models: the good, bad & ugly | managing the managing partner | pay varies when performance varies | accountability is for everyone | who decides what? | firms say what would change retirement pay | action plans for transitioning partners | how retirement issues affect succession planning

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

leadership: not enough future partners on the ground or in a near-future pipeline to be able to take over and retain the client relationships of the retiring partners while simultaneously continuing to nurture and develop new clients. this concern tends to be expressed frequently by senior partners when they share their discomfort with the level of risk they are accepting regarding their future buyout.

best practices for one-on-one communication

july 28, 2016