how involved should retired owners be?
those still doing work should be under contract.
by bill reeb and dominic cingoranelli
卡塔尔世界杯常规比赛时间 / succession institute
management
16 best practices for communication
should retired partners take staffers with them?
is your plan upside down?
by bill reeb and dominic cingoranelli
卡塔尔世界杯常规比赛时间 / succession institute
4 ways to create more capacity
consider creating two classes of partners.
by bill reeb and dominic cingoranelli
卡塔尔世界杯常规比赛时间 / succession institute
when partners plan to retire, how do we go about creating additional capacity or freeing up the necessary capacity to handle the client transitions that need to occur?
more on performance management: partner retirement and the war for clients | succession: the questions to care about | 7 succession questions to ignore for now | develop your employees or suffer the consequences | what having your employees’ backs means | 5 harmful management attitudes (and how to fix them) | job 1 for the practice owner: client management
first, all of the “c” clients, which is our shorthand way of describing the smallest clients the firm serves – who while profitable, don’t have much opportunity to hire us for additional services – should not be transitioned to partners, but rather to managers.
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how to address partner compensation at a retreat
how do you feel about evaluations … and tying compensation to them?
by marc rosenberg
cpa firm retreats
before formally beginning the discussion part of a retreat session, it’s always a good idea to begin by asking the participants what they want to be sure to cover. as issues are suggested, the retreat facilitator should write them down on a flipchart.
how to find a partner’s replacement
should you add a partner … or capacity? they’re not the same thing.
by bill reeb and dominic cingoranelli
卡塔尔世界杯常规比赛时间 / succession institute
let’s assume you have a retiring partner. you have decided how to pay the partner for his/her value in the firm, you have pinned down the mandatory sale of ownership date (mso) so you can phase that partner out of his or her leadership role in the firm, and you have covered the single most abused part of the succession process, which is client transition. it is now time to discuss how to find replacements for the retiring senior partners.
more on performance management: action plans for transitioning partners | partner retirement and the war for clients | succession: the questions to care about | the pitfalls of equity allocation and reallocation | cpa firm performance assessments: 15 core competencies, 21 questions | how to target what skills to develop now
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the most commonly asked question on this topic is “how can we find people with the same technical skills, management ability, client service capacity and vision for the firm’s future as those who are leaving?” the simple answer is “you won’t, so stop looking for that exact combination.”
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action plans for transitioning partners
the transition process is about making the retiring partner less attractive as the client’s first point of contact.
by bill reeb and dominic cingoranelli
卡塔尔世界杯常规比赛时间 / succession institute
the key to the client transition process is the action plan that the transitioning partner needs to follow for each client.
more on performance management: partner retirement and the war for clients | how retirement issues affect succession planning | 7 succession questions to ignore for now | the pitfalls of equity allocation and reallocation | how to target what skills to develop now | job 1 for the practice owner: client management
for a small tax client, the directive could be as simple as a one-year transition and turning it over to whoever has been assigned to take over that account. for example, the action plan might be something like:
partner accountability: how and for what?
13 things to hold partners accountable for, 10 ways to do it and 12 questions to ask. bonus: example of a personal accountability plan.
by marc rosenberg
cpa firm retreats
partner accountability means different things to different people. some quotations:
“if there are no consequences to failing to achieve a goal, then it is less likely that the goal will be accomplished.” – marc rosenberg
“if people are not prepared to be held accountable for what they do, it is unlikely they will achieve much.” – david maister
more on retreats: 30 marketing and growth questions to cover at a retreat | how marketing for cpa firms is different | why create a marketing plan? | thinking of merging? discuss it at a retreat | how to take action after a retreat | 12 simple rules for a retreat | leave your retreat with a to do list | every retreat needs a leader, but who? | retreats are no place for clowns | who should participate in a retreat? | retreat logistics: how long, what kind? | what should cpa firms discuss at retreats? | why do cpa firms conduct retreats?
“i’m a partner in this firm. that gives me the right to do whatever i darn well please, whenever i want to do it.” – firm partner to whom “accountability” is a dirty word
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turning problems into opportunities
what the highly successful do by habit and the rest of us need to learn the hard way.
by 卡塔尔世界杯常规比赛时间
every accounting firm has a problem. sometimes many problems. something is preventing exponential growth or inhibiting sales or tangling up the it system or requiring too many weekends at the office or causing clients to drift away or… well, the list could go on forever. no organization is perfect any more than any human being is perfect or any machine is perfectly efficient. somewhere in every firm there is a problem which, if solved, would make the firm better.
you need to find that problem and solve it. you need a system. here’s how some of the smartest people we know go about tackling their problems. read more →
best practices for client transition
improper transitions can lead to reduced retirement benefits.
by bill reeb and dominic cingoranelli
卡塔尔世界杯常规比赛时间 / succession institute
when a partner is retiring, there is a transition process that we recommend. let’s break it down into a few simple steps:
more on performance management: how client transition is abused | best practices for mandatory retirement | how retirement issues affect succession planning | succession: the questions to care about | 7 succession questions to ignore for now | how partner ratings factor into equity | hazards of not reallocating equity | the pitfalls of equity allocation and reallocation | develop your employees or suffer the consequences | cpa firm performance assessments: 15 core competencies, 21 questions | how to target what skills to develop now | what having your employees’ backs means | 5 harmful management attitudes (and how to fix them) | do cpa firms need management or leadership? | job 1 for the practice owner: client management
partner retirement and the war for clients
bonus checklist: 8 best uses for a retiring partner.
by bill reeb and dominic cingoranelli
卡塔尔世界杯常规比赛时间 / succession institute
once a firm is ready to phase out a partner in retirement, it’s time to move on to the client transition process. but this is the single most abused part of the entire succession process.
more on performance management: best practices for mandatory retirement | how retirement issues affect succession planning | 7 succession questions to ignore for now | how partner ratings factor into equity | the pitfalls of equity allocation and reallocation | cpa firm performance assessments: 15 core competencies, 21 questions | what having your employees’ backs means | 5 harmful management attitudes (and how to fix them)
the reason why this part of the process is the most abused is because both sides – the partner nearing mso (henceforth referred to as retiring partners or retired partners) and the remaining partners – are motivated to do the wrong things. for example, it is in the best interest of retiring partners to not transition their clients because if they don’t, the firm will need to keep them around to continue to work on them after mso. if this isn’t bad enough, because they did not transition their clients properly, the retired partners have a great deal of leverage since they are now entitled to their full retirement pay and still have control over some or most of their client base. this allows the retired partners to gain additional benefits from the partner group by basically reselling their clients to them again. unfortunately, this situation is more the norm than the exception.
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best practices for mandatory retirement
the work retired partners should – and shouldn’t – do if they stay on.
by bill reeb and dominic cingoranelli
卡塔尔世界杯常规比赛时间 / succession institute
once “fair” retirement benefits have been determined, for this moment in time, we can move on to the next step in building our succession plan. the reason i mention that we are simply putting stakes in the ground is because as we set additional stakes in the ground, those new stakes might require us to rethink a decision made when setting a previous stake.
more on performance management: how retirement issues affect succession planning | how partner ratings factor into equity | the pitfalls of equity allocation and reallocation | develop your employees or suffer the consequences
for example, if the firm later establishes premium perks for past owners who want to continue to work for the firm after sale of ownership, then that might require reassessing the retirement benefit calculation agreed to when setting that earlier stake (because in the end, the retirement benefit is about the whole package offered, not just one component).
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how retirement issues affect succession planning
if you believe your firm will be dysfunctional without you, now is the time to fix it.
by bill reeb, dominic cingoranelli, and tommye barie
the succession institute
when we take our clients through succession planning, eventually the focus turns to implementing the best practices for running a firm – but first we normally have to start with short-term retirement issues.
more on performance management: succession: the questions to care about | how partner ratings factor into equity | the pitfalls of equity allocation and reallocation | cpa firm performance assessments: 15 core competencies, 21 questions | what having your employees’ backs means
why? because typically you won’t get any buy-in for change until the partners have looked at whether the current retirement system is paying at least roughly a fair market value to the near-term retiring partners.