leadership

the best firms build their values into their dna

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plus: four more success drivers.

by robert j. lees
and august j. aquila
creating the effective partnership

so how do top accounting firms ensure their people operate cohesively and consistently in a highly networked organization?

the answer, in addition to ensuring they are engaged with the firm’s vision and want to play an active part in its delivery, is through an all-pervading set of values.

every successful firm we know has a set of values that are part of the firm’s dna. they drive people’s actions and help them to make the “right” decision should there ever be any doubt about which action to take.

but there are at least four more elements that distinguish the world’s leading professional services firms. read more →

partner retirements and buyouts: today’s 24 major deal points

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what 80% of firms agree on.

by marc rosenberg
the rosenberg survey

if partner compensation is the single most critical and sensitive aspect of cpa firm practice management today, then a close second is partner retirements and buyouts – the money partners receive for the purchase of their ownership in the firm when they retire or leave the firm due to death, disability, withdrawal or expulsion.

the amount of money involved is quite significant.  roughly 80% of all firms consider the value of the firm to include: read more →

the meaning of ‘partner:’ two views

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what being a partner means
source: how to engage partners in the firm’s future

which is greater: the firm or the individual? 

by robert j. lees
and august j. aquila
creating the effective partnership

the lifeblood of any firm is its ability to bring in new, profitable clients or expand the work it does for its existing clients. so bringing in new business is an essential element of the successful firms we’ve studied.

of course, not all partners are effective operating in an environment where they have no pre-existing relationships, whereas some find it easy. the key for any firm is to use its resources where they will achieve the best return rather than expect everyone to be good at everything.

regardless of which environment they operate best in, every partner must bring in new profitable business that enables the firm to grow and develop – and, critically, provides security of tenure for the firm’s people.

but truly great firms also have partners who make a habit of three more behaviors:
read more →

what does being a partner mean?

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how to set and enforce standards of performance.

by robert j. lees and august j. aquila
creating the effective partnership

partners are the culture in a professional services firm – what they believe, what they reward, what they do and how they do it determines what and how things get done.

but, one of the problems we consistently hear about is the lack of clarity in what being a partner means. and, in the absence of clarity the partners typically fill the gap by doing what they think it means, with all of the differences of thought and behavior that inevitably brings. read more →

identifying the right new partner in a 26-point checklist

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responsibilities, abilities, and deliverables.

bringing in a new partners is part art and part science. marc rosenberg, after studying thousands of cpa firms, has a few suggestions on the science, with a series of checklists covering intangible, financial, legal, practice development, production, client management, technical, administration, and supervision-related benchmarks. read more →

5 tips to managing and motivating virtual team members

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by sandi smith leyva, cpa
accountant’s accelerator

it’s not uncommon for even the smallest of businesses to have employees and contractors all over the world.  right now, i have an employee in the ukraine, two employees in san jose, a virtual admin in orange county, a warehouse team in indiana, a transcriptionist in las vegas, partners in new york, chicago, missouri and atlanta, and a coach in sydney, australia.

in the last few months, i‘ve moved from san jose, calif., to plano, texas, while my team stays put.   and it won’t hurt my business one tiny bit. here are five tips to help your virtual team play at their best. read more →

11 tests to measure the health of your firm’s partner group

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what it means to be a partner.

by robert j. lees and august j. aquila
creating the effective partnership

partners are the culture in a professional service firm – what they believe, what they reward, what they do and how they do it determines what and how things get done. but, one of the problems we consistently hear about is the lack of clarity in what being a partner means. in the absence of clarity, the partners typically fill the gap by doing what they think it means, with all of the differences of thought and behavior that inevitably brings. it’s these differences in behavior that result in firms failing to maximize their potential.

read more →

10 bad habits partners need to kick

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screen shot 2013-09-16 at 8.25.25 pm

if actions speak louder than words, what does that say about your firm’s core values?

by august j. aquila and robert j. lees

creating the effective partnership

the concept of core or shared values gets a lot of press and most professional service firms’ websites promote their core values to prospects, clients and recruits. but, like so many management ideas that are on the soft side, they are often more talk than reality.

creating the effective partnership:  every partner’s first question: ‘what’s in it for me?’  |  the 9 building blocks of a winning vision that the big four have discovered  |   the politics of an accounting firm partnership  |  nine rules to creating highly effective partnership teams   |   audacious vision and grand purpose prove essential to cpa success | are you creating a sustainable firm? | the debilitating effects of denial at accounting firms | the five psychological hurdles that cpa firms must confront today

for too many firms, their espoused core values don’t actually represent what the firm stands for and don’t guide individual behavior. often, in fact, neither the partners nor the employees know the firm’s core values and no one in the firm is evaluated or rewarded on how well they live them. read more →

the 15 rules for partner teamwork

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no lone rangers, no prima donnas.

how healthy is your firm’s partnership? 卡塔尔世界杯常规比赛时间 contributor marc rosenberg, cpa, has been asking that question for 20 years at more than 700 firms by now. he has a few ideas. in fact, he has a checklist of 15 items by which to measure the strength and sustainability of any accounting practice. how well does yours measure up?

the tried-and-true rules for successful partner teamwork

1. partners agree on a common vision, goals and a set of firm practices, which are followed by all partners, even if each partner doesn’t agree 100%.

2. key firm personnel are viewed as team players, particularly in servicing clients.  clients are viewed as clients of the firm, not the individual.

3. people rarely go on sales calls alone.
read more →

10-point checklist for bringing in a new partner

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the steps to take today to exit gracefully in the future.

by mark rosenberg
how to bring in new partners

succession planning has hit cpa firms hard.  as baby boomer partners approach retirement age, they naturally are focusing on who can take their place and eventually write their retirement checks.

there are two primary exit strategies for partners: 1) sell or merge out of existence. or 2) stay independent, retire and get bought out by younger partners who write the partners’ retirement checks with smiles on their faces.

the vast majority prefers method no. 2, but unfortunately, this option is not available to many partners and firms.  for various reasons, these firms have not developed new partners to take their place.

here is a 10-point checklist for what firms need to do to bring in a new partner: read more →