New MPs Take the Lead

Source: Public Practice

In this article, Rick Telberg addresses the fact that massive retirement of baby boomers is causing a challenge for firm succession and a large number of firms to have – now or soon – new, younger managing partners. Telberg estimates that within five years, 80 percent of firms will have new management.

With this major transition in mind, Telberg and CPA Trendlines have solicited insights from managing partners across the country to help their new or soon-to-be peers. Following is some of the advice they have received for up-and-coming MPs:

• Be sure you want the job. It requires a lot of you, without a lot of immediate reward.
• Develop a clear vision and agenda. Work with your partners one at a time to help them understand and embrace the new vision.
• Be a good listener.
• Value your team and your clients, treating them with care and respect.
• Keep it positive, and communicate – a lot.

A new book co-authored by August Aquila, “Leadership At Its Strongest: What Successful Managing Partners Do,” is based on interviews with 150 MPs. Aquila and his co-authors identified four characteristics of successful leaders:

1. They provide direction and strategy.
2. They work with partners, engaging them and gaining commitment.
3. They instigate and carry out activities that support the firm's strategy.
4. They set the example with their dedication to excellence.

 Aquila's studies have also revealed the following necessary traits in MPs:

1. Anticipate and prepare for future change.
2. Be ready and able to initiate change.
3. Offer guidance and accountability to other partners.
4. Encourage the team.
5. Develop business.
6. Be connected to the community.
7. Be organized.
8. Know the numbers, or the firm's bottom line.

For the complete article, read “Essential Advice for the New Managing Partner.”

From Public Practice, Texas Society of CPAs, August 2013, http://www.tscpa.org.