Sandra Wiley, COO of Boomer Consulting in Manhattan, Kansas, lists the following cultural traits in firms that succeed to more than one generation:

• Partners/shareholders have a common vision of the firm's mission.
• The firm has the right leaders. Members of the management team are replaced when it is best for the firm.
• Managing is much more than running a book of business.
• Individuals are less important than the firm.
• Clients are not more important to the firm than employees.
• Clients are served by teams, not individuals. Teams are rotated.
• Compensation is interrelated with the strategic plan. The system is perceived to be fair.
• There are honest evaluations of partners by their peers.
• The firm has a long-term view.
• Everyone is engaged—not just in learning, but in teaching as well.
• Strategy changes, but core values remain constant.
• Owners are willing to be managed and be held accountable. Reviews are conducted every 90 days.

From CPA Practice Management Forum, CCH Incorporated, 800-449-8114, April, 2006, p. 16. Copyrighted by CCH, a Wolters Kluwer business.