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Managing Partner: The Toughest Job in the World

Five cheetahs strolling on a pathYou enjoy herding cats, right?

By August J. Aquila
What Makes a Great Partnership

Wanted: Managing Partner

Requirements: Unique individual who can lead a group of independent-minded professionals; keep some semblance of normality; deal with super egos, unproductive partners and dysfunctional partners; grow the business, stay competitive in a rapidly changing and unfriendly environment, and figure out how to compensate everyone fairly. Interested parties should send resume and salary requirements to Box AA.

Why would you want this job? Managing a practice today has never been more difficult, but it doesn’t mean that it’s impossible or not rewarding. It all depends on your focus and your willingness to solve the important problems at hand.

MORE: Eleven Things Partners Must Do | Do Your Partners Pay Their Own Way? | How to Create Firm Accountability | Five Questions to Ask Your Partners about Accountability
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It has been said that the “firm can never be something the leader is not.” It should be added that the “firm can never be something that the partners are not.”
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Eleven Things Partners Must Do

Woman and man in business suits looking at laptop screenThe firm’s owners are responsible for implementing its vision.

By August J. Aquila
What Makes a Great Partnership

Partners are the culture in a professional service firm – what they believe, what they reward, what they do and how they do it determines what and how things get done. But one of the problems we consistently hear about is the lack of clarity in what being a partner means. And in the absence of clarity, the partners typically fill the gap by doing what they think it means, with all of the differences of thought and behavior that inevitably brings. It’s these differences in behavior that result in firms failing to maximize their potential.

MORE: Do Your Partners Pay Their Own Way? | Why Partners Need Written Goals | Seven Keys to Becoming an Equity Partner | How to Create Firm Accountability | Eight Criteria for Partnership | How to Achieve Partner Unity | Five Questions to Ask Your Partners about Accountability | How You Can Get Partners to Change | The Seven Building Blocks of a Great Partnership
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This table illustrates some of the differences in approach that can occur when partners interpret their responsibilities themselves.
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Do Your Partners Pay Their Own Way?

There are objective and subjective measures. Bonuses are for the extraordinary.

By August J. Aquila
What Makes a Great Partnership

While times may be good for many CPA firms, we should not forget that firms cannot afford to have partners coast or be unable to pay their own way. Firms are expecting more from their partners. It doesn’t mean that partners have to work longer hours, but it does mean that partners need to contribute more to the economic value of the firm and learn how to work smarter.

MORE: Why Partners Need Written Goals | Seven Keys to Becoming an Equity Partner | How to Achieve Partner Unity | The Seven Building Blocks of a Great Partnership
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Evaluate Partner Performance

In the majority of firms there is no formal written evaluation of partners. While most partners don’t want to be and don’t like to be evaluated, it’s a common fact of life. How else can you fairly evaluate and compensate your partners? There is a definite trend today for firms to identify standards and have written, measureable goals for partners. This permits management to evaluate actual performance against the goals set at the beginning of the year.

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Why Partners Need Written Goals

Businessman pole vaulting toward his goalThree questions to answer about each one.

By August J. Aquila
What Makes a Great Partnership

“If you aim at nothing, you will hit it every time.” – Zig Ziegler

If we achieve what we measure, then it is true that we become what we think about most of the time. Philip E. Humbert, Ph.D. wrote, “The human brain is a goal-seeking, problem- solving machine, and the things we think about, focus on, and worry about inevitably shape our destiny.”

MORE: Seven Keys to Becoming an Equity Partner | How to Create Firm Accountability | Eight Criteria for Partnership | How to Achieve Partner Unity | Five Questions to Ask Your Partners about Accountability | How You Can Get Partners to Change | The Seven Building Blocks of a Great Partnership
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Brian Tracy says the four main excuses people make as to why they don’t have written goals are:
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Seven Keys to Becoming an Equity Partner

hand using key to unlock doorExpectations are high. As they should be.

By August J. Aquila
What Makes a Great Partnership

With the recent turn in the economy, equity partners are finding that there is no longer a lifelong tenure guarantee. Senior managers and non-equity partners are wondering whether or not they even want to become equity partners.

MORE: How to Create Firm Accountability | Eight Criteria for Partnership | How to Achieve Partner Unity | Five Questions to Ask Your Partners about Accountability | How You Can Get Partners to Change | The Seven Building Blocks of a Great Partnership
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For the most part, firms have been selective about who they take into the partnership. However, when the economy was running hot and finding a warm body to fill spots was a real challenge, the partnership bar was certainly lowered in many firms. Today, that bar is being raised again.
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