leadership

are you creating a sustainable firm?

by

many cpa firms may be on the path to extinction.

by gale crosley, cpa

the world’s population is becoming increasingly aware of the importance of sustainability. for several decades we’ve developed an understanding of preserving our planet’s resources. the recent sustainability conversation has amped up the focus among corporate executives on their social responsibility to insure our world’s future.

it’s an especially relevant time, therefore, to discuss the sustainability of our firms. and that’s what this book is about. managing partners spend significant time pondering their firm’s strategy. one of their greatest challenges is engaging their partners to be as committed as they are.

adapted from the preface to “how to engage partners in the firm’s future: the secrets every leader needs to know,” by august j. aquila and robert j. lees

there are lots of reasons for the challenge. these include a “nose to the grindstone versus up to the wind” mentality, partners not spending enough time dedicated to the task, abdicating their leadership role, putting their own interests before the firm’s, or just plain apathy. it’s easy for a partner group to sit around a table and discuss their future. but talk is cheap.  after the strategic planning is done, leaders actually have to do something. it takes significant effort to develop as a leader, work as a team, subjugate one’s own interests for the greater good, learn new competencies, solve complex problems, and exhibit leadership behaviors. read more →

why accounting? your clients want to know

by

“people don’t buy what you do, they buy why you do it.”

by hitendra patil
pransform, inc.

untitled

we are used to getting asked “what do you do for living?” but when someone asks “why,”we have to dig deeper to answer that question.

celebrity author simon sinek wrote a revolutionary book called “start with why.” he says, based on complex research results, “people don’t buy what you do, they buy why you do it.” he further adds – “those who know their why are the ones who lead.”

read more →

six reasons you’ll wish you had a partnership agreement

by

with 18 key clauses and 24 essential ingredients.

by marc rosenberg
cpa firm management & governance

a partnership agreement  contains clearly defined terms and conditions of the firm including, but not limited to, each partners’ responsibilities, their pay and their roles within the business.  it also includes rules and regulations that are to be followed by the partners in the business. it is essential for a cpa firm to have a partnership agreement, regardless of how collegial and friendly the partners are with each other.

more cpa firm management & governance:  how the structure of an accounting firm changes through the years    |    congratulations! your firm needs a human resources director    |    the 19-point marketing director job description    |    checklist: how the best managing partners and firm admins work in concert     |    21 questions for managing the managing partner    |    no partner vote needed: 17 decisions best left to the managing partner alone    |    new rules: 13 items that should be in your managing partner’s job description    |    when is it time to shift your firm from partnership-style to corporate-style governance?    |    not every firm needs a general patton    |

a partnership agreement can prevent potential future disagreements that could occur pertaining to the objectives and responsibilities of the firm.

a number of years ago, i was engaged by the managing partner of a firm to draft their first-ever partnership agreement.  the firm had three partners: the 57 year old founder, who was a dominant, rainmaking managing partner, and two other younger partners who performed at a much lower level than the founder.  read more →

shocked? most wall street professionals are crooked

by

or, so say their own colleagues.

more than half of all professionals in the financial services industry say they know of crooks and cheaters in their business.

screen shot 2013-07-16 at 10.01.29 ambut what are they doing about it? or, a better question: why should they do anything about it?

“wall street needs to take the first step toward recovery and admit that it has a corporate ethics problem, or main street should brace itself for more scandals,”  says jordan thomas, partner at the law firm that conducted the study.

see the 13 key findings, and get the full report in an instant download: read more →

eight new metrics to measure managing partner performance and potential

by

aquila
aquila

essential duties currently missing from most job descriptions.

most of the usual responsibilities of a managing partner can be captured in two paragraphs:

  • general responsibilities: report directly to the governing committee and the firm. responsible for the firm’s overall management and practice. supervise overall marketing and business development effort. manage the professional staff and provide guidance for the support staff.
  • specific responsibilities: coordinate the firm’s practices among the different offices and departments. implement the partnership agreement. appoint heads of various committees. represent the firm in community and professional organizations. supervise governing committee. oversee standing and ad hoc committees. provide guidance on financial policies and work with the governing committee to develop personal and administrative policies.

these are, without doubt, all good and necessary functions. but are they the ones managing partners should focus on?

august aquila, doesn’t think so.

his studies, documented in “leadership at its strongest” and “how to engage partners in the firm’s future,” show there are at least eight other areas that can make or break a managing partner and the firm.

– rick telberg

more for partnerships: the six challenges crippling progress in today’s multi-partner firms   |   the debilitating effects of denial at accounting firms    |   the five psychological hurdles that cpa firms must confront today   |   the managing partner’s secret weapon in change management    |   the 10 basic ways to boost profits at an accounting firm    |   12 must-do items for your partner retreat agenda   |   seven signs you’re working in a firm where the partners don’t trust each other   |   seven tactics to stand out from the crowd   |   achieving partner unity: the competitive advantage   |

in this report: see how you or your managing partner might compare on a new eight-point questionnaire.

read more →