the partnership

the top 5 concerns of great managing partners

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industrial metal number 5growth and mergers didn’t make the cut, so what did?

by marc rosenberg
the rosenberg practice management library

i recently updated my research on the role of the managing partner. how better to do this than to poll great mps from across the country? so that’s what i did.

more: partners: when to speak up and when to shut up
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i received responses from 17 mps: three from firms with revenue exceeding $50 million; five firms were $20-50 million; six firms were $10-20 million; and three firms were $5-10 million. as i expected, i received very eloquent, powerful and somewhat diverse advice.
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partners: when to speak up and when to shut up

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sometimes the team needs to come first.

by marc rosenberg
the rosenberg practice management library

to paraphrase shakespeare: when to speak up and when to shut up – that is the question. there are times partners should speak their minds and times they should remain silent.

more on partnership: 15 partner agreement weaknesses and omissions | how business entity type affects partner income | what partnership gets you (and doesn’t) | partner comp pearls of wisdom | equity vs. non-equity partners | 5 cautionary tales in partner compensation | new partner vs. manager: what’s the difference? | partner pay in retirement transition period
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a great managing partner once told me, “if you’re not building the firm, then you’re not a partner.”  this post is about two ways (there are others) that partners build the firm. first, by speaking up when your partners need to hear what you think.
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grissom and aquila on partner performance evaluations

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woman conducting evaluationbusiness development is everyone’s job.

by august aquila and angie grissom
the august aquila leadership collection

he said: when conducting the partner performance evaluation, partners should not be surprised by the feedback. i often suggest that firms follow the following guidelines when it comes to delivering the annual (or semiannual) evaluation:

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agree together at the beginning of the evaluation period those competencies the partner should improve upon throughout the year. you may even wish to create an individual development plan that specifies those competencies and the activities in which the partner will engage to develop them.
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the seven leadership essentials for accounting firms

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businesswoman sitting on table while talking with four coworkersmanaging partners must learn when to say when.

by august j. aquila

while everyone learns by doing, we can certainly learn from others, especially those who have faced the same problem we are now facing.

more: gross profit in a professional services firm: opening a dialogue | client centricity leads to profitability | 6 steps to making your new pricing happen | preparing to change pricing philosophy
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do it sooner than later. this is perhaps the most often heard bit of advice that i hear from firm partners. too often we wait too long to address an issue. we know what the solution needs to be, but we are either afraid to decide or are hopeful that the problem will resolve itself. read more →

common approaches to partner agreement provisions

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woman winking and holding thumb upfrom retirees to part timers.

by marc rosenberg
the rosenberg practice management library

here are some best practices for partner agreement issues:

more: 15 partner agreement weaknesses and omissions | when solos bring in partners | 10 merger hiccups for partners | mandatory retirement: pros and cons (and is it legal?) | deciding how to allocate partner income
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

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15 partner agreement weaknesses and omissions

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make sure your agreement meets current standards.

by peter fontaine
cpa firm partner agreement essentials

too many firms suffer from major – often hidden – weaknesses and omissions in cpa firm partner agreements.

more: when solos bring in partners | 8 key items for partner agreements | 14 partner agreement issues in mergers | partner duties, prohibitions and grounds for expulsion
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start with this checklist to test yours.

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when solos bring in partners

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two businessmen shaking hands across desk and documents in office7 must-haves.

by marc rosenberg
the rosenberg practice management library

many major cpa firm transactions – partner agreements, mergers, the first retirement of a partner and bringing in a new partner – have one thing in common: firms have very little if any experience with them.

more: 8 key items for partner agreements | 12 basics of partner agreements | partner agreement issues affecting women | quick tip: partners investing in clients | non-equity partners: why have them? | why you might want an executive committee | buyout when a partner dies | why and how new partners buy in
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in many cases, it’s the first time they have ever contemplated this move. but bringing in a new partner cannot be done in isolation. all of the following are needed:

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8 key items for partner agreements

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forethought now can save headaches later.

by marc rosenberg
the rosenberg practice management library

a partner agreement can cover a lot of ground.

more: 12 basics of partner agreements | 10 merger hiccups for partners | mandatory retirement: pros and cons (and is it legal?) | deciding how to allocate partner income | making partner: today’s 15 essential skills and traits | how to specify managing partner duties | ownership percentage and capital accounts | 5 key reasons to have a partner agreement
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in this post, we’ll cover eight miscellaneous provisions you might include: read more →

how partners fail

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midsection of businessman moving out with cardboard box from officeand why: the metrics every cpa needs to know.

by domenick j. esposito
8 steps to great

“status quo, you know, is latin for the mess we’re in.”

– ronald reagan

you have heard it many times before. worse yet, you are living it today.

more on strategic planning: ineffective management is hazardous to your firm’s health | why do we accept poor new business results? | the link between strategy and winning on value | focus on an enhanced client experience | 22 things leaders must do | 21 questions to help unlock accelerated growth | m&a candidates: valuations and vetting
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today, many small and midsized cpa firms are being challenged by slow organic growth coupled with:

  • an unprecedented pace of technological change
  • very intense margin pressure
  • too many competitors
  • a shortage of qualified talent (particularly in the tax area)

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12 basics of partner agreements

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these are non-negotiable for new partners.

by marc rosenberg
the rosenberg practice management library

when any business transaction takes place, both parties to the agreement must agree, preferably in writing, to the terms of the arrangement. bringing in a new partner is no exception.

more: 10 merger hiccups for partners | 14 partner agreement issues in mergers | partner duties, prohibitions and grounds for expulsion | principals who aren’t cpas | why non-compete and non-solicitation covenants matter
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the document confirming this arrangement is the partner agreement. everyone has trepidations about signing a long document filled with legalese. the prospective new partner has probably never seen such a document before and is certainly not familiar with its standard provisions.
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ineffective management is hazardous to your firm’s health

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red warning sign9 warning signs, plus 4 things a managing partner should not be.

by domenick j. esposito
8 steps to great

hard to believe but every year there are a number of small and midsized cpa firms that either “die on the vine,” break up or merge up as “damaged goods” if a well-run firm is willing to take them on.

more on strategic planning: why do we accept poor new business results? | is it time to manage your receivables like a real business? | mine vs. yours vs. ours | 22 things leaders must do | 21 questions to help unlock accelerated growth | m&a candidates: valuations and vetting | ai likely to accelerate merger mania
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why is it that so many firms continue to spiral into a slow death? it’s because they are aware of the danger signals but little, if anything, is done about them or because they are not paying attention to the warning signs including the following:
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10 merger hiccups for partners

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number 10don’t let the big event mess up your partner agreement.

by marc rosenberg

clearly, in a merger, many issues must be agreed upon between the two firms.

more: 14 partner agreement issues in mergers | partner agreement issues affecting women | quick tip: partners investing in clients | non-equity partners: why have them? | why you might want an executive committee | buyout when a partner dies | why and how new partners buy in | a crash course in partner retirement/buyout plans
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merger agreement issues that may affect the buyer’s partner agreement include these:
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