6 Focuses for Managing Partners

Businessman giving instructions to his colleaguesPlus 37 specific traits for evaluation.

By August J. Aquila
What Makes a Great Partnership

According to Marc Rosenberg, managing partners should focus on the following six areas*:

MORE ON GREAT PARTNERSHIPS: 13 Points of a Good Compensation Plan | How MPs Can Make a Real Difference | 5 Reasons That Leaders Fail | 11 Things All Partners Must Do | Why Partners Need Written Goals | The 6-Step Plan for Transitioning Clients | Fighting Restraining Forces | Chemistry and Mutual Respect Matter | Great CPA Firm Partnerships Begin with Trust | The 4 Best Ways to Use Pre-Retirement Partners | Work Together Better in 11 Steps | Drop Politics, Be Accountable | What Makes a Successful Strategic Plan?
GoProCPA.comExclusively for PRO Members. Log in here or upgrade to PRO today.

  • Leadership
  • Profitability
  • Strategic planning
  • Team building
  • Learning/Training
  • Asset protection

READ MORE →

Common Leadership Traps

Businessman writing on paperAnd how the author led his own firm.

By Domenick J. Esposito
8 Steps to Great

Being a CPA firm leader requires you to “walk the talk,” make tough decisions and avoid common traps or errors that are attributable to a failure of providing persistent and consistent leadership.

MORE ON STRATEGIC PLANNING: Leadership Must Be Persistent and Consistent | Time Running Out for Succession Planning | The Benefits of a Client Situation Review | Capital Markets 101 | How to Implement Industry Practice Groups | 6 Measures of Partner Performance | Is Your Pyramid Upside Down?
GoProCPA.comExclusively for PRO Members. Log in here or upgrade to PRO today.

In addition to “walking the talk” personally, a CEO must drive action and change.
READ MORE →

10 Winning Traits of Accounting Firm Leaders

Businesswoman sitting in front of business meetingBONUS: 3 partners talk about what they learned on the way up.

By Marc Rosenberg
On Staffing

Let’s examine the look and feel of leadership at CPA firms.

MORE ON STAFFING: What Staff Mentoring Is and Isn’t | Staff Need Meaningful Recognition | The Importance of Great Bosses | Do Flexible Hours Help or Hurt Us? | Why Flexibility for Staff Works (and How) | The 12 Reasons Your Staff Hates Your Firm | 8 Keys to Keeping Staff Engaged | How to Create a Talent Management Strategy | What Happened to the Relevancy of the CPA Profession? | Staffing: What CPA Firms Are Learning the Hard Way
GoProCPA.comExclusively for PRO Members. Log in here or upgrade to PRO today.

I’m probably the millionth person to form a list of important leadership qualities, but I want to share what I have learned from working with CPA firms for over 20 years.
READ MORE →

The Toughest Job in the World: Managing an Accounting Practice

5 arrows curving upward5 tips for better firm management.

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?

MORE ON GREAT PARTNERSHIPS: Do Your Partners Pay Their Own Way? | 7 Keys to Becoming an Equity Partner | How and Why to Achieve Partner Unity | How You Can Get Partners to Change | Are You Driving Your Best Partners Crazy? | 7 Warning Signs for Your Firm | Don’t Weed Out the Roses | Back to Basics: 25 Ways to Grow Your Practice | 3 Ways to Halt a Poor Leader | 8 Financial Ducks to Line Up Now
GoProCPA.comExclusively for PRO Members. Log in here or upgrade to PRO today.

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.
READ MORE →

Leadership Must Be Persistent and Consistent

Two businesswomen on sidewalk in a big city8 questions to check whether you walk the walk, or just talk the talk.

By Domenick J. Esposito
8 Steps to Great

To me, all of the planning to become a mid-market sustainable brand becomes a reality through persistent and consistent leadership. In the end this, arguably, is the hardest part of the equation, as mistakes are very costly.

MORE ON STRATEGIC PLANNING: Expand Your National and Global Geographic Reach | Show Clients How to Improve Working Capital | Do You Belong In Cybersecurity? | Why You Need Marquee Clients | Net Profits: How Much to Whom? | How to Drive Partner Performance with a Smart Compensation Plan | 3 Tools to Boost Your Metrics
GoProCPA.comExclusively for PRO Members. Log in here or upgrade to PRO today.

A leader in a CPA firm, be it the CEO, managing partner or a senior partner, is the quarterback. He or she is the one who has to set the tone at the top and has a very big impact on the firm’s culture, behavior and compensation of the other partners in the firm.
READ MORE →

Seven Habits of Lousy CPA Firm Leaders

Red 7 facing green 7Plus the flip side for successful leaders.

By Rex Gatto
Gatto Associates

Do you ever wonder how some people get promoted to a leadership position? Who did these people know to become a partner or director of tax in the firm?

MORE GATTO:  The New Leadership Skills You Need to Make Partner in Today’s Accounting Firm   |    COMMENTS: Gatto Responds to “Ethics or Profits?”   |    How Leaders Lead in Tough Times

GoProCPA.comExclusively for PRO Members. Log in here or upgrade to PRO today.

Billions of dollars are spent on training present and future leaders: there are special events for partners at prestigious universities, full-day trainings for partners and managers. But how is that benefiting the employees in the workplace? READ MORE →

How to Become the Firm of Choice

August Aquila: "At the end of the day, the partners are the culture of the firm."3 steps to take now.

By August J. Aquila
What Makes a Great Partnership

Just think for a moment. Your firm reaches the lofty goal of becoming the firm of choice in your given markets.

MORE ON GREAT PARTNERSHIPS: Why Partners Need Written Goals | 7 Keys to Becoming an Equity Partner | How and Why to Achieve Partner Unity | How You Can Get Partners to Change | Why Expectations Must Be Defined | 7 Warning Signs for Your Firm | Don’t Weed Out the Roses | 3 Ways to Halt a Poor Leader | 8 Financial Ducks to Line Up Now
GoProCPA.comExclusively for PRO Members. Log in here or upgrade to PRO today.

You now win the best clients, you are able to recruit and retain the best people and you increase firm profitability. What’s not to like about this?
READ MORE →

The Two Most Common Management Styles

Senior businessman with his team at officeDo CPA firms need management or leadership?

By Bill Reeb and Dominic Cingoranelli

Let’s start out with a straightforward question. What is the difference between management and leadership?

MORE ON PERFORMANCE MANAGEMENT: 8 Ways to Manage Clients | The Limitations of Rainmakers | Firms Only Grow When Partners Play Their Roles | The Four Basic Parts of CPA Firm Partner Agreements | Younger Partners See Succession Differently | How to Compensate Your Managing Partner | The Job of Managing Partner: Empowered or Emasculated? | How the Best Managing Partners Turn Ideas into Reality
GoProCPA.comExclusively for PRO Members. Log in here or upgrade to PRO today.

From one point of view, leadership is far different than management.
READ MORE →