Plus seven things that partners are entitled to … and 12 that they’re not.
By Marc Rosenberg
How to Bring in New Partners
There are a number of realities that go along with being a partner in an accounting firm.
You’re an owner. As such, you get paid based on the firm’s earnings, not as an employee.
MORE: Seventeen Basic Expectations of Partners | The Four Essentials for Every New Partner | Five People to Keep Out of Partnership | Nine Ways to Woo a Prospective Partner | Tell Potential Partners What It Takes
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You pay for your ownership. New owners in any business must pay money to acquire their ownership. At CPA firms, this is called a new partner buy-in. Because CPA firms have a substantial street value, it’s reasonable that new partners should be required to purchase their interest in the firm.
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