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Five Steps to Transition to Partnership

man pointing at laptop screen as woman looks on

Get your senior managers ready.

By Marc Rosenberg
The Rosenberg Practice Management Library

How are the duties and responsibilities of a new partner different from those of a manager? This is one of the grayest areas in bringing in new partners.

MORE: Disturb the Present to Improve the Future
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Ideally, there should be a gradual transition for new partners from their last two to three years as a manager to the first few years as a partner.
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INNOVATION & CHANGE MANAGEMENT

Disturb the Present to Improve the Future

eight excited office workers around conference table

Five suggestions to help you compete.

By Marc Rosenberg
The Rosenberg Practice Management Library

To thrive in today’s tough and fast-changing market, accounting firms must become more agile and adaptable than ever before. But what are the characteristics of an agile, adaptable, quick-learning CPA firm? And how do you get that way?

MORE: New Partners Must Be Impact Players | Why Partners Can’t Shirk Performance Reviews | What Firms Should Address in Partner Agreements | 11 Best Practices for Partner Compensation | Why Buying Into a Firm Is Such a Great Investment | The Business Side of CPA Firms | It Shouldn’t Take So Long to Make Partner | Three Types of Skills You Need to Become a Partner
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My initial, somewhat amusing (probably just to me) thought was the credo for Little League umpires (who in many communities are 14-18 years old):

Be mobile.

Be assertive.

Be loud.

It may have more relevance to what follows than either of us might initially think.

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New Partners Must Be Impact Players

Man explaining something to three office colleagues around table

Seven reasons why.

By Marc Rosenberg
How to Bring in New Partners

An impact player in sports is more than just a productive, loyal member of the team. The team relies on this player to be a consistent winner.

MORE: Why Partners Can’t Shirk Performance Reviews | Twelve Questions That Prospective Partners Should Ask | Six Systems Used to Determine Partners’ Goodwill Payments | Fifteen Steps to New Partner Buy-in | Four Philosophies for Managing a CPA Firm | Public Accounting as a Business, 101 | 16 Steps to Creating a Partnership Path
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I’ve always liked this term to describe what a partner in a CPA firm should be. I like it so much that I inserted the term “impact” in the name of the partner self-evaluation form I offer.
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Why Partners Can’t Shirk Performance Reviews

two men talking across a table, one holding a sheet of paper, window and brick wall in background

Five types of partner evaluations. BONUS: Partner self-evaluation and impact form.

By Marc Rosenberg

The classic purposes of a performance evaluation are:

  • To improve performance.
  • To clarify what is expected of the individual and what is needed to advance.
  • To provide management with information to use in making promo-tion and compensation decisions.

MORE: Twelve Questions That Prospective Partners Should Ask | Adding New Partners: 19 Reasons to Choose between Equity and Non-Equity | How Partner Buyouts Work | What Buying In Actually Means | How Partner and Staff Actions Impact Profits | Nuts and Bolts of Mentoring Staff | Nine Ways to Measure Staff Performance on the Path to Partner
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The need for performance evaluations applies to partners as well as staff. Contrary to what many partners may feel, partners can and must continually improve their performance.
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Twelve Questions That Prospective Partners Should Ask

Plus 11 questions your firm should ask prospective partners.

By Marc Rosenberg

This post should be read from the perspective of two different audiences: prospective partners and existing partner groups.

  • Prospective partners: Well before accepting a partnership offer, prospective partners should ask basic, critically important questions to help them judge whether accepting it would be a smart decision.
  • Existing partner group: Well before extending a partnership offer, the firm should get its house in order to avoid being embarrassed by smart questions posed by partner candidates.

MORE: Adding New Partners: 19 Reasons to Choose between Equity and Non-Equity | What Firms Should Address in Partner Agreements | 11 Best Practices for Partner Compensation | Why Buying Into a Firm Is Such a Great Investment | The Business Side of CPA Firms | It Shouldn’t Take So Long to Make Partner | Three Types of Skills You Need to Become a Partner
GoProCPA.comExclusively for PRO Members. Log in here or upgrade to PRO today.

Questions Prospective Partners Should Ask Their Firm

It’s one thing for a staff person to join a CPA firm, enjoy the job and experience success via nonstop promotions, feeling all along that the firm is a great place to work. But it’s quite another thing for a staffer to consider whether or not to accept a partnership offer that may come in the future.
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