Posts by Marc Rosenberg, CPA
Apparently there was a technical error in my “Keys To Developing Women Partners” post this past Monday, May 16th. The following provides you with a link to my full 6-page article on the subject. Keys to Developing Female Partners.
CPA firms continue to flounder in developing female partners. In recent years, 55-60% of college accounting grads were women, but today only 15% are partners at firms. Because this percentage is only 10% for Midwest firms, I invited an expert on women in the CPA profession to address my MP roundtable, a group of the…
60-80% of local CPA firms never make it to the 2nd generation. A similar percentage of firms report that they do NOT have a written succession plan. Why is this? For the record, a good succession plan addresses leadership development, training, transition of the MP, merging in smaller firms and lateral hires, transition of practice…
In March, my wife, Ellen, and I vacationed for 3 weeks Australia, the land of extremes and NZ, perhaps the most beautiful country on earth. In Australia, we visited Melbourne, gazed upon the stunning mountains of Uluru and The Olgas in the Outback, snorkeled The Great Barrier Reef, petted kangaroos and koalas, sailed Sydney’s amazing…
1. We still see way too many formulas. Formulas encourage hoarding, over-compensate inherited clients and production and under-compensate leadership and intangibles. The trend, especially at firms with 7 partners or more is compensation committees. 2. Not performance-based enough. Many firms think their systems are performance-based, but they are not. If 70% of a firm’s income…
Welcome to my new Blog! If you liked my newsletter, if you read any of the 150+ articles I’ve written for leading CPA journals, if you’re one of the hundreds who have purchased my Monographs, then you will LOVE my new Blog. Every day, I think about something that CPA firm partners are interested in…
Partner buyout plans at CPA firms have been around for a long time. But the retirement of Baby Boomer partners has brought these plans under a level or scrutiny unlike years past. Billions of dollars are at stake, nationwide. Older partners wonder if their younger partners have the “right stuff” to keep the firm together…
We recently surveyed CPA firms across the country. 2010 revenues up only 0.5%. This compares to a 1.4% increase in 2009. 69% of all firms posted revenue increases in 2010 and 31% saw decreases. Income per partner for 2010 is projected to increase 1.8%. For 2011, firms are projecting an improved but still modest 3.7%…
A small client of mine promoted a manager to partner three years ago. The new partner recently asked the MP when his name would be put on the door. The firm is a $3M practice with two partners, located in a small city. The MP is 61 and originated 70% of the firm’s business; his…
I’ve long been intrigued by the CPA profession’s tendency to consider certain terms interchangeably. They are: Management vs. administration. Both important. But their meaning is quite different. Most admin work can be done by people earning $50K-$150K annually, depending on the size of the firm and the skill level of the administrator. Average partner income…
Marc Rosenberg, CPA
Get our expertise delivered to your inbox.