by marc rosenberg
cpa firm management & governance
one of the most common agenda items at partner retreats is the question of what it means to be a partner in the firm.
more cpa firm management & governance: 17 ways to measure a partner | 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 |
so, what is a partner? here are 17 metrics. read more →
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 →
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 →
essential duties currently missing from most job descriptions.
most of the usual responsibilities of a managing partner can be captured in two paragraphs:
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.
and four other hurdles today’s accounting firms must overcome.
by patrick j. mckenna
professional services firm consultant and author
many firms are in denial, and the few that aren’t move very slowly.
if your firm gets caught behind the curve, it wasn’t because critical trends weren’t visible; it was because they were ignored. the huge challenge remains that for too many firms, unless there is acute “pain,” there is little incentive to change. history proves that laggards only grab for the new once they are totally convinced the old doesn’t work anymore.
adapted from the introduction 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
and the old doesn’t work anymore!
when does a firm’s strategy change? usually only in response to a crisis or because of the initiative of a new managing partner. in many firms we have a generation of stewards rather than entrepreneurs.
the right way and many wrong ways that firms handle non-equity partner strategies.
a new analysis of data in the current rosenberg map survey shows that the number of firms adopting non-equity partners is surging. some 78% of firms over $20 million now have non-equity partners, as well as 61% of firms from $10 million to $20 million.
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percentage of firms with non-equity partners
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|||
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> $20m |
$10–20m |
$2–10m |
all firms |
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2012-2013 report
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78% |
61% |
39% |
46% |
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2008-2009 report
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47% |
33% |
37% |
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in this report by marc rosenberg:
with more firms adopting a compensation committee system to sort out a partnership’s touchiest issues, marc rosenberg provides a 12-item checklist of best practices.
the list covers how to frame the committee’s mandate (“full reign”) to how its decisions should be treated (“no appeals. no approval needed.”). read more →
by august aquila
author of “leadership at its strongest”
and “how to engage partners in the firm’s future“
research shows that managing partners and marketing directors are still facing some major challenges when it comes to getting their firms to implement change. why?
here are four key issues firm leaders today face.
1. getting partners to buy in.
2. creating a firm vision that gets all partners on the same page.
3. helping develop a culture of accountability.
4. being asked to accomplish too many goals.
when the managing partner and the chief marketing officer work together they have a better chance of being successful in these areas. you may ask what do these four factors have to do with the marketing director? and i would answer – everything.
overcoming these four issues will make the firm more competitive, efficient and profitable. here’s how the best managing partners work with their marketing directors: read more →
survey data show the right answer is counter-intuitive.
by marc rosenberg
rosenberg map survey
the genesis of this question comes from one of the most hotly debated issues in cpa firm practice management: is it better for partners to have high or low billable hours?
here are billable hour facts for partners in multi-partner firms, based on the rosenberg map survey: read more →
and 12 retreat topic no-no’s.
by august aquila
author of “leadership at its strongest”
the purpose of the retreat should be clearly thought out early in the year. articulate one or two goals for the retreat. you need to be very specific as to what you want to accomplish. for example, the purpose of the retreat is to develop a succession plan for the firm. you many not know exactly what it will look like, but you know what the end product of the retreat will be.
if you cannot do this, don’t hold the meeting. ask yourself this one question: “what would happen if we did not hold this retreat?” if the answer is “nothing,” you’ll know what to do.
retreat topic no-no’s
let’s look at common retreat topics that should not be discussed at a retreat. you may or not agree with the list, but i urge you to strike the following items from your retreat agendas. read more →
especially in these trying times, partners must show leadership by accepting the consequences of their actions – or their inaction.
accountability is the essence of your success, according to management consultant august aquila, author of “leadership at its strongest: what successful managing partners do.”
“i don’t think that the average partner takes accountability seriously,” aquila says. “if they did, they would take their individual goals more seriously and not let their fellow partners down.” read more →
10 important factors to be taken into consideration.
by marc rosenberg
author of “cpa firm management and governance.”
how to slice the profits pie.
ever wonder about revamping the partner compensation system for your firm? but how to assess partner performance? and how to reward the right things?
a firm’s compensation system is a reflection of its culture and competitive realities, according to august aquila, a regular 卡塔尔世界杯常规比赛时间 contributor and leading practice management consultant.
more for cpa firm partner groups at 卡塔尔世界杯常规比赛时间 pro members: seven ways to build the right culture | how to change a partner | how a founding partner passes the baton to a new managing partner | six reasons not to plan for succession | how to apply sam walton’s 10 rules for success at your firm | nine steps to effective succession planning for the small firm | thinking merger? look before you leap
if it’s been a while since you gave your comp system a checkup, then you might be interested in aquila’s 16-point partner compensation checkup questionnaire to get you thinking about how effective your current compensation plan is: