bonus: 8 questions to ask plus words from our expert council.
by martin bissett
passport to partnership
you may want to become a partner, but that requires leadership. do you display the traits you admire in leaders?
more on the passport to partnership: how to create an upward spiral | the dna of a practice leader | what does the next generation of practice leaders face? | commitment: a cautionary tale | how to build your pipeline | 6 keys to the perfect proposal | communication can’t be overrated
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partnership pointers
1. take time to identify a leader you admire from any walk of life. jot down a criterion for emulating their success behaviors. how many of these criteria do you fulfill yourself already and what do you yet lack but can work on right away?
2. why do so many of us have negative, fearful or defeatist outlooks? how many of those types of people have become great leaders inside or outside of the accounting profession? how do you avoid succumbing to that same mindset? you now know what you bring to your client relationships.
3. pick two people you trust and admire, one from within the firm and one from outside. ask them to describe the attributes or anatomy of a leader who impresses them. then go about deciding how you will develop any of the traits and behaviors they’ve identified that you don’t yet demonstrate on a perpetual basis.
the expert council
if you could give only one piece of advice to senior/managing partners right now, what would it be?
“become timeless. and i mean that in two ways. just bite the bullet and ditch that damn weight around your neck that’s drowning you and you think it’s a life raft – the timesheet. burn them, bury them.
“and i mean timeless in the other way too – make what you do timeless inasmuch as you’re focused on leaving a legacy not of consumption but one of contribution.” – paul dunn, chairman, b1g1
“get these bits right:
• “understand the strategic issues affecting the profession.
• “keep your clients.
• “develop your personal selling skills.
• “know the importance of practice management with regard to chargeable time, lockup and invoicing.
• “cultivate leadership and working with the team.
• “get cross selling and value pricing right.
• “remember: action speaks louder than words.” – gordon gilchrist, 2020 innovations
“while there is still a feeling of ‘i had to make my own way, so they can too’ in some firms; there are also many partnerships now who are becoming very transparent in their expectations of new partners and crucially their admission processes. so people can figure out what they need to do.
“at a personal level, the problem with many professionals is that they don’t migrate and change their skill set fast enough as they grow in their careers – if the only thing you can do, or be, in your early or mid-30s is be a great accountant, then you must remember there are people who are just as good as you but five or 10 years younger and cheaper. if you don’t change, you are left behind.
“my advice is in three pieces – firstly go get a mentor – find someone you respect and ask if they will do the role for you. secondly take your development seriously and manage it like the project it is. that project is called ‘my career.’ thirdly keep growing and reinventing yourself as a better and better advisor.” – mike mister, global director of executive development, ernst & young global
employee versus ownership
- what makes you think you want to be a partner?
- what makes you think you’re good enough to be considered for partnership in your firm?
- what was the average age that the current partners reached their positions?
- what types of challenges do they go through each day as a partner?
- what are the biggest lessons they’ve learned in their time as a partner of the firm? (hint: invite them out to lunch to ask for their advice, counsel, direction and opinion.)
- what does the partner you speak to the most think you lack before becoming partner material?
- how long are you prepared to wait to be considered for partner before evaluating your options?
- how did the partner you speak to the most get his or her chance to move up in the firm?