Should You Rethink the Managing Partner's Role?

Source: CPA Trendlines

The following includes excerpts, reproduced with permission, from an article by Ira Rosenbloom.

Succession planning and the stress that comes along with it are quite the rage in the world of public accounting. When it comes to recruiting a firm's next managing partner, the challenge may be enormous.

The hands-on model that so many managing partners have applied has brought great success to the profession, yet has created a significant lack of interest by others to perpetuate it. We need to revolutionize the managing partner role. Firms should be taking the following bold steps if they intend to succeed at securing their next managing partner.

1. Put the position under the microscope. Firms must prepare a complete assessment of the job requirements and job description with the input of multiple layers both within the organization and outside of it.
2. Energize from within. Key players in the firm must be fully engaged in the process to ensure its viability and success.
3. Define accountability. Once due diligence has been completed, the ultimate result should be a detailed job description and a well-defined accountability process.
4. Rev up the engine for change. It's true that being given the managing partner role is an honor, but honor alone will not attract successors. Changes that demonstrate a commitment to a new system will.
5. Increase client contact and client service hours. When the leader of the firm spends time with clients it generates multiple dividends.
6. Streamline the reporting process. Establish a system of information flow so that the value of the decision is the key, not the magnitude of the detail.
7. Empower additional leaders. Increasing the number of decision makers will make the firm stronger and elevate the strategic importance of the role of the managing partner.
8. Re-engineer a crucial role. Each firm is unique and has its own culture and conditions. Some may have the time to plan and activate these steps and others may need to turn to outsiders for assistance.

For the complete article, read “Eight Steps to Re-engineering the Role of Managing Partner.”

From CPA Trendlines, http://cpatrendlines.com, March 23, 2012.