The 9 Biggest Merger Pitfalls

Plus 10 common criteria. How do they compare to your list? By Marc Rosenberg The Rosenberg Practice Management Library In all industries, it’s always more difficult to find sellers than…

The Path to Partner

Man pointing at computer screen while woman works, both smilingYou need skills in general, in business development and in being a good boss.

By Marc Rosenberg
The Rosenberg Practice Management Library

The old-school way of developing staff into partners was very simple:

  • Staff are bountiful. Those with the right stuff move up; we’ll move the others out and hire a new crop to replace them.
  • It’s up to the staff to pull themselves up by their own bootstraps and make their mark. Nobody showed us how to make partner. Nobody held our hands.

MORE: Making Partner: What Managers Need to Know | The 17 Rules for Making Partner at a CPA Firm | Who Shouldn’t Be a Partner? | Nine Reasons People Are Promoted to Partner
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  • It’s up to the staff to tell us that they want to be partners. Unless and until they show us this ambition, we won’t talk to them about becoming a partner.
  • Bringing in business can’t be taught. You’re either born with it or you’re not.
  • And while we are on the subject of business development, we all know from experience that marketing must be done nights and weekends. Clients are too busy during the day. And we need the days to get our billable hours in. So a partner must commit to working long hours, including nights and weekends, and be willing to sacrifice his or her personal life for the firm.

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The Managing Partner’s Role in Mergers

17 key factors and 18 common turnoffs. BONUS: An 8-point history of CPA firm mergers.

By Marc Rosenberg
The Role of the Managing Partner

We have discussed how the managing partner impacts organic growth activities. But a major growth strategy was not addressed: mergers and acquisitions, or more precisely, how managing partners impact M&A at their firms.

MORE: 10 Ways to Hold Partners Accountable | Five Ways to Evaluate Partners | Manage Partners with Goal Setting | Overarching Authority That Managing Partners Must Have
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When managing partners are asked what their revenue growth is, they invariably respond something like this: “We grew 12 percent last year, 8 percent organically and 4 percent through mergers.” It’s almost like the 4 percent from mergers didn’t count. But this is changing.
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Making Partner: What Managers Need to Know

Being a partner includes 16 specific duties, whether you’re equity or non-equity. By Marc Rosenberg The Rosenberg Practice Management Library When managers become new partners, they face numerous changes. Those…

The 17 Rules for Making Partner at a CPA Firm

Checklist: It’s a big job, after all.

By Marc Rosenberg
The Rosenberg Practice Management Library

We’ve all heard the names given to various generations of people over the past century. The Lost Generation. The Greatest (WWII) Generation. The Silent Generation. Baby Boomers. Gen X. Millennials. Gen Z. Though I don’t know of any studies on this, I’m quite sure that every generation of CPA firm ownership has complained – bitterly – about the younger generation.

MORE: Who Shouldn’t Be a Partner? | Nine Reasons People Are Promoted to Partner | How to Make Partner?
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Baby Boomers and Gen Xers love to complain that today’s staff don’t want to be partners. They cite this as a major reason why it’s so difficult to bring in new partners.
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Who Shouldn’t Be a Partner?

Businessman with hand extended in "no" gestureFive red flags.

By Marc Rosenberg
The Rosenberg Practice Management Library

There are two sides to every discussion. I may have made it seem as if you’d have to be a fool not to want to be a partner. But being a partner isn’t for everybody. The reasons listed below exclude issues not germane to this discussion, such as a desire to change careers, opportunities to join one’s family business or boredom with accounting.

MORE: Nine Reasons People Are Promoted to Partner | How to Make Partner?
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Long hours. At most firms, when the staff leave, the partners are still working. Some feel it sends a negative message to the staff because it implies that there is an expectation for partners to work long hours and therefore make it difficult to enjoy a healthy work-life balance. Rosenberg MAP survey metrics corroborate this: Partners average around 2,410 total work hours but the staff average is 2,280, a difference of 130 overtime hours.
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The Managing Partner’s Role in Managing Staff

Man looking at 5 keys14 keys. Yes, they’re all important.

By Marc Rosenberg
The Role of the Managing Partner

We have shared the most important parts of overall CPA firm management and the main duties of the managing partner in particular.

MORE: 10 Ways to Hold Partners Accountable | Five Ways to Evaluate Partners | Manage Partners with Goal Setting | Overarching Authority That Managing Partners Must Have | Herding Cats: Advice for Managing Partners
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We presented a job description for a managing partner. Depending on the day of the week and the makeup of the group discussing this job description, several items would be finalists for the most important duty on the list. Few would argue if the winner of that competition were managing staff. Here is the managing partner job description item pertaining to staff:
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