management

a crash course in partner retirement/buyout plans

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3 issues to decide and 25 main provisions to include.

by marc rosenberg

when firms call me for help on their partner agreement, i immediately ask this question: “do you want help with your entire partner agreement or just the retirement/buyout part?” two-thirds of the time, they want to address only the retirement plan.

more: 5 key reasons to have a partner agreement | protect your business with a solid partner agreement
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my practice in the area of cpa firm partner agreements consists of two parts:

  • the partner retirement/buyout plan.
  • everything else. i often refer to this as the general partner agreement.

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5 key reasons to have a partner agreement

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plus what can happen if you don’t.

by marc rosenberg
partner agreement essentials

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 on partnership: protect your business with a solid partner agreement | how business entity type affects partner income | equity vs. non-equity partners | partner pay in retirement transition period | buyout: the flip side of buying in
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but most readers probably knew this definition, so it might not be very illuminating. let’s try this one.
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protect your business with a solid partner agreement

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number 6plus 6 ways they’ve changed over the years.

by marc rosenberg
partner agreement essentials

buying a family home is one of the the biggest investment most people make in their lives. and because most of us are not real estate experts, we protect ourselves by engaging an attorney to ensure that the purchase is handled correctly.  we don’t hesitate for a moment to invest a few thousand dollars of attorney fees to hire an expert.

more on partnership: how business entity type affects partner income | what partnership gets you (and doesn’t) | 5 cautionary tales in partner compensation | partner pay in retirement transition period | 23 key provisions in a partner buyout | management stipends: who, how and why | when a firm tanks while a partner soars | research results: how firms pay new partners | what does buy-in buy? | how profitability affects income allocation | keys to bringing in new partners
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being a partner in a cpa firm should be no different.
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mine vs. yours vs. ours

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businessman tightly holding briefcase with dollar sign on it15 ways to take an entrepreneurial approach instead.

by domenick j. esposito
8 steps to great

it is a very prevalent view that midsized law firms are not particularly well led and well managed.

more on strategic planning: pitching vs. pursuing | focus on an enhanced client experience | new year’s resolution: solve the partner comp problem | 6 rocks in the path to growth | use compensation to shape partner behavior | the importance of m&a culture due diligence | are you attracting the new breed of equity partners?
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many of their partners operate as silos and refer to clients as “my clients” and “my book of business.” sure, they share space and other overheads but they do not institutionalize clients for the long-term benefit of the firm.
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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?
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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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four amusing millennial myths

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three young people working in an officeare you sure they’re so different?

by frank stitely

no workplace topic triggers more useless diatribes and spewed nonsense than the dreaded millennial.

more from frank stitely: the annual tax meeting is dead. clients killed it. | 3 rules for asking great tax-return questions
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know why millennials can’t afford houses? avocado toast is expensive. when millennials play monopoly, they never buy any properties. they just circle the board and pay rent. a millennial, a gen xer and a baby boomer drive to a bar. well, you know that story can’t be true. the millennial takes lyft. tweet any word from a dictionary, and you’ll offend a millennial somewhere.
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seven essential checklists for getting new tax clients

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green checks being made on checklistdon’t let marketing be an afterthought.

by jassen bowman
tax resolution systems

in an ideal world, every business day would feel like the movie “groundhog day.”

more: checklists for your tax resolution office setup | the ins and outs of hiring and firing | market to your ideal clients | one-step vs. two-step marketing | tax resolution: a lucrative opportunity | 5 reasons your firm training needs nano learning
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the same things would happen at the same times, day in and day out. your business would run like a well-oiled machine that simply puts out marketing, takes in clients and cashes checks.
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performing like crap can be a badge of honor

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young businessman using laptop and phone in the officeare you meeting expectations? exceeding them?

by steven e. sacks

a strange concept you might think. when someone acknowledges that your actions reflect crap there is no positivity in this assessment. and because this term is baked into the american lexicon, people will always view it negatively.

more: getting the accounting firm agreement right | confronting leadership: not such a bad thing | the damocles sword of staff retention | does your board know its role? | five powerpoint rules to live by
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but what if we look at it another way – in the form of an acronym? let’s give it a try.
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getting the accounting firm agreement right

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businessman sitting in office and reading documents7 warning signs and 6 solutions.

by steven e. sacks

engaging in what is considered conflict avoidance can undo the progress a firm has made. this can be because of complacency, frustration, intimidation or a host of other issues.

more: confronting leadership: not such a bad thing | 7 steps to take as your firm grows | how enthusiastic is your staff? | can you recite your mission statement? | your firm’s biggest assets walk out the door every day
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some things are intuitively understood, but it’s those occasional sticky matters that tend to make situations unravel. establishing and keeping agreements helps to avoid confrontation – the one typically arising from someone promising to do something in a timely and complete manner and within a specified budget.
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does your board know its role?

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business meeting with people around table facing forward4 questions for review.

by steven e. sacks

the purpose behind an organization creating a board is not to micromanage, design a company logo or address human resource issues. neither is its role to sit around and smoke cohiba esplendido cigars and sip louis xiii de remy martin grande cognac.

more: can you recite your mission statement? | does busyness really mean productivity? | five powerpoint rules to live by | your firm’s biggest assets walk out the door every day | so much to do and so little time: achieving success in the c-suite | can we please refer to accounting as a profession?
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this glad-handing, back-slapping culture led to the financial breakdowns in the early 2000s and probably still is happening at this writing.
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