nine steps to bringing in a new partner

two men talking in an office

look around your firm for candidates; don’t wait for them to come to you.

by marc rosenberg
the rosenberg practice management library

if you don’t trust someone, they should not be your partner. let’s start with a very basic, standard concept in the business world: a partner is an owner. in any business, not just cpa firms, ownership is not free. because partners are owners, it’s fair and reasonable for them to purchase a part of the firm – for money – to acquire an ownership share.

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before structuring the financial part of the buy-in, work out what the requirements are for becoming a partner.

too many firms jump right in and decide how new partners should buy in before firming up their criteria for qualifying as a potential partner in the first place. that’s a big mistake.