Rosenberg Associates Blog
Marc Rosenberg, CPA
Kristen Rampe, CPAOnce upon a time, most CPA firms promoted staff directly to equity partner with impunity. Law firms have long been ahead of CPA firms in the use of the non-equity partner position (also called “income partners” and we use both terms in this post), but CPA firms have caught up. Ten to fifteen years ago,…
A reliable staple of CPA firm practice management is the payment of buyouts to equity partners of CPA firms. When partners retire, withdraw, die, or becomes disabled, they are paid a retirement benefit equal to the value of their interest in the firm. (Actually, 87% of firms provide for partner buyouts and 13% are silent…
I’ve had a great career as a management consultant to CPA firms (it’s not over yet!). I love what I do. I’m skilled at it. My expertise is professionally recognized. And oh yeah, the money’s good. But one thing has been lacking – a partner. I have been a “one-man-show” for 20 years. But that…
This is a question that has long perplexed CPA firms. And of course, one reason why it’s perplexing is that you’ll get a different response depending on the firm you ask. On the one hand, the promotion to partner is a major event – both to the firm and the new partner. Generally speaking, the…
This post serves two purposes: Prospective partners should ask the basic questions below to help them judge whether they are making a smart decision in accepting a partnership offer. At the same time, the existing partner group should use the questions below as a checklist to help “get their house in order” before extending a…
The dual-headed monster of succession planning and finding quality staff is causing anxiety at firms across the country. Retiring Baby Boomer partners feel they lack the quality bench to replace them. This explains the fact that only 20% of first generation firms make it to the 2nd – which is not expected to improve in the…
Today, as thousands of small firms are bringing in younger staff as partners they are finding the whole approach to running their firms must change. What are the most important practice management tips for small firms planning on bringing in new partners? What must change? Commit to revenue growth. No one with talent wants to work…
This is not written only for new partners. Existing partners should read it to learn what is going through the mind of a new partner and perhaps, use this as a trigger to updating your partner agreement. So, you’re a Young Turk at your firm and the MP just told you “congratulations – we’re promoting…
Earlier this year Accounting Today published a very interesting piece of research titled The Long Path To Partner. The polling question was: how many years does it take to make partner at your firm? The results were: Less than 5 years 9% 5-7 years 12% 8-9 years 12% 10-13 years 30%…
I recently bought a new car. I was sitting in the office of “the finance guy,” who just turned 30 and seemed astonished when I told him what I do for a living. He clearly was ambivalent about being “the finance guy.” He asked me: “What do I do to be successful?” What follows may…
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