What Does it Take to Make Partner?
The following includes excerpts, reproduced with permission, from an article by Marc Rosenberg.
CPA firm partners keep lots of things secret that should be open. One of them is a written document stating the firm's criteria for making partner. Discuss with your partners the benefits of creating a written document.
Here are a few things to think about:
Intangibles
- TRUST. Integrity, honesty and sound ethical behavior/judgment
- Credibility with partners and staff
- Clients are comfortable calling the potential partner first rather than the originating partner
- Strong work ethic
- Loyalty and commitment
- Team player
- Able to pass the “beer/wine” test
- Communication and interpersonal skills
- Leadership skills
Financial and legal
- Is willing and able to buy in
- Is willing to take on retirement obligation
- Is willing to sign a non-solicitation agreement
- Demonstrates personal financial stability
Practice development
- Originates X amount of business
- Constantly pursues meetings with clients, prospects and referral sources
- Actively seeks opportunities to cross-sell additional services
- Has been active for at least several years in building up network of business contacts
- Has distinguished him/herself as an expert in at least one service or industry
Production and client management
- Manages X number of clients (billing, relationship and engagement management)
- Achieves X billable hours…
- …at X realization
Technical
- Demonstrates a high level of analytical and problem-solving skills; solves clients' problems
- Candidate has proven his/her ability to complete highly technical projects with minimal assistance from others.
Supervision
- Has solid experience supervising staff
- Is a delegator
- Is able to develop others
Administration
Follows and complies with all firm policies, procedures, and deadlines
For the complete article, read “How to Make Partner?”
From CPA Trendlines, July 5, 2012, http://cpatrendlines.com.