Look around your firm for candidates; don’t wait for them to come to you.
By Marc Rosenberg
The Rosenberg Practice Management Library
If you don’t trust someone, they should not be your partner. Let’s start with a very basic, standard concept in the business world: a partner is an owner. In any business, not just CPA firms, ownership is not free. Because partners are owners, it’s fair and reasonable for them to purchase a part of the firm – for money – to acquire an ownership share.
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Before structuring the financial part of the buy-in, work out what the requirements are for becoming a partner.
Too many firms jump right in and decide how new partners should buy in before firming up their criteria for qualifying as a potential partner in the first place. That’s a big mistake.
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