no partner vote needed: 17 decisions best left to the managing partner alone
a lesson in leadership from the front lines.
by marc rosenberg, cpa
author of “cpa firm management and governance.”
tony kendall is the ceo of mitchell & titus, a firm of over 170 professionals, 19 partners and locations in new york city, chicago, philadelphia, newark, baltimore, and washington, d.c.
shortly after taking over the reins from the firm’s founder, he orchestrated changes in the firm’s management structure, saying this: “i can’t manage this firm if i have to take a vote every time i want to make a decision.”
more on cpa firm leadership and management: what a managing partner is… and is not • when is it time to shift your firm from partnership-style to corporate-style governance? • de-bunking the myth about niche marketing for tax and accounting firms • practice development is no longer an optional activity • 10 good ways the achieve partner accountability • pick your partners right to begin with • not every firm needs a general patton • overcoming the three biggest obstacles in succession planning at cpa firms • cpa firm merger “non-negotiables” • the “aha moment” in cpa firm leadership • leadership is overrated: it’s good management that makes successful firms • 40 great ways to improve firm profitability • four management metrics that fool even the best-run firms • 19 ways to improve accounting firm profitability•
all partners usually vote on major decisions, such as:
- admitting or dismissing a partner.
- mergers and lateral partner hires.
- changes to the partnership agreement.
- expenditures in excess of a dollar amount.
- annual budget approval.
beyond that, most well-managed firms with a strong managing partner allow him or her to make at least 17 types of decisions without any approval process: read more →
