Here’s what you’re looking for: Marc Rosenberg

The ways they differ.

By Marc Rosenberg

It’s worth exploring the reasons for equity partners in great detail.

Here are the key points:

1. New partners deserve the promotion to such a great extent that the firm can’t afford not to admit them to the ownership ranks.
2. The firm needs to expand its partner ranks.
3. The firm needs to replace a departed partner.
4. It rewards longtime managers who have solid client service skills.

MORE: What Firms Should Address in Partner Agreements | 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 | Six Ways New Partners Differ from Managers | The Four Essentials for Every New Partner
Exclusively for PRO Members. Log in here or upgrade to PRO today.

5. It’s part of a succession planning strategy.
6. Partner promotions send a strong message to the staff.
7. It energizes the partner group.
8. It’s part of a merger strategy.

READ MORE →

… and what partner candidates should know before they sign.

By Marc Rosenberg
How to Bring in New Partners

What is a partner agreement?

According to nolo.com, “A partner agreement spells out the rights and responsibilities of the firm’s owners. Without one, firms will be ill-equipped to settle or avoid conflicts because if certain key passages are missing or written improperly, the courts will intervene in ways that the partners may not like. A partner agreement allows the firm’s partners to structure their business relationships with each other in ways that suit their desires, needs and preferences.”

MORE: Six Systems Used to Determine Partners’ Goodwill Payments | 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 | Sixteen Duties of a Partner
Exclusively for PRO Members. Log in here or upgrade to PRO today.

Any post on partner agreements will have an obligatory paragraph like that. Here is a more in-depth description that may be illuminating.
READ MORE →