succession

action plans for transitioning partners

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four people meeting for business lunchthe transition process is about making the retiring partner less attractive as the client’s first point of contact.

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

the key to the client transition process is the action plan that the transitioning partner needs to follow for each client.

more on performance management: partner retirement and the war for clients | how retirement issues affect succession planning | 7 succession questions to ignore for now | the pitfalls of equity allocation and reallocation | how to target what skills to develop now | job 1 for the practice owner: client management

for a small tax client, the directive could be as simple as a one-year transition and turning it over to whoever has been assigned to take over that account. for example, the action plan might be something like:

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what challenges really mean for partners

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stylized photo of businessman running on a track

the 3 challenges on the road to partnership.

by martin bissett

passport to partnership

now we move on to our sixth “c” – challenges.

again the heading has more than a single application, which we’ll explore here.

more on the passport to partnership: 6 keys to the perfect proposal | how to read your firm’s cultural blueprint | 12 ways to determine your competence | passport to partnership: new research shows wide gap between partners and partners-to-be

ultimately, the partners interviewed in our research broke “challenges” down into two key areas:
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prepare your next generation of professionals

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group of four young professionalsfirst, lead by example.

by martin bissett
business development on a budget

if you are a partner in your firm, you may already have asked yourself the all-important question: how can i successfully retire and have someone else take over the firm?

more on business development: banish the idea that selling is difficult | how to win your first client | 5 ways to make selling easier to swallow | you’re selling all the time

the partner who has a satisfactory answer to that question is the one who is committed not only to developing business and building the firm on a regular basis, but also to developing and preparing the next generation of professionals in the firm.
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what do your true colors say about your commitment?

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the word "commitment" in letter blocks with four tiny businessmenbonus checklist: 5 questions for self-evaluation.

by martin bissett
passport to partnership

there’s no doubt that consistent commitment is not as widely practiced as current partners of accounting firms might like to think.

more on the passport to partnership: commitment: your view and your firm’s | what commitment really means for partners | businesses place value on expertise | how well do you represent your firm? | 6 keys to the perfect proposal | what communication really means for partners

business success is built on a dedicated team with a shared vision giving their all for the realization of that vision and the development of the next one.
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commitment: a cautionary tale for partners-to-be

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profile of woman with finger on her lips in "shush" gesturethere are times to chime in and times to stay silent.

by martin bissett
passport to partnership

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

more on the passport to partnership: commitment: your view and your firm’s | how to build your pipeline | how well do you represent your firm? | 6 keys to the perfect proposal | communication: putting it all together | how to read your firm’s cultural blueprint

1 – what is my first reaction to being asked to work outside of my normal hours?

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commitment: your view and your firm’s

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businessman with hand extended in "no" gestureour experts define the biggest challenge for the next group of leaders.

by martin bissett
passport to partnership

the passport to partnership study collated a number of responses in a conversational style. the need for commitment is showcased below and was repeated many times in various different ways.

so many use us as a stepping stone and we’re now trying to determine who those are at the interview stage.

proof – if any were needed – that long-term commitment is not a given in the next generation of accounting professionals.

more on the passport to partnership: what commitment really means for partners | how to build your pipeline | how well do you represent your firm? | communication: putting it all together | gauge firm culture to move toward partner

one question we ask is: would we want to pass our firm on to someone like this?

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what commitment really means for partners

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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.
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how retirement issues affect succession planning

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an old-school bronze justice scale with inequal stacks of moneyif you believe your firm will be dysfunctional without you, now is the time to fix it.

by bill reeb, dominic cingoranelli, and tommye barie
the succession institute

when we take our clients through succession planning, eventually the focus turns to implementing the best practices for running a firm – but first we normally have to start with short-term retirement issues.

more on performance management: succession: the questions to care about | how partner ratings factor into equity | the pitfalls of equity allocation and reallocation | cpa firm performance assessments: 15 core competencies, 21 questions | what having your employees’ backs means

why? because typically you won’t get any buy-in for change until the partners have looked at whether the current retirement system is paying at least roughly a fair market value to the near-term retiring partners.

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succession: the questions to care about

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track and field athletes passing relay baton. studio shot over white.bonus checklists: 5 rules to govern a succession plan. 8 keys to an effective compensation system.

by bill reeb and dominic cingoranelli

we’ve seen a lot of frequently shared, misdirected advice on commonly discussed succession issues. we would rather stop focusing on symptoms and start focusing on resolving the root cause issues that a good succession plan should address.

more on performance management: 7 succession questions to ignore for now | hazards of not reallocating equity | develop your employees or suffer the consequences | how to target what skills to develop now | what having your employees’ backs means

our solution: the robust succession framework

first and foremost, good succession management is a function of good business operating practices. over and over, we find successful firms – including many that have even effectively retired partners in the past – that are overlooking some very important best practices.
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how to build your pipeline

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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.

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7 succession questions to ignore for now

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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.

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how succession issues are driving desperation mergers

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2016-roundtable-outlook-for-rosenberg-map-commentary-vf-240x219millennials, aging partners both skeptical.

they say “past results are no indication of future performance.” maybe. maybe not. but if anyone should know, it’s our panel of experts, their comments drawn from the new edition of the rosenberg map survey. these are their bullet points and comments, verbatim, looking back at the last 12 months and looking ahead to 2016. – rick telberg, ceo

by terry putney
transition advisors

lessons from 2015:

the issue we are seeing that is most troublesome for firms is their lack of talent that can be developed into future leaders. often partners want to place blame on the millennials and the different views they have regarding work-life balance.

more from the rosenberg map survey: outlook 2016: change catches up with auditors | strategic plans undermined by out-of-control partners | growth, succession plans critical for firms | talent wars go from white gloves to boxing gloves | trend outlook 2016: change agents needed

however, it is clear many firms have failed to invest in leadership development. so they don’t have enough time to provide succession for retiring partners in their firms.

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businesses place value on expertise

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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.

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