the partnership

solve the partner comp problem

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dial with arrow pointing to word "strategy"now is the time to take a hard look at your partners and your compensation model.

by domenick j. esposito
8 steps to great

let’s take a deep dive into both a firm’s partner mix and its compensation model.

more on strategic planning: 21 questions to help unlock accelerated growth | growth: the difference between the disruptor and the disrupted? | use compensation to shape partner behavior | the importance of m&a culture due diligence | are you attracting the new breed of equity partners?
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

in a “good to great” research study on high-performing organizations performed by jim collins, it was concluded that the method of compensation, as a causal factor for high and sustained performance, is largely irrelevant. the study concluded that whatever system is in use, it simply must be rational and equitably managed and that high sustained performance is largely the result of doing many things well.
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how much should partners make?

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scale with coins on one side, alarm clock on the otherdo they deliver or develop?

by rob nixon

how much should a partner of a multipartner accounting firm be paid? should it be equal pay because you have equal shareholding?

more on strategy: the entrepreneurial accountant: an oxymoron? | how to structure your firm for success | why average project value matters | do your clients want more? | the bizarre habits of accountants | 12 traits of a better you
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if it is going to be equal pay then each person must pass the checklist of the ideal partner. it’s my opinion that most should not be paid equally.
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use compensation to shape partner behavior

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do you have the right mix of partners?

by domenick j. esposito
8 steps to great

visualize your partner group fitting into a bell curve.

more on strategic planning: ai likely to accelerate merger mania | what a value proposition truly is (and isn’t) | does your firm need an independent executive committee member? | 10 ways to link compensation and strategy | develop home-grown future leaders | how to capitalize on the trusted business advisor opportunity | leadership must be persistent and consistent
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in quartile #1, you have the stallions – the very high performers who produce outstanding contributions to the firm year in and year out. these equity partners want to win and know how to do it.
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6 questions for planning your succession

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august aquila: "holding on too long is the most serious sin you can commit."make your planning spell success.

by august j. aquila

it’s no surprise to anyone thinking about retiring or selling a practice today that the number one issue they face is finding someone to take over the practice.

more on great partnerships: 7 issues in partner retirement planning | solving underperforming or dysfunctional partners | the 3 types of partners you need | how mps can make a real difference | 5 reasons that leaders fail | 11 things all partners must do | why partners need written goals
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

there is a definite shortage of buyers and those who are buying are becoming more and more selective. many firms will find that it has now turned into a buyers’ market.
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7 issues in partner retirement planning

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older businessman with jacket over shoulderplus 6 steps for transitioning clients.

by august j. aquila

the biggest danger facing the future of accounting firms today is not the economy. it is the lack of planning for partner retirement.

more on great partnerships: solving underperforming or dysfunctional partners | underperformers come in many shapes and sizes | 6 focuses for managing partners | 10 steps to transitioning to a new mp | what managing partners should be doing | 11 things all partners must do | why partners need written goals | fighting restraining forces
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

you would think that this would be one of the most important strategic issues for firms, but unfortunately it is not.
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solving underperforming or dysfunctional partners

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two businessmen arguingplus 21 ways to identify them.

by august j. aquila

i’ve been dealing with underperforming or dysfunctional partners for a quarter of a century. while the underperformers and dysfunctional ones haven’t changed much in that time, the way firms are dealing with them certainly has.

more on great partnerships: underperformers come in many shapes and sizes | is it time for a partner compensation checkup? | 13 points of a good compensation plan | 5 ways to keep your edge | how to become the firm of choice | why ‘walking together’ is so important | how to build a better firm through teamwork | 8 questions to analyze your pricing | 5 questions for every mp to answer honestly | 6 practical ways to innovate
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

the so-called white gloves in the accounting profession came off many years ago when dealing with competitors. they are now off when dealing with these two types of partners.
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underperformers come in many shapes and sizes

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stressed businessman resting head on hands at desk6 questions to ask … about the firm.

by august j. aquila

over the years i have been called in to firms to help address an underperforming partner. i have learned that underperforming can mean a lot of different things and the underperformer can have many different problems.

more on great partnerships: is it time for a partner compensation checkup? | the 3 types of partners you need | how mps can make a real difference | 5 reasons that leaders fail | 11 things all partners must do | why partners need written goals
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

i have also learned that many managing partners waste a lot of time and energy either trying to “fix” the underperformer or just ignoring the 5-ton elephant in the room.
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the 3 types of partners you need

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two men shaking hands as woman stands with oneyes, you need new clients, and new business from old clients. but there’s another key player.

by august j. aquila
what makes a great partnership

it seems like no matter what the topic is at partner meetings, it always reverts to compensation. there isn’t a partner out there who is not interested in his or her compensation, and maybe even more interested in what the other partners make.

more on great partnerships: 6 focuses for managing partners | 13 points of a good compensation plan | 5 ways to keep your edge | the toughest job in the world: managing an accounting practice | how to become the firm of choice
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

compensation is also a topic on which all the partners can never agree. each partner likes the compensation system that most favors his or her strengths. hence, non-business developers favor production while business developers favor origination.
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6 focuses for managing partners

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businessman giving instructions to his colleaguesplus 37 specific traits for evaluation.

by august j. aquila
what makes a great partnership

according to marc rosenberg, managing partners should focus on the following six areas*:

more on great partnerships: 13 points of a good compensation plan | how mps can make a real difference | 5 reasons that leaders fail | 11 things all partners must do | why partners need written goals | the 6-step plan for transitioning clients | fighting restraining forces | chemistry and mutual respect matter | great cpa firm partnerships begin with trust | the 4 best ways to use pre-retirement partners | work together better in 11 steps | drop politics, be accountable | what makes a successful strategic plan?
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

  • leadership
  • profitability
  • strategic planning
  • team building
  • learning/training
  • asset protection

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13 points of a good compensation plan

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man counting $100 bills into three pilesdoes your plan pit partners against each other?

by august j. aquila
what makes a great partnership

during the last 13 years i have focused a large part of my practice on helping firms develop compensation plans.

more on great partnerships: how mps can make a real difference | 10 steps to transitioning to a new mp | what managing partners should be doing | do your partners pay their own way? | 7 keys to becoming an equity partner | how and why to achieve partner unity
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

a critical element in keeping partners engaged is having a compensation system that rewards them for doing the right things. here’s what i found to be some of the best practices.
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ineffective partners and how to address them

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three office workers glaring at cameraconsider not just the current impact, but the future.

by domenick j. esposito
8 steps to great

most accounting, tax and advisory cpa firm professionals who have demonstrated that they can help perpetuate an organization become partners between the ages of 35 and 42. in many cases, these same professionals retire from their firms as they approach the age of 60, 65 and 70.

more on strategic planning: develop home-grown future leaders | who will be the next category killer? | why is strategy execution so difficult? | time running out for succession planning | the benefits of a client situation review | capital markets 101 | how to implement industry practice groups | what is ‘acceptable’ performance?
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many emotional and physical changes happen to us humans over the course of 25, 30 or 35 years. sometimes for the good and sometimes for the bad, our personal lives, energy levels and productivity at the age of 35 usually are different than our personal lives, energy levels and productivity at the age of 65.
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how mps can make a real difference

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diagram of leadership model8 key activities.

by august j. aquila
what makes a great partnership

so, what do the truly successful managing partners do that differentiates them from their peers?

more on great partnerships: 10 steps to transitioning to a new mp | 5 ways to keep your edge | the toughest job in the world: managing an accounting practice | how to become the firm of choice | five factors for measuring a partner’s value | why accountability counts | communication goes both ways | why shared values are important | why ‘walking together’ is so important
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

i will quickly summarize the results of our research, which entailed us interviewing 150 practicing and managing partners in a cross-section of consulting, accounting and law firms across europe and the u.s., before focusing on the things great managing partners did to ensure they were always at the top of their game.
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when the inmates are running the asylum

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crazy doesn’t get better by adding more crazy.

by dom cingoranelli

“we can’t really enforce this because we don’t want to risk having him (or her) quit.”

i can’t tell you how many times we hear something to this effect when we talk with cpas. we hear this at small firms and we hear it at large firms. we hear it from partners, from directors, and from managers. it doesn’t matter what size firm they’re in, nor does it matter what level or position they hold.

it’s always the same line. it reminds me of the old adage, “the inmates are running the asylum.” and, it raises the question of who actually is running the firm. who’s in charge?

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