CPA Managing Partners: Doing What You Want To, Not What You Have To

I recently interviewed the MP of a small firm that is in the process of merging with another firm of equal size.  I asked him why he wants to merge with the other firm.  Here was his response:

“I’ve reached the point in my career where I want to do what I want to do, not what I have to do.  Doubling our size will give us the critical mass to enable me to achieve this goal.”

He quickly added that this goal was not a selfish, self-serving objective.  To the contrary, he felt that he could be so much more valuable to the firm if he could minimize the time he spends on less important things that get in the way.

This partner’s experience mirrors that of numerous others in similar circumstances. Throughout their careers they’ve worked hard, achieved success and made good money.  But their lives in the firm have always been so busy they feel like most days are devoted to keeping their heads above water: solving problems, meeting deadlines, responding to phone calls and emails, convening partner meetings, coaching partners on improving their performance, implementing items from “to do” lists, etc.

There’s no doubt these high-achieving MPs are proud of their career accomplishments.   But they know they can do so much more!  They have great ideas for taking their firms to new levels, but they need to upgrade the firm’s resources so they don’t have so much on their plates.  The partner I spoke with expressed the sentiments of many:

“This way, I will be free to do the things I want to do, not what I have to do.”

So, to all you managing partners out there, and those in line for the job, ask yourself:  “Am I doing what I want to do, not what I have to do?”  If the answer is no, which I suspect will be the case for many of you, put together a game plan for making a change.

You’ve just read about one good reason to do a merger.  Marc Rosenberg’s monograph How To Negotiate A CPA Firm Merger reveals 15 more reasons for merging AND tactics and strategies for making mergers successful.