Effective Partner Retreats-Guide for the MP

Firms should always observe best practices for leading a retreat, regardless if it is led by the Managing Partner or an outside facilitator. Retreats are for brainstorming and addressing big and/or sensitive issues. A retreat is not a partner meeting,

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The State of Small CPA Firms

The State of Small CPA Firms

Accounting Today contacted me recently for some insights on the state of small CPA firms – which is basically the vast majority of the 45,000 CPA firms in the U.S.A.  I define a small firm as any practice with revenues under

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Retiring Partners – Double Dipping?

Retiring Partners - Double Dipping?

A reader’s question: Our firm has started to buy out a key partner, who is 65.  After giving notice of his retirement and after he “retired,” he is still managing and controlling his clients and has begun the transition process.

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Panel: How CPA Firms Should Manage Millennials

Panel: How CPA Firms Should Manage Millennials

If CPA firm partners from coast to coast were asked to describe today’s Millennial staff, their depiction would not always be flattering. Our Chicago Roundtable (25 of the largest local firms) talks about today’s young people – both positively and

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Advice for the New Managing Partner

Advice for the New Managing Partner

Baby Boomer managing partners, many of whom founded their firms, are retiring in droves.  Some firms have no successor to the MP and merge up.  Many others are electing younger, new MPs to replace their predecessors. Many of the likely

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Managing CPA Firm Staff: What’s Missing?

Managing CPA Firm Staff: What’s Missing?

We all agree that CPA firms are supremely challenged to develop a great staff. I recently attended a presentation by three HR directors on what their firms do to manage their staff.  During the entire 1½ hour talk, I didn’t

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Is Mandatory Retirement Still Legal?

Is Mandatory Retirement Still Legal?

  Laws seem to be moving towards making mandatory retirement illegal due to age discrimination.  Can CPA firms still safely provide for mandatory retirement in their partner agreements? Let’s be clear what mandatory retirement means in practice. The extreme definition,

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