Topic: partner

6 Reasons Why CPA Firms Fail in Innovation

The compensation trap that turns winners into losers. By August Aquila Creating the Effective Partnership The focus on most CPA firms is on billable hours. While there is nothing inherently wrong with this focus, it has become the overriding focus of firms. There is nothing wrong with making money today, but what about building for the future? With “today” being the dominant focus, what is the encouragement to CPAs to innovate?  In most firms there is no alignment with innovation and compensation. You will never have innovation unless you allocate some time and reward to making it happen.

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6 Reasons to Keep Partners from Retiring

And 4 ways to put them to good use. By August J. Aquila Creating the Effective Partnership There may be some senior partners who want to spend their remaining years basking in the sun or playing golf. But, given the negative and low returns of the stock market the last few years, more senior partners will be concerned about their economic future and will want to stay involved in the profession. This can be a win-win situation for both parties or it can be a lose-lose. Senior partners have a wealth of knowledge that you don’t want to lose. For example, they possess:

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Why Is It Always about Partner Compensation?

Good service needs to be rewarded as much as business development. By August Aquila It seems like no matter what the topic is at partner meetings, it always reverts to compensation. There isn’t a partner out there who is not interested in his or her compensation, and maybe even more interested in what the other partners make.

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The 3 Traits Shared by 150 Top Managing Partners

What successful managing partners do By Robert J. Lees and August J. Aquila How to Engage Partners in the Future The problem is that in the majority of CPA firms there is no clarity around what being a managing partner actually entails and, specifically, what managing partners should do to create and sustain their partners’ commitment to actively participating in delivering the firm’s future. Our research involving in-depth interviews with 150 managing partners at the world’s leading firms identified that the truly successful managing partners share three key activities:

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How to Use Compensation to Keep Partners Engaged

The 9 essential elements for a successful partner comp plan. By Robert J. Lees and August J. Aquila Creating the Effective Partnership Every compensation plan should be constructed to help the firm achieve its strategic goals, including servicing its clients and attracting and retaining the right people.

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The 14 Rules for What Being a Partner Means

Plus: 4 keys to tie pay to performance. By Robert J. Lees and August J. Aquila How to Engage Partners in the Future Partners are the culture in a professional service firm – what they believe, what they reward, what they do and how they do it determines what and how things get done. Partners are the owners – they, and they alone, are responsible for the firm’s vision and its implementation. Being a leader means each partner must:

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Fixing the Partner Entitlement Mentality

Nine reasonable entitlements and 15 misconceptions, bad ideas and outright abuses. It’s a privilege to be a partner in a CPA firm. Not an entitlement. Too many partnerships seem to operate as if they had it the other way around. And, in most cases, those partnerships don’t usually make the best CPA firms. Marc Rosenberg has seen his share of dysfunctional firms. They are no better nor no worse than the people who run them. Get these 24 points of partner roles and responsibilities correct and your firm could find a renewal in spirit and in growth.

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The Four Keys to Creating a Firm Vision that Unites and Mobilizes

And the eight ways to give core values real business value. By Robert J. Lees and August J. Aquila How to Engage Partners in the Firm’s Future When we talk about having a compelling vision, we don’t just mean the simple, well-crafted statement you find in a lot of firms. For a vision to be compelling, for it to persuade the partners that they want to play an active part in making it a reality, a vision must have four elements:

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The Eight Most Common Types of Problem Partner

And nine strategies to fix the “problem.” By Ed Mendlowitz 101 Questions and Answers QUESTION: My partner seems to always be out of sync with me, but my biggest pet peeve is that he never does what he says he will do.  Do you have any suggestions?  RESPONSE: Some people are not cut out to be partners. They could be control freaks, someone who skipped kindergarten and

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