how common management pitfalls hurt firms and employees.
by bill reeb and dominic cingoranelli
卡塔尔世界杯常规比赛时间 / succession institute
how do attitudes, misconceptions and bad habits get in the way of our learning to be better managers?
related: do cpa firms need management or leadership? | job 1 for the practice owner: client management
here are five common attitudes, practices and perceptions we find:
bonus checklist: five-part analysis to measure partner material.
by martin bissett
passport to partnership
what conclusions can you draw from your knowledge of how the promotion system works in your firm that you need to keep in mind?
more on the passport to partnership: gauge firm culture to move toward partner | what culture really means for partners | firm culture is inevitable; make it work for you | 12 ways to determine your competence | what competence really means for partners | sailing through the seven c’s to partnership | passport to partnership: new research shows wide gap between partners and partners-to-be
in terms of firm culture, you need to understand the four navigational points of the compass:
and here’s a five-part analysis to see how you measure up:
bonus partnership pointers checklist: 3 questions to evaluate the culture at your own firm.
by martin bissett
passport to partnership
this second c is a stormy and choppy one, often fraught with political icebergs but navigated diplomatically and with maturity, will lead you through.
more on the passport to partnership: what culture really means for partners | firm culture is inevitable; make it work for you | 12 ways to determine your competence | what competence really means for partners | sailing through the seven c’s to partnership | passport to partnership: new research shows wide gap between partners and partners-to-be
case study on culture
deborah had done well. she was bridging the firm’s culture gap and fulfilling its desire to be seen as an equal opportunities employer by becoming the practice’s standout rising star.
bonus checklist: 5 ways to make sure the firm’s people believe in both themselves and the culture.
by martin bissett
passport to partnership
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: 12 ways to determine your competence | what competence really means for partners | sailing through the seven c’s to partnership | passport to partnership: new research shows wide gap between partners and partners-to-be
from our research, however, the wise choice for anyone wishing to get their passport to partnership appears to be to study
to understand not only the route to partnership, but the terrain that they need to cross too.
bonus: case study and worksheets:
3 questions to gauge your own competence, 4 questions about your personal brand and a 5-point checklist.
by martin bissett
passport to partnership
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.
they need to explain technical data to me in a way that i know they understand it.
more on the passport to partnership: sailing through the seven c’s to partnership | passport to partnership: new research shows wide gap between partners and partners-to-be
卡塔尔世界杯常规比赛时间 joins with the succession insititute to launch new practice management resource center for firms of all sizes. 卡塔尔世界杯常规比赛时间 is pleased to offer growth-minded firms a vast new set of resources through a special alliance with the succession … continued
plus how to handle partners who want to opt out.
by marc rosenberg
retirements & buyouts
how do mergers impact a firm’s partner retirement plan?
more on buyouts: why 30% of cpa firm retirement plans are defective | are partner buyout plans just ponzi schemes? | clawback and how to handle it | can partners compete after they leave? | disability is far more complex than death | mandatory retirement? 4 reasons the firm comes first | how to transition clients from retiring partners | vesting can cover part-timers, too | eat what you kill? then maybe ‘book of business’ is for you | the multiple of compensation method, fully explained | 5 points to consider when paying out goodwill | how to set terms and limits for goodwill payouts | 4 ways to decide how to pay out capital
these suggestions propose verbiage that could be included in the firm’s partner agreement: read more →
bonus: four outlooks from our exclusive expert council: baker, dobek, tierney, mister.
by martin bissett
passport to partnership
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.
sounds obvious, doesn’t it? but there’s a twist.
more on the passport to partnership: sailing through the seven c’s to partnership | passport to partnership: new research shows wide gap between partners and partners-to-be
competence didn’t actually rank highly in the majority of partner requirements when interviewed in our study at all.
make provisions, or state partnership laws may do it for you.
by marc rosenberg
retirements & buyouts
twenty to thirty percent of all accounting firm partnership agreements have no provision for goodwill-based retirement payments to partners departing due to death, disability, retirement or withdrawal.
more on retirement: the top 10 mistakes in partner retirement plans | 20 new, essential keys for today’s partner retirement plans | you want goodwill payments? give proper retirement notice | compromise is in order for some goodwill payouts | three ways to calculate goodwill payable in partner buyouts, none of them great | the ins and outs of aav for goodwill | 5 points to consider when paying out goodwill | how to set terms and limits for goodwill payouts
they’re in for a rude surprise. read more →
competence comes first. but it’s only a prerequisite.
bonus worksheets: 11 questions to plan your path to partnership
by martin bissett
passport to partnership
staffers aspiring to be partners must learn the key characteristics of successful partners. they also must learn how to develop their own personal plans to achieve partnership. firms and staffers alike need a clear set of procedures, processes and milestones for turning top talent into the next generation of firm leadership.
there are seven critically important criteria by which partners assess partners-to-be. i call them:
the seven c’s read more →
what we have here is a failure to communicate.
editor’s note: with this article, 卡塔尔世界杯常规比赛时间 introduces a new series of articles by martin bissett reporting on the findings of his proprietary research into the keys to making partner. the research is based on hundreds of interviews with partners and practitioners at more than 30 firms in the u.s. and the u.k., dozens of experts and advisors, and his own 20 years of experience in the field. in his research, bissett uncovered a wide gap between what partners say they seek in a staffer yearning to be partner and what they actually do and say to train and nurture the staffer. his work in passport to partnership is dedicated to bridging that gap, revealing to both partners and partners-to-be the unspoken rules, and working to create a bulletproof program to guide their efforts.
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?
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.
more from martin bissett: selling on value vs. fees | 3 ways to convert scheduling practices to new fees | selling vs. attracting to build relationships | when selling, don’t chase new fees, attract them | selling accounting services doesn’t have to be hard! | ‘selling’ isn’t a dirty word | 8 factors in practice development success | in sales, perception is reality | success begins with accountability | do you realize you’re failing? | winning your first client
i noticed over time that in many firms, partners may often regard one or more of their managers as not being “partner material” because they feel that the manager does not exhibit the traits they are looking for.
is your firm guilty of any of these?
by marc rosenberg
mistakes abound in partner retirement plans. here are the top 10 we see:
more on retirement: are partner buyout plans just ponzi schemes? | 20 new, essential keys for today’s partner retirement plans | clawback and how to handle it | can partners compete after they leave? | how to juggle tax considerations for partner retirement benefits | retirement plan funding? what funding? | vesting can cover part-timers, too
apply this test to your firm’s succession plan.
by marc rosenberg
retirements & buyouts
most multi-partner cpa firms have partner buyout plans that enable partners who leave the firm via retirement, death, disability or withdrawal to redeem their share of the firm’s value.
more on buyouts: 20 new, essential keys for today’s partner retirement plans | clawback and how to handle it | can partners compete after they leave? | retirement plan funding? what funding? | why you’ll get less from your partners in a buyout than you might by selling the whole firm | partners may balk at guaranteeing retirement obligations
over the last 10-20 years, retirement plans have come under more scrutiny as younger partners question whether departing partners are worth the payments due them and whether the firm can afford those payments. staff with near-term partner potential also question whether to commit themselves to making these payments. both of these groups fear that the firm will not be able to survive the retirement of dynamic, rainmaking partners who have tight relationships with their clients.