{"id":53872,"date":"2018-02-22t11:22:32","date_gmt":"2018-02-22t16:22:32","guid":{"rendered":"https:\/\/48e130086c.nxcli.net\/?p=53872"},"modified":"2018-02-26t13:33:51","modified_gmt":"2018-02-26t18:33:51","slug":"mine-vs-vs","status":"publish","type":"post","link":"\/\/www.g005e.com\/2018\/02\/22\/mine-vs-vs\/","title":{"rendered":"mine vs. yours vs. ours"},"content":{"rendered":"<p><strong><a href=\"https:\/\/cpatwpe.s3.amazonaws.com\/cpatrendlines\/wp-content\/uploads\/2015\/06\/manclutching-briefcase-withdollarsign_dollarphotoclub_72399865.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright wp-image-41461\" src=\"https:\/\/cpatwpe.s3.amazonaws.com\/cpatrendlines\/wp-content\/uploads\/2015\/06\/manclutching-briefcase-withdollarsign_dollarphotoclub_72399865-590x400.jpg\" alt=\"businessman tightly holding briefcase with dollar sign on it\" width=\"424\" height=\"288\" srcset=\"https:\/\/cpatwpe.s3.amazonaws.com\/cpatrendlines\/wp-content\/uploads\/2015\/06\/manclutching-briefcase-withdollarsign_dollarphotoclub_72399865-590x400.jpg 590w, https:\/\/cpatwpe.s3.amazonaws.com\/cpatrendlines\/wp-content\/uploads\/2015\/06\/manclutching-briefcase-withdollarsign_dollarphotoclub_72399865.jpg 300w, https:\/\/cpatwpe.s3.amazonaws.com\/cpatrendlines\/wp-content\/uploads\/2015\/06\/manclutching-briefcase-withdollarsign_dollarphotoclub_72399865.jpg 600w, https:\/\/cpatwpe.s3.amazonaws.com\/cpatrendlines\/wp-content\/uploads\/2015\/06\/manclutching-briefcase-withdollarsign_dollarphotoclub_72399865-290x197.jpg 290w, https:\/\/cpatwpe.s3.amazonaws.com\/cpatrendlines\/wp-content\/uploads\/2015\/06\/manclutching-briefcase-withdollarsign_dollarphotoclub_72399865-190x129.jpg 190w, https:\/\/cpatwpe.s3.amazonaws.com\/cpatrendlines\/wp-content\/uploads\/2015\/06\/manclutching-briefcase-withdollarsign_dollarphotoclub_72399865.jpg 1600w\" sizes=\"auto, (max-width: 424px) 100vw, 424px\" \/><\/a>15 ways to take an entrepreneurial approach instead.<\/strong><\/p>\n<p><i>by domenick j. esposito<\/i><br \/>\n<a href=\"\/\/www.g005e.com\/shop\/esposito-8\/\"><i>8 steps to great<\/i><\/a><\/p>\n<p>it is a very prevalent view that midsized law firms are not particularly well led and well managed.<\/p>\n<blockquote><p><b>more on strategic planning: <\/b><a href=\"\/\/www.g005e.com\/2018\/02\/07\/pitching-vs-pursuing\/\">pitching vs. pursuing<\/a> | <a href=\"\/\/www.g005e.com\/2018\/01\/24\/focus-enhanced-client-experience\/\">focus on an enhanced client experience<\/a> | <a href=\"\/\/www.g005e.com\/2017\/12\/30\/compensation-must-align-strategy\/\">new year\u2019s resolution: solve the partner comp problem<\/a> | <a href=\"\/\/www.g005e.com\/2017\/08\/24\/6-rocks-path-growth\/\">6 rocks in the path to growth<\/a> | <a href=\"\/\/www.g005e.com\/2017\/07\/13\/use-compensation-shape-partner-behavior\/\">use compensation to shape partner behavior<\/a> | <a href=\"\/\/www.g005e.com\/2017\/05\/18\/importance-ma-culture-due-diligence\/\">the importance of m&amp;a culture due diligence<\/a> | <a href=\"\/\/www.g005e.com\/2017\/04\/20\/attracting-new-breed-equity-partners\/\">are you attracting the new breed of equity partners?<\/a><br \/>\n<strong><img loading=\"lazy\" decoding=\"async\" class=\"alignleft size-full wp-image-49700\" src=\"http:\/\/4f2bur4nuye2cgakm2rm61qk.wpengine.netdna-cdn.com\/wp-content\/uploads\/2016\/08\/yellow_key_clip_art-e1375897299811-36p-hi-1-e1470686574894.jpg\" alt=\"goprocpa.com\" width=\"39\" height=\"16\" \/><span style=\"color: #b79c00;\">exclusively for pro members. <\/span><\/strong><span style=\"color: #b79c00;\"><a style=\"color: #b79c00;\" href=\"\/\/www.g005e.com\/wp-login.php?redirect_to=\/\/www.g005e.com\/2018\/02\/22\/mine-vs-vs\/\">log in here<\/a> or <a class=\"external\" style=\"color: #b79c00;\" href=\"http:\/\/goprocpa.com\/\" target=\"_blank\" rel=\"noopener\">2022世界杯足球排名 today<\/a>.<\/span><\/p><\/blockquote>\n<p>many of their partners operate as silos and refer to clients as \u201cmy clients\u201d and <strong>\u201c<\/strong>my book of business.\u201d sure, they share space and other overheads but they do not institutionalize clients for the long-term benefit of the firm.<br \/>\n<!--more--><br \/>\nmany midsized law firm partners look at themselves as \u201cfree agents\u201d and at \u201ctheir books of business\u201d as \u201cportable.\u201d when these law firm partners are either unhappy at their current firm or if they think they can get a better compensation package from the firm across the street, they pick up and leave. they continue to service their clients with little, if any, disruption to client service and without dealing with the ramifications of covenant not-to-compete provisions contained in partnership agreements. this is one reason why so many law firms are unable to grow and prosper. \u201cmy book of business\u201d vs. \u201cfirm revenue\u201d are concepts with distinctions and huge differences.<\/p>\n<p>in contrast, it is the prevalent view<\/p>\n<ul>\n<li>that midsized cpa firms strive for strong leadership and tight management,<\/li>\n<li>that their partners look and act as a team and<\/li>\n<li>that their clients become \u201cinstitutionalized.\u201d<\/li>\n<\/ul>\n<p>as such, midsized cpa firms work hard at the notion of \u201cfirm clients\u201d and not \u201cindividual partner clients.\u201d it\u2019s a very visible sign of a well managed firm.<\/p>\n<blockquote><p>\u201cone-firm firms have a remarkable degree of institutional loyalty and group effort that is clearly a critical ingredient in their success.\u201d<\/p>\n<p>\u2013 david maister<\/p><\/blockquote>\n<p>while many midsized cpa firms strive to be well managed, many fall short of this ideal state and revert to the loosely managed style at midsized law firms that allows for operating silos.<\/p>\n<p>when i hear a partner at a midsized cpa firm say \u201cmy client\u201d or \u201cmy book of business,\u201d the hair on the back of my neck stands up because such a reference is code for a partner who operates in a silo. when cpa firm leadership hears one of their partners say these words, they should be very wary. sooner or later, there is a very good chance that such a partner will financially hurt the firm as he\/she is holding the firm back from cross-selling the client base and institutionalizing client relationships. eventually the operating silo mentality hurts a firm\u2019s growth and bottom line. and even though cpa firm partnership agreements contain covenant not-to-compete provisions in their partnership agreements, with organic growth so difficult to come by, many midsized cpa firms are more than happy to bring laterals into their partnerships and, if clients follow (and many often do), pay the liquidating damages due the former firm.<\/p>\n<p>so, how does a midsized cpa firm develop a culture that clients are \u201cfirm clients\u201d and there is no such thing as \u201cmy client\u201d and \u201cmy book of business\u201d?<\/p>\n<p>it requires a one-firm, entrepreneurial approach to management that, in turn, leads to a well-managed firm. this is easier said than done but, is in fact achievable by those firms with strong and effective leadership. it requires considerable discipline and a strong commitment to partners, staff, clients and the community.<\/p>\n<p>here are a few examples of a one-firm, entrepreneurial approach to management that creates an environment of \u201cfirm clients\u201d and \u201cfirm revenues\u201d:<\/p>\n<ul>\n<li>striving for a shared vision about the future and the strategies (with partner accountability) that will help achieve success<\/li>\n<li>reaching for significant firm loyalty and team effort by placing great emphasis on firmwide coordination of decision making, group identity, cooperative teamwork and institutional commitment<\/li>\n<li>emphasizing that long hours and hard work demonstrate high involvement and commitment to the firm<\/li>\n<li>placing an emphasis on continuous education on firm policies, procedures and protocols<\/li>\n<li>insisting on a sound economic model that rewards consistent performance<\/li>\n<li>insisting on sound corporate governance that \u201cwalks the talk\u201d when the rubber meets the road<\/li>\n<li>attracting and retaining first-class partners who understand how to build lasting business relationships with clients and contacts<\/li>\n<li>creating a business development culture that includes everyone within their capacity and skill set<\/li>\n<li>making it well known that the firm wants marquee clients that build brand awareness and credentials and not simply volume for volume&#8217;s sake<\/li>\n<li>developing partner goals, holding partners accountable for delivering results and rewarding compensation when goals are achieved both individually and collectively<\/li>\n<li>understanding that the firm needs to demonstrate that it is different by bringing value to clients that is measurably better than competitors. this is readily achieved when firms institutionalize their approach to client service (client expectations) by consistently providing byproducts of compliance services such as ebitda and working capital improvements.<\/li>\n<li>going to market by industry-dedicated client service teams<\/li>\n<li>approaching client service with multidisciplinary client service teams of audit, tax and advisory professionals<\/li>\n<li>looking for smart mergers and lateral hires that add to a firm\u2019s strength, improve its weaknesses and expand its footprint<\/li>\n<li>requiring consistent and persistent leadership by senior partners with a no-tolerance view on individual partners who think that they themselves are \u201cstars\u201d and much more important than the firm collectively.<\/li>\n<\/ul>\n<p>i believe that many small and midsized cpa firms fail to achieve enduring success because their leadership lacks the intestinal fortitude that is required to be regarded as a well managed firm. without strong leadership, operating silos eventually creep into the culture. these operating silos break down the dna or fabric of a firm.<\/p>\n<p>a one-firm, entrepreneurial approach to management is the key to endurance. while it isn\u2019t easy to achieve and\/or maintain, it certainly bears considerable fruit.<\/p>\n","protected":false},"excerpt":{"rendered":"<p><strong>15 ways to take an entrepreneurial approach instead.<\/strong><br \/>\n<em>by domenick j. esposito<\/em><br \/>\n<em><a href=\"\/\/www.g005e.com\/shop\/esposito-8\/\">8 steps to great<\/a><\/em><\/p>\n","protected":false},"author":1596,"featured_media":49054,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_relevanssi_hide_post":"","_relevanssi_hide_content":"","_relevanssi_pin_for_all":"","_relevanssi_pin_keywords":"","_relevanssi_unpin_keywords":"","_relevanssi_related_keywords":"","_relevanssi_related_include_ids":"","_relevanssi_related_exclude_ids":"","_relevanssi_related_no_append":"","_relevanssi_related_not_related":"","_relevanssi_related_posts":"","_relevanssi_noindex_reason":"","footnotes":""},"categories":[2254,1908,3120],"tags":[],"class_list":["post-53872","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-growth","category-management","category-pro-member-exclusive"],"acf":[],"yoast_head":"<!-- this site is optimized with the yoast seo plugin v24.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>mine vs. yours vs. 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