A new generation takes over the corner office. Join the survey, get the results.
by Rick Telberg
CPA Trendlines
The same generational shift that has the accounting profession fretting about succession, mergers and millennials is also wreaking havoc in another sector of the firm: the office of managing partner.
By one CPA Trendlines study of a fairly typical global association of firms, roughly 25% of the managing partners now serving have held the job for two years or less. In a business that measures job longevity in decades, two years represents rookie status. Considering the advance of age and consolidation, we estimate that within another five years 80% of today’s firms will be under new management.
This new generation of managing partner is bringing new energy and new ideas to the profession. But that hardly makes up for the lack of executive leadership training and experience of the new class of CEO. Mistakes are sure to follow: making big decisions too quickly, or too slowly; misunderstanding the business drivers or looking at the wrong ones entirely; failing to make the right relationships with the right people, or maintaining bad relationships for too long.
CPA Trendlines is canvassing practitioners across the nation and in firms of all sizes to sift out some of the best advice we can find for the rookie managing partner. Join the survey, get the results.
And so far, we’re getting an earful.
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