Topic: partner

Firm Culture Is Inevitable; Make It Work for You

BONUS CHECKLIST: 5 ways to check sure the firm’s people believe in both themselves and the culture. By Martin Bissett Passport to Partnership Cultural issues are dynamic, very broad and unique in each firm. As such it is a challenge to summarize them accurately and comprehensively. MORE ON THE PASSPORT TO PARTNERSHIP: 12 Ways to Determine Your Competence | What Competence Really Means for Partners | Sailing Through the Seven C’s to Partnership | Passport to Partnership: New Research Shows Wide Gap between Partners and Partners-To-Be From our research, however, the wise choice for anyone wishing to get their passport to partnership appears to be to study their firm’s existing culture, that of its senior individuals and that of those who have the ear of […]

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15 Ways to Attract Merger Partners

Bonus checklist: 17 minuses. Turn-ons and turn-offs. By Marc Rosenberg CPA Firm Mergers: Your Complete Guide  What make a firm most attractive to a merger partner? MORE ON MERGERS: 13 Reasons Accounting Firms Merge | Mergers 101: When Negotiations Aren’t Really Negotiations | 5 Steps to Take Before Merging These apply to all types of mergers. 

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12 Ways to Determine Your Competence

BONUS: Case Study and Worksheets: 3 questions to gauge your own competence, 4 questions about your personal brand and a 5-point checklist. By Martin Bissett Passport to Partnership The Passport to Partnership study collated a number of responses in a conversational style. Two brief but succinct examples that really stood out on the realities of how a firm assesses an individual’s “competence” to lead are showcased below. They need to explain technical data to me in a way that I know they understand it. What kind of lifestyle does this person have outside of work? We’ll be looking at Facebook, Twitter and Google to find out. MORE ON THE PASSPORT TO PARTNERSHIP: Sailing Through the Seven C’s to Partnership | Passport to […]

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New CPA Trendlines Alliance Delivers Growth and Succession Tools for CPA Firms

CPA Trendlines joins with The Succession Insititute to launch new Practice Management Resource Center for firms of all sizes. CPA Trendlines is pleased to offer growth-minded firms a vast new set of resources through a special alliance with the Succession Institute LLC. The Succession Institute LLC provides firms with educational and advisory services in CPA firm management, leadership development, succession management, and practice development. The program is led by two of the profession’s most distinguished advisors, Bill Reeb and Dominic Cingoranelli, who bring a world of experience to CPA firms, having practiced and consulted for their entire careers. Reeb is one of the profession’s leading luminaries in his own right, active as a member of the AICPA, including service on […]

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How Mergers Impact a Firm’s Retirement Plan

Plus how to handle partners who want to opt out. By Marc Rosenberg Retirements & Buyouts How do mergers impact a firm’s partner retirement plan? MORE ON BUYOUTS: Why 30% of CPA Firm Retirement Plans Are Defective | Are Partner Buyout Plans Just Ponzi Schemes? | Clawback and How to Handle It | Can Partners Compete After They Leave? | Disability Is Far More Complex Than Death | Mandatory Retirement? 4 Reasons The Firm Comes First | How to Transition Clients from Retiring Partners | Vesting Can Cover Part-Timers, Too | Eat What You Kill? Then Maybe ‘Book of Business’ Is for You | The Multiple of Compensation Method, Fully Explained | 5 Points to Consider When Paying Out Goodwill […]

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What Competence Really Means for Partners

Bonus: Four outlooks from our exclusive expert council: Baker, Dobek, Tierney, Mister. By Martin Bissett Passport to Partnership The skill in producing financial reports is limited by the quality of the information presented to the CPA by the client. Motivation of the client to influence that financial information comes in many forms, some intentional and some unintentional. Competence comes first in being able to resist pressure and present a true and accurate position of the client’s organization. Sounds obvious, doesn’t it? But there’s a twist. MORE ON THE PASSPORT TO PARTNERSHIP: Sailing Through the Seven C’s to Partnership | Passport to Partnership: New Research Shows Wide Gap between Partners and Partners-To-Be Competence didn’t actually rank highly in the majority of partner requirements […]

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Why 30% of CPA Firm Retirement Plans Are Defective

Make provisions, or state partnership laws may do it for you. By Marc Rosenberg Retirements & Buyouts Twenty to thirty percent of all accounting firm partnership agreements have no provision for goodwill-based retirement payments to partners departing due to death, disability, retirement or withdrawal. MORE ON RETIREMENT: The Top 10 Mistakes in Partner Retirement Plans | 20 New, Essential Keys for Today’s Partner Retirement Plans | You Want Goodwill Payments? Give Proper Retirement Notice | Compromise Is In Order for Some Goodwill Payouts | Three Ways to Calculate Goodwill Payable in Partner Buyouts, None of Them Great | The Ins and Outs of AAV for Goodwill | 5 Points to Consider When Paying Out Goodwill | How to Set Terms […]

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Sailing Through the Seven C’s to Partnership

Competence comes first. But it’s only a prerequisite. BONUS WORKSHEETS: 11 Questions to Plan Your Path to Partnership By Martin Bissett Passport to Partnership Staffers aspiring to be partners must learn the key characteristics of successful partners. They also must learn how to develop their own personal plans to achieve partnership. Firms and staffers alike need a clear set of procedures, processes and milestones for turning top talent into the next generation of firm leadership. There are seven critically important criteria by which partners assess partners-to-be. I call them: The Seven C’s

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Passport to Partnership: New Research Shows Wide Gap between Partners and Partners-To-Be

What we have here is a failure to communicate. Editor’s Note: With this article, CPA Trendlines introduces a new series of articles by Martin Bissett reporting on the findings of his proprietary research into the keys to making partner. The research is based on hundreds of interviews with partners and practitioners at more than 30 firms in the U.S. and the U.K., dozens of experts and advisors, and his own 20 years of experience in the field. In his research, Bissett uncovered a wide gap between what partners say they seek in a staffer yearning to be partner and what they actually do and say to train and nurture the staffer. His work in Passport to Partnership is dedicated to bridging that gap, […]

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