here’s what you’re looking for: marc rosenberg

14 keys. yes, they’re all important.

by marc rosenberg
the role of the managing partner

we have shared the most important parts of overall cpa firm management and the main duties of the managing partner in particular.

more: 10 ways to hold partners accountable | five ways to evaluate partners | manage partners with goal setting | overarching authority that managing partners must have | herding cats: advice for managing partners
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we presented a job description for a managing partner. depending on the day of the week and the makeup of the group discussing this job description, several items would be finalists for the most important duty on the list. few would argue if the winner of that competition were managing staff. here is the managing partner job description item pertaining to staff:
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plus nine reasons they should want to be.

by marc rosenberg
the rosenberg practice management library

before we get too far, we must answer a basic question: why would a cpa firm ever want to make someone a partner in the first place? why would it want to share profits with more people?

more: how to make partner?
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the short answer is that it must be beneficial to both the firm and the new partner. a win-win, as the saying goes.
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don’t keep it a mystery: six common mistakes.

by marc rosenberg
the rosenberg practice management library

accounting firms worldwide are dealing with an enormously difficult challenge today – one that has topped every firm’s list of critical issues since the turn of the century and will continue to be a high priority for years to come. the vast majority of firms struggle with it. failure to solve it causes hundreds of firms to merge out of existence every year.

more rosenberg: 10 ways to hold partners accountable | five ways to evaluate partners | compensation is no way to manage partners | 4 big issues that firms face | make sure partners focus on two things | manage partners with goal setting | clarify partner expectations | how the managing partner manages the partners |

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the “it” is, of course, succession planning, with difficulties rooted in a perfect storm of causes:

• the huge number of baby boomer partners nearing or reaching retirement age, coupled with …
• an acute shortage of younger people with the desire and the skills to succeed them, accompanied by …
• cpa firms’ historical weakness at retaining staff and developing them into leaders and future partners. evidence of this is the fact that 80 percent of first-generation firms never make it to the second.

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do your firm’s core values mean anything?

by marc rosenberg
the role of the managing partner

we have addressed the techniques managing partners use to manage the partners. one of the most effective tactics to show leadership in working with partners – and managing the firm – is to create ways to establish accountability for their behavior and conduct. in this post, we drill down on this.

more: five ways to evaluate partners | compensation is no way to manage partners | clarify partner expectations | exceptional managing partners offer their advice
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i have had the privilege of working with dozens of highly effective managing partners during my career. these leaders are the cpa profession’s equivalent of rock stars. one question i always ask them: what makes your firm so successful? they almost never cite the obvious suspects: great at bringing in business. lots of billable hours. high rates. expertise. long work hours.
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bonus: two forms you can use.

by marc rosenberg
the rosenberg practice management library

why do firms conduct performance evaluations of partners?

• to clarify what is expected of the partner
• to improve performance
• to provide management with information to use in allocating partner income, which should be linked to performance

more: compensation is no way to manage partners | make sure partners focus on two things | entitled rainmakers and other practice development errors | breaking it down: marketing job descriptions | how and why to hire a marketing director | how to brand and differentiate your firm
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five types of partner evaluations

1. self-evaluation
2. upward evaluations of the partners by the staff
3. client satisfaction and loyalty surveys
4. peer evaluations
5. traditional one-on-one appraisal sessions, same as for staff

larger firms use evaluations more than smaller firms. this is because larger firms tend to have more sophisticated management practices, including partner accountability, which is one of several techniques for managing partner behavior and conduct. smaller firms often avoid partner evaluations because they struggle with partner accountability. that’s not good, but that’s the life they lead.
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