{"id":55249,"date":"2018-06-27t10:00:56","date_gmt":"2018-06-27t14:00:56","guid":{"rendered":"https:\/\/48e130086c.nxcli.net\/?p=55249"},"modified":"2018-07-13t13:46:10","modified_gmt":"2018-07-13t17:46:10","slug":"how-to-specify-managing-partner-duties","status":"publish","type":"post","link":"\/\/www.g005e.com\/2018\/06\/27\/how-to-specify-managing-partner-duties\/","title":{"rendered":"how to specify managing partner duties"},"content":{"rendered":"
<\/a>11 suggestions for inclusion in the partner agreement.<\/strong><\/p>\n by <\/i>marc rosenberg<\/i><\/a><\/p>\n there are certain provisions in a partner agreement that should be kept simple and short because over time, firms have a habit of making changes quite often. you don\u2019t want to have to change your partner agreement every time you change the managing partner\u2019s role.<\/p>\n more:<\/b> handling pay during the disability of a partner<\/a> | buyout when a partner dies<\/a> | why and how new partners buy in<\/a> | a crash course in partner retirement\/buyout plans<\/a> | protect your business with a solid partner agreement<\/a> good examples are the firm\u2019s system for allocating partner income and, to the point of this post, duties of the managing partner. the mp shall have general and active control of the management and business affairs of the firm on a day-to-day basis. the mp shall exercise general supervision and administration over all of the firm\u2019s affairs, with the exception of those issues stipulated elsewhere in the agreement that require a vote of the full partner group. the mp has the power to make all contracts on behalf of the firm in its regular and ordinary course of business, and shall see that all resolutions and matters approved by the partners are carried out.<\/p>\n here’s a true story of what can happen when your partner agreement gets unnecessarily specific regarding the managing partner position:<\/p>\n the managing partner who had to go<\/strong><\/p>\n at a retreat i was facilitating for a six-partner, third-generation cpa firm, a sensitive topic came up. the firm\u2019s revenues and profits had been flat for five consecutive years. from my interviews of the partners prior to the retreat, it was clear that all the other partners felt that the mp, who was in his early 60s, was not effective as the firm\u2019s leader. the firm had a tradition of appointing the most senior partner as mp until he or she retired.<\/p>\n this firm was fortunate to have a young, ambitious partner, sam, who was a natural leader. he was as eager to assume the mp job as his partners were to give it to him. now all i had to do was figure out a way to orchestrate this transition at the retreat.<\/p>\n before we were ready to address this issue, i managed to gather the other five partners as a group, during a break. i told them what i was about to do. they said: \u201cwe all agree that the mp must be replaced by sam, but our partner agreement specifies the mp, by name<\/strong>, as the mp. so we are stuck.\u201d<\/p>\n i responded somewhat sarcastically: \u201cyou\u2019re not stuck. just change the partner agreement. and never again specify an mp by name. there\u2019s no need for that.\u201d<\/p>\n and it got done. we allowed the mp to save face by bestowing upon him the prestigious title of senior partner.<\/p>\n the message: never, ever specify the mp by name in a partner agreement. for that matter, don\u2019t specify any<\/strong> position by name.<\/p>\n it can only have a negative impact, never a positive one.<\/p>\n all of the following are up to your partner group to decide. for example:<\/p>\n these are common provisions in the managing partner section of the partner agreement:<\/p>\n for example, an mp\u2019s job description may include duties such as being the firm\u2019s visionary, ensuring a focus on firm growth and holding partners accountable. these are critically important parts of the job description, but because of their inherent subjectivity, they have no place in a partner agreement.<\/p>\n here are suggestions for the partner agreement:<\/p>\n many of us have been to more conferences than we can count. we look for one or two gems to walk away with that make a deep impact on us because we immediately see the huge effect they will have when we implement the concepts back at the office. here is one of my favorites:<\/p>\n tony kendall is the mp of mitchell titus, a large firm with offices in six major cities. tony succeeded the firm\u2019s revered founder in roughly 2008. after several months on the job, he saw that his partners\u2019 view of the managing partner\u2019s job had to change. he had this to say:<\/p>\n \u201ci can\u2019t manage this firm if i have to take a vote every time i want to make a decision.\u201d<\/p>\n the mp section of your partner agreement should be written with this simple yet powerful statement in mind.<\/p>\n","protected":false},"excerpt":{"rendered":" 11 suggestions for inclusion in the partner agreement.<\/strong>
\nexclusively for pro members. <\/span><\/strong>log in here<\/a> or 2022世界杯足球排名 today<\/a>.<\/span><\/p><\/blockquote>\n
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\nhere\u2019s a nice, succinct start to the managing partner section of your partner agreement:<\/p>\nadditional provisions<\/h3>\n
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putting it all in context<\/h3>\n
\nby marc rosenberg<\/em><\/p>\n","protected":false},"author":1339,"featured_media":52068,"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":[1363,3120,2266],"tags":[],"class_list":["post-55249","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-pro-member-exclusive","category-partner"],"acf":[],"yoast_head":"\n