What’s in a (Firm) Name?

Post with two signs, "same" and "change"There are reasons to change, but don't do it without reflection.

By Marc Rosenberg

This will be short because this area is cut and dried. Let's focus on how a firm's name affects the way it is managed.

MORE: A Crash Course in Partner Retirement/Buyout Plans | 5 Key Reasons to Have a Partner Agreement | Protect Your Business with a Solid Partner Agreement
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There are two primary scenarios to examine.
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A Crash Course in Partner Retirement/Buyout Plans

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

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

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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Technology Playing Center Stage in CPA Profession

Woman using midair interfaceAlso: Retirees who want their buyouts had better transition their clients.

By Marc Rosenberg
Rosenberg MAP Survey

Anyone knowledgeable about the state of the CPA firm industry would agree that technology is playing center stage

The potential of blockchain, artificial intelligence and data analytics is set to transform CPA firm technology in the same way that previous blockbuster inventions – PCs, laptops, the Internet and software – did that almost instantly made obsolete the manual work CPAs painstakingly performed for decades.

Every year, the authors of the Rosenberg MAP Survey ask the industry’s top consultants to share their observations of what they are seeing at CPA firms. Specifically, they are asked the following questions: READ MORE →

New Survey: Profit per Partner Hits $430k

Two reasons it will just keep getting better.

By Marc Rosenberg
The Rosenberg MAP Survey

It’s a great time to be a CPA, with exciting news from the 19th annual Rosenberg MAP Survey.

Profits, as measured by income per equity partner, are $430,000, up 6% from $406,000 in the prior year.

 

More from the Rosenberg MAP Survey: Next Generation Balking at Buyouts  | Embracing New Technology a Must  |  Offshoring On the Rise  |  Recruiting and Retention Are Challenges   |  Technology Will Solve Labor Shortages   |  Firms Must Build Their Benches

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The increased profits were due to:

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Why It’s Great to Work at a CPA Firm

People in office releasing balloonsFive ways to make staffers feel like stars.

By Marc Rosenberg
On Staffing

Partners have it great. They:

  1. Function as entrepreneurs
  2. Love the freedom and flexibility of being a business owner
  3. Have clients who love them and vice versa
  4. Do work that is challenging and interesting
  5. Have staff to delegate work to
  6. Mentor young people
  7. Have tenure, just like professors (well, not officially)
  8. They make great money, way more than they ever thought
  9. They have almost no accountability (pardon the sarcasm!)

MORE ON STAFFING: Why Job Descriptions Matter | Generational Differences: Truth and Fiction | MPs Chime In on Recruiting, Development, Retention | How to Set Your Firm Apart to Recruits | Why Staff Scheduling Should Be Centralized | Compensation: Money and Beyond | How to Make Mandatory Saturdays a Thing of the Past | What Staff Mentoring Is and Isn’t | Do Flexible Hours Help or Hurt Us? | 8 Keys to Keeping Staff Engaged | Staffing: What CPA Firms Are Learning the Hard Way
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The stress of partners’ jobs sometimes causes them to forget they have such a great gig. But when partners stand back and think of what they have going for them, they see how nice the big picture is.
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