How MPs Can Make a Real Difference

Diagram of leadership model8 key activities.

By August J. Aquila
What Makes a Great Partnership

So, what do the truly successful managing partners do that differentiates them from their peers?

MORE ON GREAT PARTNERSHIPS: 10 Steps to Transitioning to a New MP | 5 Ways to Keep Your Edge | The Toughest Job in the World: Managing an Accounting Practice | How to Become the Firm of Choice | Five Factors for Measuring a Partner’s Value | Why Accountability Counts | Communication Goes Both Ways | Why Shared Values Are Important | Why ‘Walking Together’ Is So Important
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I will quickly summarize the results of our research, which entailed us interviewing 150 practicing and managing partners in a cross-section of consulting, accounting and law firms across Europe and the U.S., before focusing on the things great managing partners did to ensure they were always at the top of their game.
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10 Steps to Transitioning to a New MP

Senior businessman and another businessman talkingPlus 4 questions to answer if the MP is staying with the firm.

By August J. Aquila
What Makes a Great Partnership

One of the most difficult events that a firm faces is the transition of power from one managing partner to another, especially when it’s the first time.

MORE ON GREAT PARTNERSHIPS: 5 Ways to Keep Your Edge | 5 Reasons That Leaders Fail | 11 Things All Partners Must Do | Why Partners Need Written Goals | The 6-Step Plan for Transitioning Clients | Fighting Restraining Forces | Chemistry and Mutual Respect Matter | Great CPA Firm Partnerships Begin with Trust | The 4 Best Ways to Use Pre-Retirement Partners
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Knowing when to pass the baton and how to pass it are critical decisions every firm will have to make.
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5 Ways to Keep Your Edge

number 5 drawn in sandHow to climb back when you're stuck in a rut.

By August J. Aquila
What Makes a Great Partnership

Have you even wondered why in good times or in bad it seems that managing partners of professional service firms fail?

MORE ON GREAT PARTNERSHIPS: 5 Reasons That Leaders Fail | What Managing Partners Should Be Doing | Do Your Partners Pay Their Own Way? | 7 Keys to Becoming an Equity Partner | How and Why to Achieve Partner Unity | How You Can Get Partners to Change | Why Expectations Must Be Defined | Are You Driving Your Best Partners Crazy? | 7 Warning Signs for Your Firm | The Checks and Balances Your Firm Needs | Don’t Weed Out the Roses | Back to Basics: 25 Ways to Grow Your Practice
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What happens to them? Do they get stuck in a routine? Do they fail to see the next issue coming down the road? Do they stop thinking about what is critical for success? Or, do they spend too much time with clients, with dysfunctional partners, or with all the other noisy, but unimportant things that can pull them from their purpose?
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5 Reasons That Leaders Fail

Confused figure sitting at base of signpost with three directional arrowsNip these in the bud as soon as you see them.

By August J. Aquila
What Makes a Great Partnership

Several years ago there was an interesting article in Fortune magazine. It dealt with the topic of why CEOs fail.

MORE ON GREAT PARTNERSHIPS: What Managing Partners Should Be Doing | The Toughest Job in the World: Managing an Accounting Practice | How to Become the Firm of Choice | Five Factors for Measuring a Partner’s Value | Why Accountability Counts | Communication Goes Both Ways | Why Shared Values Are Important | Why ‘Walking Together’ Is So Important | 6 Ways to Pay Partners | How to Build a Better Firm Through Teamwork | 8 Questions to Analyze Your Pricing | 24 Points for AFTER the Deal Is Done | 5 Questions for Every MP to Answer Honestly
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For example, “Chainsaw Al” Dunlap was let go by Sunbeam after two years of years of dismal performance and questionable conduct. What do CPA firm managing partners have to learn from corporate America?
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What Managing Partners Should Be Doing

How do you measure up against these 8 factors?

By August J. Aquila
What Makes a Great Partnership

The responsibilities of a managing partner can be captured in the following two paragraphs:

MORE ON GREAT PARTNERSHIPS: The Toughest Job in the World: Managing an Accounting Practice | 11 Things All Partners Must Do | Why Partners Need Written Goals | The 6-Step Plan for Transitioning Clients | Fighting Restraining Forces | Chemistry and Mutual Respect Matter | The 4 Best Ways to Use Pre-Retirement Partners | Drop Politics, Be Accountable | What Makes a Successful Strategic Plan? | 8 Ways Leaders Destroy Firms
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General responsibilities include reporting directly to the governing committee and the firm, being responsible for the firm’s overall management and practice, supervising the overall marketing and business development effort, managing the professional staff and providing guidance for the support staff.
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