the partnership

uncooperative partner might not be the problem

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why are they unwilling to help?

by ed mendlowitz
202 questions and answers: managing an accounting practice

question: my tax partner gives me a hard time when i ask her for assistance. is there anything i can do to get her to be more responsive?

more:  merge in lower-priced work without losing out | 20 things you need for a business valuation
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response: this can apply to every research question asked by anyone in the firm. besides tax, it can be for audit, internal controls, succession planning or any other client service area.

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partner accountability: the only two things that really matter

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both tax and audit partners can achieve margin goals, but in different ways.

by bill penczak

i was leading a midyear review of the 2023 strategic plan for one of my cpa firm clients, one that has experienced exponential growth (you’re welcome) in the past few years but simultaneously is facing the positives and negatives that accompany rapid growth. as we delved into the goals and objectives in the six strategic areas, it dawned on me that partner focus – and the ensuing measurement and related compensation – should be narrowed to just two things, which i will address in a bit.

more bill penczak: how to boost profits by (omg) sharing the upside | bill penczak: stop forcing smart people to do stupid work | chase birky: overcoming paralysis by analysis | dustin verity: keep an open mind and constantly learn | five ways to put success into succession planning | o.d. lanier: stepping into advisory | secret to success? a growth and abundance mindset | from tax to transformation | five steps to building advisory work | the six essential kpis for managing partners | the great resignation: five reasons accountants are quitting | five tips for better decision-making | your marketing sucks: six reasons why | five global cpa leaders: four survival strategies | are you too generous with your write-offs? | nine smooth moves to build client satisfaction | planning for success in 2021 | re-thinking today’s firm with five global leaders | 5 things your firm should do differently this summer | do you have the guts to beat the covid crisis? | how to inoculate your firm against covid competition | ‘found money’ delights clients | don’t buy a rolodex, buy a process | the three r’s for beating the corona crisis | 6 reasons why your marketing sucks
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the polar opposite of this kiss approach was the managing partner of a $100 million-plus firm that wound up being gobbled up by one of the supernationals almost 10 years ago. he was brilliant – he could look at an excel spreadsheet and, in “rain man” fashion, immediately identify wrong entries or formulas. (for those readers on the younger age spectrum, “rain man” was an academy award-winning film from 1988 starring dustin hoffman and tom cruise.) being the king of excel, this managing partner had created a 20-column rating sheet for each partner to measure their performance. in the words of one partner at the time, “there was so much detail, we didn’t even know what to focus on.”

time for wapner, indeed.

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new partners must be impact players

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man explaining something to three office colleagues around table

seven reasons why.

by marc rosenberg
how to bring in new partners

an impact player in sports is more than just a productive, loyal member of the team. the team relies on this player to be a consistent winner.

more: why partners can’t shirk performance reviews | twelve questions that prospective partners should ask | six systems used to determine partners’ goodwill payments | fifteen steps to new partner buy-in | four philosophies for managing a cpa firm | public accounting as a business, 101 | 16 steps to creating a partnership path
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

i’ve always liked this term to describe what a partner in a cpa firm should be. i like it so much that i inserted the term “impact” in the name of the partner self-evaluation form i offer.
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why partners can’t shirk performance reviews

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two men talking across a table, one holding a sheet of paper, window and brick wall in background

five types of partner evaluations. bonus: partner self-evaluation and impact form.

by marc rosenberg

the classic purposes of a performance evaluation are:

  • to improve performance.
  • to clarify what is expected of the individual and what is needed to advance.
  • to provide management with information to use in making promo-tion and compensation decisions.

more: twelve questions that prospective partners should ask | adding new partners: 19 reasons to choose between equity and non-equity | how partner buyouts work | what buying in actually means | how partner and staff actions impact profits | nuts and bolts of mentoring staff | nine ways to measure staff performance on the path to partner
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

the need for performance evaluations applies to partners as well as staff. contrary to what many partners may feel, partners can and must continually improve their performance.
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twelve questions that prospective partners should ask

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plus 11 questions your firm should ask prospective partners.

by marc rosenberg

this post should be read from the perspective of two different audiences: prospective partners and existing partner groups.

  • prospective partners: well before accepting a partnership offer, prospective partners should ask basic, critically important questions to help them judge whether accepting it would be a smart decision.
  • existing partner group: well before extending a partnership offer, the firm should get its house in order to avoid being embarrassed by smart questions posed by partner candidates.

more: adding new partners: 19 reasons to choose between equity and non-equity | what firms should address in partner agreements | 11 best practices for partner compensation | why buying into a firm is such a great investment | the business side of cpa firms | it shouldn’t take so long to make partner | three types of skills you need to become a partner
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

questions prospective partners should ask their firm

it’s one thing for a staff person to join a cpa firm, enjoy the job and experience success via nonstop promotions, feeling all along that the firm is a great place to work. but it’s quite another thing for a staffer to consider whether or not to accept a partnership offer that may come in the future.
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adding new partners: 19 reasons to choose between equity and non-equity

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the ways they differ.

by marc rosenberg

it’s worth exploring the reasons for equity partners in great detail.

here are the key points:

  1. new partners deserve the promotion to such a great extent that the firm can’t afford not to admit them to the ownership ranks.
  2. the firm needs to expand its partner ranks.
  3. the firm needs to replace a departed partner.
  4. it rewards longtime managers who have solid client service skills.

more: what firms should address in partner agreements | six systems used to determine partners’ goodwill payments | fifteen steps to new partner buy-in | four philosophies for managing a cpa firm | public accounting as a business, 101 | 16 steps to creating a partnership path | six ways new partners differ from managers | the four essentials for every new partner
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  1. it’s part of a succession planning strategy.
  2. partner promotions send a strong message to the staff.
  3. it energizes the partner group.
  4. it’s part of a merger strategy.

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what firms should address in partner agreements

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businessman sitting in office and reading documents
… and what partner candidates should know before they sign.

by marc rosenberg
how to bring in new partners

what is a partner agreement?

according to nolo.com, “a partner agreement spells out the rights and responsibilities of the firm’s owners. without one, firms will be ill-equipped to settle or avoid conflicts because if certain key passages are missing or written improperly, the courts will intervene in ways that the partners may not like. a partner agreement allows the firm’s partners to structure their business relationships with each other in ways that suit their desires, needs and preferences.”

more: six systems used to determine partners’ goodwill payments | how partner buyouts work | what buying in actually means | how partner and staff actions impact profits | nuts and bolts of mentoring staff | nine ways to measure staff performance on the path to partner | sixteen duties of a partner
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any post on partner agreements will have an obligatory paragraph like that. here is a more in-depth description that may be illuminating.
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six systems used to determine partners’ goodwill payments

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businesswoman using calculator while reviewing something on laptop screenalso: 28 main provisions of partner buyout plans.

by marc rosenberg
how to bring in new partners

this chart shows the different systems that firms across the country are using for partners’ goodwill payments. the data is from a recent edition of the rosenberg map survey.

more: how partner buyouts work | 11 best practices for partner compensation | why buying into a firm is such a great investment | the business side of cpa firms | it shouldn’t take so long to make partner | three types of skills you need to become a partner | seventeen basic expectations of partners
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

six systems used to determine partners’ goodwill payments

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