{"id":85581,"date":"2021-07-20t00:00:45","date_gmt":"2021-07-20t04:00:45","guid":{"rendered":"\/\/www.g005e.com\/?p=85581"},"modified":"2022-12-22t00:42:25","modified_gmt":"2022-12-22t05:42:25","slug":"advice-for-millennial-managing-partners-of-smaller-firms","status":"publish","type":"post","link":"\/\/www.g005e.com\/2021\/07\/20\/advice-for-millennial-managing-partners-of-smaller-firms\/","title":{"rendered":"top issues for millennial managing partners"},"content":{"rendered":"<p><strong><a href=\"https:\/\/cpatwpe.s3.amazonaws.com\/cpatrendlines\/wp-content\/uploads\/2016\/01\/youngprofessionals_dollarphotoclub_78189189.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-46875\" src=\"https:\/\/cpatwpe.s3.amazonaws.com\/cpatrendlines\/wp-content\/uploads\/2016\/01\/youngprofessionals_dollarphotoclub_78189189-424x283.jpg\" alt=\"group of four young professionals\" width=\"424\" height=\"283\" srcset=\"https:\/\/cpatwpe.s3.amazonaws.com\/cpatrendlines\/wp-content\/uploads\/2016\/01\/youngprofessionals_dollarphotoclub_78189189-424x283.jpg 424w, https:\/\/cpatwpe.s3.amazonaws.com\/cpatrendlines\/wp-content\/uploads\/2016\/01\/youngprofessionals_dollarphotoclub_78189189.jpg 300w, https:\/\/cpatwpe.s3.amazonaws.com\/cpatrendlines\/wp-content\/uploads\/2016\/01\/youngprofessionals_dollarphotoclub_78189189.jpg 600w, https:\/\/cpatwpe.s3.amazonaws.com\/cpatrendlines\/wp-content\/uploads\/2016\/01\/youngprofessionals_dollarphotoclub_78189189-849x566.jpg 849w, https:\/\/cpatwpe.s3.amazonaws.com\/cpatrendlines\/wp-content\/uploads\/2016\/01\/youngprofessionals_dollarphotoclub_78189189.jpg 1600w\" sizes=\"auto, (max-width: 424px) 100vw, 424px\" \/><\/a>bonus: six ways to prepare for the role.<\/strong><\/p>\n<p><em>by kristen rampe<br \/>\n<a href=\"\/\/www.g005e.com\/shop\/mr20rmp\/\">the role of the managing partner<\/a><\/em><\/p>\n<p>the next wave of cpa firm leaders is here, and millennials are already making the best of this role as leaders in smaller firms.<\/p>\n<blockquote><p><b>more: <\/b><a href=\"\/\/www.g005e.com\/2021\/07\/08\/advice-from-new-managing-partners\/\">44 hard-earned tips from new managing partners<\/a> | <a href=\"\/\/www.g005e.com\/2021\/05\/28\/partner-compensation-a-potent-weapon\/\">partner compensation: a potent weapon<\/a> | <a href=\"\/\/www.g005e.com\/2021\/05\/01\/how-long-should-it-take-to-make-partner\/\">how long should it take to make partner?<\/a> | <a href=\"\/\/www.g005e.com\/2021\/04\/01\/the-managing-partners-role-in-mergers\/\">the managing partner\u2019s role in mergers<\/a> | <a href=\"\/\/www.g005e.com\/2021\/02\/18\/5-ways-to-evaluate-partners\/\">five ways to evaluate partners<\/a> | <a href=\"\/\/www.g005e.com\/2021\/01\/28\/manage-partners-with-goal-setting\/\">manage partners with goal setting<\/a><br \/>\n<strong><img loading=\"lazy\" decoding=\"async\" class=\"alignleft wp-image-49700 size-full\" src=\"https:\/\/cpatwpe.s3.amazonaws.com\/cpatrendlines\/wp-content\/uploads\/2016\/08\/yellow_key_clip_art-e1375897299811-36p-hi-1-e1603911598474.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\/2021\/07\/20\/advice-for-millennial-managing-partners-of-smaller-firms\/\">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>to understand and share the perspective of this up-and-coming group, we interviewed eight millennials who are relatively new to the position of managing partner.<\/p>\n<p>revenue for the firms averaged $2.3 million, with two equity partners and a total fte headcount of 15. some of their views on the role of the managing partner were traditional, while others were somewhat unconventional. this group is pioneering some interesting changes because they are less restrained by historical approaches.<br \/>\n<!--more--><br \/>\nwe\u2019ll share the perspectives of millennial managing partners and provide a list of steps that millennial managing partners can take today to set themselves up for success.<\/p>\n<p><strong>millennial managing partners\u2019 views on top responsibilities<\/strong><\/p>\n<p>the managing partner job comes with many responsibilities. effectiveness in the role depends on how the managing partner prioritizes those responsibilities and delegates duties to others.<\/p>\n<p>one managing partner said that a key part of his job is connecting with people: \u201cwe\u2019re with each other at the office more than we\u2019re with our families. a huge part of my role is to keep the peace, keep things positive and keep morale up.\u201d<\/p>\n<p>the millennial managing partners are focusing on:<\/p>\n<ul>\n<li>treating the firm as their #1 client<\/li>\n<li>providing and communicating value to clients<\/li>\n<li>recruiting, developing, satisfying, and motivating employees<\/li>\n<li>developing and refining business processes so they are clear, effective, and efficient<\/li>\n<li>developing a unified culture<\/li>\n<li>bringing in clients who fit the firm\u2019s strategy and culture<\/li>\n<\/ul>\n<p><strong>top issues our millennial managing partners face<\/strong><\/p>\n<p>some of the top issues our millennial managing partners face are similar to those of the cpa industry as a group. others are different. the aicpa\u2019s pcps section surveys firms on top issues they are facing. here were the 2019 results for the 2-10 professionals group:<\/p>\n<ol>\n<li>finding qualified staff<\/li>\n<li>keeping up with changes and complexity of tax laws<\/li>\n<li>seasonality and workload compression<\/li>\n<li>managing privacy and security risks<\/li>\n<li>developing and executing a succession plan<\/li>\n<\/ol>\n<p>let\u2019s contrast this list to what our panel of millennial managing partners told us.<\/p>\n<p><strong>finding, retaining and developing staff.<\/strong> some new college graduates are showing up without knowing the basics, and not all fit with the firm&#8217;s culture and values.<\/p>\n<p><strong>seasonality and workload compression. <\/strong>one managing partner stated that one of her top issues is \u201cstaff feeling overwhelmed and exhausted during the busy season.\u201d<\/p>\n<p><strong>succession planning. <\/strong>it\u2019s no surprise that, due to their relatively young age, none of our millennial managing partners mentioned succession planning as a top issue. are they thinking about it? yes. it\u2019s just that the retirement of partners and the firm\u2019s exit strategy are issues that are far off in the future for them.<\/p>\n<p><strong>tax law changes and privacy\/security risks. <\/strong>these topics were not mentioned as a top concern by our panel.<\/p>\n<p>our group of millennial managing partners cited a few other important issues that were not included in the aicpa list:<\/p>\n<p><strong>keeping current with technology.<\/strong> making the best use of it to create an efficient, accurate work product. this dovetails with a strong emphasis on processes, with technology playing a big role in the firm\u2019s efforts to streamline and organize.<\/p>\n<p><strong>updating processes.<\/strong> this topic was identified by our group as a top issue as well as a competitive advantage. to the extent that their firms have more efficient processes than other firms, they felt this gives them a competitive edge.<\/p>\n<p><strong>maintaining billing rates.<\/strong> keeping billing rates up and aligning value with billing to support profitability were very important to our group.<\/p>\n<p><strong>reducing the number of low-value, bad-fit clients. <\/strong>taking the time to weed out and decline to accept clients that aren\u2019t aligned with the firm\u2019s vision, values and profitability. the firms want to work with clients in their target markets who want services consistent with their expertise.<\/p>\n<p><strong>needing a firm administrator.<\/strong> the firms led by our millennial managing partners were smaller than those that normally hire a full-time firm administrator. nonetheless, this managing partner group was very much in touch with the need to keep themselves out of the weeds. they understand that having a firm administrator on board is a smart way to ease the burden on the managing partner.<\/p>\n<p><strong>unique programs of millennial managing partners<\/strong><\/p>\n<p>some millennial managing partners are inheriting the business of another professional. others have started their own practices after gaining experience in the industry. managing partners from both groups are implementing unique programs to build their practice and attract and retain clients and staff alike. these differentiators give their firms a competitive edge. here are some of the top initiatives of our millennial managing partners.<\/p>\n<p><strong>client-related.<\/strong> millennial managing partners are finding ways to attract clients and streamline work processes.<\/p>\n<ul>\n<li>rebalancing work to focus on services that go beyond compliance, such as management accounting, advisory and cfo services; the managing partners we talked to want to focus on helping their clients pay close attention to kpis<\/li>\n<li>thinking like entrepreneurs, not accountants<\/li>\n<li>actively using social media marketing beyond email and linkedin<\/li>\n<li>value pricing; no hourly rates<\/li>\n<li>actively developing relationships with clients while having the perspective that they are people and businesses with goals, not just ordinary clients who need a service<\/li>\n<li>doing a large percentage of audit work remotely; spending face time with clients only after developing a list of questions from <strong>offsite<\/strong> audit work<\/li>\n<li>doing 100 percent of tax and advisory work remotely, fully virtually, with no in-person meetings<\/li>\n<li>offering audit protection on individual tax returns<\/li>\n<\/ul>\n<p><strong>partner- and staff-related. <\/strong>one managing partner, who created a partner bill of rights, said: \u201cwe have to agree on partner roles, responsibilities and expectations as well as a written system of accountability that identifies specific things for which we will hold each other accountable.\u201d<\/p>\n<ul>\n<li>holding partner retreats focused on trust-building<\/li>\n<li>making sure people are working in roles in which they can succeed<\/li>\n<li>offering flexible work schedules, including many team members working 100 percent remotely<\/li>\n<li>regular coaching of partners and staff<\/li>\n<li>actively planning to work fewer hours in the tax season and smooth the workload throughout the year<\/li>\n<li>hiring interns on a regular basis, much like larger firms do<\/li>\n<li>embracing a modern firm image that appeals to a younger generation of staff and clients<\/li>\n<li>developing a fully integrated offshore team that is included in all firm initiatives and has direct contact with clients<\/li>\n<\/ul>\n<p><strong>the hardest part of being a millennial managing partner<\/strong><\/p>\n<p>the perspectives of millennial managing partners echo those of both more seasoned executives and younger leaders. here\u2019s what they said was the hardest part of being a managing partner.<\/p>\n<ol>\n<li>getting partners to understand that not everyone sees the world the way they do, that even though their more experienced opinions may be valid, so are others\u2019<\/li>\n<li>dealing with the constant pull between client service and firm management<\/li>\n<li>creating an environment that fosters adherence to the firm\u2019s processes; evolving the culture as the firm grows<\/li>\n<li>giving everyone at the firm a voice, listening to their ideas for changes and improvements, while knowing when to say no<\/li>\n<li>setting budgets for projects and getting accurate data on the time spent on engagements<\/li>\n<li>feeling the pressure that comes with being ultimately responsible for every area of the business (personnel, operations, selling, quality assurance, etc.)<\/li>\n<li>it\u2019s hard to make everyone happy.<\/li>\n<li>it can be lonely at the top.<\/li>\n<\/ol>\n<p>our millennial managing partner group has people and places they turn to for guidance. most popular were other cpas, typically friends at larger or longer-established firms. these mentors are willing to help with everything from sharing new perspectives to providing a secondary review of client work. associations and state cpa societies also are sought out because they offer an excellent support network and resources for growing cpa practices. other managing partners cited leadership books, entrepreneurial business groups and consultants.<\/p>\n<p><strong>what future millennial managing partners can do today<\/strong><\/p>\n<p>for cpa firm managers and partners who are eyeing the managing partner role, here are some ideas on how you can prepare <strong>now<\/strong> for this important future position:<\/p>\n<ol>\n<li><strong>be cognizant of and develop your personal brand as a partner. <\/strong>you\u2019ll be doing things differently from those who came before you. define the values that matter to you as a partner and future managing partner, then stick to them. making strong statements early about what\u2019s important to you sets the stage for people to know what to expect. this helps to get the support of others because they see you act with clarity and consistency.<\/li>\n<li><strong>spearhead formalizing and improving your firm\u2019s operating systems.<\/strong> if you haven\u2019t yet read books like <em>traction<\/em> or <em>scaling up<\/em>, you may want to look into them. they give guidance for setting concrete goals grounded in your mission and vision that will make you successful. setting any goals is a great first step, but when they\u2019re backed by the foundation of what your firm wants to look like in three to five years, you\u2019ll find the pathway to achievement clearer and more actionable.<\/li>\n<li><strong>build mentoring relationships for yourself. <\/strong>many successful professionals find that having a strong network of mentors is especially important. consider experienced partners at other firms and business leaders <strong>not<\/strong> in public accounting.<\/li>\n<li><strong>understand cpa firm economics and benchmarking. <\/strong>in order to lead an organization successfully, you need to develop a solid understanding of your firm\u2019s economics, how it has functioned historically, and how your firm\u2019s metrics compare to those of other firms. benchmarking information identifies areas of opportunity that you may not have considered.<\/li>\n<\/ol>\n<blockquote>\n<p style=\"padding-left: 40px;\">subscribe to benchmarking sources. <a href=\"\/\/www.g005e.com\/shop\/map-survey\/\" target=\"_blank\" rel=\"noopener\">the rosenberg survey<\/a> was founded over 20 years ago and is a great resource.<\/p>\n<\/blockquote>\n<ol start=\"5\">\n<li><strong>get practice working through tough issues.<\/strong> while it can be tempting to pass the buck on challenging situations, or even ignore them and hope they go away, the role of managing partner is filled with issues you\u2019ll need to feel comfortable tackling. get experience with this as soon as you can. start by addressing a challenge that\u2019s not easy but not the biggest problem you have either. there is no substitute for experience when you&#8217;re dealing with tough issues.<\/li>\n<li><strong>take charge of developing your leadership skills.<\/strong> all of us would like to believe that we naturally possess strong leadership skills. this may be the case for some, but most people would benefit from formal leadership development training. look within and outside the cpa profession to learn best practices for leadership. there are three outstanding cpa firm leadership development academies that have been in our industry for 10 to 20 years. the investment of your time and money in a leadership program will be repaid in spades. the best ones are:<\/li>\n<\/ol>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li>the partner institute<\/li>\n<li>rainmaker academy<\/li>\n<li>upstream academy<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p><a href=\"\/\/www.g005e.com\/2021\/07\/16\/advice-for-millennial-managing-partners-of-smaller-firms\/\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-86064\" src=\"\/\/www.g005e.com\/wp-content\/uploads\/2021\/07\/screen-shot-2021-07-18-at-10.28.16-pm.png\" alt=\"\/\/www.g005e.com\/2021\/07\/16\/advice-for-millennial-managing-partners-of-smaller-firms\/\" width=\"250\" height=\"125\" srcset=\"\/\/www.g005e.com\/wp-content\/uploads\/2021\/07\/screen-shot-2021-07-18-at-10.28.16-pm.png 1050w, \/\/www.g005e.com\/wp-content\/uploads\/2021\/07\/screen-shot-2021-07-18-at-10.28.16-pm-300x150.png 300w, \/\/www.g005e.com\/wp-content\/uploads\/2021\/07\/screen-shot-2021-07-18-at-10.28.16-pm-600x301.png 600w, \/\/www.g005e.com\/wp-content\/uploads\/2021\/07\/screen-shot-2021-07-18-at-10.28.16-pm-424x212.png 424w, \/\/www.g005e.com\/wp-content\/uploads\/2021\/07\/screen-shot-2021-07-18-at-10.28.16-pm-849x425.png 849w, \/\/www.g005e.com\/wp-content\/uploads\/2021\/07\/screen-shot-2021-07-18-at-10.28.16-pm-768x385.png 768w\" sizes=\"auto, (max-width: 250px) 100vw, 250px\" \/><\/a><br \/>\n<strong>bonus: six ways to prepare for the role.<\/strong><br \/>\n<em>by kristen rampe<br \/>\n<a href=\"\/\/www.g005e.com\/shop\/mr20rmp\/\">the role of the managing partner<\/a><\/em><\/p>\n","protected":false},"author":1906,"featured_media":86064,"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":[2259,1908,3120,3002,2266],"tags":[],"class_list":["post-85581","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-leadership","category-management","category-pro-member-exclusive","category-special","category-partner"],"acf":[],"yoast_head":"<!-- this site is optimized with the yoast seo plugin v24.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>top issues for millennial managing partners - 卡塔尔世界杯常规比赛时间<\/title>\n<meta name=\"description\" content=\"actionable intelligence for tax, accounting, and financial professionals\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"\/\/www.g005e.com\/2021\/07\/20\/advice-for-millennial-managing-partners-of-smaller-firms\/\" \/>\n<meta property=\"og:locale\" content=\"en_us\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"top issues for millennial managing partners - 卡塔尔世界杯常规比赛时间\" \/>\n<meta property=\"og:description\" content=\"actionable intelligence for tax, accounting, and financial professionals\" \/>\n<meta property=\"og:url\" content=\"\/\/www.g005e.com\/2021\/07\/20\/advice-for-millennial-managing-partners-of-smaller-firms\/\" \/>\n<meta property=\"og:site_name\" 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