How to Balance the Six Jobs of Managing Partner

You run the job, or it runs you over.

by Gary Adamson
Adamson Advisory

Most of us are thrust into the managing partner role in our firms with little or no training or coaching. Who teaches you to be an effective MP? How do you know if you're performing well?

Your partners won't tell you.  If you're new to the job, do you just do it the same way as your predecessor? Is that the best approach for the firm? Who will mentor you?

As I can attest from experience in running my firm for over 20 years, it is a thankless job. I just took a deep breath and jumped in. The best feedback that most of us get is from other managing partners and from benchmarking ourselves against other firms. There are not too many places to turn for help.

Whether you are new at the job or a veteran, here is an approach to organizing the job into six buckets that will help you. It is how I approached the responsibilities and it lends itself to dividing and conquering with the ability to delegate some responsibilities.

Here are my six buckets: READ MORE →

The Partner Compensation Checklist

It's a process.

by Gary L. Adamson
Adamson Advisory

There is a constant topic of conversation both inside firms and at almost every conference. It is the age-old question of partner compensation and “how do you do it”. As our firm grew, we evolved from everyone is equal, to the “slip of paper” approach, to a more goal driven, performance based system. Every firm is a little bit different but the issues surrounding how you split the pie are pretty consistent.

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How CPA Firms Make Money in Turbulent Times

Rosenberg Survey uncovers the power of leverage.

by Gary L. Adamson
Adamson Advisory

The universal measure of profitability in accounting firms is average income per partner. Another universal tool is the annual Rosenberg National MAP Survey. It's a must-have for running your firm.

In the latest survey, Rosenberg identifies his "elite" firms, which are the 54 that had income per partner of more than $500,000. Not bad considering it is based on 2009 economic data—from the middle of the recession.

It's interesting, if you dig into the data in the survey, you will find that these 54 aren't just the biggest firms, although as Rosenberg puts it, bigger is better in terms of profitability. In fact, 24 of them are in the $2-$10 million fee range and three are sole proprietors.

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