And six rules for keeping partners happy and productive.
by Marc Rosenberg, CPA
Special to CPA Trendlines
“When a corporation says move left, everybody takes a step left. In a partnership, when you say move left, three people go to the bathroom, four people move right, and five people leave the firm.” — Richard Ungaretti, Ungaretti & Harris
Related: Compensation Issues for the New Managing Partner | 20 Decisions for Your Firm’s New Partner Compensation Committee | Three Ways to Break Partner Gridlock in an Accounting Firm | What Partners Are Entitled To, and What They’re NOT Entitled To | How to Make Partner? | Why Accounting Firm Partners Are “Popping Prozac like M&M’s” | More…
In CPA firms, as the partners go, so goes the firm. The partners bring in most of the business, manage most of the client relationships and engagements, develop and mentor the staff and manage the firm. If the partners don’t perform these functions effectively, it is virtually impossible to be profitable and successful.