Managing Partners—Activities and Challenges

Source: Accounting Office Management & Administration Report

• MPs must allocate their time to the right things. Dealing with people is number one. This includes:
  • Recruiting.
  • Retention.
  • Recognition.
  • Compensation.
  • Development.
  • Client relationships—meeting their increasing demands, and loyalty.
  • Strategy.
  • Technology.
  • Regulatory matters.
  • Competition.
• Challenges:
  • Demands on the MP’s time exceeds what is available (including personal time).
  • Decisions often involve conflicts—e.g., profitability issues.
  • The culture that got the firm where it is must be maintained as it grows.
• The MP is the person ultimately responsible for achievement of the firm’s plans and goals.
• The MP must be committed and dedicated to the firm’s people. Candidness with people is crucial.
• Recruiting requires innovation. Examples include:
  • Contacting typical referral sources, not for business but for people.
  • Placing ads in trade journals.
  • Contacting other CPA firms.

Should the MP be given security for giving up clients? Some firms rely on trusting their partners to be fair.

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From Accounting Office Management & Administration Report, March 2008, p. 1. For subscription information contact Institute of Management & Administration, Inc., 3 Park Avenue, 30th Floor, New York, NY 10016-5902. One-year subscription $399. 212-244-0360, [email protected].

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